When you sell your home do you have the money available in your bank account to use to buy a new home?
I own my home and when the time comes to sell I won’t be able to buy a new home without the money from selling my old home. I don’t want a mortgage on the new home. I want to buy the new home with the money I get from the sale of my old home. I have never bought or sold a home before so I don’t know how this works. Any help would be appreciated.
When you sell, the mortgage or any liens are paid off, the rest of the money goes to YOU, the seller after all fees are deducted. You can then put it in your bank (or wired there) and have it available to buy your next home.
Timing the sale and purchase can be problematical, or you have to move to temporary quarters.
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