Picture this: You’re a few years into your 25 to 30-year home loan when a fantastic job opportunity opens up out-of-state. The idea of a refreshing change is exciting, and then reality dawns: what about your current mortgage? Can you sell a house with a mortgage?
There are clear benefits to doing so. You can relocate without the worry of juggling homes or elevate your financial situation if the property value has increased.
But is it possible? Here’s the answer.
Can You Sell a House With a Mortgage?
You can sell a house with an unpaid mortgage. The money you receive from the sale can be used to pay off the loan balance.
If the home sells for more than you owe, you get to keep the excess. If your house is valued at less than you owe on your mortgage, the sale could get more complicated.
Selling a Home: Best Practices
A crucial part of the process involves staging a home. Think of it as dressing your house for a date. You want it to look its best and charm the socks off the person on the other side of the transaction.
Decluttering, rearranging furniture, adding stylish décor, and repainting rooms with neutral colors are part of the process. The goal is to help potential buyers visualize themselves living in your house by showcasing its best features and potential.
Home Listings
Don’t underestimate the power of high-quality photos. Hiring a professional photographer can make your listing stand out. They have the expertise to shoot your home from the best angles, reflecting the true essence of your property.
An engaging and accurate description is equally important. Describe your home’s features, recent upgrades, and unique selling points concisely. Highlight the number of bedrooms, bathrooms, and special amenities that set your home apart.
The Role of a Home Appraisal
Before you sell, a home appraisal usually happens. This appraisal not only helps set a competitive price but also reassures potential buyers that they’re getting a fair deal.
An appraiser assesses your property to determine its current market value. They’ll look at the size, condition, location, and recent sales of comparable homes in your area.
Simplifying Your Home Selling Process
Resources such as https://www.maplehomebuyers.com/ exist to guide you when selling a home with a mortgage. They make your home selling process less stressful by navigating potential roadblocks.
Dealing With Closing Costs
Closing costs are expenses and fees associated with selling a property. It’s important to remember that as a seller, you don’t walk away with the full sale price. Often, you’ll need to pay for things like real estate commissions, home warranties, and various other costs.
Succeeding in the Housing Market
So, can you sell a house with a mortgage? Yes, but it’s not always easy. Remember to stage your home effectively for prospective buyers.
Also, pay attention to the financial aspects, such as home appraisals and closing costs. Don’t shy away from seeking a professional organization’s help to aid you in the process.
We have even more tips to help you in our real estate section. Explore our blog if you’re looking to sell or buy a home.
