Advice Topics
- Buying (158)
- Selling (186)
- Renting (39)
- Market News & Trends (12)
- Finance & Legal Info (85)
- Tips & Advice (88)
- Working With an Agent (52)
- Marketing (4)
- Investing (14)
- Affordable Housing (15)
- Green Housing (2)
- Schools (1)
- Remodeling (29)
- International Real Estate (8)
- Terms & Definitions (24)
- Home Loans (10)
Top Contributors (View All)
Find a Top Real Estate Agent Near You
Does a quick sale have to be approved by the mortgage company?
I'm relocating and need to sale my home quickly. I have a buyer that wants to just take over the note. Could we do a quick sale?
Asked By Pamela Phillips | Nashville, FL | 219 views | Selling | 9 months ago
Answer(5)
Lisa and Greg Harris
eXp Realty, LLC
I would recommend reaching out to your mortgage company to see if this is an option within your loan. The challenge will be that they will need to qualify for the loan. You do not want to simply have them make payments, because you are still responsible for the mortgage.
Also, talk to a local real estate closing attorney to help facilitate the details and be sure it is done legally, or it will come back with repercussions that will not be good!
- 9 months ago
Helpful (0)
Unhelpful (0)
Cindy Sharp
KW Showcase Realty
Most mortgages are not assumable so you will need to contact your lender in advance.
- 7 months ago
- Helpful (0)
- Unhelpful (0)
Are you ready to find a top agent near you?
Browse profiles of the highest ranked agents in your area and find one that meets your specific needs.
Jennifer Cartensen
The Real Estate Agency
Do you mean a short sale? If so, yes.
- 8 months ago
- Helpful (0)
- Unhelpful (0)
Kristina Owens
JLA
I recommend reaching out to your mortgage company and ask them what the options available to you would be. If they would allow them to assume your note they would need to be approved. Please note that does not cover any additional costs that would allow you to make a profit on your home. If they were going to pay additional costs to the current loan that would still be a separate loan or cash payment. Please also ensure all your paperwork is legally documented. I would recommend speaking to a real estate attorney or real estate agent that specializes in short sales.
- 9 months ago
- Helpful (0)
- Unhelpful (0)
Joseph Ferrer
LPT Realty
Are you talking about loan assumption or a mortgage wrap/subject to ? If its a wrap, its advised to speak to attorney about it. If its an assumption, speak to your lender about it.
- 8 months ago
- Helpful (0)
- Unhelpful (0)
Related Questions
-
How can I get the most money from selling my house?
- Asked by Ronda N.
- 1367 views
- Selling
- 8 years ago
-
How should I prepare my house before selling it?
- Asked by Mike M.
- 985 views
- Selling
- 3 years ago