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Question
If I sell my rental home through a realtor and by the time we close the mortgage is one month late how will that affect the whole selling/closing process?
Hi Al-
Generally, if you have a property going to settlement, the title company or attorney calls the mortgage company for the payoff shortly before closing. If you do not intend to pay the payment due prior to settlement, I would call the mortgage company and let them know it is "under contract" and the settlement date so that they do not start collection/foreclosure proceedings. You can also let them know who the settlement company is for verification purposes. Obviously, they will deduct the pay-off from any proceeds you will get from the sale. I trust I understood your question correctly and I hope this helps. Best, Toni
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Toni Yates
Expertise
As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience
12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations
National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials
Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors
Top producer awards from FAAR and Re/Max.
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