Can You Sell a House You’re Still Paying For?
Alright, so can you sell a house you’re still paying for?
The answer is a resounding “yes.” In fact, doing so is probably much easier than you’ve been led to believe.
However, there are a few things you need to know about the process if you’re hoping to sell a home that’s not fully paid off yet.
Figure Out Your Finances
Simply put, you need to figure out exactly how much you still owe on your home loan. By understanding this information, you can determine what you should expect to sell your home for to cover the remainder of your loan balance. In most cases, this information can be obtained with a quick call to your mortgage lender.
Ideally, you can sell your home for a profit to quickly take care of your loan balance, getting as much money from the buyer as possible. That being said, factors such as the condition of the market and your home come into play.
Remember: you have rights when it comes time to sell your home. You’re not required to obtain permission from your mortgage lender to sell your home unless it’s a short sale to avoid foreclosure.
Prepping Your Home
If you’ve resigned yourself to selling your home, there’s no point in sleeping on packing and cleaning. Not only does packing away valuables now put you a step ahead on moving out, but also gives you an extra sense of security when it comes time to show your home to a potential buyer. Consider packing personal and sensitive items first as they’ll already be out of sight when an interested buyer shows up.
Make it a point to clean your home as best you can. Even if your house isn’t 100% in terms of condition and repairs, cleanliness can go a long way toward winning over potential buyers.
Focus first on your living room, kitchen and bathrooms which are often viewed as the most important rooms of the house for those looking to buy. Additionally, make sure that your yard is free of clutter and there are no glaring repairs needed on your home’s exterior.
Sometimes you might not have the time or resources to overhaul your home prior to showing it off. This could result in slightly lower offers; however, selling your home sooner rather than later is preferable to watching it sit on the market forever.
Don’t Slow Down the Process
There’s nothing worse than a real estate agent or buyer holding up the sale. In short, do everything in your power to move the process along once they’ve shown interest.
If time is of the essence and you simply want to get out of your home situation as quickly as possible, there’s always the option of selling your home as-is. Rather than have to worry about mortgage specifics and rehabbing your home, selling as-is is a smart solution for those who simply want to move on from their current living situation ASAP.
Selling the home you currently live in doesn’t have to be a major headache. Take the time to understand each step of the process and feel free to contact us if you have any further questions!