Selling a mortgaged home involves a series of steps, each of which is essential to ensuring a successful transaction. Below is an overview of what to expect when you work with Team Kelli Lang to sell your home with a mortgage.

1. Determine Your Mortgage Payoff Amount

The first step is to find out exactly how much you still owe on your mortgage. Contact your mortgage lender to request a payoff statement. This document will detail the exact amount you need to pay to close your mortgage. Keep in mind that this amount may include additional fees for interest, early repayment penalties, or administrative costs.

Knowing your payoff amount is crucial because it allows you to understand how much you’ll need to cover when the sale closes.

2. Estimate Your Home’s Market Value in Anacortes

To understand what you can expect to gain from the sale, you’ll need an accurate estimate of your home’s market value. A seasoned Anacortes Realtor, like Kelli Lang, can provide you with a comparative market analysis (CMA) based on similar properties in Anacortes that have recently sold. This analysis will give you a realistic idea of what buyers are willing to pay for a home like yours in the current Anacortes real estate market.

This step is essential to determine whether the sale will cover your mortgage balance and provide additional funds for you, or if there may be a gap that needs to be addressed.

3. Calculate Your Estimated Closing Costs

Selling a home comes with closing costs, which typically range between 6% and 10% of the sale price. These costs may include:

• Realtor commissions (often around 5-6% of the sale price)

• Escrow and title

• Outstanding property taxes or HOA dues

By understanding these costs upfront, you can get a better idea of your total profit from the sale. Team Kelli Lang will provide you with a detailed breakdown of expected closing costs based on your specific situation.

4. List Your Home on the Anacortes Market

Once you have a clear picture of your mortgage payoff amount, home value, and closing costs, it’s time to list your property. With the help of a trusted Anacortes real estate agent like Kelli Lang, you can strategically market your home to attract qualified buyers.

Effective marketing is key to selling a home quickly and for top dollar, especially when you’re working with a mortgage. Team Kelli Lang will develop a customized marketing plan that includes professional photography, digital marketing, and open houses to showcase your home to the widest possible audience in Anacortes.

5. Accept an Offer and Enter Escrow

Once you receive an offer, Team Kelli Lang will guide you through the negotiation process to secure the best terms. Once an offer is accepted, you’ll enter escrow. During this period, your escrow company will work with your mortgage lender to ensure that the mortgage is paid off upon the sale’s closing.

The escrow process includes inspections, appraisals, and any other necessary contingencies. Team Kelli Lang will manage these details, so you can focus on the next steps in your journey.

6. Closing Day: Settling Your Mortgage

At closing, your mortgage lender will be paid off from the sale proceeds. The remaining balance will go to you, minus any closing costs. On the day of closing, your escrow officer will send the mortgage payoff to your lender, officially releasing you from the loan.

Once the mortgage is paid off and the title is transferred to the buyer, your responsibility for the property ends. Any remaining proceeds from the sale are transferred to you, typically by wire transfer or check.