Selling Land with a Mortgage in Washington:
Yes, you can sell land with a mortgage in Washington. However, there are additional steps compared to selling land without a mortgage. Here’s what you need to know:
1. Notify your lender: Before listing your land, inform your mortgage lender about your intention to sell. They’ll want to be involved in the process and may require specific procedures to release the lien on your property.
2. Obtain a payoff statement: Request a mortgage payoff statement from your lender. This document details the exact amount needed to fully satisfy the mortgage balance.
3. Determine your sale price: Factor in the payoff amount, closing costs, and your desired profit when setting your asking price.
4. Disclose mortgage information: Be transparent with potential buyers about the existing mortgage and any conditions set by your lender.
5. Coordinate with all parties: Work closely with your lender, buyer, and title company to ensure a smooth closing process that satisfies all requirements.