Selling Your Home: Difference between revisions
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→Do you have a mortgage on your house?
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*Can the buyer assume (meaning take over) the mortgage? If so, will the buyer need to have a certain income to qualify? | *Can the buyer assume (meaning take over) the mortgage? If so, will the buyer need to have a certain income to qualify? | ||
*Can you pay off the mortgage? If so, is there a prepayment penalty? Sometimes a lending institution will waive the penalty if the buyer takes out a new mortgage with them, or if you take out a new mortgage with them. | *Can you pay off the mortgage? If so, is there a prepayment penalty? Sometimes a lending institution will waive the penalty if the buyer takes out a new mortgage with them, or if you take out a new mortgage with them. | ||
Get the answers to these questions in writing to avoid any unpleasant surprises later on. | |||
==What happens after you sign the listing agreement?== | ==What happens after you sign the listing agreement?== | ||