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Can You Sell Your San Antonio House with a Mortgage?

Can You Sell Your San Antonio House with a Mortgage?

Most people in the US don’t have enough savings to purchase a home without financing. Home loans are prevalent, especially for first-time buyers. But these days, most of them don’t end up staying in their homes until their mortgages are fully paid off. This situation can lead many home sellers to wonder if they can sell their property when they still owe money. The answer is yes. If you’re planning to sell your house before paying off your mortgage, here’s how to do it and make the process as smooth as possible.

Find Out the Value of Your House

Knowing the value of your home is the first step to selling your home. You can use any online estimator tool to generate a ballpark value of your property quickly. You can also obtain a cash offer from an iBuyer or cash home buyers in San Antonio. If those options don’t work out, you can hire a real estate agent to find the accurate market value of your house. Knowing the value of your home will help you find out how much you can take home after the debt deduction, costs of the transaction, and taxes.

Contact Your Mortgage Lender

Work with your mortgage lender and get approved for the home sale. You need to determine how much you owe on your mortgage and be aware of any prepayment penalties and discharge fees associated with the mortgage. The lender can provide information about the total mortgage debt, known as the payoff amount. It’ll help you estimate the amount of equity you will receive if you plan to sell your house for a specific price. You will have to pay off the mortgage balance using the home sale proceeds.

Set the Asking Price for Your House

After you have your home’s estimated value and mortgage payoff amount, find out how much you will get to keep after selling the house. Use an online net proceeds calculator to determine the cost of a home sale and the net proceeds you will earn. With all this data, hire a real estate agent to set the appropriate price for your house. The comparative market analysis by agents can guide the pricing process. The price should be realistic and in line with market expectations. Pricing too high can make your home sit on the market without any offers, and setting a low price will let buyers assume that your house has some hidden issues.

Prepare and Market Your Home for Sale

Prepare your house to stage and sell. Do some deep cleaning and declutter to make the home more appealing. Remove personal touches and create the impression of buyers living in this space. Spruce up your house with a fresh coat of paint and renovations. When advertising your home, make sure your buyers know your mortgage debts on your property. It can increase the chances of your house getting sold faster for a better price.

If you cannot attract buyers for your property with an existing mortgage, consider selling your house to real estate investors for cash. At Big Buck Home Buyers, we buy houses in San Antonio and offer a quick and effective solution to your mortgage problem. Call us and ask, “Can I sell my house fast in San Antonio?” We can work with you and resolve your debt as soon as possible and help you move forward.