What is earnest money?
In Old Torrance buyers usually put in a 3% deposit, or earnest money, into escrow. These funds usually get wired and normally it gets put in within 3 days of seller acceptance of an offer. The funds do get deposited, but are usually refundable while the contingencies (inspection, loan and appraisal) are in place. Those timelines are negotiated during the offer/counter offer process.

in Torrance CA with 114 on market property sales closing. The average “list” price was $971,000 with the average “sold” price at $1,011,306 meaning that homes generally sold WAY higher than the asking price. Average days on market was a very short 17 before going into escrow and the average price per foot was $661. of the 114 home sales 9 of them were in Old Torrance. Click here to 