Deed Of Trust Or Mortgage
June 1st, 2008 | 
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Question: How does one go about selling a house that has owner financing?
I have the deed, there is a Deed of Trust recorded, there is a 30 year mortgage (27 years remaining), low monthly payments & a low finance rate.
Do I have to get the mortgager's permission to sell, or can I sell it to pay off the mortgage (while hoping to make a profit)?
I'd rather not go through a real estate agent, but will potential buyers not be interested because of the Deed of Trust? Do I have to satisfy the Deed of Trust first before I can sell the house?
All input appreciated. Thank you!
Answer: Confusing isn't it? The title company you choose or the buyers choose, thru their lender will order the payoffs, as per the buyers request. All liens effecting title will have to be paid off at the closing. For instance, I do alot of For Sale By Owner Properties, for my cleints, because sellers are more willing to help my clients with some closing cost, versa paying a realitor fee. As a broker for over 150 companies, I have my title company order the payoffs, title on both the seller, and the buyer, order the surveys, anything that is needed to close the loan. It is a easy process, if you work with a knowledgeable person. Good luck to you.
JKCH-1 Part 4 of 7
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