Landlords have the right to sell their properties at any time and under any circumstances.
No matter if your property is under construction, on a payment plan, rented, vacant, or even mortgaged.
However, it is imperative to be aware of the general terms that apply to the sale of a mortgaged property. For instant, this transaction involves your bank and can’t be done as a regular transaction with a trustee office.
What is the Process for Selling a House with a Mortgage looks like?
After you have found a buyer, the terms of sale have been signed and a Memorandum of Understanding has been issued, the next steps will be carried out through your bank first.
At the end of the process, you need to redeem your mortgage in full. So, you need to get an exact statement of how much you have to pay through applying for a liability letter from your bank. And you also need to apply for a No Objection Certificate from the developer.
Managing the process is the most critical thing to consider when selling a mortgaged property.
There are circumstances that require an intensive follow-up in order to make progress in the transaction. This requires having an experienced team of professionals who know how to handle the process and avoid mistakes that may cause a delay.
Our team of professional real estate agents can help you with such transactions through our RIVA process.
RIVA is a proven process that we use to help landlords increase the value of their investment through analyzing the property itself and comparing it with up-to-date market data.
This will make it easier for you to make better decisions and achieve your goals.
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