When Do You Get Your Money After Selling Your Home?

Selling a home is an exciting and nerve-wracking process. There’s so much you have to keep track of and think about that you might lose sight of the point of listing your home in the first place: getting paid. After closing, you’ll finally have time to think about what to do with your new money; however, many sellers are surprised to find that they still have to wait. What’s going on in this situation? I’ll be explaining the steps you need to clear in order to take hard-earned money home.

1. Do your due diligence prior to closing. Before you and your buyer close on the property, there are a few things you need to do first. Usually, there needs to be a home inspection, pest inspection, negotiation, and title review. Each of these steps can vary in duration, so if you’re aiming for a quick close and fast payment, work with your agent to make sure these steps go smoothly. For example, you may want to go through your house and fix any major issues prior to the inspection so that there are fewer sticking points slowing down your sale.

2. Get to the closing table. Once you’ve done your due diligence and agreed on a deal with your buyer, it’s time to close. What we think of as the closing day is really the settlement stage, since this is where your final terms will be signed off on. Make sure you bring a photo I.D., keys to your home, essential paperwork, and anything else you might need to closing so that things go smoothly. Finally, you’ll need to sign the deed, the bill of sale, affidavit of title, and the closing statement, but once you do, the final step can begin.

3. Enjoy your profits! After closing, you’re practically done! All you have to do is wait for the title to be recorded, and the transfer of funds should happen immediately as long as the bank is open. In some states, called dry states, there can be a gap between closing and receiving your funds, but this will likely only take four days at most.

Hopefully, this clears things up about the closing process. Do you have plans to buy a home with the profits from your sale? Maybe you’d like help ensuring a smooth transaction so you can get your money as soon as possible. Whatever you need, know that I’m here to help. Just give me a call or shoot me an email. I look forward to hearing from you!