Congrats! You just sold your home quickly for thousands of dollars over the asking price. You may be eyeing that sell price with wide eyes, amazed that a large amount of money will soon be in your bank account.
Well, the cash will get to your savings account, but perhaps not as quickly as you hoped—or expected.
After all, buying a property is a complex transaction. And getting the money from the buyer’s bank to yours involves a multitude of steps that safeguard both parties.
So just how does that sweet offer turn into your cold, hard cash? Follow the money with us from offer to closing.
When homebuyers pay the earnest money deposit
Good news: The buyers usually make a payment—known as earnest money—of between 1% to 5% of the purchase price of the home within three days of an offer.
