How do you get money when you sell your house?

When you sell your home, your buyer’s lender pays you based on the amount of equity you have in your home. Using the previous example of a $100,000 home with 50% equity, you will receive $50,000 from the sale. The seller’s lender would then transfer the remaining $50,000 to your original mortgage lender.Click to see full answer. Keeping this in consideration, when I sell my house when do I get the money?Typically, closing happens four to six weeks after the sales and purchase contract is signed, although it could be sooner or later. Normally, as the seller you are anxious to receive your money and move on. And unless there is a special circumstance surrounding the buyer’s loan, there is no reason to delay.Furthermore, how much money do you make when you sell your house? Realtor’s commission fees The real estate commission is usually the biggest fee a seller pays — 5 percent to 6 percent of the sale price. So, if you sell your house for $250,000, you could end up paying $15,000 in commissions. The commission is split between the seller’s real estate agent and the buyer’s agent. Likewise, what happens when you sell your house for a profit? When you sell your home, the buyer’s funds pay your mortgage lender and cover transaction costs. The remaining amount becomes your profit. Closing costs are paid (including agent commission, taxes, escrow fees and prorated HOA expenses). The remaining profit is transferred to you, the seller.Where do you put your money when you sell your house? Put your proceeds in a money market fund If you sell and then don’t immediately buy, you’ll need a safe place to put your money. A money market mutual fund offers safety, a reasonable rate of return, daily access to your money and check-writing privileges.