How Much Will The Short Sale Cost?
We strive to complete the entire short sale process without having the seller bring any money to the closing. Our Team and processors will work hard to get the lender to forgive the unpaid real estate taxes, unpaid mortgage payments, pay all of the REALTOR Commissions associated with the sale and customary seller closing costs. The savings to the homeowner can be an excess $20,000, so the amount a homeowner may have to pitch in is a small price to pay for the large debt forgiveness of their negative equity loan they are currently responsile for.
Due to the time involved and the risk factor on our behalf, even with a bona fide buyer, the property may not close escrow. In this instance, it is normally due to homeowner and lender not agreeing to the terms laid out of a short sale as it best suits the homeowner. Even through all the work of our Team, if the Short Sale terms of acceptance does not benefit the homeowner at the advise of an attorney... we do not proceed with the closing.
Who pays commissions, closing cost?
We understand that there is a financial hardship for the homeowners of a short sale. Our ultimate goal is for our sellers to incur no out of pocket expense other than the retainer fee mentioned above. We negotiate a “net” settlement with the bank in order for them to release the lien on the property. This net pay off is after all fees associated with a traditional real estate transaction: real estate commissions, title fees, escrow fees, buyer closing cost, home warranties, termite treatment, etc. In many cases, however the lender will not pay HOA fees, past dues, fines transfer and disclosures. This can sometimes be in excess of hundreds of dollars, therefore we do ask you to try very hard to keep the HOA dues current. As far as the disclosure and transfer fees we make every attempt to negotiate this for to be paid for by the buyer.