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What Happens if You Sell Your Home Fast and Still Owe Money?

If you sell your home fast and still owe money, the sale proceeds will be used to pay off the remaining balance on your mortgage. If the sale price is less than the amount you owe, you will still be responsible for paying the difference, also known as a deficiency. This can be a financial burden, so it’s important to consider your options carefully before selling your home if you owe more on it than it is worth.

One option to consider is negotiating a short sale with your lender. This is when the lender agrees to accept less than the full amount owed on the mortgage in exchange for the property. This can be a good way to avoid a deficiency, but it can also hurt your credit score.

Another option is to work with a real estate agent to try to sell the home for a higher price. This may take longer, but it could help you avoid a deficiency and minimize the financial impact of selling your home.

It’s important to talk to a financial professional or an experienced real estate agent to explore all of your options and make the best decision for your specific situation.

How is selling a house different from selling an apartment?

There are a few key differences between selling a house and selling an apartment:

  1. Location: Houses are generally located in suburban or rural areas, while apartments are typically found in urban or densely populated areas. This can affect the demand for the property and the overall market value.
  2. Size: Houses are usually larger than apartments, which can affect the price and the length of time it takes to sell the property.
  3. Ownership: Houses are typically owned outright, while apartments are often owned by a landlord or management company. This can affect the negotiation process and the transfer of ownership.
  4. Financing: It is generally easier to get a mortgage for a house than for an apartment, as houses typically have a higher value and are considered a more stable investment.
  5. Maintenance: Houses typically require more maintenance than apartments, as they have larger grounds and more exterior features that need to be maintained.

Overall, the process of sell your home fast is similar to selling an apartment, but there are some specific considerations to keep in mind depending on the type of property you are selling.

sell your home fast

Ways to Sell a House

You can sell the house yourself or through a realtor. Consider the pros and cons of these two methods. 

On one’s own

With self-selling a house, you place ads yourself, meet buyers, and show real estate. Plus, you save on agent commission. Minus – you are engaged in all stages, including the preparation of documents. It takes time and requires knowledge in the field of drafting contracts and other papers.

Through a Realtor

When selling real estate through a realtor, you shift some of the seller’s tasks to him. The specialist communicates with buyers, places ads and shows, prepares documents, and accompanies the transaction. Plus, the realtor’s income depends on the number of successful transactions, so he will try to quickly find buyers and remove objections.

Realtors understand the documentation: they will help to securely draw up documents, and solve the issues of selling distressed real estate. Minus – the realtor takes a commission.

What Affects the Cost

The price of a house is influenced by dozens of conditions: whether it is located in the city or a cottage village, whether it is freshly renovated, which is located next to the building. We list the most important criteria.

legal purity. Buyers are looking for houses with one owner, without encumbrances and with documents. A high price is set for such real estate because its purchase is safe. 

Area of ​​residence. Houses in favourable, clean and safe areas always cost more. 

Technical condition. The buyer wants a home that doesn’t leak and doesn’t need electricity. If the object does not require repair, its price increases. 

Infrastructure. Shops, schools and hospitals near the house increase its price.

Ready for a deal. Houses without tenants are bought faster than those in which people are still living. People pay more for the opportunity to immediately move into a new home.

Season. Demand for private homes is cyclical. Increases in spring and autumn decrease in winter and summer.

How to calculate the best home value

Do not estimate the value of the house yourself – you can set it above the market and not find buyers or below and lose profits. Contact appraisers to calculate the correct price of the building and land.

For example calculations:

Go to real estate websites and look at similar houses by area, plot size and other parameters. That way you get your bearings on the price.

If the object is in the village, go to the neighbours in similar houses. Find out how much they bought the house for. 

Add up the cost of the land and the amount you spent on building and decorating the house. This is a rough calculation, but this is how you determine the initial price. 

How Long Does it Take to Sell Your home?

The term for selling a home can stretch from a couple of months to several years. Finding buyers takes the most time. You can draw up documents in a month if you pay for real estate in cash. When buying with a mortgage or maternity capital, the period will increase to 2-3 months. If you want to sell a house at a price above the market, be prepared for long-term communication with buyers for 3-6 months. 

Don’t rush to close the deal as quickly as possible – a quick home sale requires a low price. The speed of the sale largely depends on you – whether you are ready to hold several impressions a day and periodically update the ads on the sites.

What Documents are Required for the Sale

  • documents confirming the right of ownership;
  • building permit and act of putting the house into operation;
  • a contract for the sale of a house and a plot;
  • passports of all owners;
  • permission from the guardianship and guardianship authorities in the presence of minors and incompetent owners;
  • notarial consent of the spouse for the sale;
  • certificates of the absence of arrears in payment of housing and communal services;

documents confirming the survey and defining the boundaries of the site.

Sometimes more documents are needed. For example, if the house is located on the lands of settlements and/or has the status of a residential building, you need a certificate of absence registered in the house.


Be polite, and open, do not be late for a meeting and tell everything about the house – this will inspire confidence among potential buyers.

Come to the site in advance and prepare the house – do the cleaning, and ventilate the room. When communicating with customers, be honest about the advantages and disadvantages of the house. Answer questions openly and provide useful information. For example, if a family with children came to view, mention that there is a school nearby or there is an ideal room for a nursery on the second floor. 

Conclusion of a Sales Contract

preliminary agreement. Before concluding the main contract, draw up a preliminary agreement. This may be a contract for the sale of an object, an advance agreement, or a deposit agreement. They confirm the seriousness of the intentions of both sides. 

Draw up a preliminary agreement in the same form as the main contract of sale. Get the document certified by a notary if you are selling the right to a share or if there are minors or incapacitated among the owners.

Be sure to include your phone number, social networks and instant messengers. 

In the preliminary agreement, fix the main terms of the transaction: the subject, price, characteristics of the object, the terms for concluding the main contract, the calculation procedure, and so on. 

Basic contract of sale. You can sign it simultaneously with the calculations. The document includes the type of transaction, place and date of conclusion, names and roles of the parties, residential addresses and passport details of the participants in the agreement. Specify the price and the subject of the transaction – the house and the land.

The contract, states that the seller will receive the money after the transfer of the right to the object to the buyer. The fact of the transition is confirmed by the marks of Rosreestr and an extract from the USRN. After signing the contract by both parties, the originals are transferred to the registration authority. 

When selling your home fast, draw up a deed of transfer and acceptance.

sell your home fast

Is it Possible to Sell your home Fast with an Unregistered Home?

You can sell an undecorated house only in words. If the property is not listed in Rosreestr, the title to it is not transferred. In other words, there is no house on the site for the state.

The contract of sale will indicate that there are no buildings on the site. This creates risks for the buyer – according to the documents, he will only own the land, not the house. Not everyone will go for such a deal.

If Rosreestr finds out that the object is still there, it will cancel the transaction through the court or require you to register the house. So do not take risks and register the building before the sale.

When the site is occupied by a dilapidated structure, which makes no sense to register, it is better to demolish it. So you will not cause unnecessary questions from Rosreestr and potential buyers. 

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1 comment

Coneouppy January 28, 2023 at 7:22 pm

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