When you sell a home and use a title company, if your current lender doesn’t set you up with a title company, you can hire an agent on your own. This agent will be responsible for ensuring that there are no issues with your property’s title, and act as the intermediary throughout the entire purchase and sale process. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that the title agent holds the money from the new buyer during the sale. After you sign all the documents at the closing table, the title agent uses the sale money to pay your current mortgage holder. Once the amount has been paid, the title transfers to the buyer and you, as the seller, are given the leftover money (minus various fees). If the sale covers the full cost of the current loan, it’s a fairly smooth process. However, if you owe more than your home is actually worth—negative equity—there could be some trouble. In that case, you’ll have to work out a deal with your lender for a reduced payoff amount, or you may need to refinance and stay in your home for longer than you planned. Check out below to see what sold in Ravines of Northville in September 2018:
17655 Laurel Creek Court, Northville: 4 bedrooms, 4.1 bathrooms, 4,400 sq. feet, 2 car garage, Sold Price: $625,000
Ravines of Northville Home Sold
September 2018
17693 Wildflower Drive, Northville: 4 bedrooms, 3.2 bathrooms, 3,720 sq. feet, 3 car garage, Sold Price: $636,000
Ravines of Northville Home Sold
September 2018
In the end, selling a home with a mortgage shouldn’t be a problem. The most important thing is to know your options, so that you can make the right decisions. For more information on Ravines of Northville, or similar Northville or Novi neighborhoods such as Beckenham, Woodlands of Northville and Steeplechase, contact The DiMora Team today at 248-505-7728 or jim@dimora.com.