Lesson 2 · DepositGuard · For buyers
Can I make an offer on a home without a cash deposit?
The short answer
Yes, if the seller accepts it. DepositGuard Surety from SecureMyOffer is a surety bond that can replace all or part of your cash deposit, so you keep your cash until closing instead of borrowing against a line of credit or withdrawing investments. For example, instead of $10,000 held in trust, it could be one charge of $250 plus tax, with good credit and income and savings verified. You don't pay until your offer is accepted.
Key facts
- What it is
- A surety bond that can replace all or part of a cash deposit
- Why use it
- Faster, easier and less expensive than borrowing against a line of credit or withdrawing investments
- Example
- $10,000 deposit: one charge of $250 plus tax (good credit, income and savings verified)
- When you pay
- Not until your offer is accepted. $0 to quote, apply or get approved
- Timeline
- Quote in about a minute, apply in about five, approval usually in one business day, good on any offer for 120 days
- Works for
- Resale homes, new builds and pre-construction, if the seller or builder accepts it
Transcript
Read the full transcript
Did you know you can make an offer on a home without a cash deposit?
DepositGuard Surety, from SecureMyOffer, is a surety bond that can replace all or part of your cash deposit, if the seller accepts it.
Here's the problem it solves.
Your deposit is usually due right after your offer is accepted and then it sits in trust until closing.
Covering it can mean borrowing against your line of credit, or withdrawing your investments.
DepositGuard is faster, easier, and less expensive.
So how does it work?
Instead of cash, the seller gets a surety bond.
You keep your cash until closing, and the bond is backed by an A-rated insurer.
Here's an example.
Instead of $10,000 in cash, held in trust, it could be one charge of $250, plus tax.
That's with good credit, and income and savings verified.
It costs nothing to quote, apply, or get approved.
You don't pay until your offer is accepted.
What's the process?
Get a quote in about a minute, and apply in about five.
Approval usually comes in one business day, and it's good on any offer for 120 days.
Then the listing side accepts the bond online.
It works for resale homes, new builds, and pre-construction.
Get a quote in about a minute, at securemyoffer.com/surety.
Summary only. Coverage, eligibility and conditions are governed by the policy and surety documents. Questions about coverage? Talk to a licensed broker at 1-833-766-2329.
