How To Sell My Home If I Didn´t Finish Paying It?
I have not paid off the mortgage in its entirety, can I still sell my home?
If you are wondering if you can sell your home despite not having paid off the mortgage, it may be due to economic necessity or because you would like to buy a home that better suits your needs and lifestyle. The answer is very simple, yes you can sell your home if you have not finished paying for it.
However, when buying a home through a mortgage loan, the property remains as collateral for the payment of the debt, that is, a “lien” is imposed on it. This means that the financial institution that granted you the credit has a right to the property in case you do not pay off the debt. This may sound complicated, but it is easier than it seems. When you sell the home, you will settle the outstanding amount of the mortgage with the payment you receive from the buyer.
In short, you have to ask the bank for the balance of the mortgage on the date the sale is to take place. There are several ways to proceed, but the simplest and most effective is to ask the buyer to prepare two bank checks, one for the bank for redemption, and one for the remaining balance made out to the seller. This is done on the day of the purchase and sale of the property at the notary.
We recommend that you always get assistance of professionals to manage the purchase/sale of the property. At La Vila Sol Real Estate we have several years of experience in the real estate sector on the Costa Blanca. We will make sure that the sale of your home goes as smoothly as possible, but not only can you count on our service during the sale of the property, but you can also count on our after-sales service.
La Vila Sol Real Estate remains at your disposal for any questions you may have. As soon as everything is clear, we will be happy to sell your home professionally.