“I want to sell my house fast in Detroit. Does it matter if I still have a home loan balance?”
This question is on many homeowners’ minds. Thankfully, selling a house with a mortgage is incredibly common. Learn how to approach this process so you can sell with ease.
Figure Out Your Mortgage Payoff Amount
If you have an outstanding mortgage, you’ll have to pay your lender upon selling the house. Bear in mind that your mortgage payoff amount isn’t just your remaining loan balance. It also includes interest and prepayment penalty fees.
Contact your lender and tell them that you intend to sell your property. They’ll provide the specific amount you’ll owe and review the process for paying off the loan after closing a sale.
Calculate Your House’s Value and Potential Proceeds
Selling a house with a mortgage doesn’t mean that you’ll receive a lot of profit. Perhaps you sell a house for $250,000, but you owe your lender $180,000, including the remaining balance, interest, and prepayment fees. To get a better idea of how much you’ll walk away with, you’ll have to determine your home’s market value.
Real estate professionals can review comparable homes in the area and what they’ve recently sold for. A home appraisal is another way to find your home’s value before you sell it. Compare these figures with your home equity, or the amount of your mortgage that’s been paid off.
Two sellers may have the same amount in home equity, but their proceeds can be drastically different depending on their property values.
Choose a Selling Method
After completing the steps above, you’re now ready to sell. But what’s the best approach to land a buyer?
You could partner with a real estate agent to list the home on the market and wait for offers. Suppose you accept an offer, but the buyer threatens to back out if you don’t pay for major repairs. If you don’t have the money to spend on fixing up the place, you’re back to square one.
The traditional process can be incredibly frustrating and come with unwanted delays. A better alternative is to partner with a cash buyer for a quick sale solution.
Reach out to a local home-buying company like Wise Property Buyers to discuss your property. You’ll receive a fair cash offer and can finalize the sale within days, with no closing costs.
Partner With Wise Property Buyers for a Seamless Home Sale
Selling a house with a mortgage usually isn’t a problem. However, if you’re behind in mortgage payments and at risk of foreclosure, it doesn’t make sense to list your home for sale and potentially wait months for an offer. Contact Wise Property Buyers to receive a cash offer on your home today.
We purchase houses in the Greater Detroit area regardless of their condition. Once you accept our offer, all you have to do is choose a convenient closing date. Submit our online request form or call (313) 513-8824 to get your fair, cash offer today!