Can You Sell a House With a Mortgage in Spokane?

Thinking about selling a house with a mortgage in Spokane? You're far from alone. Many Spokane homeowners sell before their mortgage is fully paid off. The process is straightforward—if you understand how it works and what to expect.

As a trusted Spokane real estate agent, I'm writing this blog to help homeowners like you navigate the process of selling with a mortgage with confidence and clarity.

Can You Sell a Home With a Mortgage? Yes—And Here’s How

The short answer: Yes, you can absolutely sell a house that still has a mortgage. It’s a common situation in today’s housing market. When your home sells, the proceeds are used to pay off your remaining loan balance. Any leftover funds—after fees, potential commissions, and closing costs—are yours to keep as equity.

Key Steps to Selling a House With a Mortgage in Spokane

1. Request a Mortgage Payoff Statement

Your first step is contacting your lender for a mortgage payoff statement. This document details your remaining balance, any accrued interest, and potential prepayment penalties. It helps you calculate your financial position before listing your property.

2. Estimate Your Net Proceeds

Selling a home involves certain expenses, including:

• Real estate agent commissions

• Closing costs (about 2.5%–3.6% in Washington)

• Excise tax and other local fees

Subtract your mortgage payoff and these costs from your estimated sale price to determine your net proceeds—what you walk away with after the sale.

3. Prepare and Price Your Spokane Home Strategically

In the Spokane market, pricing and presentation are key to attracting buyers and maximizing your return.

• I provide clients with a detailed Comparative Market Analysis (CMA) to determine the most competitive price.

• I help stage and market your home to stand out—online and in person.

On average, homes in Spokane take about 42 days to receive an offer and 72 days to close.

4. Complete Required Seller Disclosures

Washington state law requires sellers to provide a property disclosure statement within five business days of accepting an offer. Buyers then have three business days to review and withdraw if necessary.

As your agent, I ensure that you stay compliant and avoid any legal pitfalls during the transaction.

5. Accept an Offer and Close the Sale

Once an offer is accepted, the closing team (title company or attorney) will:

• Pay off your mortgage

• Deduct closing costs and commissions

• Transfer your remaining equity to you

If you're buying a new home at the same time, I’ll coordinate both closings to make the transition seamless.

Spokane Real Estate Agent When Selling With a Mortgage

Selling a home with an existing mortgage requires more than just listing and waiting. It requires strategy, precision, and local market knowledge. That’s where I come in.

Here’s how I help Spokane homeowners:

• Provide accurate market pricing based on real-time data

• Coordinate with your lender to avoid delays

• Assist with disclosures, inspections, negotiations, and contracts

• Strategically market your home to qualified buyers

• Help you maximize your profit while minimizing stress

Whether you have high equity or little room to spare, I guide you through every detail to ensure you’re protected and positioned to succeed.

Frequently Asked Questions (FAQs)

• Can I sell my house in Spokane if I still have a mortgage?

  Yes! Most homeowners sell before their mortgage is paid off. The sale proceeds go toward paying off the loan.

• What happens to my mortgage when I sell?

  It’s paid off during closing. The title company works directly with your lender to clear the loan.

• Do I need to be mortgage-free to list my home?

  No, as long as your home sells for enough to cover the mortgage and closing costs, you can list anytime.

• What if I owe more than my home is worth?

  That may require a short sale, which involves lender approval. I can guide you through that process.

• How much equity do I need to sell?

  Having at least 10%–15% equity is ideal, but I’ll help you run the numbers and review your options.

• Will I make money from the sale?

  If your home sells above what you owe and after covering all costs, yes—your equity becomes profit.

Let’s Sell Your Spokane Home—Even With a Mortgage

Selling a house with a mortgage in Spokane is easier than you think—with the right guidance. From evaluating your equity to navigating disclosures and lender logistics, I’ll make sure every detail is handled with care and precision.

Ready to take the next step?Let’s talk today about your goals, your timeline, and how I can help you move forward with confidence.

About Me

My name is Nick Briggs

Being born and raised in Spokane I grew up knowing what a special place this city is, and it was my dream to help others create a life in this wonderful community by guiding them in real estate. I spent many years in the customer service industry, the experience of listening and communication showed me how much I truly loved helping people. I attended Gonzaga University and earned a Bachelor’s Degree in Business Administration to add to my knowledge of guiding, managing, negotiating, and listening to individuals, helping them achieve their real estate goals.

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