How To Sell Your Property If It Is On Mortgage

by Del Fava | Parker 09/01/2019

A common problem among homeowners is the reality that life is unpredictable. There are so many things and so many issues that may come along the way. Owning a house can be both an asset and a liability if it does not get done right. 

Can I Sell My Property Even If It Is On Mortgage? 

Yes, you may sell your property even if it is on the mortgage. 

You may opt to sell it because you got your best luck and you are moving before the end of the original mortgage contract.

You may also decide to sell if you own a property, but you are going through some financial difficulty, you may either refinance your home and make use of the equity or sell your house and downgrade to a smaller one or lease an apartment. We have all been there, and the truth of the matter is that every person who has come face to face with financial difficulty should have a guide on how they can go about selling the property. 

How To Sell Your Property On Mortgage

The following are the steps to take:

1. Meet with a professional real estate listing agent. Tell them your situation and they will help you find out your current mortgage payoff. Once this information is available, you will figure out the following items:

- Your current borrowing situation;

- How much your asking price needs to be for you to be able to pay off the remaining loan balance; and...

- The probability of making some money out of the sale.

2. Once you have all the information, the real estate agent can go ahead and make a sale. Afterward, you get to discuss how you are going to get some value off the purchase.

What If The Property Value Is Less Than What I Owe? 

If you owe more than what you are going to make from the sale, you can talk to a bank to make a short sale. You can read more about that in this article.

Final Word

You can follow the above steps and sell your property even if it is on the mortgage. It will take maturity to handle a financial difficulty that forces your hand to sell your house, even if it is not yours yet. It also takes a lot of luck to be able to move to a more prominent place long before you paid off your last mortgage. What matters at this point is to contact a real estate agent and help you get through with the sale without any glitches.

About the Author
Author

Del Fava | Parker

  

Doug was born and raised in Sonoma County with over 40 years in the real estate business; a well-connected, down-to-earth “people” person; devotes a great deal of time to working with both buyers and sellers in person.

Shannon has many years in business organization and administration; with over 15 years in the real estate industry; strength is in marketing properties and follow-up; devotes a great deal of time to the “behind the scenes” logistic work.

As a team we represent two strong elements of personal contact and business effectiveness. We have perfected aggressive networking and marketing systems which attract clients locally, nationally and throughout the world. These elements are expected by consumers in today’s fast-paced, high tech, and competitive marketplace.

We have successfully represented buyers and sellers of luxury estate, ranch, vineyards, investment, commercial and residential properties throughout Sonoma, Napa, and Marin counties for over forty years. We have invested time and money to establish a long-term position in the real estate industry; emphasizing an honest, hard-working, straightforward business approach. We have developed a system of working together that offers our clients comprehensive and personalized service along with negotiating techniques that consistently result in a win/win situation for everyone.

Consistently recognized as industry leaders, we passionately believe that contributing time and expertise to the community has enhanced their continued success and recognition as experts within the real estate community.

At W Real Estate, our clients and their goals are our first priority, without compromise. Whether buying or selling, our network is far reaching, and we ensure each and every client is completely satisfied. This is our commitment to you and our community.

We not only work here, we live and play here. We are proud of our community, and we know it like no other--the people, the locations, what sets them apart. And this is what sets us apart.

W Real Estate is Sonoma County's top real estate brokerage, year after year. Our agents consistently rank in the top 1% of all agents in Sonoma County, and sell properties at a higher value than our competitors. When you hire a W Real Estate agent, you hire a team of exceptional real estate professionals. Not only will you receive the best real estate advice and outcome with your chose agent, but you will also benefit from a full-time marketing expert, a dedicated listing manager to coordinate the logistics of prepping and showing your home, and a highly skilled transaction coordinator to manage the complicated paperwork, just to name a few. We're here for you - all of us.