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Do You Have To Pay Your Mortgage When Your House is For Sale – Appleton WI

paying a mortgage when house is for sale

To get right to the point… I would say YES. The reason why I say that you SHOULD pay your mortgage when your house is for sale is for the simple fact that it may not sell. In this blog I will go over what could happen throughout the process of selling a home so you can make the best decision for yourself & your family. Now, if you want to sell your house fast for cash fill out the form below or call us at 920-215-4201

Listing a House For Sale

With the process of listing a home for sale on the open market there are a few steps that you need to take. Typically you will meet with a Realtor to sign & go over all the formal listing documents. After signing the listings docs the Realtor will most likely have their photographer come through to photograph the property. You should have the home staged & in perfect listing condition before the photographer arrives. Don’t worry, this shouldn’t cost you anything as the home seller! The Realtor should cover all cost of photography & staging.

However, even though you listed your house on the market it does not mean it will sell right away. Depending upon what the current market conditions are like your home could sit for 90-120 days, or it could sell in 1-5 days. Of course that is market dependent & should be talked about with your local Realtor.

Fees for Listing a House

Normally all fee’s for listing a house are due upon the home actually selling. When the home sells you will pay title fees, closing costs, commissions, & any other tests or repairs. When it is all said & done this can add up to be 8-12% of the overall listing price. Again, make sure you are aware of these fee’s before listing with a local Realtor. Compare How Our Process Differs Here>>

Mortgage Payments When Selling a House

Now, to get to the point of this article. It is very important to keep paying your mortgage when you are selling a house! The reason I say this is because you don’t necessarily know how long it will take your home to sell. If you are working with a local house buying company like ourselves we can do it in 14 days. But, if you are listing with a local Realtor you need to take into consideration the marketing time & how long it will take a home buyer to obtain a mortgage. (Typically 45 Days After Acceptance)

For example purposes let’s just say you stopped paying your mortgage as soon as you listed your house for sale:

On average if a home is priced right it will take 45 days to get an accepted offer

After the accepted offer another 45 days from acceptance till closing.

90 Days Total – In 90 days your bank will have filed with the court system to start the foreclosure process on your home because you have not been making payments. This will result in attorney fees & late payments being tacked onto your mortgage payoff resulting in significantly less money in your pocket. In addition to that, your credit will be damaged from missing the payments & the foreclosure being filed. Of course you would not be foreclosed on in just 90 days, but it is still damaging to your credit history.

Fallen Behind on Payments?

fallen behind on mortgage payments

If you have fallen behind on payments & aren’t sure what to do please pay attention. Once you have fallen behind there are typically a few different options if you want to sell your property.

  1. If your house has enough equity you can still list with a Realtor . Note: House needs to be in perfect listing condition to result in a quick sale
  2. If you have equity in your house but it is in rough condition then it might be beneficial to sell to a local cash home buyer like ourselves to avoid foreclosure. Click Here for an Offer>>
  3. If you are underwater on your house, meaning you owe more than what it is worth, then you can pursue a short sale. We can also help you out with that if you give us a call at 920-215-4201

What’s Your Next Step

I hope this article was beneficial in one way or another. Please just keep making your mortgage payment until your home is sold unless you have fallen behind already. If you have fallen behind feel free to reach out to us & we can give you some advise on what might be the best option for you. Of course we are not attorneys so you should consult with an attorney to seek legal advise on what to do.

I look forward to talking with you soon!

-Carter C

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