First-time home seller, here. I’m planning on selling my house in the next couple months. We’re going to use the profits from the sales to pay off debt and make a down payment on our next house. Do the profits from house #1 go directly into my bank account at the conclusion of the sale so that I can choose how to use them myself, or do they go into some kind of escrow account where the bank holds the money? I just want to know so that I can plan accordingly for debt payments and moving expenses, and such. Thanks in advance.
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In general, yes, after you pay off your house (to the lender) with the proceeds of the sale the leftover money (after paying the ~~leeches~~ real estate agents) goes right into your bank account for you to do with as you please. Escrow is a different thing, you need that for your next real estate transaction but after the sale is said and done that money is yours. You could stuff it in your mattress, or buy a bunch of gold, or put it all in coins in a silo and jump into it like McDuck.
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