Good faith deposit when placing a bid

you only put up cash when you sign the contract, 10% deposit. I've never heard of anyone placing cash beforehand....I think the 'serousness' of your offer would be evident by the amount of your bid.

selling broker says we should escrow $1k with the bid (apt in $900k). $1k seems irrelevant in the context of the transaction size

How are you going to escrow $1K? By definition an escrow is a multi party agreement. The purchase agreement will reflect how much you will be putting down in cash and when it will be due. I think that a fully executed purchase agreement is the only binding RE contract and therefore the only one that matters. I suppose you could try to make the offer binding by having some kind of earnest money, but that would likewise require the seller's consent and signature. But I am not sure that is binding in NY. You should talk to an attorney.

That seems like a complete waste of time to put $1K into escrow. Do they intend to gve the money back, or is thi some sort of made up application fee? Either way, $1K means nothing (certainly does not show that you are qualified to purchase the place) and it sounds strange to me.

agree. I am pre qualified on mortgage, have more than enough cash to put down plus to pass the board, I am looking to buy and looking to buy now. $1k seems odd

Do some research on comparable sales and prices. if you're serious about an offer and really like the place then bid accordingly. and stress that you're looking for a quick sell and that you're a qualified buyer.