After the two parties sign the real estate sales contract, the landlord will raise funds and return all the loan balance owed to the bank in advance. After the bank cancels the mortgage, the real estate trading center will cancel the mortgage registration. In this way, the landlord has obtained the complete property right of the house, and both parties can complete the transaction according to the general second-hand housing sales process.
Advantages: Before the landlord obtained full property rights, the buyer did not pay the house price, so the safety of the buyer's funds is high.
Disadvantages: It requires the landlord to have strong financial strength or financing ability to raise money to fully repay the loan.
The fund supervision buyer will use the down payment to help the landlord repay the loan balance. The key to using this method is to find a third party trusted by both parties (such as reputable intermediary companies, law firms or other guarantee institutions), control every link in the whole process, and eliminate the transaction risks that may be caused by mutual distrust or lack of integrity of landlords. If the buyer's down payment is not enough to fully repay the landlord's loan balance, the landlord can also entrust a guarantee institution to provide advance payment services to make up for the difference. In this way, financing can be realized and the transaction can be completed only by paying the prepaid service fee.
Advantages: Both parties have jointly solved the obstacles of trading funds.
Disadvantages: If there is no third party to monitor the capital movement all the time, the buyer's down payment has certain risks.
After the real estate sales contract is signed, both parties jointly apply to the landlord's original loan bank for mortgage transfer.
Advantages: there is no need to raise funds to repay loans in advance, and there is no financing pressure. Instead, the original repayment obligation of the landlord is transferred to the buyer, and the mortgagor is changed from the landlord to the buyer by changing the mortgage registration.
Disadvantages: The refinancing procedure is complicated, and not all banks have this business. If the buyer needs to apply for a loan from another bank, there will be a problem of mortgage transfer between banks, and whether the two banks can cooperate smoothly will be the key to the success of the transaction. Therefore, before the buyers and sellers prepare to adopt the mode of refinancing to solve the mortgage problem of the last home purchase, they must fully consult the relevant parties and make clear the specific requirements and handling procedures of the bank.
Your situation is suitable for the second and third solutions. If you sell it, it is easier to entrust an intermediary and the cost is slightly higher. In the case of making friends, it is necessary to run more times. I hope it will help you.