Selling a home with a mortgage: When you own a home with a mortgage, as most people do, you’ll probably sell the home before the mortgage is paid off. This is typically a problem unless you owe more than what the home is currently worth.
Since the proceeds from selling the home will likely be enough to pay off your outstanding mortgage, the only thing stopping you from selling your home before the mortgage is paid off is your lender.
Read Also: Factors That Can Depreciate Home Values
Keep in mind that if you have a mortgage, you don’t own the home outright since you pledge the home as collateral for repayment of the mortgage. If you’re thinking about selling your home, contact your lender to ask about your current mortgage payoff amount, and when you put your home on the market, make sure that the purchase agreement you sign for your next home is contingent on the sale of your current home.
In most cases, you should be able to close on the sale of your old home and the purchase of your new home on the same day.
Watch the video below:
Subscribe to our YouTube Channel for more Real Estate Free Reports
One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.
