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What if I owe money after selling my house?

I've owned my house for 4 years, but want to move. I've paid on my mortgage, but what if I don't get enough money from the sale of the house to pay the mortgage, my realtor and the closing costs. I want to buy another place with the money from the sale of this house.

Asked By Kamari | Granville, NY | 189 views | Selling | 1 year ago

Answer(1)

Pro

123 Answers

Chris Yochum

Dickson Realty

(19)

If you owe money after the sell you should have money left to buy another house. If you owe money at closing then you will need to write a check to actually close. If you owe and need to sell, then you will want to discuss with your agent and likely proceed with a short sale. A short sale can allow you often to be forgiven on or effect your taxes appropriately.