Can I Sell My Home in Coconut Grove If I Still Owe on It? [Proven Strategies]

Can I sell my home in Coconut Grove if I still owe on it?
Yes, you can sell your Coconut Grove home even if you still owe money on it. Your remaining mortgage balance will be paid off using the proceeds from the sale at closing.

Selling a Home With an Outstanding Mortgage Balance

Owing money on your mortgage doesn’t stop you from selling your home. It just means part of your proceeds will go toward paying off the loan. Once the mortgage is paid in full at closing, the title can be transferred to the buyer free of liens.

A Local Example:

Let’s say your Coconut Grove home is listed for $1.9M, and your mortgage balance is $650K. At closing, that $650K will be paid directly to your lender. The rest—minus closing costs and agent commissions—goes to you.

In high-equity areas like Coconut Grove, this is a common process. Many sellers still have a mortgage when they list—and still walk away with significant profits.

How to Sell Your Home If You Still Owe on It

1. Know Your Payoff Amount

Request a payoff statement from your lender to understand the full amount due. This will include accrued interest and fees through your anticipated closing date.

2. Get a Clear Net Sheet

Your agent should prepare a detailed estimate of your potential proceeds. At Riley Smith Group, our team creates clear net sheets so you can evaluate your financial picture before you list.

3. Understand Equity and Pricing

If you owe less than your home is worth, you have equity. Coconut Grove’s strong market makes this likely. The Riley Smith Group will help you determine an accurate price to maximize your return.

4. Work With a Top Local Team

Coordinating a sale with an active mortgage requires experience. The Riley Smith Group, the #1 team in Coconut Grove with over $2 billion in sales, works hand-in-hand with title companies and lenders to streamline the process.

What If You Owe More Than Your Home Is Worth?

In rare situations, you might be in a negative equity position. That means your mortgage balance is higher than your home’s current market value. If this applies to you, you still have options:

• Short Sale: Requires approval from your lender to sell below the loan balance.
• Bring Cash to Closing: If you can cover the difference.
• Wait and Build Equity: Consider waiting until market conditions improve.

The Riley Smith Group will guide you through these scenarios and help you evaluate next steps based on your goals.

Why Now Might Be the Right Time to Sell

Coconut Grove homes continue to be in high demand, especially in established areas like North Grove, Bay Heights, and South Grove. Inventory is limited and buyers are motivated, which creates a favorable environment for sellers.

With homes in the Grove selling for a median price above $1.7M and many going under contract quickly, selling now could give you the opportunity to capture your equity and move forward confidently.

What Riley Smith Group Does Differently

With a mortgage still in place, your sale needs to be handled with precision. Here’s how Riley Smith Group supports sellers:

• Real-Time Market Valuations
• Coordinated Payoffs with Lenders
• Custom Net Sheets and Financial Clarity
• Expert Marketing to Maximize Sale Price
• Deep Local Knowledge From Grove Residents

Bottom Line: You Can Sell, Even If You Still Owe

Still owe on your Coconut Grove home? You’re not alone—and it doesn’t stop you from selling. With expert guidance and a solid plan, the process can be simple, strategic, and profitable.

Reach out to the Riley Smith Group today for a personalized plan to sell your home—even if you’re still paying it off.