“Once I’ve accepted an offer on my home, how long will it take until I get paid?” As a seller, you’re probably asking this question.
This is a great question that sellers usually ask. Ryan Haley provides a simple explanation to give you a clearer estimate of when you’re going to get your money after selling your home.
First, it must be explained that from the time that you have accepted a contract until you get paid is what we call the Pending period, the under contract phase. This period is when a buyer who has the contract to purchase your home is going to go through all of their contingencies.
There could be financing, there could be an appraisal, there could be home inspections, and there could be homeowner’s document review periods. All those contingencies will dictate the time you ultimately go to settlement.
So, from an average standpoint, if your buyer is paying cash and does not have a lot of contingencies in the offer/contract that you’ve accepted, then we could see that settlement to be as short as two weeks up to about 30 days if there’s a financing contingency.
Typically the soonest we would see that settle would be 30 days and roughly going up to about 60 days.
Keep in mind that all these dates are agreed upon and spelled out in the contract that you accept at the settlement table once everybody has signed and you’ve handed over the keys. That’s when you would expect to get your check.
Hope this answers this common seller question fully. If you have other questions related to real estate in general or real estate in the Maryland and Delaware markets, let us know and we’ll be happy to chat with you.