Selling a house is a big decision, and one of the most common questions homeowners in Memphis ask is: “When do I actually get paid?”
The answer depends on whether you’re selling to a cash buyer or to someone who is purchasing your home with a mortgage. Both options come with their own timeline, and understanding the difference can help you plan better for your next move.
This guide breaks down everything step-by-step so you’ll know exactly when and how you’ll get your money once your house sells.
The Basics of Getting Paid After a Home Sale
When you sell a home, the payment is not usually handed to you immediately when you sign the papers. Instead, the money is handled through a title company or real estate attorney who makes sure all the details are correct before funds are released.
This process is called closing, and it’s the official step where ownership changes from you to the buyer. After the closing is complete, that’s when you can expect your payout.
Timeline: Cash Sale vs. Mortgage Sale
To make things crystal clear, here’s a simple timeline showing the difference between a cash sale and a financed (mortgage) sale:
Cash Sale Timeline
- Offer accepted → usually within 24–48 hours.
- Title check and closing paperwork → 3–7 days.
- Closing day → you sign documents.
- Funds wired to your bank → same day or within 24 hours.
Mortgage Sale Timeline
- Offer accepted → usually after a few negotiations.
- Buyer applies for loan → 1–3 days.
- Home inspection & appraisal → 1–2 weeks.
- Loan underwriting & approval → 3–5 weeks.
- Closing day → you sign documents.
- Funds wired to your bank → 1–3 business days after closing.
So, while a cash sale often gets you paid in about a week, a mortgage sale can take 30–60 days before you see the money.
Why Cash Sales Are Faster
When you sell your house for cash, the buyer doesn’t need approval from a bank. That means no waiting for loan officers, underwriters, or appraisers to sign off on the deal. The only main step is making sure the property title is clean (meaning there are no unpaid taxes, liens, or disputes over ownership).
Because of this, cash sales are much simpler, and the money is available to you almost immediately after closing.
Why Mortgage Sales Take Longer
Mortgage buyers rely on banks or lenders to fund their purchase. Lenders are cautious and require multiple steps, including:
- Credit checks on the buyer.
- Income and employment verification.
- Appraisal to make sure the home is worth the loan amount.
- Underwriting, where the bank reviews every single detail before approving the loan.
Even if nothing goes wrong, this can stretch the process out for weeks. If there are issues—like a low appraisal or missing paperwork—it can delay the timeline even more.
What Happens at Closing?
No matter which type of buyer you’re dealing with, the final step is closing. At closing:
- You and the buyer sign the necessary legal documents.
- The title company confirms the transfer of ownership.
- Any outstanding fees, taxes, or mortgage balances are paid.
- The remaining money is wired or given to you by check.
Most sellers choose wire transfer because it’s faster and more secure. In many cases, you’ll see the funds in your bank account within hours of closing if it’s a cash deal.
Timeline Flow for Funding
Here’s a quick visual flow of how the funding works depending on the type of buyer:
Cash Buyer → Title Check → Closing Day → Funds in 24 Hours
Mortgage Buyer → Loan Application → Appraisal & Underwriting → Closing Day → Funds in 1–3 Days
Factors That Can Delay Payment
Even though the timelines above are typical, there are a few things that can slow down the process:
- Title Issues – If the title search finds unpaid taxes, liens, or ownership disputes, these must be resolved before you can be paid.
- Bank Delays – For mortgage sales, lenders can sometimes take longer than expected to approve the loan.
- Inspection Problems – If a home inspection uncovers major issues, negotiations may restart and push back closing.
- Wire Transfer Timing – If your closing happens late in the day or on a Friday, funds may not hit your account until the next business day.
How to Get Paid Faster
- Choose a cash buyer if speed matters most. This is the quickest route.
- Prepare documents early. Gather mortgage payoff info, tax statements, and ID to avoid delays.
- Work with an experienced title company that can handle the process efficiently.
- Close earlier in the week to avoid weekend banking delays.
FAQs About Getting Paid After Selling Your House in Memphis
1. How soon will I get my money after closing?
- With a cash sale, usually the same day or within 24 hours.
- With a mortgage sale, typically within 1–3 business days.
2. Do I get a check or a bank transfer?
Most sellers choose a wire transfer because it’s secure and fast. You can also request a paper check, but that takes longer to clear.
3. Can the buyer pay me directly in cash?
No. Payments always go through a title company or attorney to ensure everything is legal and documented.
4. What happens if the buyer’s loan falls through?
If the buyer’s mortgage is denied late in the process, the deal may fall apart. That’s why some sellers prefer cash buyers for peace of mind.
5. Are cash offers lower than financed offers?
Sometimes. Cash buyers may offer slightly less in exchange for speed and certainty. However, many sellers accept because they avoid repairs, appraisals, and delays.
6. What if I need the money quickly to buy my next home?
A cash buyer is your best option since you can often close and receive funds within a week.
Selling in Memphis: What You Should Know
Memphis has a strong market for both traditional buyers and cash investors. Many homeowners choose to sell for cash because they want a fast, no-hassle process. Others go the traditional route because they hope to get top dollar from a financed buyer.
It really comes down to your priorities: Do you want speed and convenience, or are you willing to wait longer for potentially more money?
Final Thoughts
When you sell your house in Memphis, the timing of your payment depends heavily on who’s buying. If you sell to a cash buyer, you’ll likely see the money in your account within just a day of closing. If you sell to a buyer using a mortgage, expect a longer process that could take up to two months before you’re paid.
If your goal is to sell my house fast Memphis, a cash offer is almost always the fastest way to go.
Either way, knowing the timeline helps you plan better for your move, your finances, and your next chapter