do you mean that i have to pay off the mortgage befor sell it? thank you.
2007-06-21 07:26:44 · 5 answers · asked by kuchichiu 1 in Business & Finance ➔ Renting & Real Estate
Yes, your mortgage must be paid off prior to or at the time of closing of the sale, which is by far the most common time for it to be paid off or retired. If the sales price is not sufficient to cover the outstanding value of the mortgage, you either bring a certified check for the shortage to closing, or you do not close.
2007-06-21 07:31:53 · answer #1 · answered by acermill 7 · 0⤊ 0⤋
OK, whenever you have a mortgage on a property the lender places a lien on the title. For the new buyer to purchase they have to clear all liens from the title first. So this is how it works: You set the selling price (must be more than what is owed unless you have extra money to pay the remainder before closing) then the buyer gets a loan for the amount that you are selling for. The buyers mortgage company will cut a check to your lender for what you owe them (which will remove the lien) then the remainder will be sent to you.
So yes, the mortgage must be paid off before it is sold however the buyers lender will pay it and it is done at the same time as it is sold.
2007-06-21 07:39:48 · answer #2 · answered by Not Laughing w/ U 3 · 0⤊ 0⤋
The sales price must be more then the mortgage and the present mortgage needs to be paid off before the title can transfer.
2007-06-21 07:30:17 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Whoever buys the house pays off your mortgage either with cash or the mortgage that they are taking out and you keep the difference- It all goes down at the closing......
2007-06-21 07:40:22 · answer #4 · answered by elizzyss 2 · 0⤊ 0⤋
You have to pay it off from the proceeds of the sale. In other words, the closing agent will cut a check to the mortgage company for their payoff and a check to you for what's left.
2007-06-21 07:36:06 · answer #5 · answered by Anonymous · 0⤊ 0⤋