How Much Does A Short Sale Cost
You should never pay any out of pocket fees in order to complete a short sale. One of the big benefits of a short sale is that when your lender approves the Short Sale, they will agree to pay for all real estate commissions, escrow fees, title insurance, and in most cases, HOA fees.
To protect you, we include the following clause in your sales contract and listing agreement:
“Seller’s agreement to sell is subject to the approval of the short sale by existing lien holder(s) at no cost to Seller. “
Lenders will agree to pay all of these fees in an effort to avoid bigger losses they would face through foreclosure.
There is one item that a lender may not agree to pay and those are HOA dues. Depending on the lender and type of loan you have, they may or may not agree to cover 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 pay you at the end of the short sale. We have been able to negotiate over $8,000,000 in short sale incentives for clients over the years. For more information, make sure to visit our page on Short Sale Cash Back Seller Incentives.
Contact us today if you would like to discuss your options and find out if you qualify for a short sale. Most importantly, there is never any cost or obligation, and our appointment will always be confidential.