How long does it take to get your money after closing on a house?
My house is on the market for sale. I'm wondering how long it takes to get your cash from the bank after you close on the sale. And also, how long does it typically take to close on a house?
- 1 decade agoBest Answer
As a REALTOR, I can tell you that 99.9% of the time you will recieve a check made out to you and any other owners at the closing which will pay you the amount left over after your previous mortgage if there is one is paid off as well as closing costs, Real estate fees, etc. So you will be left with the balance in a check form that day, which you usually can cash that day as well or deposit. You can recieve whats called a seller's net sheet or an estimate of closing costs from your title company which you plan to close with or your realtor if you are using one. The title company will charge fees, a title policy, and usually paperwork/ courier fees, etc. And in most counties the clerks office will charge you document fees to record the new deed and such. So after all that is paid you will get the difference. But like I said your realtor or title company should be able to give you an estimate letting you know about what you will net after the sale. As for how long it takes to close, is usually more important how long does it take to get a contract. If the house is priced right and you are in a good market, you will start getting offers. Usually then a couple days of counteroffering possibly, and then you have an binding contract when buyers and sellers both agree on the terms. At that time the contract will be turned into a title company to start to close. Usually 30 days is normal sometimes 60, I have closed in a week though also. The way to speed this up is. 1. Pick a title company soon, call around and get quotes and then tell them you will use them when you find a good one and give them all the info they need to do a prelimanry title search etc. for you on your property. 2. Look for buyers with pre-approval letters, this way you know they have already started the process of applying for a loan. And in the contract make sure they have only like 5 days to do the loan application and and maybe 10 days to get a loan commitment. The buyers lender is usually what takes the longest, so make sure they have a limited amount of time to get things done so they can get the loan to the title company. Then start following up with the buyers and the title company to make sure the buyers have had their land survey done, appraisal, building inspection, etc. I know this can be overwhelming, hopefully you have a realtor to help you and guide through this process, I have unfortunately seen many people lose 10's of thousands on mistakes just because they haven't done this too many times. A realtor has a wealth of knowledge. But the key is finding a good title company quick, they can help you too. If you do not have a realtor, I would be glad to help you out, I am in Florida, but can help you find a great agent in your area that is well qualified and experienced at no charge to you. E-mail me if you would like any more help, I am very experienced in this area and would love to guide you with any advice. email@example.com.
Good luck, Jeff.
- W. ELv 51 decade ago
On a purchase, you can close on a deal in 2 weeks - sometimes sooner or some times it take longer - Why the difference?
1. Appraisal - The appraisal is ordered, and in some cases the appraisal is booked solid, so you have to wait on them to go out and do the appraisal, than have to wait for them to type it all up, and get it back to the Lender. THat can take 1-2 weeks - have seen it.
2. Payoff's - ordering the payoff of the mortgage that the seller has. If he/she has a 2nd mortgage - have to order that also. I normally have the title company order this for me, and I get it faster. If there are any leins, on title, than that information has to be requested from the person who put the lein on the property. This sometimes takes time to get - All these are factors that MAY slow up the closing.
Once it closes, you the seller will get the funds on the day of the closing.Source(s): Wanda Ellis, Branch Manager Charterwest Mortgage, LLC 765-469-1975 24/7 765-327-2065 office / fax firstname.lastname@example.org www.mycharterwestmortgage.com
- 1 decade ago
You get your money when the loan is funded and the funds are provided to the closing company and after all the instruments are signed and recorded, usually the same day of closing. As to how long it takes to close that's entirely up to the required performances in the contract between the buyer, seller and lender. Good luck on selling your home.Source(s): http://www.realestateformnm.com
- 1 decade ago
It does depend upon the laws of the state where you are, but here in California, a model for many states, when the escrow has everything they need to consummate the transaction, including the loan money, they will pay everyone off that same day. This includes any money due to the seller. If you pay for a wire transfer, you'll get it in immediately negotiable form. Otherwise, you'll need to wait for the check to clear.Source(s): Realtor and Loan Officer in San Diego. Website http://www.danmelson.com
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- 1 decade ago
you should get your money from the buyer's coice of closing companies in three hours, it has to sit with the fedeal reserve for that length. It depends on the buyers loan type and originating company how fast you can close usually 30-45 days
- BoomChikkaBoomLv 61 decade ago
It depends if you are in a state that funds wet or dry.
Wet, you get the money at the table.
Dry, usually within 1 to 3 business days after the lender gets the loan package returned.Source(s): I do real estate closings.
- Anonymous1 decade ago
From sales to closing, usually 30 days if no title problems. At closing, you will get your check from the closing agent (attorney, mortgage company etc depending on who is the official closing agent). Instead of getting the check, have them wire transfer to your account directly. It is faster that way. While banks usually make fund available to you fairly quickly if you deposit a check, they do hold it longer if it is a big check or at lease hold back a portion of it. With wire transfer, it is immediate.
- Anonymous1 decade ago
Should be the same day. They cut my checks and handed them over right after all the signing was done.
Closing time between accepting the offer and the closing time all depends on what needs to be done for the new mortgage: ie; home inspetcions, appraisals, title searches, ect.
- forrestLv 43 years ago
1Source(s): Binary Option Alerts http://netint.info/AdvancedTradingTechnology/?E0v9
- 1 decade ago
well when your buyers or approved for a loan and sing docs they have one day revision then they have funding conditions to meet so it can take any where from two days to two weeks.Source(s): me