Join Date: Apr 2006
Thanked 160 Times in 157 Posts
Rep Power: 12
Re: What Is A Boat Really Worth?
Last I heard, banks charged money on escrow accounts. So if a small broker wanted to open an escrow account, it would cost him money. Plus perhaps a piece of everything deposited in it. Making it simpler and cheaper to just put the check in the draw and see what happens.
Maybe not as professional, maybe not a good way to find out if the check is worth anything, but I'm sure that would work for some folks.
"An undeposited check is worthless for enforcing the contract as it can be cancelled at any time so"
Oh, the laws about checks, and offers, and contracts...they keep attorneys in all fifty states and all eleven insular possessions busy enough.