BEST ANSWER
Yes, Amanda. What happens is that the proceeds from your sale pay off the loan balance at closing. It's a very simple process and as the previous poster said, is done every day. In fact, in MOST real estate sales, there is a mortgage that must be paid.
You've labeled yourself as a buyer. So, I am assuming you're asking this because you're wondering how long you'll have to own? No worries - so long as you don't owe more than your mortgage whenever you plan to sell - in 30 years, or 5, you're fine. People get into trouble when they plan to sell in very short periods of time - like 1-3 years. The average homeownership length is 7 years.
If you are a buyer that is also thinking about selling, well then, the other thing I would say is that Rockinblu has a point about the market - however, if you've owned a long time you probably don't have to worry about many struggles others are having, and you should weigh the pros and cons of selling now vs. waiting. A good real estate CONSULTANT can help you with this.
Whether you're buying.selling or both, I very much trust Igor, Promenade REALTORS - 310-499-1305. Call him to help you; and tell him Vicky Chrisner suggested him! We've done business together in the past, and he always does a fabulous job for anyone I refer.
Sun May 3 2009, 11:16
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