At the time a written offer on a property is initiated, you will be required to include a personal check, cashier's check or cash.  The amount is usually for 1% of the purchase price that is written to show that the buyer is "in earnest" about the desire to purchase the property.  This money, UPON ACCEPTANCE OF THE OFFER IS CASHED within 2 banking days of the acceptance date and deposited into the listing broker's trust account to be held until closing.  This money represents your sincerity in the attempt to purchase and is fully refundable if the offer is not accepted or if your loan is not approved.  The amount of earnest money can be a strong negotiating tool to demonstrate your degree of conviction. The earnest money will be credited to you at closing as a part of your down payment and/or closing costs.