The issue with the sale of a mortgage apartment becomes relevant when the owner of such real estate circumstances change. This may be the inability to pay large monthly fees or the desire to purchase more spacious housing.
The law allows you to sell an apartment purchased in a mortgage. You can do this in one of four ways:
• long-term mortgage repayment;
• sales carried out by the Bank;
• the renewal of the mortgage.
In the case of long-term repayment, you need to find a buyer who agrees to purchase a house that is pledged. This person agrees to contribute the amount needed to fully repay the mortgage debt. The problem is that finding a buyer willing to make a Deposit on such terms will not be easy. However, the scheme itself does not contain any complexity. Once the mortgage is paid, the ownership can be easily renewed.
Choosing an independent sale, you need to immediately notify the buyer that the apartment is secured by the Bank. If this is not done, such transaction may be considered by the buyer as a Scam. The main thing is that the requirements of the law have been met. In this case, the seller will receive from the buyer the amount he has already made on the mortgage, and the Bank – the amount of the remaining payments.
If the sale is made through the Bank, it conducts the transaction from beginning to end. The participation of the owner is reduced to the fact that he simply puts signatures in the documents. After the transaction, both the Bank and the seller receive their money. However, the Bank will not be much interested in selling more expensive housing. Because this method of selling mortgage housing is not the most profitable.
When the mortgage is reissued, the debt is sold, and the loan is issued to a new borrower. Some buyers prefer to purchase housing on such terms, as it often gets at a bargain price. For the seller, this method is considered beneficial. The problem is that not all banks use this scheme when selling mortgage housing. In addition, only the Bank is engaged in re-registration of collateral.
How to sell a mortgage apartment in your particular case? It depends on the reasons you are selling it and the options available. It matters on what terms the buyer is willing to buy it, and what are the conditions of the Bank.