Spire
Rated XXX
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 Posted: Fri, 27 May 2005 19:51:14 Post Subject: |
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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.
Like the rest I am not a professional... |
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