Even if you are familiar with the process of a house sale in Milwaukee, you probably don’t know how and when you’ll get the funds.
When you complete a house sale in Milwaukee, you’ll get the funds only after the closing process. However, how quickly this will happen depends on many factors. While many states, including Wisconsin, are so-called wet-funding states, which means you might get paid 24 hours after the closing of the sale, in some states you’ll have to wait much longer. However, waiting for the sale to close is a long and dreadful process even on such occasions.
Here’s what you need to know about getting paid after a house sale in Wisconsin:
How Does the Closing Process Look?
If you’re doing the house sale in Milwaukee the traditional way, with the help of an agent, you should know that this process takes anywhere between four and six weeks. This all depends on how quickly the buyer can get approved for the mortgage. Mortgage lenders require lengthy processes, and in the end, the sale might even fall through!
If you manage to get to your closing date, you’ll have a meeting with your realtor, as well as a third party that facilitates the sale, and likely a buyer’s lawyer or agent. This is when you’ll sign the documents giving the house over to the buyer.
What Do You Sign on the Closing Date?
Here are the documents you’ll have to sign on a closing date before you get your funds from the house sale in Milwaukee:
- Seller’s closing disclosure
- Affidavit of Title
- Bill of sale
- Loan payoff
- Statement of closing cost
When it comes to the documents you should bring, these include:
- A valid photo ID
- All keys to the house
- Access codes for garage doors, electronic locks, thermostats, and so on
- A cashier’s check for closing costs, if necessary
When Do You Get the Money after a House Sale in Milwaukee?
Wisconsin is a wet-funding state, so you’ll most likely get paid on the closing date. However, the method of payment acceptance will also affect how fast you’ll get your funds. During a house sale in Wisconsin, most people get to choose between wire transfers and checks.
What Is Wet Funding?
Wet funding is when the bank or any other mortgage lender makes the funds available as soon as the loan documents are signed. This is what helps you get paid on the closing day since the lender has verified all the necessary information and already forwarded the funds to the closing agent.
What Is Dry Funding?
Dry funding allows the mortgage lender a certain period of time to review the signed loan documents before the loan is approved. This means that the loan isn’t approved until after the closing date. This means that it’ll take more time before you get the funds. Usually, the waiting time Is up to four days.
While this sounds meaningless, it’s actually really important if you’re waiting on the funds to buy a new house. You’ll have a gap during which you won’t own a house and you won’t have any money.
Where Does the Money Go After the Home Sale in Milwaukee?
After the buyer gets his loan approved, the money will go to your closing agent. They’ll keep it in the escrow until the closing date. Once the home sale is finished, the money will be sent using the method you’ve chosen.
How Do You Get Paid?
As mentioned before, there are two usual payment options, a wire transfer, and a paper check. If you choose a wire transfer, you’ll most likely get the money within 24 hours of closing. While you might wait for your agent to complete this, you’ll get the money as soon as it’s in your account.
On the other hand, the paper check will be handed to you on the closing date, but you won’t have the access to the funds right away. You’ll have to wait for the bank to process the payment. This can take up to seven business days.
Can You Get Paid Faster?
If you have an urgent house sale in Milwaukee and you need the funds as quickly as possible, your best option would be to sell to a direct buyer, such as Sparks Property Investors LLC. While the waiting period for the payment is the same as in any wet-funding state, the house sale will be closed much faster. There is no need to wait several weeks until everything is done – we can close the sale in as quick as seven days and we’ll pay you in cash.
There are many more advantages when you sell to a direct buyer. For example, you won’t be liable for any costs associated with the house sale! We’ll pay for all the closing costs and deal with all the paperwork. While we’ll deduct these prices from your profit, keep in mind that you don’t owe us any commissions. In other words, we’re cheaper than if you’d sell to a real estate agent. Also, you don’t need to deal with any repairs or renovations – we can do that for you. We’ll do all we can to make your house sale in Wisconsin as comfortable and stress-free as possible.