I want to sell my house valued at around 150,000 for cash am I able to do that if I still owe $27.000dollars on my mortage and how would I go about selling it?
Terry Says: You should have a real estate agent or real estate attorney help you through the process. Your current mortgage is a “lien” against your home. It will have to be paid off at closing before title can be released to the buyer. Depending on the state where you live, there will be a “closing process” — with costs, and with the lender represented to take a portion of the sales price to satisfy the mortgage. This is not a do-it-yourself process. But it is good that the buyer does not need a mortgage to complete the process. He/she will, however, have to have good funds in escrow to complete the transaction. Really, get an experienced real estate attorney to help you through the process and the costs (some of which the buyer might pay).