Posted: Wed, 25 May 2005 15:57:31 Post Subject: sell ing a house question ?
I'm selling a home in Arizona . and the buyer is putting a down payment of a goodly amount down . i know it go's to-wards the total price of the home '
here is my question -
when is this money give to me - before the closing on the home . or at the closing when the home changes hands ?
also it may take a month for this to make it to the closing is the money just put in a interest bearing account -or just sits as a check -no money earned on these funds .
Joined: 08 Jun 2003 Posts: 1516 Location: In your nightmares
Posted: Fri, 27 May 2005 17:16:53 Post Subject:
To my knowledge NO money changes hadns until closing. Everything has to go through the title office. At least that is the way it is in Ohio... byt like Cheezy I am not a professional Relator.. so take the infor for what it is woth...LOL _________________ I am the Spam Queen...
OOO Pleeease... Like you were the first person in this place to have him... we've passed him around like a Joint at a frat party! - Dr. EvilCheeze
Joined: 01 Aug 2003 Posts: 2165 Location: Up to my Nipples in Alaska
Posted: Fri, 27 May 2005 19:51:14 Post Subject:
The sale of a home goes through escrow.
You give the home to the escrow company, the buyer (lender) gives the money to the escrow company, everyone deals with the escrow company. At the close of escrow, everyone takes posession of what is theirs. The title goes to the lender, the house to the buyer and the funds are disbursed to the seller (or old lender and seller if any equity exists).
You will not see dime one until the close of escrow. The down payment is between the buyer and their lender, it means they want to finance less than the selling price.
Joined: 15 Nov 2004 Posts: 2074 Location: Saint Cloud, MN
Posted: Fri, 27 May 2005 22:11:42 Post Subject:
if you are purchasing another house i werk for ING DIRECT and we have some good mortgages going on right now... ONLY if youre looking to get another home in like the next 10 years if youre getting another place for life i wouldnt waste the phone call lol
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