A standard transaction in every real estate deal is the money from the buyer goes to a lawyer. The lawyer pays the real estate broker all the commissions, pays for a mortgage balance, outstanding mortgage payments if any, property taxes up to date, utility bills up to date, pays for all of the secured loans which were taken against the equity of the house if any and of course the legal fees. Is anything is left the seller gets a certified cheque from the lawyer with the balance.

Lawyer gives you gross 90K minus applicable fees and other penalties. You can then deposit it to the bank. Its clean money.

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Okay, so my parents are selling our house. i'm trying to figure out a plan where we can move to another city in state (we're currently planning on moving to another country, my parents already have real estate there), but i don't quite understand how getting the money from your sold house works. do you get the money all at once, or do you get the money from the buyers monthly mortgage payments?

You get it all at once, as a check. Or at least I always get checks.

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Need to sell home to pay of mortages of,because of low pension income,i have not enough money to pay for utitilies,ect,while waiting,keeping up with the mortgage payments,i had to get one lowered,when house sells,i will be able to pay of all extra bills,but what can i do in the meantime?there is a chance i can loose this home,if it sells i will have enought money to relocate .

I am not sure what your income is, but there is some help out there. If you qualify you can get help with lower bills. If heating is an issue where you are there is Fuel assistance. You can also qualify for lower electric, phone and essential utilities by contacting your local senior center or the utility companies directly. You also contact the city you live in and they will allow you to hold back paying your property tax until you sell the home . There are some mortgage companies that may do a reverse mortgage depending on the equity in your home. I think the best thing you could do is contact your local senior center and let them walk you through everything they have available. Also never be afraid to contact your State Representatives and State Senators offices for help and direction, that is why we elect them and pay them well. I wish you the very best.

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If we sell our house for less than we paid for it, what happens? does the left over money become some type of mortgage itself? a loan? rolled over into a new mortgage on a new house? thanks!

If you sell the house, you have to find some way to pay off the mortgage. Your mortgage is secured by the banks claim to the house, so if you sell it, the loan will become due immediately. If you have other assets, you could take out a loan on them and pay off the remaining balance of the loan.

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I want to sell my place,pay off debts and move abroad.i have an interest only mortgage but my house is twice the price that i paid for it. what amount would i have to pay back to my mortgage lender?

You have to pay the remaining loan balance to the mortgage lender, obviously.

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Considering that interest is just as much, if not more than the mortgage itself, it's like paying 2 mortgages. the house has to double in value for a person to break even.

You're forgetting that interest is often tax-deductible. If you can take advantage of that, you aren't paying as much. And yes, some houses can double or triple in value in a relatively short amount of time. It all depends on where you buy.

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My problem is that i no longer have a second income, and my house is in my ch.13, well, i can't afford my mortgage, and i was wondering if i could sell my house, make money from my equity, pay off my bankruptcy, or, can i still file a chapter 7? i would be asking my attorney this, but i don't think he is dealing with a full deck of cards, i just don't know where to start, maybe with a realtor??

Please seek professional advice from a bankruptcy attorney who does have a "full deck of cards".

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Here's the scenerio: my husband and my mother bought a house for $183,000. the house is valued at $200,000 today. when they purchased the house, it was only put in my mother's name, but we split everything 50/50. my mother wants to sell the house to us entirely so it'll be in our names only. here's where it gets tricky. she wants to sell it to us for cheaper than it's worth, so we'll have a low mortgage payment each month. is she allowed to sell the house for whatever value she wants, or does she have a limit to what she can knock the price down to? she would like to sell it to us for $100,000. is this possible? and would she profit $100,000 off the sale and would this money go into an escrow account so she could use towards the purchase of a new house?

The simple answer is that yes, she can sell it for whatever she wants, but it really isn't that simple. She must be able to pay the difference between the selling price and the remaining mortgage balance up front . She would not profit, she would take a loss of $83,000. If there is no mortgage to be paid off, the $100K is hers to do with as she pleases. It goes directly to her, not an escrow account. The other effect that sale may have is to reduce the value of your home. A good appraiser would know to exclude something way out of line in the computing of average sales prices in the area, but not all appraisers are good.

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I am possibly getting relocated for my job and have to decide if i am going to rent out my condo or sell it. my question is, if i sell it, will the proceeds go to the bank directly to pay off the loan or would the money come to me and then i pay off the loan with that money?

The buyers lender give the money (the loan money) to either an escrow or title company (a neutral third party). All money from the buyer, seller and other outside interest are placed into the escrow and when the escrow closes they distribute all funds to the proper places. Any money owed by you on the property are paid directly to your lender by the escrow. The escrow is a clearing house for all funds going in and coming out. And no the lender doesn't get their money directly. It is distributed by the escrow or title company by wire money transfer upon the closing.

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I'm getting divorced and need to sell quickly before the mortgage company starts to foreclose.

I really need more info, but a good Realtor will do a comparative market analysis (average price per square foot of similar homes sold in the same area over the last few months and shave a few thousand dollars off and may ask for an "as is" addendum to accompany any offers. Has the foreclosure been published yet? You will have at least 90 days (and probably 120) to close the house from the start of foreclosure. Unfortunately, you haven't much time to negotiate. How "hot" is your market? You migh want to see if your Realtor will take a 5% listing, keeping 2% and offering 3% on the MLS. Hope this helps

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What happens when you are paying the mortgage for a few months or years and then you want to sell the house. where does the money go? does it mean you wasted the money you paid? explain clearly please: i don't have much experience.

when you sell the house, what you sell it for makes up what you owe the bank for on the house for example , you buy the house for 300,000.. pay mortgage on it for a while and get the mortgage down to 280,000. considering the house is still worth 300,000 when you sell it, you sell it for that much, 280,000 goes to the bank to pay off the rest of the house and the other 20,000 would go to you. if you use a real estate agency to sell the house, a percentage of the 20k will go to them.