When Selling a Home (FSBO) how do you pay off a Morgage and Home Equity Loan to clear the title ?
Tags:home equity loan, mortgage, realtor,
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Due to Illness you need to sell the home. We have been not starting thru the Realtor. But in sequence to compensate off the Mortgage as well as Home Equity Loan, that will transparent the title, you need to sell. But in sequence to sell, you need the transparent title. How does this work? How prolonged do you have to empty once you sell?
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Assuming you have enough equity in the house your title will be cleared the day of settlement.
The buyer will bring funds to the closing and the title company will wire the funds to your lender which will clear the title.
As far as vacating, many times you need to be out the day of settlement. When I buy properties I insist on it. However, you can negotiate a lease back agreement that will allow you to stay in the home for an agreed amount of time.
There are times when the buyer may benefit from this, for example, they want to wait until school is over.
It is stressful selling a home even under the best conditions so I wish you the best of luck.
I’ve done this a couple of times myself. When you select the title company to go through escrow with, you’ll provide them with the account info they need. They will take care of the paperwork. That’s what you’ll end up paying them for. Sorry about your illness, and good luck selling your home.