Will I Have To Pay Anything To Short Sale My Home?

How can I be sure that I'm not obligating myself to a contract I cannot honor?

In Southern California, our short sale team specializes in protecting the interests of our clients during the short sale negotiation process.  Once we procure a buyer for your short sale listing, we insure that a SSA (or Short Sale Addendum for those of you not familiar with the abbreviation) is attached to the offer.  If the offer comes over without an SSA, we encourage our clients (the seller) to return a counter offer to the buyer requiring the Short Sale Addendum. 

The portion of the SSA that gives you peace of mind is this...

"This agreement is contingent upon Seller's receipt of written consent from all existing secured lenders and lienholders... to reduce their respective loan balances by an amount sufficient to permit the proceeds from the sale of the property to pay the existing balances on loans secured by the property, real property taxes, brokerage commissions, closing costs, and other monetary obligations the agreement requires the seller to pay at the close of escrow (including , but not limited to, escrow charges, title charges, documentary transfer taxes, prorations, retrofit costs, and repairs) without requiring seller to place any funds into escrow or have any continuing obligation to short sale lender."

What does this really mean? 

It means that unless the lenders agree to cover all costs (that you might normally be required to pay), you may cancel the contract for sale with the buyer.