How Do Home Sellers Get The Money at Closing?

A client asked yesterday how do home sellers get the money at closing? This couple often prefaces their questions with an apology for not knowing protocol for selling a home. They tend to over-explain about why they ask certain questions, despite my assurances that there are no dumb questions. Because I believe that statement. There are no dumb questions in real estate.

Part of my services to sellers is to be available to answer questions. Regardless of many questions or even how often. If a client has a question, I will answer it. I do know most of the answers. After 40+ years in this business I should, right? Also, I would never think less of a client if they asked a question. 

As for how do home sellers get the money at closing, the answer is basically how do you want to get it? When the sellers asked me where does the money go at closing, I told them it all goes to me. Yup, they put it in my money market account. There was silence on the phone for a minute and then I realized they did not get my joke. Uh, oh. My bad.

No, the money doesn’t go to me. How do home sellers get the money? In this case, they will give the routing number and account number of their bank account to escrow. These sellers do not have a checking account, only a savings account, and no deposit slips.

It’s OK, I assured them. They do not need a deposit slip. Just write down the bank account number and routing number, and the mobile signer will send it to escrow for disbursement. At closing, escrow will wire the money to their bank. Of course, you can always do things the old fashioned way and go to escrow to pick up the check. Or have escrow mail the check to you. But most people wire funds today.

Call Elizabeth Weintraub, Sacramento Broker, #00697006 with JaCi Wallace at RE/MAX #00773532, at 916.233.6759.