- July 18, 2011 at 2:00 pm #39102
Hello to all! We are in the process of selling a house we own downstate and this is the first house we are selling for a profit. Does anyone know how long it takes before you get the payment from the profit made on your house once it sells? I’m not sure how long it takes after the closing to get the money. Will it come in check-form? Thanks in advance for any help!
MKJuly 18, 2011 at 2:20 pm #170030
As soon as escrow closes you should either get a check or a wire from escrow. Keep in mind that every state is different.July 18, 2011 at 3:15 pm #170031
Ask to have the proceeds wired into your account…I don’t know of a competent attorney or title company that doesn’t do this. Once you AND the other party have signed, the next day the deed is generally recorded in the court after one last title search and then the good attorneys wire money out that day (the day after closing), the bad ones can take three days, though…anymore time than that, and you should seek legal assistance.July 18, 2011 at 3:47 pm #170032
we received ours at signing / closing….after signing we were handed the check.
ask the escrow / title company
good luckJuly 18, 2011 at 4:13 pm #170033
I’ve always received a check at the closing.July 18, 2011 at 4:22 pm #170034
If you attend the closing – you will get paid with a check AT closing. If you do what is called a mail away closing – the title company sends you the docs FedEx you send them back the buyer signs the docs then the transaction is closed. You can elect to have your proceeds wired to you – there will be a wire fee, the title company can overnight the check – there will be a fee for that OR the title company will mail you the check – NO CHARGE LOL.
Call and speak to the title company or the closing attorney and ask them what day they expect to close escrow on the home and ask about your payment options and what they charge for each if you can not attend the closing.
There is NO real upside for you to attend – you will only be required to sign about 3-7 pages. Pay the FedEx or Wire fee is my suggestion.
Hope this helps,July 18, 2011 at 4:52 pm #170035
At the closing, you will receive a check from the title company, at once, right now, all of the proceeds.July 18, 2011 at 5:37 pm #170036
Who is representing you at the closing table? Your realtor normally represents neither the buyer nor the seller unless you have signed an agreement that says he/she is a seller’s agent.
Normally, at closing, a closing check (bank issued, minus fees, commissions, expenses, closing cost, prorations, etc that were detailed on the HUD / Closing Statement is presented to the seller’s representative. That check should be immediately sent (often overnighted) to the owner.
After my last sale, I received my check in 2 days.
Good luck.July 18, 2011 at 5:46 pm #170037
Generally, you’ll get a check at the closing table. The closing agent (usually a title company or real estate attorney) can handle the details. They are in charge of paying all the involved costs and then cutting you the check for the difference at the end.
These costs generally include brokerage fees, taxes, state doc stamps on the deed, title insurance, etc. and, of course, any outstanding mortgage balance you may still owe. The title insurance company (who the closing agent usually works for) “warrants” to the new buyer that all these payments have been made. (“Insuring” that there will be no bonified claim to the ownership of the property.) Thus providing a safe transaction and giving the buyer peace of mind that you actually held marketable title.
The good news is, it shouldn’t take long to get your money once the buyer has paid. I would recommend hiring a qualified real estate broker to advise you. They will be able to explain all of this and more, and can aid you in finding a suitable buyer as well. If you don’t know one, I’d be happy to recommend one in your area. You can visit my site at http://www.andyshometeam.com and drop me a line if I can be of service.
Good Luck!July 18, 2011 at 6:45 pm #170038
In Texas most mortgage companies claim to “table fund”. That means you would be able to get your money while you are still sitting at the table.
In actual practice you would have to sit there for a couple of hours. The mortgage company normally wants to see proof that the title company handled escrow the way they were instructed.
Sometimes it is the next day, and if the buyer is using some horrible mortgage company it is two or three days.
I would always request that the money be wired into my account. It sounds like that would be instantaneous and it is not- it takes at least a couple of hours, but your bank will allow you to use the funds immediately rather than force you to wait a week for the check to clear.
By the way, in response to the answer above about Realtors representing you…In Texas the listing agent represents the seller pretty close to 100% of the time and the buyers agent represents the buyer better than 95% of the time. There does have to be an agreement but that agreement is very commonplace.
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