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Questions Answered by Chelsea L Rodriguez
1 Answer | Asked in Real Estate Law for North Carolina on
Q: Can I sell my house owner financing if I have a mortgage and use the down payment to pay off the existing mortgage?

For instance my home is valued at 670k. I owe 130k, 20% down would be 134k. Would the mortgage have to be paid off before closing or could it all be done at closing?

Chelsea L Rodriguez
Chelsea L Rodriguez
answered on May 14, 2017

Yes, you can send the proceeds from the closing to the bank for the payoff, and is fairly common practice for closings (including seller-financing).

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