Who Pays the Real Estate Commission in a Short Sale?
One of the biggest question/ 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. There are also other fees in the transaction that must be paid:
- Real Estate Commission
- Attorney Fees ( I always have an attorney help negotiate a short sale)
- Any back taxes, condo fees, water/ sewer bills, etc....
- Secondary notes or home equity lines of credit
- Typical closing costs, including tax stamps, deed preparation and other closing costs
These fees will all be paid by the bank in a successful short sale transaction. A $200,000 short sale could have anywhere between $12,000 to $15,000 in fees on top off any secondary notes. 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.
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If
you are considering a short sale in Massachusetts or New Hampshire
contact Kevin Vitali. I am doing successful short sale transactions
now.
This
post was provided by Kevin Vitali of EXIT Group One Real Estate In
Tewksbury MA. You can contact Kevin by email at kevin@kevinvitali.com
or call 978-360-0422.
I
pride myself in the quality of my work while helping buyers and
sellers make dreams come true.
Real
Estate Services in the northeast Massachusetts, around the Merrimack
Valley, North Shore, Metro West, Southern New Hampshire including the
towns of Andover,
Billerica,
Boxford, Chelmsford, Dracut, Georgetown, Groveland, Haverhill,
Lawrence, Lowell,
Merrimac, North Andover, Newbury, Newburyport, North Reading, Rowley,
Tewksbury,
Tyngsboro, Westford, Wilmington, West Newbury
Disclaimer:
This post is not intended to provide legal advice and we recommend
talking to a tax accountant or attorney to see what option is best
for you. How short sales are negotiated is dynamic and does not
guarantee the accuracy of this information.