Can you sell a contract that is financed?

[graygables]

All the resales I'm seeing, are these paid in full, clear and all, or do people sometimes sell before their financing is paid off? If that's the case, how is it handled? Does the money go to the lender, then any extra to the seller and is that handled through the closing company?

 

[RobDoc]

Any amounts due on a mortgage would be handled at closing. Mortgages would need to be satisfied before the seller recieved any money, but the sale would still be able to be closed at that time.

Enjoy!

 

[dianeschlicht]

It would work much like selling a house that you still hold a mortgage on. YOu would get the residual funds at closing.