For whatever reason, you’re sick of your current home. Maybe you have your eye on an adorable property across town, or perhaps you want to wash your hands of homeownership altogether. There’s just one problem: You still have a mortgage on the house.
Can you sell a house with a mortgage? Discover the answer below, then contact My Tennessee Home Solution to get an offer for your home. We buy houses in Old Hickory, TN, so call today.
Is It Possible To Sell a Home With a Mortgage?
You want to offload your home, but it has a mortgage attached. Can you sell it? Yes, and most people sell their homes this way.
However, you cannot just sell your home and walk away from the mortgage like it never happened. Rather, you will need to use the proceeds from the sale for paying off your mortgage. You’ll also need to continue paying property taxes on the house until you sell it. Fail to do this and the bank can put the house in foreclosure.
Once you’ve covered your closing costs and paid off the remaining mortgage, you can use the rest of the sale proceeds as a down payment on a new house. The bigger your down payment, the lower your interest rate will be.
How To Sell a House With a Mortgage
Can you sell a house with a mortgage? Yes, but the process isn’t the same as it is for a home without a mortgage. Here are the basics:
- Request mortgage lender approval to move forward with the sale. Your lender will give you a payoff quote, which tells you how much you still owe on the loan. This helps you calculate your home equity, which is the difference between the loan and the current value of the property.
- Determine the best time to sell. If it’s a buyer’s market, you may want to hold off to get a better price. But if your home is about to enter foreclosure, it’s better to sell sooner rather than later.
- Set a fair price for the home. If you ask for too little, you won’t get enough money to pay off the remaining mortgage balance. If you charge too much, you’ll have fewer offers.
- When the home sells, pay off your mortgage with the proceeds.
My Tennessee Home Solution Makes the Home Sale Process Stress-Free
Selling a house the traditional way isn’t easy and can take longer than expected, which is disappointing when you have your eye on another home. Why not skip the stress and sell to a cash buyer, such as My Tennessee Home Solution?
When you work with us, you’ll have no trouble paying your mortgage balance, no need to worry about expensive repairs, or showing the place to buyers. We can make you a cash offer on the spot and close on your timeline. It’s hands-down the simplest way to sell a home.
So, can you sell a house with a mortgage? Yes, and we make the process fast and easy. To get an offer for your home, call MTHS at (615) 933-5431.
