A common problem among homeowners is the reality that life is unpredictable. There are so many things and so many issues that may come along the way. Owning a house can be both an asset and a liability if it does not get done right.
Can I Sell My Property Even If It Is On Mortgage?
Yes, you may sell your property even if it is on the mortgage.
You may opt to sell it because you got your best luck and you are moving before the end of the original mortgage contract.
You may also decide to sell if you own a property, but you are going through some financial difficulty, you may either refinance your home and make use of the equity or sell your house and downgrade to a smaller one or lease an apartment. We have all been there, and the truth of the matter is that every person who has come face to face with financial difficulty should have a guide on how they can go about selling the property.
How To Sell Your Property On Mortgage
The following are the steps to take:
1. Meet with a professional real estate listing agent. Tell them your situation and they will help you find out your current mortgage payoff. Once this information is available, you will figure out the following items:
- Your current borrowing situation;
- How much your asking price needs to be for you to be able to pay off the remaining loan balance; and...
- The probability of making some money out of the sale.
2. Once you have all the information, the real estate agent can go ahead and make a sale. Afterward, you get to discuss how you are going to get some value off the purchase.
What If The Property Value Is Less Than What I Owe?
If you owe more than what you are going to make from the sale, you can talk to a bank to make a short sale. You can read more about that in this article.
Final Word
You can follow the above steps and sell your property even if it is on the mortgage. It will take maturity to handle a financial difficulty that forces your hand to sell your house, even if it is not yours yet. It also takes a lot of luck to be able to move to a more prominent place long before you paid off your last mortgage. What matters at this point is to contact a real estate agent and help you get through with the sale without any glitches.
About the Author
Nancy Roberts
Nancy Roberts Realty was founded to provide integrity and innovation, honesty and good old-fashioned customer service. Our mission is to provide the most professional real estate services available in Western North Carolina (including Burke, Catawba and Caldwell Counties.) With our expertise and dedication, we will guide you through buying or selling.
Nancy Roberts Realty was founded on integrity, innovation and good old fashioned customer service. We treat you the way we like to be treated with honesty and respect.
We are relationship people, your not just a customer to us but a new friend. We are skilled at matching people with properties - we listen carefully to your needs to find you the perfect property.
Our mission is to provide the most professional real estate services available in Western North Carolina (including Alexander, Burke, Catawba and Caldwell Counties.)
With our expertise and dedication, we will guide you through each step of the buying or selling process, including choosing a lender, home inspector and moving company.
Let us help you find your property today!
