Yes, you can sell land with a mortgage. However, there are a few things you need to know in order to do so smoothly.
- Contact your mortgage lender: Before you put your land up for sale, you need to contact your mortgage lender and let them know that you are planning to sell. They will need to provide you with a payoff statement, which will outline the amount of money you need to pay off the mortgage in order to clear the title to the property.
- Price your land accordingly: When you price your land, you need to factor in the amount of money you still owe on your mortgage. You will need to sell your land for enough money to cover the payoff amount, plus any other closing costs that you may be responsible for.
- Work with a real estate agent: If you are not familiar with the process of selling real estate, it is a good idea to work with a real estate agent. An agent can help you with all aspects of the sale, including pricing your land, marketing your property, and negotiating with buyers.