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personhereforyoutoen... | How do I get cash at closing? |
Additional Details when purchasing a property
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neanderthal
|
Well, if you close at a title company you do practically get cash. It's usually a cashier's check. No one in their right mind is going to hand over greenbacks at a closing - and you should not expect them too. Not only is it dangerous to be carrying around THAT much cash, you could lose it before it ever makes it to the bank.
Cashier's Check is what you want. I am a real estate agent in the State of Alabama. |
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Skywalking
 |
Usually through buyer prorations. You still owe it on the loan. Also you may not get the loan funded if the property doesnt appraise for that amount. |
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Superman P
 |
Assuming you are getting cash at closing, you get the cash by directing the title or escrow agent to make the check payable to your name. |
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harlacan
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I heard that if you buy below asking price, you can then re-finance for the apprasied amount - thus cash in your hand.
So you buy, and re-fi at the same time.
Just make sure you re-finance for 100% of value. |
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Creature
|
Your question should be: How to get cash at closing when Purchasing a property! |
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Jim
 |
let your realtor handle it |
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honeybearland
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The title company with whom you or your real estate agent are working with will have a cashier's check waiting for you at the closing. The check will be for the amount of money you have invested in the home,(your initial deposit) plus any money you made in the increase of the selling price of your home from the time you purchased it. The check will be minus any closing costs on your part as the seller and the current mortgage payment due will be pro-rated according to the time of the month and it's correlation with the due date of the mortgage payment. If you have an escrow account, which would include excess money placed in the account for the purposes of paying the property tax and the home owner's insurance, this will also be distributed back to you after the due amount for each is removed. The real estate agent's fee, if there is one, will also be taken out of this payoff figure., as will the title company's fee and any state and local taxes. Unless you have refinanced your home, you should receive a check at the closing. If you have refinanced your home, it will take three days after the closing before you receive your check. |
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satarnag
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Here are but a few ways to this:
1. borrow more than you owe, works great with seller financing as well.
2. have your agent give you some of his/her commission, especially if you found the house on your own.
3. have seller pay closing cost and/or give cash back at closing.
Regards... |
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martha t
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You could ask money back at closing. |
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