Many people are sure that it is legally impossible to sell real estate burdened with an unpaid mortgage, because it is secured by a bank.
In fact, as specifically for aif.ru Dmitry Rakuta, a mortgage broker and real estate expert, explained that there are several legal schemes for selling apartments with a mortgage, this only affects the timing and cost of the transaction.
“There are several tools that allow you to sell a mortgage apartment,” the expert says. — The buyer can get a mortgage loan from his bank to settle the transaction and buy the house together with the encumbrance. As a rule, in this case, the seller receives all the money, and the buyer becomes the owner of the apartment and continues to service the mortgage loan at his own expense.”
In addition, a purchase and sale transaction is possible with simultaneous repayment of the remaining debt. “The buyer can repay the remainder of the seller’s debt to the bank during the transaction, then this amount is deducted from the payment to the owner,” Rakuta said.
In most cases, the sale of mortgage apartments is unprofitable for owners, together they will spend more on the purchase of housing and interest payments than they will receive money from the buyer, since “the sale of housing with a mortgage encumbrance reduces the value of real estate. This is, of course, unprofitable for the seller. However, recently the terms of the transaction have a much greater impact on prices, the sooner the owner wants to get rid of the apartment, the greater the discount has to be made. In addition, a mortgage housing transaction will take 2-3 weeks longer than for the purchase and sale of ordinary real estate, which also narrows the circle of buyers and puts pressure on prices. But if necessary, such transactions can be made,” the expert concluded.
Previously, experts specifically for aif.ru they explained the advantages and disadvantages of a mortgage real estate transaction from the buyer’s point of view.
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