Sell My House Quickly

6 Responses to “What Happens if you want to sell a house you haven't finished paying for?”

1. iduno Says:
   July 4th, 2010 at 9:18 am

   you pay it off with the buyer’s money. and hopefully u make some money off it, depending on the value of your house now

2. Demo S Says:
   July 4th, 2010 at 9:18 am

   The mortgage company puts something called a lien on your home when you mortgage your home. The transfer of ownership can not occur until the mortage company is paid in full and releases the lien.

   If you were to sell your home in the future, you would go through something called a closing process. In the closing process the buyer would bring their money or financed money to the closing. During the closing process your mortgage company would be paid 1st, and they would release the lien.

   This is a very common occurance that occurs with the majority of home sales, so it is nothing to fret about.

3. Judy Says:
   July 4th, 2010 at 9:18 am

   The money to pay off the existing mortage is paid as part of the closing. You can’t sell it without doing that, since you wouldn’t be able to turn over a title to the buyer. There is something called a short sale where the lender might agree to let you sell for less than you owe and they’ll cover the difference.

   Note: if you buy a nice house and pay it off in 10-17 years, you’ve done well – most mortgages are 30 years, and few people pay them off that early unless it’s because they sell.

4. jlf Says:
   July 4th, 2010 at 9:18 am

   The mortgage has to be paid off as part of the sale.

5. Landlord Says:
   July 4th, 2010 at 9:18 am

   You pay off your loan with the new buyers loan for purchase. Few people actually pay off their loans. I think you forgot about interest in your calculations, the norm for a loan in the US is 30 years, the UK 40.

6. Reggie Says:
   July 4th, 2010 at 9:18 am

   You will have to sell it high enough to pay-off what you owe and to be able to have some monies to put in your pocket for your new home.