In most cases when completing a short sale on your home, you will pay little to nothing out of pocket. If your lender approves the Short Sale, they will pay for all real estate commissions, escrow fees, title insurance and in most cases, HOA fees.
To protect you, we include in your sales contract and listing agreement the following clause:
"Seller’s agreement to sell is subject to the approval of the short sale by existing lien holder(s) at no cost to Seller. Seller shall not be required to deposit funds to close."
The lenders approve Short Sales and will agree to pay all of these fees in an effort to avoid bigger losses they would face through foreclosure.
There is one item to note and that is in regards to HOA dues. Not all lenders will agree to pay delinquent HOA dues. We always recommend that you keep up on those payments through the close of escrow.
Am I Responsible For Any Upfront Fees In A Short Sale?
No, you are not. We never collect any form of upfront fees and we are only paid by the bank when the short sale closes. You should never be asked to pay any upfront fees by anyone. If you are, do not hire them and you can report them to the Department of Real Estate.
Can I Receive Any Money In A Short Sale?
Yes, it is possible. There are many "Short Sale Incentive" programs available that actually pay you at the end of the short sale. We have been able to negotiate over $30,000 for clients on some of our short sales. Make sure to visit our page on Short Sale Cash Back Seller Incentives
And, contact us today if you would like to discuss your options and find out if you qualify for a short sale. There is never any cost or obligation, and our appointment will always be confidential.