Can You Sell a House with a Mortgage?

Can You Sell a House with a Mortgage?

Yes, it is possible to sell a house with a mortgage. When you sell a house with a mortgage, you are responsible for paying off the remaining balance on the mortgage before the sale can be completed.

Here is a general overview of the process for selling a house with a mortgage:

1. Determine the sale price: The first step in selling a house with a mortgage is to determine the sale price. This will depend on the value of the home, as well as any upgrades or improvements you have made.

2. Determine the remaining mortgage balance: To determine the remaining mortgage balance, you will need to contact your lender and request a payoff statement. This statement will show the total amount you owe on the mortgage, as well as any fees or charges that will need to be paid when the mortgage is paid off.

3. Negotiate the sale: Once you have determined the sale price and remaining mortgage balance, you can begin negotiating the sale with the buyer. You and the buyer will need to agree on a sale price that is sufficient to cover the remaining mortgage balance and any other closing costs.

4. Close the sale: Once the sale has been negotiated and the buyer has provided a deposit, you will need to sign a purchase and sale agreement and set a closing date. On the closing date, you will need to pay off the remaining mortgage balance and any other closing costs. Any remaining proceeds from the sale will be paid to you.

It's important to note that if you sell a house with a mortgage, you will need to make sure the mortgage is paid off in full before the sale can be completed. If you are unable to pay off the mortgage, you may need to work with your lender to find a solution.

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