How to Sell a Home With a Mortgage in Wichita Falls: A Step-by-Step Guide

How do I sell a home with a mortgage in Wichita Falls, TX?

To sell a home with a mortgage in Wichita Falls, you’ll need to calculate your payoff amount, work with a real estate professional like Tim Lockhart REALTOR® with Keller Williams in Wichita Falls, and navigate closing while ensuring the loan is fully satisfied. It’s a common process—most sellers still have a mortgage at the time of sale.

Step 1: Understand Your Payoff Amount

Start by contacting your mortgage lender for a current payoff quote. This number is different from your loan balance, as it includes interest through a specific date plus any fees. Some mortgages, especially for investment properties have pre-payment fees, so ensure you know what type of loan you have and if there are any penalties or fees that might come up and surprise you at closing.  Also, realize that mortgage payments are paid in arrears.  This means that the interest accrues over the month and your payoff includes the principal balance on your statement plus any accrued interest after the statement date.  Knowing this amount helps determine how much equity you’ll walk away with after the sale.

Step 2: Talk With a Local REALTOR®

Partnering with a local expert like Tim Lockhart REALTOR® with Keller Williams in Wichita Falls ensures your pricing, timing, and marketing strategy align with your payoff needs. Tim has sold hundreds of homes in Wichita Falls neighborhoods like Lake Wellington, Stone Lake, Tanglewood, Fountain Park, and Edgemere, and can give you a realistic net sheet based on current market data.

Step 3: Prepare and Price Strategically

Your mortgage doesn’t limit your ability to sell…your pricing does. If your payoff is close to your estimated home value, you’ll want to avoid overpricing or extensive negotiation. Tim Lockhart helps sellers position their homes to attract strong offers early, reducing carrying costs like mortgage payments, taxes, and insurance.

Curious to know what your home is worth in this ever-changing market?

Step 4: Accept an Offer and Open Escrow

Once you accept an offer, your title company and real estate agent will coordinate with your lender to request the final payoff. This ensures the mortgage will be paid in full at closing. The payoff is sent directly from escrow using the proceeds of your home sale.

Step 5: Close and Move Forward

At closing, your mortgage will be paid off in full, and any remaining funds will be distributed to you. If your home is worth more than what you owe, that difference is your equity—money you can use for your next home, investment, or financial goals.

What If You Owe More Than Your Home is Worth?

If you’re underwater on your mortgage, options still exist. Tim Lockhart can help you explore:
– Pricing strategies to minimize loss
– Negotiating with your lender
– Exploring investor cash offers or creative solutions
– Possibly renting the home until market value improves

If you’re upside down on your mortgage—meaning you owe more than what your home is likely to sell for—there may still be a way out. A short sale could be the right strategy. This involves working with your lender to sell the home for less than what’s owed on the mortgage. While it does require lender approval and additional documentation, a short sale can help you avoid foreclosure and start fresh. As your real estate advisor, I’ll guide you through each step of the process, coordinate with your lender, and ensure you understand all your options before moving forward. It’s one more way I help sellers in challenging situations find a path to results.

You’re not alone—Tim has helped Wichita Falls homeowners navigate complex situations with confidence.

Bonus Tip: Consider iFinder for Fast Sales

As an iFinder-certified agent, Tim Lockhart can bring you up to four cash offers in five business days. If your goal is speed and certainty, this can be an excellent option to eliminate the uncertainty of traditional showings and negotiations—even with a mortgage still in place.

FAQs: Selling With a Mortgage in Wichita Falls

Do I need to pay off my mortgage before I list?

No. Most sellers still have an active mortgage when they list their home.

Can I buy a new home before selling my current one?

Yes, with proper financial planning. Tim can help you explore bridge loans, buy before you sell, or even sell-then-buy options.

Will I get money at closing?

Yes, if your home sells for more than your payoff amount. That equity is yours.

Final Thoughts: It’s All About the Net

Having a mortgage doesn’t stop you from selling your home. It just means you need the right strategy.

Tim Lockhart REALTOR® will walk you through the numbers, negotiate strong offers, and make sure your mortgage is paid off cleanly at closing—so you can move forward without stress.

Options. Control. Results.

Let’s Talk About Your Payoff and Pricing Strategy

If you’re thinking about selling your Wichita Falls home and still have a mortgage, schedule a no-obligation consultation with Tim Lockhart REALTOR®. He’ll help you understand your payoff, pricing strategy, and how much you could net from a successful sale.