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Can I Sell My House If I Just Bought It
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You want to sell your home and move on to the next stage of your life, but your home mortgage can’t be paid off. Is this good? Or will your credit debt be difficult to sell?
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The short answer is yes, well – in fact, it’s common. “Most people who sell their homes have a mortgage,” said Melissa Kohn, regional vice president of New York and Florida for William Raveis Mortgage. “Having a mortgage doesn’t prevent them from selling their home as long as they have enough equity to pay it off in full at closing.”
A mortgage is technically a lien on your home, meaning that someone else (i.e. your lender) has a claim on the property, but it’s usually not considered title. It’s easy to fix: you determine the outstanding amount after you close the sale; it is often part of the asset replacement cycle that occurs during closing. The expectation that the proceeds of the sale will be used to repay the loan is the reason the lender allows the sale to take place.
You can. Equity is key to selling a property that still has a mortgage: Basically, your equity is equal to the value of your home, minus the unpaid mortgage balance. For example, if your home is worth $250,000 and you owe $100,000 on your mortgage, you have $150,000 in equity. This is the amount of cash, less closing costs and expenses, that will be received after the sale is final (if you sell for the full price of $250,000).
You need positive equity in order to pay off the debt with the proceeds of the sale. If you sell your home for more than the remaining mortgage debt, you can pay off the mortgage. You build equity by paying off the loan balance, but it can also be achieved by increasing the home’s value, natural changes in the market, or upgrades that increase its value.
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A good way to increase your equity if you can afford it is to make 13 mortgage payments each year and show that you need to use it for the principal. This will pay off your mortgage faster by reducing the interest you pay on your outstanding balance.
Remember that you will have to pay closing costs at the time of sale, including real estate commissions and more. So if your equity is barely positive, it may not be enough. If you don’t have enough equity in your home to pay off the mortgage with the proceeds of the sale, you may need to use other resources, such as savings, to make up the difference.
One situation where you may have trouble selling your home with a mortgage is if you have negative equity. Colloquially known as underwater or upside down, this basically means that the house is worth less than the debt.
Imagine buying a home for $300,000, putting 20 percent down and borrowing $240,000. Unfortunately, the local real estate market fluctuates and you can only sell your home for $215,000. If you still owe $225,000. You still can’t sell your home to a lender at a price that allows you to pay off the loan. You are in the water.
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In general, you will need to pay off a mortgage or loan to secure your home when you sell the property. You can register your property for sale and skip most of the process if you still owe money, but you must pay off the debt as part of closing the sale. There are four steps to take when selling a home with a mortgage.
If you’re thinking of selling your home with an outstanding mortgage, the first thing you should do is contact your lender and ask for a payment statement or letter. This document tells you how much you have to pay off the loan when you sell. The payment amount varies from month to month, and even with a fixed rate mortgage, you make monthly payments. So be prepared to receive more notifications when your closing date is set.
The payment notice contains instructions on how to send the final payment
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