Realtors: When a house is sold, where does the money go initially?
I’ll try to make this short as I can. My neighbor bought a house down the street from me, but then her and her husband split up. She moved back to Scotland and he went off to do contract work out of U.S. The house has been empty for a few months. It’s completely paid for, there is no mortgage or loan out on it. But it’s in both of their names.
She asked me to find out how it works Stateside when a house is sold; does the money go to the agent who takes a cut and then passes the rest to the Seller? How and where does the money transfer before it gets to her. I’ve heard of an escrow account: what is that? Does the agent set that up?
She’s leaning towards giving me power of attourney to help handle some of this. In this given situation I could really use a basic run-down on the best way to proceed that will benefit her the most.
Her and her ex are working out a deal that will hopefully sign it all over to her and do away with the joint ownership, but she will split profit.
* How do other people buy/sell houses when they are not in the country? How hard would it be for her to do all this from Scotland and not make me power of attourney?
*If you know of a website that gives a good description on how to sell a US home from outside the country and can provide a link to it (so I can forward it to her) that would be AMAZING… : ) Thanks SO much.