Most homeowners get a little bit frustrated and discouraged when their property won’t sell. They must have spent a lot with real estate agents or with advertising, but no one seems interested. Most homeowners want to sell their homes because they don’t have the financing to pay for the mortgage in the future. More about mortgage here.
Some homeowners haven’t finished paying their debt yet. Most debts last for 20 to 30 years and there’s interest added on top of that. Some homeowners don’t want the burden of the mortgage when they are moving to another location.
Most people who transfer from one place to another want to get rid of their debt. They might do renovations, take high-quality pictures, and post on different real estate platforms. However, there are times when sellers are simply not interested because the location might not be too convenient, or the advertisement does not appeal to them.
Can I Sell Your House While You Are Still Under Mortgage?
Buyers and sellers have exciting times during transactions involving real estate. Buyers want to have a place which they can call home and sellers want to get rid of a property and make some money out of it. In addition to making money, most sellers will get rid of mortgage debt that they owe from a bank or a government housing loan.
If you are one of the homeowners who have a mortgage, know that you can sell your home to someone else. The first transaction may involve an investor paying cash to your bank. The bank or the developer will release the title afterward and you will not have any problems with the mortgage anymore. The whole process can take less than a day if you have investors. You don’t have to worry because sites such as Sell My House Easy Fast can take over your payments.
How to Sell Your House Fast
Request Statements such as a Payoff
Request payoff statements from your lenders. If your lender is a banking institution, you can ask them to calculate the remaining amount that is left on your property. Your buyer can have the option to pay it off in full or assume the remaining balance. However, when it comes to assuming the remaining balance, the sellers should be approved. These kinds of statements will last only for a month because the interest can change. You may have to request additional statements if the first one expires.
Get a Good Title Company
A good title company can make the whole transactions fast and easy. They will be able to handle the financial transactions between the seller and the buyer. The title company is the one that will receive the funds or money from the buyer. They will then process to pay off the existing mortgage. They will remove the title’s lien and the buyer will have his name as the new owner of the property. The process can be simple. All you have to do is to provide your account number and the payoff that the bank stated, and you are good to go.
Process Documents for Sale Closing
Show up in the office of the title company or the bank at the closing of the sale. Make sure that the settlement statement and the deed of sale are all signed up. The settlement will explain the amount of the mortgage and the amount that needs to be paid off. The payoff and the remaining mortgage amount should match that of the bank’s statement. When all the documents are signed and processed, the title company will do a wire transfer to the bank to clear your name.
After the Sale Closes
If there’s money left after paying your debt to the bank, it will go to your pockets. The agreement may mandate that you will receive the money through wire transfer immediately after the sale has been processed or you might need to wait for a few days. If you have enough cash to pay off your mortgage, then you can resell your home at a higher price. But if the buyer is the one who is going to shoulder the mortgage, you might be left with a lesser amount than if you paid for the house in full.