Selling House Not On Mortgage

There are several scenarios where a person may need to list and sell a house despite not being on the mortgage. Some of the most common include inheriting a home from a family member who has passed, needing to sell a parent’s home after being given power of attorney or needing to sell a home after a divorce or separation.

In all those scenarios, the mortgage may still be in the original owner’s name, which can complicate the process of selling the property.

These situations arise more often than people may realize. As such, there is a well-established process for dealing with the problem of needing to sell a home without being on the mortgage.

Establishing Legal Authority

The truth is there’s nothing special or unique about the process of selling a home with a mortgage you’re not listed on. The first step, establishing legal authority, is really the only part of the process that’s different from the traditional home selling process. However, you may not be able to proceed with or get a head start on the subsequent steps until this first step is completed – which may limit your options or drag out the process.

How you go about establishing legal authority over the property depends on the scenario:

• If you inherited the house from a family member, you will need to obtain letters of administration or similar legal documents that establish your right to handle the deceased’s estate.
• If you were awarded the house in a divorce, but your spouse’s name is the only one on the mortgage, you may need to get a court order or settlement agreement that explicitly awards the property to you.
• If you’ve been made power of attorney for an aging parent, the power of attorney documents should automatically grant you the authority to handle real estate transactions.
• Executors for people who have died or trustees of estates should be given documents establishing their status, which grants them the ability to handle real estate sales.
• People made guardians of children who inherited property after the death of a parent should receive court documentation confirming their authority to manage all property on behalf of the minor.

Once you acquire documentation proving you have legal authority to handle real estate transactions, you should be able to proceed with the home sale process normally.

The Unique Home Sale Interests in These Scenarios

Although the actual home selling process isn’t all that different once legal authority has been established, home sellers in these situations often have some common concerns that can influence their preferred approach.

In many of the above scenarios, the person granted legal authority may desire to sell the property quickly without spending a lot of time and money making repairs or renovating.

A person who inherits a house may have never planned on owning the house or being in a position where they need to sell it. They may not have money saved up to replace the roof or HVAC system or invest in other home improvement projects.

An adult child made power of attorney for an aging parent who requires memory care might live in a totally different state and be unable to take care of the property or have the funds to pay for utilities, property taxes or upkeep.

In all those scenarios, the person with legal authority will have an interest in selling the home as quickly as possible and for the best price possible, especially if they need the funds to cover:

• Their own living expenses in the case of divorce
• The expense for a minor they’ve been granted guardianship over
• A parent’s assisted living or memory care expenses

Finding the Right Real Estate Partner to Sell Your Property Fast and for the Highest Price Possible

If you’ve found yourself in an unexpected situation where you have been granted authority to sell a home, you may benefit from consulting with the team at 72SOLD. Our home selling system is designed to get home sellers higher-than-average offers for their local real estate market in just eight days.

We also don’t need to schedule a lot of separate walkthroughs or tours with prospective buyers. Our real estate professionals consolidate the process as much as possible to minimize inconvenience and protect the peace of mind and privacy of our clients.

You can learn more about our unique home selling process, find out our price for your home or get started today by calling us at 844-990-7272.