Knowing if you can sell your home, or any sort of real estate property really, is a big deal. You may not be able to, but this is not typical. Usually clients cannot sell their property because they owe money on it. They do not own it 100%. Paying off your debts is very important. We will help you learn if you can sell your home with is on loan!
One of the most common loans that people take out on their homes is mortgage loans. Mortgage loans allow homeowners to raise money from a financial institution for any purpose while using their home as collateral. When you hear terms like “bank foreclosure” regarding residential houses, this usually means that a homeowner could not pay his or her mortgage, and so the bank repossessed his or her home.
Mortgages are common. Many people need funds for a new work vehicle, or to start a business, or the simply renovate their home to increase its value. You can definitely sell your home if you have an existing loan on it that you have not paid off.
How Selling a Home with a Loan Works
Selling a home if you still have a mortgage, even if you have South Surrey real estate, to pay off is simple. Once you sell your home, the amount of money that you owe the bank will be taken from your revenues. This means that if you have a 50K loan on a house that you sell for 200K, you will pay off your loan after selling the home, pocketing 150K instead of 200K.
This is a passive process. The South Surrey real estate agent you use will ensure that your debts are paid off on the house before you actually get paid. You will not have to worry about paying the bank. Your real estate agent will do this for you!
An Alternative Option Regarding South Surrey Real Estate
Not a lot of banks like to purchase homes, but some may. If you want to be able to sell your home while you have a loan on it, contact your bank. Your bank may be interested in purchasing your house at a reduced rate in order to ensure that your loan is paid off.
Another option is to modify your mortgage agreement with the bank, or to sell another asset that you own to pay off the mortgage, like your vehicle. This way, you will be able to sell your home, and take care of your loans!
HomeLife White Rock is dedicated to helping homeowners in the Langley and South Surrey areas sell their homes. Regardless of whether you have a home with a loan on it or not, you can sell it with our help! Selling real estate is our passion. We have years of experience selling it, and we can help you sell your home as well. Contact us to learn more about the process of selling a house.