If you've sold a house, I need some answers to some questions!

[grahamsmom98]

Dh and I have never sold a home. We had our own home custom-built before we got married. So, we've only been on the buying end of property (only a lawyer was needed), paying to the bank our mortgage for just two years (we paid the whole 18 year balance early) and working with a contractor on construction costs.

As for selling, we're in the dark!

Quick scenario:

My Dad died last year. We've spent the better part of the Spring readying his house for sale and upgrading everything in it (to the tune of $55,000+). It looks GREAT and we are feeling really good at what we have done. It will make a terrific home.

We are working with a realtor. I'm not terribly impressed with her (she was recommended by Dad's insurance company). But, now the house is moving, so the end is in sight.

The house went on the market in mid-June.

Okay, buyer #1 comes along in early July. Agrees to full asking price and will split the closing costs 50-50. But, it's on the contingency that their house sells before they can actually buy Dad's place. I agree, as the selling contract states the house will remain on the market, in the meantime, so I'm not shutting myself away from other possible purchasers.

Yippee! Along comes another buyer, agrees to full price, I pay all the closing costs, no contingency, ready to buy NOW.

I'm not going to quibble over a couple of thousand dollars in closing costs, not with Winter coming. I don't want to deal with this house anymore! I agree to the sale.

We're now waiting on the first buyer to either agree to their purchase immediately (drop the contingency) or to back-out of the deal.

Either way, it sells! :

Okay, now what comes next??

I know I have to file the original Power Of Attorney papers with the county (I'm handling the sale for my Mom, she's a stroke survivor in assisted living). I hate having those papers out of my possession, but it is the law.

But, how does the money situation work-out?? The buyer gets their loan from the bank. Will I get a check from the buyer? Do I then pay the realtor's fee and the closing costs to the lawyer? How do things work from the time the buyer signs? Would I be making just one trip to the city to handle any paperwork (the house is 90 miles away, in another county/city).

I really appreciate any and all information!! Thanks!

[annekevdbroek]

You;ll go to closing. The title company handles the money going back and forth. They will give you a check or transfer the money to an account for you. The title company will hold back the money for the realtor and any other costs and you'll get a check for the difference. It's actually really easy once you've sold the house

The title company will want a copy of the power of attorney. In the past when we've used one the title company actually handled the filing of the POW, I never had to do that myself.

[SleeplessMommy]

What she said ... you will get a bank check at closing, probably made out to your parents. Take it to the bank and you are all done!

But before that, there will be an inspection (paid for by buyer) and some minor negotiation if any issues are found.

[cristeen]

It really depends on the state in which the property is.

Here, all the paperwork (including the PoA) would go to the title company, they handle all the money and the paperwork and when the deal is closed they give you the money that is left after all your responsibilities were paid.

But, if you're in a state that RE transactions are handled by lawyers, then you'd have to talk to the lawyer to find out what to expect.

[JamSamMom]

I sold my home in Michigan and needed a power of attorney because my husband was deployed, it was in his name with a VA loan. I moved to chicago with my parents due to a newborn and a 3 year old. I did not attend closing, my realtor handled everything! I did have to pay for the closing paperwork to be over nighted to me and noterized and then I overnighted it back to my realestate agent and she took it to the closing and handled everything. I received an overnighted copy of the closing paperwork and a check for the remainder of the money after my mortgage was paid, taxes, realtor fees,etc. was taken out. Let your realtor handle eveything.....that is what you pay them thousands of dollars for! The realtor did take all the fees for all of the overnighting of paperwork to me out of my check. It was itemized on the closing worksheet. it was chepaer than going to michigan.

Congratulations! On selling a house in this economy!:::

[PapayaMom]

We sold our home in the summer. We did not go to closing and signed off on our end a few days early, at that time I gave our attorney a deposit slip for our bank account. Our attorney went to closing handled the money and deposited the check into our account for us. I did not have to pay anyone or do anything, the money stuff was all handled by the attorney and he had checks for both real estate agents, the bank etc. So the check we got was after everything else had been paid off. It really was a lot less of a hassle than buying was. The next day our bank account looked very healthy. :