Can You Sell A Home With A Mortgage?
A big question people often have is, “Can you sell a home with a mortgage?”
Yes, you may sell your home even if you have a mortgage. However, there are a few things that you’ll have to do before you get started.
Scroll down to the next section to find out what they are! Or, if you are ready to work with an experienced real estate team, contact us today at (702) 310-6683.
We have extensive experience with the Las Vegas real estate market and can guide you through the entire selling process.
PS If you’re looking to buy a home rather than sell, check out our article 5 Bedroom House for Sale In Las Vegas.
What To Do Before Selling Your Home With A Mortgage
Before selling your house, you’ll first need to pay off the remaining balance on your mortgage. In order to do this, you may need to obtain additional financing, or you can use the proceeds from the sale of your home.
Second, you will need to get approval from your lender, especially if you plan on selling your home for less than what you owe on the mortgage. You should talk to your lender to see if there are any requirements that you need to meet before selling.
Third, you should get a real estate agent who has experience selling homes with a mortgage.
Process of Selling Your Home With A Mortgage
Once you are ready to sell your home, you’ll have to identify potential buyers, negotiate the sale price of your home, and handle all of the paperwork involved in the transaction.
Naturally, it’s important to be prepared for any unexpected issues that may arise and to have a plan for finding a new place to live once your mortgage has been paid off.
With the right preparation and guidance, you can successfully sell your home with a mortgage in Las Vegas or elsewhere.
Possible Setbacks of Selling Your Home With A Mortgage
There are a couple of potential drawbacks to selling your home with a mortgage, which we’ve already mentioned.
The first is that you may need to obtain additional financing in order to pay off your remaining balance. The second is that you may need to get approval from your lender, which can be time-consuming.
What are your options?
Get a Second Mortgage
Having two mortgages is not exactly optimal for many people, but if you can afford it and your old home has equity, this is a viable option.
Write Up A Home Sale Contingency
You can add a home sale contingency to your contract, meaning that the contract will become null and void if certain conditions are not met. A home sale contingency, however, might make your offer less appealing.
Applying For A Bridge Loan
Getting a bridge loan is a great solution if you need money quickly. You can use a bridge loan to pay off your old mortgage and make the down payment on your new home.
The Real Estate Guy Provides Cash Advances
At The Real Estate Guy, we understand that selling your home with a mortgage can be complicated. That’s why we offer cash advances, as well as various financing options.
To learn more about what we have available, call us today at 702-310-6683. One of our real estate experts will guide you through the entire sales process, making it as easy and straightforward as possible for you.
About The Real Estate Guy
Aaron Taylor and the other members of The Real Estate Guy family have worked in the Las Vegas real estate market for years.
We provide services in many areas, including Las Vegas, North Las Vegas, Paradise, Henderson, Mt Charleston, Pahrump & Laughlin.
We are well known in the Las Vegas area and have built strong relationships with many clients.