How soon can we access the proceeds from a house?

December 14, 2007 9:57 PM

I live in Illinois and just sold a house that I own. How soon after closing will I be able to access the funds that I will receive from the sale of the house?

I've only gone through the process as a buyer, never as a seller and am curious as to when we'll be able to use some of the proceeds from the sale of the house. Same day? Next day? Standard check-holding policy at my bank?

posted by shawnmk to Work & Money (5 answers total)

Best answer: Here in Montana, I have sold several homes. Money changes hands at closing. My bank has always allowed access to my funds immediately, but I would imagine if I wanted it all in cash that might happen. In other words, I have deposited closing checks and gotten cash back the same day. In fact, your check may in the form of a cashier's check anyway, which your bank should consider as good as cash.
posted by The Deej at 10:39 PM on December 14, 2007

What The Deej says. When I sold my first house a few years ago, I got a cashier's check at the same closing - but my bank made an error and credited it as a "regular" check, which made closing on my new house (three days later) very hard. I got it straightened out, but next time I'll make sure it's accessible from the moment I put it in the bank.
posted by Dee Xtrovert at 12:10 AM on December 15, 2007

In New York State, you get your check at closing, but technically the money shouldn't be considered "good" until the transaction has been recorded in the County Clerk's Office. It's usually that day, but it could be the next day, or (if the closing happens on a Friday), the following Monday. Just an FYI.
posted by Lucinda at 5:42 AM on December 15, 2007

The only hold-up would be problems with funding from the buyer's side. For instance, I worked on a small land-deal where the buyer found out on the day of closing that the bank loan was short $1500, and he would have to bring that himself. The buyer didn't have time to get a cashier's check, and had to bring a personal check, so the funds were not fully available to the seller until the next morning.

If you need this money for another home, I would talk to your agent about the possibility of pushing the second closing back a day or two in case things don't go as smoothly as planned. Don't bring it up until you have to, but be aware that sellers are not always generous in these situations.
posted by shinynewnick at 7:38 AM on December 15, 2007

We know folks who owned a home in Illinois, and they got a nice fat little check on the day their sale closed. We all sure did whoop it up that night!
posted by deejay jaydee at 9:11 AM on December 17, 2007