As a seller, closing day is an exciting one. After you have signed all the paperwork on your side and the buyers’ complete all the paperwork on their side, you have transferred ownership of your home. If you have built equity into your home in Locust Grove, then you may be receiving some money from the sale. But, when do you get the funds from the sale of your home?
It usually takes a few days to receive your funds. There are some factors involved that can change how quickly the money makes it to you. For example, if the closing happens in the evening after normal banking hours, you may not receive the funds from your home in Locust Grove until the following day since the bank is not open to process the funds. Sometimes buyers and sellers do not sign the paperwork on the same day. If the seller signs first, then the seller has to wait until the buyers sign the paperwork to receive the funds.
There are two different methods for receiving your funds.
Wire transfer
You can request a wire transfer where your money is deposited directly into your bank account. The title company will send the money to your account twenty four to forty eight hours after closing. While most banks process a wire transfer the day it is received, all banks also have a deadline for receiving wire transfers. If you close on your home in Locust Grove after that deadline, your transfer won’t be processed until the following day.
Check
You can also request to receive your funds in the form of a check. Every state has different rules as to how and when the check is given to the seller. In Virginia, the check will be given to you after the title company has taken the deed of the home in Locust Grove or elsewhere to the courthouse and it is recorded there. Once the title company receives confirmation from the courthouse that the deed is recorded, they will give you a check. This means that it may be a few days after closing before you receive your funds. You will then need to take the check to your bank to deposit it. While the rules vary on the type of check and your personal bank, sometimes banks place a hold on larger amounts of money for several days. This means that while the money is in your account you cannot withdraw it until the hold is over.
As a Locust Grove Realtor® I like to check in with my clients a few days after closing to make sure that they have received their funds. If they have not, then I am able to reach out to the title companies to see what is causing a delay.
