Can I sell a house that I still owe money on?
Hi, it’s Nick with Sell My San Antonio House, and if you’ve got a property that you’ve owned for a while and you’ve been making your payments, but you still got a little ways to go… And…now you’ve decided this house isn’t quite right for you, and you’re hoping to sell it, it’s not a problem. You can definitely sell a house that you still owe money on, and here’s how that’s going to go.
Typically, when somebody owes money on a house, it’s most often the mortgage. They’ve been making those payments of the loan by the house, or it could be taxes or any other things, but typically, the mortgage. Any other lien that you’ve got on the house, what we’ll do is you get a contract to sell your house, and we’ll get payoff amounts from anybody who says that you still owe them money for this house.
They’ll send off their payoff amount, which is the balance due, and when you sell the property, that money gets transferred to them. And what’s left, or what’s called your proceeds, gets sent to you.
If you’ve been paying on a house for a while, but you still owe $50,000 on it, but you can sell that house for $75,000, so what’ll happen at closing is whoever buying it will give the $75,000 to the title company. They’ll have all those payoff amounts, and they’ll pay whatever you owe directly to those people so that that loan is completed, and it’s been paid off. And then the proceeds, they’ll send directly to you.
So if you still owe money on your house, don’t let that stop you from selling it. If there’s anything we can do to help you out, please give us a call, (210) 201-6644, or to the website, SellMySanAntonioHouse.com.