Mortgage Business, Realtor Advice

It’s Not Just About the Listing Anymore: Existing Mortgage & Lien Checklist

Selling a home is not just about marketing and advertising. It’s not just about staging. And, it’s not just about asking about existing mortgages and liens.

Here’s a short checklist that I created to help you ask some additional questions so you know what you are dealing with when it comes time to negotiate a contract and close the sale.

What’s the balance due on ALL existing mortgages?
Do you have an escrow account?
Are you behind on your mortgage payments?
Whose name is on the title to the property?
If owned by a corporation, an LLC, trust, partnership, etc., provide proof that you have the authority to sign the paperwork
If the title has been changed due to marriage, death or divorce, provide documentation.
Are there any other liens against the property?
Are there any judgments that have been filed against you?
You probably already do this, but I suggest that you obtain a preliminary title right after you have the signed listing contact. It’s best to handle the problems up front so they can be corrected as soon as possible.

What other items would you add to this list? Post in the comments below or email me directly.

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