Want to sell your home with an existing mortgage?
If you think selling a home with an existing mortgage is rare, I’d like to assure you that most homeowners do it these days, and it’s not uncommon.
Most mortgage loan terms, according to research, last for nearly 30 years.
And not many people live in a single house for that long.
It’s not similar to selling your home without a mortgage. There are some mandatory pre-requisites you need to take care of before and while selling your home.
And if luck’s not by your side, you might even be subject to potential setbacks.
Let’s learn how the entire process looks like.
Before Selling Your Home
Okay, now you have decided to sell your home; yet have an existing mortgage on your head. So, what can you do about it?
You can’t, directly, list your house on the real estate market without your lender’s consent.
Hence, the first thing you should do is get in touch with your lender and ask for the payoff amount.
This payoff amount needs to be paid within 10-30 days. If you fail to, add more interest to the payout amount.
Now, once you have received your payoff amount, you can decide the selling price for your home, if you are going with the traditional home-selling process.
The home-selling price minus real estate fees minus the payoff amount is what you will get in your hands.
Alongside this, you should even review the mortgage loan paperwork as well as look for any due-on-sales clauses.
The due-on-sales clauses are put in place to protect the lenders as they state that the homeowners should pay off their mortgage loan in full after selling the house or transfer the deed to someone else.
Most of the times, a mortgage’s involvement in the entire home-selling process is pretty limited. In addition to this, they might, in most cases, can’t tell you who to and not to sell your home to.
However, they might ask you for some information on the buyer’s mortgage lender. And if your buyer’s preapproved for a loan, there won’t be any problem.
But, going through all of it all-by-yourself can be pretty daunting. Maybe, you are doing this for the first time. So, you might need someone experienced to help you deal with your lender.
Some lenders interfere too much, while some don’t. After receiving the all-cash offer, you can simply approve it and upon selling your home to us in just a few days, pay the payoff amount without any hassle.
While Selling Your Home
Sometimes, lenders set home-sellers up with a title company. But if they don’t, you need to hire an agent all by yourself. There might be some issues with your property’s title. Maybe, problems with your mortgage.
It’s so complicated that complicated isn’t the right word to describe it.
Once you have signed all the documents during the closing process, the title agent will be sending off your final mortgage, officially transferring the title to the buyer.
But, with us, you won’t have to go in all-alone.
We’ll be holding your hands, like staying beside you and guiding you throughout the entire process.
You won’t have to take care of any additional fees, neither the realtor’s fees nor the title insurance company’s. We’ll be with you at each step of the way.
We’ve got it all covered.
We want your home-selling process to go as smoothly as possible.
But oh boy do we want to tell you that there MIGHT be potential setbacks.
Setbacks like lender charging a prepaying fee, negative equity, etc.
In the midst of all of this, you may find yourself all-alone with clouds of confusing hovering over you.
At BuyingJaxHomes, “We are in this together” isn’t just a phrase that we have been using since Covid-19 hit out world.
Instead, we live by it.
We like to keep it simple and straight.
After you get in touch with us, we’ll be calculating any potential problems that might pop up throughout the entire home selling process. Following this, we prepare a list of all the potential solutions that you’ll need during your journey.
We always like to be one-step ahead.
And that’s why our clients love us to the moon and back.
Sell Your Jacksonvilel Home with Existing Mortgage to BuyingJaxHomes
Selling your Jacksonville home with an existing mortgage isn’t easy-peasy.
But, with BuyingJaxHomes, it’s a piece of cake.
All you gotta do is get in touch with us and that’s it. We’ll hop onto your property, interact with you, listen to your problems, and come up with potential solutions to help you throughout the process.