Can I Sell A House That I Still Owe Money On In Utica?
Can I sell a house that I still owe money on in Utica? Well the answer is yes, but obviously there’s more to it. We’re gonna be talking about that guys.
Hey folks Cameron Stewart with Fast Cash Home Buyers here and honestly, I get the question a lot can I still sell my house to you if I owe money on it. Well the the answer is yes, you know, of course as long as you fulfill the amount that you still owe on that home. It could be in the form of a mortgage, a lien, you know personal debt, whatever it might be. As long as what you’re looking to sell for is at least what you owe on the house of course, you can sell.
The other option would be you sell for less than what you owe, and you come out of pocket. Most people are not in a position to to do that and I completely understand. So the first thing to figure out is what do you owe on. For example is it a mortgage, is it a lien, is it something else? So a mortgage you know it’s pretty cut and dry. If you have a house and you owe $50,000 on the mortgage, well you’re gonna have to sell for at least fifty thousand dollars to satisfy that mortgage. If you sell for less you’re gonna have to come out of pocket. So mortgages are pretty cut and dry. You’re gonna have to make sure that you sell the property for at least as much as a mortgage is at currently.
The next question is do you have any liens. Now these could be in the form of a mechanics lien, it could be in the form of a utility surcharge that turned into a lien, it could be in the form of past due taxes. Generally speaking, these are pretty easy because although they’re an encumbrance or lean on the house, they just want to be paid. So as long as you can allocate the money at closing time, as long as there’s enough money in the deal to allocate at closing time for those liens, then you are good to go. But once again, you’re going to need to make sure that you are aware of what those liens are.
We could do that with the title search okay, building the abstract to figure out exactly everything that’s owed on the property. Hopefully you have a good idea off the top of your head at first, but I’ll work with you with that. But as long as you satisfy those liens you know, technically you’re good to go. Another thing that could possibly tie it up is personal judgments. These could be things such as car loans that defaulted, that are on you personally they they’re not necessarily going to affect the transaction of the home the sale of the home but trust me they will be calling you after you sell your home and they will be looking to collect some money on that.
So the simple answer is yes, you can still sell your home to a cash investor if you owe money on it.
You know, if you’re open to creative finance solutions such as an owner finance situation, where you hold the mortgage, let me know. I’ll be happy to see if that would work for for myself, and if I can make you an offer that would work for you as well. I hope this video was helpful. Once again, my name is Cameron Stewart with Fast Cash Home Buyers. We are buying homes mainly in the Utica and Watertown area, but also Syracuse New York. So anywhere in the Central New York area to be completely honest with you. Give me a call 315-351-2772, log on to www.fastcashhomesny.com. I look forward to speaking with you guys soon!