What happens when you sell a house, property

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Selling

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Hi.

Im trying to understand how you get the profit when lets say you decide to sell a house you recently bought for a profit.

Lets say you put a 100k as downpayment and then have to pay a mortgage for 25 years, $1500 per month.

Lets say you decide to sell it after the first year or after 6 months. We read in the news etc that people sold their home for 300k profit. What exactly happens. Are they offered the profit as one time payment that is transferred to their bank account and the mortgage (plus original downpayment the first owner had paid) gets transferred to the new buyer?

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wavynintu

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Posted: 2 years ago
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