Can I Sell My Port Washington Home That Still Has a Mortgage?

Can I sell my Port Washington home that still has a mortgage?
Yes, you can absolutely sell a home in Port Washington even if you still owe money on your mortgage. The outstanding balance will be paid off at closing using the proceeds from the sale. With the right pricing strategy and agent support, selling with a mortgage is a routine part of the real estate process. Eric Berman, REALTOR, can help ensure a smooth sale and avoid surprises.

How Selling With a Mortgage Works

Here’s what happens when you sell a mortgaged home in Port Washington:

  1. You accept an offer on your home.

  2. The buyer provides financing and closes on the purchase.

  3. At closing, your mortgage lender is paid directly from the sale proceeds.

  4. Any remaining funds (after fees, taxes, and commissions) go to you.

Eric Berman will coordinate with your lender, attorney, and the buyer’s agent to make sure the mortgage payoff is handled correctly and on time.

What You’ll Need to Get Started

  • Mortgage payoff statement: This shows exactly how much you owe, including daily interest.

  • Your loan account info: Lender name, account number, and contact details.

  • Your attorney’s info (in New York, attorneys are required for real estate closings).

Eric Berman can request the payoff statement on your behalf if needed.

Can You Sell If You Owe More Than the Home Is Worth?

If your mortgage balance is higher than the market value of your home, this is known as being underwater. You still have options:

  • Bring cash to closing to cover the shortfall

  • Request a short sale (lender approval needed)

Short sales require lender permission and more paperwork, but they are possible. Eric Berman has helped sellers navigate this and can connect you with legal and financial professionals if needed.

Port Washington Example: A Real-World Scenario

Let’s say you bought a home in Manorhaven for $880,000 in 2021 and currently owe $770,000. In today’s market (Q1 2025), your home may be worth $925,000:

  • Sale price: $925,000

  • Payoff: -$770,000

  • Agent + attorney fees: -$50,000 (estimate)
    Net proceeds: ~$105,000

Eric Berman can create a custom seller net sheet so you know your numbers in advance.

Common Concerns (and Real Answers)

Will I have to delay my sale because of the mortgage?
No. In most cases, your lender provides a payoff letter within a few days.

Will my mortgage penalties impact my sale?
Unlikely. Most loans in New York do not have prepayment penalties—but Eric will help verify that with your lender.

Do I need to be completely paid off before listing?
Not at all. Many sellers list and go under contract while still making their monthly payments. You can continue living in the home until closing.

The Selling Timeline (With a Mortgage)

Step Timing Get payoff statement 1–3 days List the property ASAP Go under contract ~7–30 days Close & pay off mortgage ~30–60 days from offer acceptance

Eric Berman keeps the process moving and coordinates all parties so there are no surprises or delays.

Special Considerations for Port Washington Sellers

  • Property taxes: Make sure your final bill is prorated correctly

  • HOA fees (if applicable): Townhomes in Mill Pond Acres or Harborview may require final balance statements

  • Waterfront homes: Additional documentation may be needed for FEMA or insurance payoffs

Eric will review your unique situation and adjust your sale timeline and strategy accordingly.

Final Thoughts

Yes, you can sell your Port Washington home with a mortgage—and many sellers do it every day. The key is to have a clear picture of your payoff amount and work with a knowledgeable local expert.

Eric Berman, REALTOR, helps you:

  • Price your home to sell fast

  • Handle mortgage logistics

  • Maximize your net proceeds

Curious what your home is worth and how much you’d walk away with?
Reach out to Eric Berman for a free pricing analysis and estimated net sheet tailored to your Port Washington home.

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Can you sell your Port Washington home with a mortgage? Absolutely. Learn how it works, what you’ll need, and how Eric Berman, REALTOR, helps you close smoothly.