Selling a house with a mortgage: possible, but when is it really convenient?

Buying a house without a mortgage

When you hear the word “mortgage” a shiver envelops you and tension takes you, right? According to the 2020 Real Estate Report of the Revenue Agency, only in the North-East 53.4% ​​of sales on an annual basis took place through a mortgage. The binomial sale – mortgage is therefore current for at least 1 owner out of 2

The vast majority of the time you can actually smile , because the mortgage is necessary but harmless medicine. Sometimes, on the other hand, it can be seriously worrying . It turns into a real boulder on your shoulders. The issue must therefore be tackled by distinguishing two hypothetical strands: the one that sees the mortgage harmless, as usually happens; what makes it a very relevant obstacle. Before going into the subject, it is good to clarify things a bit .

What is the mortgage

The mortgage is a guarantee .

Anyone who has a credit towards the owner of the house will be able to redeem it if the debt in his favor is not fully and punctually satisfied.

Very simple.

Not all mortgages are created equal. There are three types: voluntary, judicial and legal .

The voluntary mortgage

It is undoubtedly the most widespread of the three, being the one associated with the mortgage , which is nothing more than a loan with a property as guarantee.  The mortgage allows the bank to liquidate the mortgaged property in the event of non-payment of the installments.

The first step in mortgaging a property is the appraisal , which determines the market value of the house and consequently that of the mortgage itself. Since the bank could find itself forced to sell after years and at different market conditions, usually no more than 80% of the property is financed .

In a second moment you go to the notary for the stipulation of the loan agreement and the consequent disbursement of the requested sum . Within a few days, the mortgage is transcribed in the public real estate registers.

If unfortunately the lender were to enforce its mortgage, it will first have to foreclose . The foreclosure will be followed by the forced sale . Then the delegated notary will ascertain the sum thus obtained and will make sure that the bank has its share.