Yes, you can sell your home even if you have a mortgage. The key difference is that the money you owe the lender will come out of your sale proceeds.
When selling a house with a mortgage, the proceeds from the sale will first pay off your existing mortgage balance. After covering the mortgage and fees like commissions and taxes, any remaining profits are yours. If the sale amount is less than your mortgage balance and selling costs, you’ll need to cover the difference.
To start, check your home value using a free online estimator or a comparative market analysis (CMA) from your real estate agent. This gives you an idea of your home’s market worth.
Next, contact your lender to find out your mortgage payoff amount. This includes the total needed to satisfy your mortgage debt as of a specified date.
Estimate your net proceeds by subtracting the mortgage payoff, agent commission, and closing costs from your home’s market value. This will give you an idea of how much you’ll walk away with after the sale.
Working with a top-rated real estate agent is crucial. An experienced agent will guide you through selling your home with a mortgage, helping you maximize your profits and navigate any challenges.
The Stern Team, top real estate agents in Salt Lake City, provides expert advice and support for a smooth home-selling experience. If you’re considering selling your house, contact us today to get started with the best real estate agent in Salt Lake City.
