can you sell a house which is on mortgage?
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Yes! You can sell your home at any time, as long as you can afford to. If you're redeeming your mortgage in full and not buying another property, you must make sure that the sale price is higher than the amount remaining on your mortgage loan.
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If you end up selling the property to a buyer who isn't a landlord then the tenants must leave by the date agreed. If they refuse to do so, you will have to commence proceedings and apply to the court. This is long and costly and is something to be avoided, if at all possible.
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Can you sell a house with a cracked foundation? You can. It simply must be disclosed to the seller, and they can agree to buy the house on the terms that they'd be accepting the foundation “as is.” It can sometimes be hard to sell a house with a problematic foundation on the traditional market.
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Many standard equity release plans allow you to move your mortgage to a new property if you decide to sell your house, provided the lender approves the property first.
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You should never buy a new house before selling your old home ... at least, that's the conventional wisdom. Because if you buy before you sell, you run the risk of owning two homes at once—and carrying two mortgages!
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Lenders cannot loan you more than the property is worth. If the structure of the auction won't allow for you to get a mortgage, you'll have to look at other financing or cash.
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Can you sell a home without appliances? ... Many Bank Owned homes have no appliances and sell every day. There is a "However" though as some mortgages like FHA do mandate the home has a stove, if a Buyer who is buying uses a FHA mortgage.
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If you're successful, you can add this money to your 5% deposit and apply for a mortgage for the amount you need to buy your home. ... The equity loan must be repaid when the property is sold or when the mortgage is paid off.
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Yes, selling your own house is entirely possible. Some people may even think it's fun. It does, however, involve a great deal of work. Make sure to handle the entire process carefully because it is a large financial and legal transaction.
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The title deeds to a property with a mortgage are usually kept by the mortgage lender. They will only be given to you once the mortgage has been paid in full. But, you can request copies of the deeds at any time.
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In the UK, no law stipulates a minimum period of home ownership before you can sell it. ... However, some banks, building societies and mortgage companies will not lend buyers money to finance their purchase if the current owner (and intending vendor) purchased within the last six months.
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I understand that you bought the house in Nov 2012 and after 1 year you want to sell it. There is no rule prohibiting you to sell the house as it is yours and you could have sold it 1 day after you bought it.
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The simple answer is yes, you can sell a property with a tenant still living in it. In fact, the laws in most, if not all, U.S. jurisdictions give the tenant the right to remain in the property for the term of the lease, continuing on after the sale if the tenant's lease remains in force.
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Many standard equity release plans allow you to move your mortgage to a new property if you decide to sell your house, provided the lender approves the property first. ... In this situation, you may have to repay some of the mortgage early, potentially triggering early repayment charges.
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Landlord Guide On Selling A Property With Tenants. ... Yes, you can sell your property while it's occupied with tenants; landlords do it all the time, and there's diddly-squat your tenant can do about it.
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If you are a selling a property with negative equity, you will need to discuss the sale with your mortgage lender as you cannot sell the property at a price lower than the money you owe on it unless you have a mechanism to pay the money back.
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A second mortgage should have little or no effect on a homeowner's ability to sell her home. While the effects on buyers are nonexistent, sellers must pay off second mortgages just as they must pay off first mortgages.