Can you sell a house that's not paid off?

+1 vote
asked Oct 21, 2018 in Real Estate - Renting by theperson (250 points)
Can you sell a house that's not paid off?

1 Answer

0 votes
answered Oct 21, 2018 by Veronica F (3,840 points)
Yes you can still sell your home while you have a mortgage on the home.

When you do sell the home to someone else then you'll be required to pay the lender back for the entire balance owed on the mortgage.

Once you sell your home with a mortgage you can no longer make mortgage payments on mortgage and you'll be required to pay the full balance of the mortgage off with the proceeds from the sale of the home.

Then you keep whatever profit is left over if any.

So in short yes you can sell a home with a mortgage and move into a new home if you want too but you have to pay back the full balance of the current mortgage on the home you're selling.

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