When I sell my house, do I get escrow back? Hi, it’s Nick with Sell my San Antonio House. And the good news is yes, you are probably getting some escrow back. Let’s take a look at why that is:
So when you bought your property you probably got a mortgage. When you got that mortgage, you started making your monthly payments. Part of that monthly payment goes to the principal, part goes to the interest and the other part goes to your escrow, which is going to be for your taxes and your insurance.
You can think about it like this, every month when you make that payment, they take that escrow portion and they put it in a little piggy bank for you. And then once a year, when you need to pay your taxes and need to pay your insurance, they take the money from your escrow account and they send it over and they make the payment for you. Then the process starts again.
But if you go to sell your house and it’s partway through the year, then there’s going to be some funds in there. Well, now you’re selling the property, and so you don’t need to make those payments out of your escrow account. What’s going to happen to it? Well, that’s still your piggy bank that’s in there, so that money will be yours.
Generally, they have about 30 days to send you back the balance in your escrow. So once you have sold the property, paid off the loan, then you want to make sure you contact them and give them your information so that they can send you your escrow balance refund. You are going to get that money back in your pocket because it is your money. They were just holding on to it for you to help pay the taxes and the insurance when they come up every year.
Hope that answers the question of when I sell my house will I get escrow back. If there’s anything we can do for you, please don’t hesitate to reach out (210) 201-6644 or at the website sellmysanantoniohouse.com. Thank you.