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.
In: 50
Typically the buyer will put the funds in escrow while the sale is closing. Once the closing process is complete, the escrow agent will send your mortgage company their share and deposit the remainder in whatever account you specify.
This process is usually pretty quick – a day or two once the closing is complete.
Latest Answers