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Buying or Selling a Home/selling with second mortgage on land/house combo
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Question
We have a first mortgage on a house and 5 acres. We have a second mortgage on this said house with a total of 40 acres. (used to buy the additional land) The additional land was added in lots and has been surveyed and sectioned in the local plot books. We are wanting to sell the house and 5 acres. Is this possible when this is tied to the second mortgage of land as well?
Dear Karen;
You should contact the lenders holding the second mortgage to discuss what you want to do. since you will be selling the house and some of the land you will be able to pay off the house and 5 acres mortgage. The second mortgage will still be in tact but with a different value assigned to it. Since the bank only agreed to give a second based on the house as well as more land they will need to adjust the terms of the loan. I cannot speak for the lender but they will probably want to do a refinance moving it into a first mortgage.
Jessica Bryan
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Jessica Bryan
Expertise
buying and selling process such as:
General questions from first time buyers
How to market a home
Why choose a REALTOR
How do I find a REALTOR
Should I consider buying or selling without a REALTOR--how much can I save
Should I remodel or move
How much can I expect to gain by fixing up my home before selling
Helpful tips when selling
Helpful tips when buying
finding a good mortgage loan
what is the difference between banks, mortgage bankers, and mortgage brokers
Questions from the general public, people thinking about getting their real estate license, newly licensed.
Fellow professionals who have interests in networking and how to get started
What is a market evaluation and how does it differ from an appraisal what are the different loan programs
services a REALTOR can perform
when to use a lawyer
when to use escrow
what are the regional differences in the buying and selling process
what is the MLS and how does it work
how can the layman access information on the web--listings and other information
These are just a few of the questions. I can suggest that if I am unable to answer a question I will refer the inquiry to a source that can.
Experience
Anyone who is in this business and who dedicates oneself to professionalism has continued to take classes and along with it,additional credentials, awards and honors. I can list a host of them, but my greatest accomplishments happen to be those of getting first time buyers (who didn't think they could afford to buy a home)into a home of their dreams. The look on their faces when I hand over the keys is worth all of the hard work.
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