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

Can you sell your Port Washington home if you still have a mortgage?
Yes — homeowners sell with outstanding mortgages all the time. The key is ensuring the mortgage balance is fully paid off at closing using the proceeds from your home sale.

How Selling With a Mortgage Works

When you sell a home with a mortgage, the process looks like this:

1. Determine Your Payoff Amount
   Contact your lender for a payoff statement. This document shows your exact loan balance, including interest through your anticipated closing date.

2. Price Your Home Strategically
   Your sale price must cover your mortgage payoff, closing costs, and any taxes or fees. Eric Berman, REALTOR, can help you determine a pricing strategy that ensures a profitable sale.

3. Sell the Home
   Once your buyer’s offer is accepted, your attorney and title company will coordinate with your lender to confirm the payoff amount.

4. Closing Day
   At closing, your mortgage is paid directly from the sale proceeds. The lender issues a satisfaction of mortgage, which clears the lien from your property’s title.

If your sale price exceeds what you owe, you’ll receive the remaining balance as net proceeds.

What if You Owe More Than the Home Is Worth?

If your mortgage balance is higher than your home’s market value, you may need to consider a short sale. This involves negotiating with your lender to accept less than the full amount owed. While this process takes more time, it can help you avoid foreclosure.

Eric Berman works with lenders and attorneys familiar with short sales in Port Washington and can help you assess whether this is the right path.

Important Considerations

• Timing: Your payoff amount changes daily due to accruing interest, so make sure you have an updated payoff letter close to your closing date.

• Prepayment Penalties: Some older loans may charge a fee for early payoff. Check your mortgage documents.

• Escrow Refund: After closing, your lender will refund any money left in your escrow account for property taxes or insurance.

How Eric Berman Helps Sellers With Mortgages

Eric Berman, REALTOR, provides Port Washington homeowners with step-by-step guidance to:

• Calculate your expected net proceeds after mortgage payoff.

• Coordinate with your lender and attorney to ensure a smooth closing.

• Advise on pricing and timing strategies to maximize your return.

Bottom Line

You can absolutely sell your Port Washington home even if you still have a mortgage. With the right planning, clear communication with your lender, and expert guidance, it’s a straightforward process.

Ready to explore selling your Port Washington home? Contact Eric Berman to understand your equity, payoff amount, and next steps.

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Can you sell a Port Washington home with a mortgage? Yes — learn how payoffs work, what to expect at closing, and how REALTOR Eric Berman helps homeowners navigate the process.