Should I Contact A Bank To Sell My Jacksonville, Florida House?

Do You Really Need To Contact The Bank To Sell Your House?

There are many reasons why you might be looking to sell your house: a job relocation, a desire for a new home, or moving to a different country. If you find yourself in a situation that requires you to put your house on the market, but you’re not sure whether you have to talk to your bank about it, read on.

Mortgages tend to range from 15 to 30 years, and if your loan isn’t paid off at the time you want to sell, you might feel stuck. The good news is that you don’t have to worry: you won’t have to stay at your current home until the mortgage period is over. There are a few options you can take, and they might require you to contact a bank. 

How Much Do You Still Owe On Your Mortgage?

One of the first things you must determine is the approximate amount that you still owe on the mortgage. You can contact your bank and request a payoff amount. This is the total amount you’ll need to pay to successfully satisfy your mortgage terms (this includes any interest payments you owe).

When you close on your house, you must get in touch with your mortgage lender again for a payout amount and use the money you made from your sale as funds to pay your debt in full. If you sell with home buying companies, they pay fair cash for houses. You can have cash in your hands fast, which can help you sell and move in a hassle-free way.

Determine How Much You Can Make On Your Sale

Once your bank provides you with the information of what you owe on your mortgage, you should start thinking about prices and what you can make from the sale of your home realistically.

This is a tedious process to undertake on your own; many decide to work with real estate agents. However, they require you to spend more money on agent commissions, attorney fees, property taxes, etc. 

When selling to a home buying company, you don’t have to worry about spending extra money on closing costs, fees, attorneys, or anything of the sort. They will provide you with a fair cash offer, and if you accept, you can close on the date of your choice. This is the perfect option if you need a fast out and don’t have time to wait months for the right buyer. No shadowings or stagings are required.

Short Sale Options To Pay Your Bank

It’s possible that your current home’s value decreased since you purchased it. In this case, you might owe more than what it’s worth. This is a complicated condition, especially if you don’t have time to wait for the market conditions to improve to sell.

This is where short sales come in. Your bank would have to agree to allow you to sell the home for less than what you owe; this decision is up to them since they’ll be receiving less money than they owe. 

One of the consequences of a short sale is that it damages your ability to purchase a new home in the future. This is because you forfeit your down payment to get your home sold, and it’ll also negatively impact your credit score.

Another Option To Consider 

Buying a new home before you’ve paid your current mortgage can be financially straining. Banks can sometimes allow your home buyer to take on an existing mortgage if they fit the requirements.

This option can be an attractive one because you would be able to use the money you made on your sale for your new home. You would also not worry about paying your current mortgage in full at the time of your move. You must discuss this option with your bank and home buyer to check if it’s a possibility. 

Henry Buys Homes: We Buy Houses For Cash

At Henry Buys Homes, we offer cash for houses regardless of your situation. We can provide you with a cash offer in as little as 24 hours, and you decide on the closing date. With us, you are in control of the entire process. We will take your house as-is, so you won’t have to worry if you still owe the bank.