Home Selling in New York>Question Details

Price0909, Home Owner in Larchmont, NY

We accepted an offer on our place.. What happens now..?

Asked by Price0909, Larchmont, NY Thu Jan 17, 2013

We accepted an offer on our place.. What happens now?
#1- How does my mortgage get paid?
#2- When I find out the pay off amount on my mortgage.. why is it higher then whats owed?
#3- Do we have to bring the money for all the closing fees, attorney, Realtor etc to closing or can it come out of the purchase price?

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3
I was looking for an after hours quick answer.. they will answer my questions im sure!
Thanks!
0 votes Thank Flag Link Fri Jan 18, 2013
Ask your agent, and or, attorney the question....
0 votes Thank Flag Link Fri Jan 18, 2013
The "payoff" is always different from what you see as the balance owing. I am very surprised that your Realtor has not discussed all of these items with...or at least your attorney.

The buyer will be instructed to make the "payoff" amount in a certified check to your mortgage company/bank.

Plan on having funds available to pay your attorney and Realtor, but this is typically funded by the buyer in the cost of the property and comes out of the purchase price. Typically, the seller pays transfer tax on the property and their attorney.

I am surprised that your attorney has not gone over all of these issues with you; do not hesitate to present these questions to him/her.

Congratulations on your sale!
0 votes Thank Flag Link Thu Jan 17, 2013
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