2007-02-17 17:16:04 · 7 answers · asked by jaanaynaya006 1 in Business & Finance ➔ Renting & Real Estate
Put the house on the market
Sell the house
At closing the asking price goes against what's owed
Take remaining money and apply to next house.....or go have too much fun
2007-02-17 17:21:46 · answer #1 · answered by phillyvic 4 · 0⤊ 0⤋
This is a typical situation. Most home owners do not live in their homes for 30 years to pay off the mortgage. When you sell your home, the amount you own on the mortgage is subtracted from the amount you get at closing (there's more to this, but this is the basic idea). The difference is the equity you've earned by living in the house. Any licensed real estate agent can walk you through this process.
2007-02-21 12:05:29 · answer #2 · answered by Jay S 3 · 0⤊ 0⤋
Hi there. Sounds like you're a first time seller? You would want to talk with a real estate agent. The good ones will explain to you the sales process & will calculate an Estimated Sellers Proceeds for you. This will detail the expenses you can expect from sale of your home (title fees, escrow fees, paying off your mortgage, any prepayment penalties, inspections, etc). If you are in CA, I would love to help. If you're not, well I hope that the information I've given will point you in the right direction. Good luck with your real estate plans.
2007-02-18 03:05:02 · answer #3 · answered by Marilee 1 · 0⤊ 0⤋
You dont need it to be paid off to sell it. List it with a real estate company and when you do sell...the balance will be paid off at closing with the a part of the selling price.
2007-02-18 09:20:04 · answer #4 · answered by KathyS 7 · 0⤊ 0⤋
You take the money the buyer pays and pay off the mortgage. Since the person buying can't get title until the mortgage is paid off, what usually happens is that the buyer's lender writes a check for you, a check for your mortgage company, etc. The people handling the closing are legally responsible for the money getting to the right places.
2007-02-18 01:22:17 · answer #5 · answered by Mike1942f 7 · 0⤊ 0⤋
When you close on the sale of your home, the closing agent will pay off the existing loan. You do not have to worry about sending it to the bank yourself
This is assuming that you do not owe more than the home is worth.
Then it is a little more difficult.
Good luck
2007-02-18 10:28:55 · answer #6 · answered by frankie b 5 · 0⤊ 0⤋
you can still sell it, but after you sell it, you'll have to pay the mortgage and anything else secured on it off straight away
2007-02-18 01:21:15 · answer #7 · answered by Pat 3 · 0⤊ 0⤋