Strapped for cash to move, I need to know if I can receive the downpayment the buyers makes on my house before closing so I can schedule moving out with a mover and pay the rent on the house I'm moving into in advance of my move.
2006-11-29 06:52:50 · 3 answers · asked by Wastewater Secretary 1 in Business & Finance ➔ Renting & Real Estate
Absolutely not. The money goes into an escrow account and is not disbursed until the closing. Sorry.
2006-11-29 06:55:39 · answer #1 · answered by jenay672001 3 · 0⤊ 0⤋
No money is exchanged until the deal closes. And the seller does not receive the buyers downpayment. The seller receives net proceeds after their loans are paid off, escrow fees, title fees, real estate commissions and miscellaneous charges. If you have a Realtor representing you you should have received an estimated net proceeds. That is why it is common for the seller to give up possession of the home 3-5 days after the closing so they can have the funds to pay the movers and deposits or closing on their new place.
2006-11-29 07:05:14 · answer #2 · answered by SunFun 5 · 0⤊ 0⤋
Not a chance. Assuming your buyer put up some earnest money, that money is only allowed to be deposited into an escrow/trust account with your realtor. It cannot go to you prior to closing.
Assuming you are getting some cash from your sale, you'll need to borrow from friends or family and pay them from your proceeds when you actually close your sale.
2006-11-29 06:59:02 · answer #3 · answered by Anonymous · 0⤊ 0⤋