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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The answer to what exactly happens varies a lot from place to place. Here in western NY, we received two paper checks, one from the buyer and one from the title company. The next business day I just went to my local bank branch and deposited ’em.
Other places it’s all done with electronic transfers and suddenly there’s extra money in your account.
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