One of the biggest questions/concerns a short seller has, is "Who will pay your commission in a short sale?" The answer is very simple.
In a successful short sale negotiation the lender will pay the real estate commission and any other fees involved.
The fees that are usually included in are as follows: 1.
Real Estate Commission- 5-7% of the cost of the home 2.
Attorney Fees ( I always have an attorney help negotiate the transaction) $1500 or more 3.
Any back taxes, condo fees, water/ sewer bills, etc..
..
- Many times there are unpaid taxes and such...
4.
Secondary notes or home equity lines of credit- this may not be paid in full but again negotiated 5.
Typical closing costs, including tax stamps, deed preparation and other closing costs These fees will all be paid by the bank in a successful transaction.
A $200,000 sale price could have anywhere between $12,000 to $15,000 in fees on top off any secondary notes and what it will cost to eliminate the secondary note.
Most likely, you as the seller, has no money to bring to the closing table.
The great part is these fees are paid by your lender, you will have no out of pocket expenses, if the short sale has been negotiated properly.
If you are late on your payment and the bank has been calling you and you have seem to have exhasuted all possibilities, contact a pre-foreclosure specialist.
There are usually no fees to the seller and the benefits of a short sale make it a much better option than letting the bank foreclose on your home.