Notify the mortgage holder that you are considering selling the property and find out what they require and what your options are for selling the property and If they would consider financing the new buyer and what the terms would likely be based on certain credit scores.
If you are not careful the Realtor will get a large chunk of your equity. You might have a better result using another approach instead of the standard Realtor Listing. Talk with your banker for suggestions or a good Accountant/CPA.
How can i sell my home if I have a morgage? What do I do? Morgage is 130,000. House is worth 160,000.?
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Huh? When you sell the house, your mortgage will get paid off first by the buyer/buyer’s lender. Just make sure to accept a purchase price for at least the amount of the loan plus transaction expenses so that you don’t lose money in the deal. Also, I presume you do not have a prepayment penalty on your mortgage?!
References :
It sounds like you should contact a trusted local real estate agent who can help advise you. They will find a buyer and then that buyers lender will order a pay off statement from your mortgage company which the settlement company will use to make sure the mortgage is paid off.
Whatever the difference is between the selling price and the mortgage payoff will be given to you at settlement.
References :
http://www.consumersadvantagerealestate.com
When you sell your house, you will need an attorney or a title company to handle the transaction. They will obtain payoffs for any and all liens on the property. If the buyer isn’t bringing enough funds to satisfy everything, you’ll have to bring money to the closing. If there isn’t enough money, you won’t close.
References :
Notify the mortgage holder that you are considering selling the property and find out what they require and what your options are for selling the property and If they would consider financing the new buyer and what the terms would likely be based on certain credit scores.
If you are not careful the Realtor will get a large chunk of your equity. You might have a better result using another approach instead of the standard Realtor Listing. Talk with your banker for suggestions or a good Accountant/CPA.
References :
30+ years experience as an Accountant/Manager.