Published On: December 1, 2020Categories: Uncategorized

If I decide to sell my house to an investor, money, of course, is the necessary component of the transaction. There are a lot of dollars at stake, so the process of transferring funds from one party to another must be completed thoroughly and accurately.

Settlement Statement – HUD-1

In order to accomplish this, the title company will create a settlement statement (aka HUD-1) with a list of ALL charges and credits pertaining to the transaction.  The title company serves as a neutral party who obtains the funds from the buyer – secures the funds – then releases the owed amounts to the seller and any other lien holder (such as a mortgage company) at closing time.

 Two Options to Receive Funds

As a seller, you have two options in which to receive your funds:

  1. Provide your bank information to the title company and they will wire the funds directly from their account into yours.  This is often the quickest way to receive your funds. 
  2. Request a certified fund check made payable to you from the title company.  Depending on which bank is used, there can be a hold time on the check, which could delay when you are able to use those funds.

Another thing to be aware of is the time of day the closing occurs.

If the closing time is late in the afternoon, funding could be delayed until the following day as all documents must be signed and completed before the funds are released. We always strive to accommodate everyone’s schedule so that this can be avoided, but from time to time it will happen.  Unfortunately, no funds are dispersed until closing time.  This is a protective measure as our company must obtain and prove clear title before closing.  The general time frame from the time the contract is signed until closing is about 30 days.

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About the Author:

Hi, this is Dean Rogers. One of the Owners of Home Helpers Group. I was born in Salinas and raised in Visalia which is where our headquarters is located. I am passionate about solving problems and creating solutions for homeowners needing to sell and improving our community in the Central Valley. Fun fact I played football at Redwood High School in Visalia and went on to play in the NFL for the San Diego Chargers and seemed to have a long career ahead of me but was starting to feel the effects of concussions so had to hang up the cleats. Now I love to play basketball and stay fit working out, go to the beach, and chase the kids together with my wife with our growing family.

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