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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 | 388 views | Selling | 1 year 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!
- 1 year ago
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Cindy Sharp
KW Showcase Realty
Most mortgages are not assumable so you will need to contact your lender in advance.
- 1 year ago
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Jennifer Cartensen
The Real Estate Agency
Do you mean a short sale? If so, yes.
- 1 year ago
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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.
- 1 year ago
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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.
- 1 year ago
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