Buying a Home Step 22: Get your down payment ready for closing

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Getting your funds to escrow for a down payment in Washington state is a crucial step in the home buying process. Escrow is a neutral third party that holds onto the funds until all the terms of the sale are met. Here are some steps to follow to get your funds to escrow:

  1. Open an escrow account: Choose an escrow company that is licensed and reputable in Washington state. The escrow company will provide you with an escrow account number that you will use to transfer the funds.

  2. Get the wire transfer instructions: Once you have the escrow account number, you will need to get the wire transfer instructions from the escrow company. This will include the bank name, routing number, and account number. Wire instructions will always come directly from escrow, never from your realtor, or any other party involved. Do not accept wire instructions from unknown emails, phone numbers or parties claiming to be involved without proper verification. Check out more information on Wire Fraud Here

  3. Transfer the funds: Contact your bank to initiate the wire transfer. Make sure to provide them with the wire transfer instructions and the escrow account number. Also, ensure that you have enough funds in your account to cover the transfer and any associated fees.

  4. Confirm the transfer: After the transfer is complete, contact the escrow company to confirm that they have received the funds. They will provide you with a confirmation number for your records.

By following these steps, you can ensure that your funds are safely and securely transferred to escrow for your down payment. This will give you peace of mind and help make the home buying process go smoothly.

Are you ready to begin the home-buying process? Whether your timeline is 3 weeks, 3 months, or 3 years, our team is here to help you every step of the way! Get started now by filling out our Ready To Buy Survey, and our team will reach out to schedule a call to discuss how we can support you on this path. 

Terra Wright Knudsen- Bainbridge Island Realtor