If you’re selling a house in Tampa with a mortgage, here’s everything you need to know. Selling your property is not so easy with an existing loan. At SellThatFloridaHouse, we try to make the process as easy and transparent for you. We buy houses with mortgages in Tampa so that your life can effortlessly transition from one house to another without having a huge financial burden on yourself. Only 40% of all homeowners are living without a mortgage. However, that leaves 60% of us with 15-30 year mortgages, which are showing signs of rising rates.
Selling a home is possible even with a mortgage, but there are some important things to consider before you begin. We have the guide that will help your next move go smoothly!
Can You Sell Your House Before Paying Off The Mortgage?
It’s certainly possible, and we’ve worked with plenty of people before in similar situations. The only catch, though, is that you want to owe less than what the value of your home is. A lender will be able to give you an estimate of what your payoff amount is. If you know this, then it should make the process easier for deciding on a selling price that ensures all mortgage debt has been paid off.
Beware of Prepayment Penalties
There is a possibility – depending on your lender – that they may complicate the selling process further. In some cases, a prepayment penalty is placed in the contract of your mortgage which prevents the sale of the home before payoff of the mortgage. This prepayment amount is different depending on what lender you have – it may only be a certain percentage of your mortgage. Other lenders will define a flat rate for you in the contract to let you know what is owed if the clause is broken.
What Happens To Your Mortgage When You Sell Your Home?
When you’re selling a house in Tampa with a mortgage, there are some extra costs involved. If the mortgage agreement includes a prepayment penalty fee, then in addition to your final payment for that house; you will owe this amount as well. In rare cases, your lender might consider an assumed mortgage. This means that a prospective buyer could take over your mortgage if they’re in good financial standing and willing to assume the responsibility.
I Want To Sell My House Where Do I Start?
If you’re in a pinch, there is another way to sell your house fast. You could work with our real estate investment company to fast-track the process so that it doesn’t take as long! When you choose this approach, you can avoid staging your home and preparing it for showings. You also get to sell in as little time possible after selling with the least amount of stress!
There are many considerations to weigh when selling a house with a mortgage. And it can come with another layer of complications and obstacles. If you’re looking to sell your house fast, then we can help. We at SellThatFloridaHouse are local homebuyers in Tampa FL and want to ease the stress of selling a property by offering quick cash offers with minimal hassles. Our team is ready today so let us buy it!