Home Selling in Hagerstown>Question Details

Booboo, Real Estate Pro in Hagerstown, MD

Tell me the process of selling a home when the house still have mortgage?

Asked by Booboo, Hagerstown, MD Wed Nov 9, 2011

I want to sell this house myself, but we still have a mortgage on this house, how does transfer of deed work on this case? We have our mortgage through wellsfargo, my guess is do we 1) once a seller is confirmed, we wait til seller pays and then sign a contract with them, then use their payment to pay off the mortgage from wellsfargo and then wait for the deed from them (wellsfargo), and then transfer it seller once we receive the deed?
2) We call our mortgage company and see if they off this type of transferring deed service?

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5
Find a good Realtor to help you through the process. It is a lot more complicated than you realize, good luck,
0 votes Thank Flag Link Tue Nov 29, 2011
I am a local agent, I don't see any others on here that have replied. I'd be happy to meet with you and go over your options of selling w/an agent vs selling yourself. I am a very honest, friendly, no pressure agent who would love to help. It sounds like you might need one in the future and I promise I am a great agent to have working for you. Please give me a call to discuss! Sharon Bremer Long & Foster 301-676-4031
0 votes Thank Flag Link Tue Nov 29, 2011
I seriously suggest you contact a real estate attorney who can help you coordinate the details for the closing, and explain the process.
You will be signing a contract with the buyers before they give you money! Their initial deposit will be held in escrow until the closing.
There will be contingencies in the contract that have to be met....like home inspections, and most likely one for a mortgage contingency...perhaps an appraisal contingency, too.

The mortgage with Wells Fargo will be paid off during the closing. Final numbers and calculations will be given to you by the title company or attorney just prior to the closing (and, in case you ar upside down on your mortgage, and you need to bring money to the closing table to pay it off - those figures will be given to you then , as well). The mortgage payoff figure is calculated per diem up to the actual closing date..

A new deed will be prepared.... and recorded for the new buyers following the closing.....you don't "wait for the deed" from Wells Fargo).

Are you familiar with your local C of O inspection requirements?.... or arranging for final utility readings??
There's a lot more to a closing than just paying off the mortgage!

Since you are not working with an agent, and are CLEARLY in the dark as to what to do regarding the home selling prcess........turning to a RE attorney is probably an excellent idea.......and a prudent place to start.

Best wishes..........
0 votes Thank Flag Link Fri Nov 11, 2011
Hi Robert, can you specify how an escrow company will handle it? Also, who in this case get an escrow company.... do you have any recommendation for an escrow company?

Thanks!
0 votes Thank Flag Link Wed Nov 9, 2011
Yes the buyers funds will pay off your mortgage and the difference will go to you and the deed will be transferred. A escrow company will handle it all for you.
0 votes Thank Flag Link Wed Nov 9, 2011
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