On closing day, home sellers look forward to receiving their due payment, typically within 24 hours. However, various factors, such as state laws and lender requirements, can influence the timing. In jurisdictions with 'wet funding,' sellers may receive the money the same day, while 'dry funding' states could see delays up to three business days. Payment methods are usually through wire transfers or cashier's checks, with wire transfers being faster and more secure, often arriving within a single business day.
Sellers typically receive payment within 24 hours post-closing, but timing can vary based on state laws and conditions met on closing day.
In wet funding jurisdictions, money may arrive the same afternoon, while dry funding may delay payment by 2-3 business days.
Most sellers prefer wire transfers as they are faster, secure, and typically show up within one business day in their accounts.
Idaho's dry funding law requires complete processing before payment, delaying sellers’ access to funds for 24 to 48 hours after closing.
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