May 13, 2011
A short sale costs absolutely nothing out of pocket for homeowners. There are no start up fees or fees due upon completion of a short sale. Your realtor is paid their commission from the proceeds of the sale. The fees requested to be paid for by the “seller” on a buyer’s offer is submitted to your lender as fees to be deducted from their net.
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May 10, 2011
A short sale is a transaction in real estate where the sale proceeds are less than the balance owed on the seller’s loan. This is typically a result of a property’s value decreasing to the point where it can no longer be sold at or above the amount owed on the owner’s loan. Both sellers and lenders consent to the short sale process because it avoids the foreclosure process which involves substantial fees for the lender and longer credit consequences for sellers.
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