Most standard homes sales are sold with this vary same situation. Most homes that are sold have a loan balance remainning. Usually, when escrow is getting ready to close and the new buyers loan has been funded, escrow will wire what ever balance is due to the existing lien holder or lender and the remainning funds are then distributed to the seller after all seller costs are paid.
I'd love to help you sell you home, call or email for a consultation.
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.