Selling a Home with a Mortgage in Glendale: What You Should Know

Are you planning to sell your home in Glendale but still have an outstanding mortgage? This is a common situation, and the good news is, selling a home with a mortgage is entirely manageable. However, it does involve some additional steps and considerations to ensure a smooth transaction.

At Think Real Estate Group, led by Dave Robles, we’ve helped countless homeowners navigate the process of selling their homes with mortgages in Glendale. This guide will answer your key questions and provide a roadmap to help you feel confident throughout the process.

Can You Sell a Home with a Mortgage?

Yes, you can sell a home with a mortgage! When you sell, the proceeds from the sale are used to pay off your existing mortgage. Any remaining amount after that is your profit, often referred to as your net proceeds.

To understand how much you’ll make from the sale, it’s essential to know:

1. Your mortgage payoff amount.
2. Estimated closing costs.
3. Your home’s likely sale price.

Step-by-Step Guide to Selling a Home with a Mortgage in Glendale

1. Find Out Your Mortgage Payoff Amount

Your mortgage payoff amount is the total you need to repay your lender to satisfy your loan. This includes the principal balance plus any interest or fees. You can request this information from your mortgage lender.

Pro Tip: Ask for a payoff statement, which will give you an exact number based on a specific date.

2. Determine Your Home’s Market Value

Knowing your home’s current market value is crucial to calculating your net proceeds. The Glendale real estate market can vary by neighborhood and property type, so getting a professional estimate is key.

How to Determine Your Home’s Value:

• Check recent sales of comparable homes in your area.
• Use online valuation tools for a rough estimate.
• Request a professional comparative market analysis (CMA) from a local Realtor like Dave Robles.

Why Choose a Local Expert? As Glendale’s real estate market experts, the Think Real Estate Group understands the nuances of pricing homes in your area. We can provide accurate valuations based on current trends and local demand.

3. Calculate Your Net Proceeds

To estimate how much you’ll walk away with after selling, subtract your mortgage payoff and closing costs from your expected sale price.

Typical Closing Costs Include:

• Real Estate Commissions: Usually around 5–6% of the sale price (split between the buyer’s and seller’s agents).
• Escrow and Title Fees: Fees for managing the transaction and transferring ownership.
• Prorated Property Taxes: Taxes owed up to the date of sale.

Understanding your potential net proceeds helps you plan for your next steps, whether it’s buying another home or saving for the future.

4. Hire the Right Real Estate Agent

Selling a home with a mortgage requires careful coordination, and a knowledgeable real estate agent can make all the difference.

Benefits of Working with Dave Robles and Think Real Estate Group:

• Pricing Expertise: Ensure your home is competitively priced to attract buyers while maximizing your profits.
• Marketing Reach: Gain access to the MLS, professional photography, and targeted advertising to showcase your home to a wide audience.
• Negotiation Skills: Secure the best possible terms during offers and inspections.
• Seamless Coordination: Handle the logistics of mortgage payoff, escrow, and closing.

5. Prepare Your Home for Sale

To get top dollar, it’s essential to present your home in its best light. Glendale buyers are looking for move-in-ready properties, so focus on curb appeal and interior updates.

Steps to Prepare Your Home:

• Declutter and Clean: A tidy, spacious home appeals to buyers.
• Handle Repairs: Fix minor issues like leaky faucets or chipped paint.
• Stage Strategically: Highlight unique features, like a view of the Verdugo Mountains or a beautifully landscaped backyard.

6. Understand Escrow and Closing

Once you’ve accepted an offer, the sale enters escrow. During this time:

• The buyer secures financing.
• Your lender provides a payoff statement to finalize your mortgage repayment.
• Inspections and appraisals are completed.

At closing, the proceeds from the sale will be used to pay off your mortgage, and the remaining amount will be disbursed to you.

7. Plan Your Next Steps

Are you planning to buy another home in Glendale or relocate to a new area? Knowing your net proceeds helps you plan your budget and timeline for your next move.

Pro Tip: If you’re buying and selling simultaneously, working with an experienced Realtor like Dave Robles ensures smooth coordination between both transactions.

FAQs About Selling a Home with a Mortgage

1. What Happens to My Mortgage When I Sell My Home?

Your mortgage is paid off at closing. The sale proceeds are first used to satisfy your loan balance, and any remaining funds are yours.

2. Can I Sell if I Owe More Than My Home Is Worth?

Yes, but this is known as a short sale, and it requires lender approval. If you’re in this situation, contact a knowledgeable real estate agent to discuss your options.

3. Are There Any Penalties for Paying Off My Mortgage Early?

Some loans have prepayment penalties, but these are less common today. Check your loan terms or ask your lender for details.

Why Work with Dave Robles and Think Real Estate Group?

Selling a home with a mortgage can feel overwhelming, but with the right guidance, it doesn’t have to be. Dave Robles and the Think Real Estate Group specialize in helping Glendale homeowners navigate every step of the process.

With years of experience in the Glendale real estate market, our team provides:

• Accurate home valuations.
• Expert marketing and negotiation strategies.
• Seamless coordination with lenders and escrow.

We’re here to make the process as smooth and profitable as possible for you.

Final Thoughts

Selling a home with a mortgage in Glendale is a common scenario that requires careful planning. By understanding your mortgage payoff, estimating net proceeds, and working with a trusted real estate agent, you can achieve a successful and stress-free sale.

Ready to get started? Contact Dave Robles and Think Real Estate Group today for expert guidance on selling your Glendale home.