 Is it a good time to buy a house? |
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Additional Details
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 We made an offer on a home but is it too low? |
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trackman716d | Can I still sell my house if I have a mortgage? |
I bought a house a couple years ago for $213000...it was appraised at $215000...we have two mortgages to cover the whole $213000...If we were to sell our house for $210000(housing costs have actually dropped in our area) would we be able to do this if we owe $213000? After fees and what not I was thinking we would get $190000 from the sale which we would have to use to pay for the mortgages...Could we pay off the mortgages and then still pay on whats left? We are thinking of moving to a cheaper location but we were wondering if we could sell this house, buy another one, and then continue to pay on what was left on the old mortgages as well as pay on a new mortgage. I hope this makes sense!
Additional Details
Not sure what we would get for the house now as I haven't looked into it yet but using the low end I am saying $210000...we still owe about $213000 on it...after we pay for real estate agents and all the other fees I was thinking we would get about $190000 from the sale...this would all go to the current mortgages...we would then owe $23000 on one mortgage from this current house...we then would buy a new house for say $150000...can we continue to pay off the $23000 and then get another mortgage for $150000? The reason for all of this is because I may take a new job out of state and the cost of housing is cheaper in the new place. |
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pearlmel
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you must pay off the original mortgage you have at closing!
you can not sell the house to someone without paying off the first and second mortgages the title company wont allow it! you cant have clear title until the mortgages are paid in full.
why not sell it for what you owe or make small improvements to bring up the value.
the other option is to pay off the mortgage difference yourself at closing!
your other option is to owner finance the home yourself to a buyer this is not a bad idea if you have a good rate and can find a good buyer! sell the home and have the buyers pay you interest only for 5 years or whatever term you wish! this way not only are you getting out of the home but you are earning interest ont he property for a term you pick! and hopefull at a higher interest rate than you pay now!
once you have a buyer you can make conditional offers!
i would find a prospective buyer once you have a contract in hand you can look for anouther property to move to as your new prImary residance! With any luck you can have the buyers of your home pay a higher interest rate giving you additional income
PS ignore people who wont read the entire post! how can they give you a intelligent answer without getting the facts
Mortgage Investment Consultant
National Mortgage Banker |
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Elsa D
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I think you misunderstood the sales process. You can sell at whatever price you want. However, the mortgage has to be paid 100% when you do. How you do that is up to you, but you can't leave part unpaid or add it to a differant piece of property. |
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Jon
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The quick answer is yes. But it's not going to be easy, the mortgage company will expect some collateral. If you are buying a new house you may be able to roll that on to the new home loan.
You will be starting off the new loan $23000 upside down in the new home. Depending on the sale price or amount mortgaged and the appraised value of the new property. With that, I assume you will have no down payment for the new place, so you will have, 3 payments on your new house. I don't think its going to happen.
I would suggest staying put for a while. |
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RickRN
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You will need $23,000 at closing. Unless you can get approved by your mortgage company for a "short-sale" and be given a loan for the difference. |
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De
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yes but make sure you make enough to pay back the mortgage |
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matsonb
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Your current mortgages will have to be paid of at settlement of your current house. Any shortage, will have to be paid out of pocket by you. http://www.choicefinance.net/ |
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Its only me, again !
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YEA |
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Bob D
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Yes you can sell it but you will have to come up with the money to cover the differences between you get from the sale of the house and the balance of the mortgage.
You are probably better off just staying where you are for the next year or so and wait for the real estate market in your area to recover.
So to the final question. the answer is mostly likely no. Your mortgage in the new cheaper house would be much higher than the value of the house (mortgage term is LTV > 100%) and those loans are very tough to get and I wouldnt even try to get you approved. To make it worse even if you got approved. Interest would be so high that it would be cheaper to live in the current higher value/loan house.
PS the additional stuff you gave a minute ago. Changes a few things. If you are moving out of state you could try to use it as an investment property. Then try to get a new house when you move. You have to pay off the entire loan when you sell the house. So you will have to come upwith the difference between the sell price and the mortgage amount before the deed can be transfered. |
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baby_love_marybeth
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you can sell a house whenever u want. so yes u can sell urs now, u will just have to finish payong off ur mortgage which should be no problem once u sell it, u'll have that money to do so and yes u can pay ur old one off as well as paying ur new one... |
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