Selling your house for cash gives you access to all the money, minus the balance of the mortgage and any closing costs. Once the deal's closed, you can receive payment either by wire transfer or check. A wire transfer is typically faster and safer. Depending on your bank’s business cutoff times, you could have the money same day as closing. With a paper check, you may have to wait a day or two for it to clear before your bank will give you access to all the funds. Once you have the money, you are free to do whatever you want with it, whether that is buying another property, going on a spending spree, or saving it for the future.