Can You Sell a House That You Still Have a Mortgage For?
Sometimes life just happens and your life changes completely. This could be for a number of reasons good or bad. You get relocated, you find your dream home, or you lose your job, inherit an unaffordable house, or get divorced.
When these kinds of spontaneous life changes come around, what do you do with your house? You have a 15- or 30-year mortgage and so you have a loan that you still owe money on. Coming to this realization can be stressful, but C&S Homes is here to help:
- Take A Deep Breath, There Are Some Steps You Can Take: Find out the payoff amount you still owe on your loan. This includes any outstanding interest up to the day you plan to sell. You need to know to ensure that the sale of your home pays off the remaining amount of your loan as well as the selling costs.
- Now, Figure Out What You Home Is Worth: Use a free online home value estimator. Combine that with the information that only you can know. A further step would be to find an agent who can compare comparable sales from their MLS. They can also do a walkthrough to ensure an accurate assessment. Then use a simple home sale proceeds formula to estimate how much you’ll walk away with. Start with your home’s estimated value, and then subtract all the commissions, attorney, title, escrow, notary, and transfer fees, property taxes, mortgage payoff, etc. The resulting amount would be what you walk away with.
- Sell For Cash: C&S Homes based in Pueblo, Canon City, and Colorado Springs prides itself on finding resolutions to bad situations. A cash offer from C&S wraps up all closing costs and moving expenses into one, so that you don’t pay extra costs. This can get you your money into your bank account in about a week.