Who Pays the Fees in a Short Sale?

One of the biggest questions/concerns a short seller has, is "Who will pay your commission in a short sale?"

The retort is very simple. In a thriving 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:

Knox County Property Tax Sale

1. Real Estate Commission- 5-7% of the cost of the home
2. Attorney Fees ( I always have an attorney help negotiate the transaction) 00 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 end costs, including tax stamps, deed establishment and other end costs

These fees will all be paid by the bank in a thriving transaction. A 0,000 sale price could have anywhere between ,000 to ,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 end 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 cost and the bank has been calling you and you have seem to have exhasuted all possibilities, feel 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.

Who Pays the Fees in a Short Sale?