You should not be kept by having a mortgage loan or a home equity loan on your home . The final attorney will cover all claims against your property from the buyer's buy money. If your loan balance is greater than your sales price, as is the case in sales, you’ll need to make arrangements with your lender prior to signing a sales contract. Some lenders will agree to a”short sale” where the lender takes an amount less than the loan balance as payment in full. Otherwise, you must pay the difference in the own funds.
Meet with a real estate agent who is familiar with your area and variety of home (condo, townhouse, single-family house ) to ascertain its fair market value. Ascertain a sales price, negotiate the broker’s commission and sign a listing agreement with the agent.
Review offers from potential buyers with your agent. Accept the deal that yields you the most positive outcome. Depending on your home’s sales price, the amount owed on the home and earnings and final expenses, once the sale closes, you break even may either earn a profit or invest money.
Attend the final. The closing attorney will cover taxes, any liens, fees, fees and other encumbrances from the purchaser’s purchase money. She will provide you some leftover funds. In the event the purchaser’s purchase money is insufficient to pay off your home equity loan or other expenses Simply take a check made out to the attorney for the shortage amount.