Can You Sell a Home in Palm Beach Gardens While You Still Have a Mortgage?

Question: Can you sell a home in Palm Beach Gardens while you still have a mortgage?

Answer: Yes, you can sell a home in Palm Beach Gardens with an active mortgage. The remaining loan balance is paid off at closing from the sale proceeds, and you keep the difference.

Selling With a Mortgage in Palm Beach Gardens

Many homeowners in Palm Beach Gardens sell before paying off their mortgages in full. In fact, this is the most common scenario. When you close, the title company uses part of your buyer’s funds to pay off your lender. Any remaining equity is your net profit.

How the Process Works

1. Get a payoff quote from your lender.
   2. List your home on the market.
   3. Accept an offer and go under contract.
   4. At closing, the title company pays your lender directly.
   5. You receive the balance of the proceeds after closing costs.

Do You Have Enough Equity?

Equity is the difference between your home’s market value and your mortgage balance. In Palm Beach Gardens, rising property values have given many homeowners significant equity. For example, if your home in Alton is worth $900,000 and you owe $400,000, you could net around $470,000 after paying commissions and closing costs.

Selling With Negative Equity

If your mortgage is higher than your home’s value, this is called being 'underwater.' Options include bringing cash to closing, negotiating a short sale with your lender, or renting out the property. Coastal Florida Homes can help you explore the best path.

Palm Beach Gardens Market Advantage

With median home prices near $800,000 and strong buyer demand, most sellers in Palm Beach Gardens find that their equity position is strong enough to sell even with a mortgage. Communities like Artistry and PGA National continue to see fast-moving sales, often above list price.

Compliance and Legal Considerations

Florida law requires that liens and mortgages be satisfied before the title is transferred. The title company ensures all debts are cleared at closing. For legal or tax issues related to selling with a mortgage, consult a licensed attorney or tax professional. Coastal Florida Homes Led By Jeff Orr ensures transactions meet all NAR ethical standards and state rules.

Final Thoughts

Yes, you can absolutely sell a home in Palm Beach Gardens while you still have a mortgage. The key is knowing your equity, understanding your payoff, and working with a trusted local agent like Coastal Florida Homes Led By Jeff Orr to manage the process smoothly.

📞 Thinking of selling your Palm Beach Gardens home but still have a mortgage? Contact Jeff Orr today for a free equity review and home-selling plan.