Home, Land, Property Buying and Selling - Can I auction a home with a mortgage

Do I have to own my home without a mortgage before I can sell in an auction? I live in Ohio and things are getting very tight. Realistically my home is worth 160 and I owe 90. I could list at 180 and wait a year, but by then I would be desparate and end up selling at the 160. If I can auction I might get my 180 or 160 now and walk away. Any Thoughts?

As long as you disclose that the mortgage has to be paid at the time of transfer you should be all set, just like a normal sale. The only time there is a hitch is when more is owed than the sale price, then the bank will not release the title until the balance is paid. Unless your state has regulations concerning auctions that state otherwise, good luck.

Bud

Similar to selling a car with a lien on it. :coffee:

I've been looking for houses for 8 months in S. Ohio. Believe me, houses are selling. I close on mine on Oct 8.

If you want out now and dont care abour walking away with a large profit, list it below market value. Unless you are in a horrendous neighborhood it will get sold. Remember, the 8k tax credit expires on Dec 1 so lots of folks are getting ansy about being able to close before then.

In this day and age auction screams trashed house or forclosure/short sale which means I don't get to close quickly.

Sure you could, just make sure that there is a set reserve so that you can pay off your mortgage.