selling and buying a home
after you sell your home and you go to contract does the money that
is in escrow get used for your downpayment when you buy your new home. if not how do you buy your next house if you need the money from your sale
1 Answer from Attorneys
Re: selling and buying a home
The escrow money gets to you at the closing...the proceeds from your sale buy the next house. You will need a separate downpayment for the house that you wish to buy thatcomes out of your own monies BEFORE your sale. There are ways to make this dollar amount less that the normal 10%.