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How Much Will a Short Sale Cost Me?

If you need to sell your home for any reason and you are like most of San Diego’s 30% of “underwater” homeowners who owe more on their homes than they are worth, then a short sale is most likely your best solution.

But some homeowners ask (and rightfully so), “Where’s the catch?”  and “How much will it cost me to short sale my home?”

The answer is very simple…NOTHING!  It should never [and, WILL NEVER with us] cost you any upfront fees, any commissions, or any hidden fees/costs.

Your lender will actually pay the real estate commissions, closing costs, escrow fees, and oftentimes pay for the new buyer’s closing costs. Since many financial hardships also make it difficult to keep your property taxes and/or HOA dues current, the lender will pay those delinquent dues/fees that begin to ‘snowball’ and make catching up on them a nearly impossible ability.

In addition, some lenders and government-sponsored programs (specifically, HAFA short sale program) will offer incentive cash to you, as the short sale owner.  This is dependent on your lender, loan program, and your eligibility; wherein we have seen it occur in about 1 out of every 8 of short sale clients.  In some cases, the HAFA program, for example, provides incentives to tenants of a property being short sold.  So, in the event that a home is being rented/tenant-occupied, the lender may provide cash incentives to the tenant to cooperate with the short sale (buyer showings, inspections, etc.), which also helps to alleviate rental deposit concerns of many landlord homeowners.

In some few instances, in order for the lender to agree to the short sale and the terms of the buyer’s offer, the lender may request that the homeowner provide a cash contribution.  This is often in situations wherein a 2nd mortgage lender (who is typically left with zero dollars on the short sale) may ask for a small contribution.  There may also be other instances where the 1st mortgage lender asks for a small contribution to help offset extremely high amounts of unpaid HOA dues or property taxes.  Seller cash contributions are requested in less than 10% of the short sales that we encounter, and are typically minimal contribution amounts, allowing us to utilize other ways of providing the cash contribution funds.

As can easily be understood, an experienced short sale Realtor® and it’s team, can be one of the most important aspects of successfully negotiating a short sale to your best advantage.  Let us show you how Linked Group Realty can assist you in a successful short sale experience.

In our opinion, the best way to make a prudent decision is to educate yourself. Keep reading…

 

Contact us for help in understanding and establishing your best solution.

The information contained herein has been provided by San Diego Board of REALTORS®. This information is from sources deemed reliable but not guaranteed by San Diego Board of REALTORS®. The information is for consumers' personal, non-commerical use, and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing.

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