As many as 6 million homes are sold in America every single year.
Despite what this figure suggests, selling a house with a mortgage can be confusing.
It’s not easy to know where to start when it comes to selling your house with a mortgage. You may feel like you’re swimming in uncharted waters.
But don’t worry. Keep reading because we’ve put together this ‘guide to help you every step of the way. Our guide includes information on what to do when you first decide to sell, how to find the right agent, and what paperwork is involved.
Do Your Research
Make sure that you understand exactly how much money you owe on your current mortgage. And note any other debts or liens against your property.
This will help you determine how much equity you have in your home, which is the difference between your home’s current market value and the amount of money you still owe on home mortgages.
If you don’t have much equity, you may want to wait until you’ve built up more before listing your home for sale.
This will give you a better chance of getting top dollar for your home since buyers are typically more interested in properties that offer more equity.
Find Out if You Need the Approval to Sell
In some cases, your mortgage lender may require that you get their approval. This can involve submitting documentation, such as documents related to your income and financial assets.
If this is the case for you, it’s important to start the process as early as possible so that there are no last-minute delays or problems with getting loan approval.
Remember that there may be other requirements depending on your individual circumstances, so it’s best to work closely with your lender to ensure that all of the necessary steps are taken timely and accurately.
Find Out What Paperwork You Need to Fill Out
There is a lot of paperwork that needs to be completed before the sale can go through. For starters, you will need to have your property appraised so that you have an accurate value of your home.
Having an accurate value of your home will help you to determine the asking price. You will also need to provide documentation related to any renovations or upgrades that you have made to the property.
Finally, you will need to take care of all necessary legal steps such as getting copies of important deeds and permits from the city, filing for ownership transfers, and closing on any outstanding liens.
Get a Thorough Inspection
Make sure to schedule a complete inspection from a local professional. This will allow you to identify and address any major repairs or maintenance issues before potential buyers start looking at your home.
Not only does this help ensure that your home shines during showings, but it can also help you set a realistic price for selling your house with a mortgage.
Work With an Experienced Real Estate Agent
Selling a home is difficult, especially when there are still outstanding debts tied to the property. That’s why it’s so important to work with an experienced real estate agent who knows how to handle this situation.
Your agent will be able to help you determine the best listing price for your home, market your property to buyers, and negotiate on your behalf to help you get the most money possible from the sale.
Be Prepared for a Short Sale
If you owe more on your mortgage than your home is currently worth, you may have to do a short sale. This is when your lender agrees to accept less than what’s owed on the mortgage in order to allow you to sell the property.
While a short sale will negatively impact your credit score, it may be the only way to sell your home if you’re underwater on your mortgage. If you think a short sale may be necessary, make sure to talk to your real estate agent and mortgage lender as soon as possible to get started on the process.
Set a Realistic Price
When it comes to setting a price for your home, it’s important to be realistic. If you set your price too high, you may end up sitting on the market for months without any buyers.
On the other hand, if you set your price too low, you could end up losing money on the sale. This is just one of the many mistakes you can make when selling a house quickly.
The best way to determine a realistic listing price is to compare your home to similar properties that have recently been sold in your area. This will give you an idea of what buyers are currently willing to pay for a home.
You can also talk to your real estate agent about their opinion on what price would be best for selling your house with a mortgage.
Be Prepared for a Lower Sale Price
Once your home is listed, it’s not uncommon for potential buyers to offer you a lower price than what you initially set. While this can be frustrating, remember that the goal is to sell your home quickly.
If the buyer offers a fair price, even if it’s lower than what you were hoping for, there’s no reason not to accept their offer and move on with the sale.
Make Selling a House With a Mortgage Stress-Free
Now that you understand the process of selling a house with a mortgage, it’s time to take the next step. Contact our team today for a fast offer on your San Bernardino County home.
We can help make this process as smooth and stress-free as possible so you can move on to the next stage of your life. No realtors, no fees, and no commissions.
Alternatively, give us a call now on (818) 395-9141, and speak to one of our experts for guidance on how to sell a house with a mortgage!