- wayne county
Submitted 04/05/08 06:57 PM
Q. can you sell house before paid off
Submitted 04/05/08 06:58 PM
Submitted 04/05/08 06:59 PM
Submitted 04/05/08 07:00 PM
Submitted 04/06/08 12:10 AM
You can market a home before the loan is paid off. Most sellers will have a title company involved with the sale. The title company will obtain written permission from you to contact the lender and get their payoff amount. At closing, the buyer will sign the paperwork and give the funds needed to close in the form of a cashiers check or certified funds. The title company will fund the sale with money from the buyer's lender and the buyer's funds given at closing. The title company will record the sale at the courthouse and overnight the funds to your lender to payoff the loan. Most lenders will not allow you to sell the house without paying off the loan. There may be a few lenders that will allow a qualified buyer to assume your loan. You will need to check with your lender on this. I hope this answers your questions. Let me know if I can be of further assistance. Mary Richards Reece & Nichols Realtors www.kcmoves.com firstname.lastname@example.org
Submitted 04/06/08 08:42 AM
Of course you can sell a home before its paid off. That describes the bulk of all real estate transactions here in the U.S. Most people don't have a home paid off before they sell it.
What happens, is at closing, your title agent or attorney will take the payoff amount on your current loan and credit your lender. In other words, they payoff the loan out of what you make on the home. Anything left over, after all taxes, fees, bills, liens, loans, etc.....are paid, you keep the rest, that is your profit.
Submitted 04/06/08 11:51 PM
Technically, Jesus is wrong but it sounds correct. What I mean is that the house is paid off through the closing transaction and immediately transferred to the new buyer, presumably with his own loan or financing, maybe even cash. So, you can see the answer in NO, but there was still a balance owed by the seller, it was just replaced with the buyers funds.
Submitted 04/12/08 04:51 PM
you don't need to confuse the consumers more than needed.
Submitted 10/03/08 02:56 AM
Yes, by recording a deed, title to a property can transfer without the loan being paid and the lien/deed of trust being released. However, it will trigger a due on sale clause in the deed of trust and likely end up in foreclosure. That is why sales should be closed at a title company and an owner's policy obtained so that consumers do not become victims of fraud.
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