It is believed that there are a number of people who want to have a beautiful second-hand house, but when they find out that the house is interested, the former owner has a debt of debt to the bank. It needs to be redeemed first. But did you know that the house in the bank actually sold like a normal house? There are no taboos or restrictions as complicated as many people think. You know, people want to have a home that’s comfortable because there’s more options. The process of selling a bank house is a little more detailed than a typical home sale, but it’s not complicated.
The right understanding for selling a bank-mounted house
The original understanding of second-hand home buyers was that the house to buy. The original owner must first redeem the bank. This understanding is correct, but the bank is not closed to the trading, but when it is sold, the new owner brings the money to close the old owner’s debt to the bank as usual trading. If there is a difference in the price, it is for the seller. So if the buyer is hesitant and unsure, The seller has a duty to explain to the buyer what is possible and there will be no problems if the procedure is properly, completely and done with the leading bank. For the process of selling a house next to a bank, do as follows:
Step 1: Agree to the contract
How to sell a house next to a bank First, once the buyer agrees to buy your home, the buyer deposits the booking fee and the contract to buy it will sell to each other as usual. Before the end of this process, buyers and sellers should make it clear to who is responsible for any expenses such as transfer fees, duties, etc. so that there will be no problems later. Of course, the seller must also tell the buyer that the house is on a mortgage, and that it will reduce the burden once the ownership is transferred to the new owner.
Step 2: If the buyer wants to pay a installment, you can do so.
It’s no surprise if a new buyer wants to buy a house. In this case, the buyer must first request a loan from the bank. The seller must provide documents such as a copy of the land title deed and a copy of the mortgage and give it to the buyer to apply for a loan from the bank.
Step 3: It’s time to transfer ownership.
When the Bank approves a loan to the buyer, or when the buyer has all the cash on hand, the bank will be able to purchase the loan. The next step is to transfer ownership of the house, and the parties agree to the date and time of transfer because the interest will start to be charged on that date. Upon the transfer date, contact the bank of the mortgageed home to inform you that a trade will take place. The bank will then notify the redemption amount that the original landlord must pay to close all remaining debts.
Step 4: Pay in full
When the seller of the house knows the redemption amount from the bank, notify the buyer. The first issue pays the bank on the mortgage as the balance of all outstanding debts, and the other pays the seller directly. The number is the profit or difference of the sale price minus the remaining debt price. On the other hand, if the sales amount is lower than the remaining debt amount, the The seller must bring the difference to close the debt to the bank on the mortgage itself in order to complete the redemption process.
Step 5 Contact the Land Office for transfer of ownership.
This is the final step: buyers, sellers and representatives from both banks must come to the Land Office to transfer ownership of the house. Once completed, the ownership will be transferred to the buyer. If a new buyer asks for a loan, the bank will mortgage it with a new buyer. This is the way to finish trading the house on the bank.
The process of selling a house on these 5 banks is not as difficult as it seems. It’s easy to understand that the buyer pays off the debt to the seller. If there’s a part of it, the parties that are responsible for paying more, hopefully, that’s why people who want to trade their mortgage-addicted homes will be less concerned. If you have any questions, you may consult directly with the bank that is attached to the mortgage, believe that his staff will be willing to give you any advice.