Oakley CA - The Stop foreclosure Institute recently received a question from Steve about short sales. Here was Steve's Question.
"I am interested in a short sale. I just have a few questions about how the process works. Does my lender set the price for the property. And, will that price include the realtor fee? Sincerely, Steve."
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Here was our answer. Steve, in most cases the lender will not set the asking price for your home. In most cases, the lender does not get involved until after we have an offer from a buyer.
The only exception is if you have an FHA loan. FHA's short sale guidelines stipulate that an appraisal be done after the home is put on the market. They required the asking price be changed to the appraised value.
As far as your second question, does that price include the realtor fee? FHA Short Sale Guidelines require the lender to pay your realtor a commission. You don't have to pay it.
On other short sales, the lender usually pays the realtor's fee. They know that they will have to pay a realtor when they sell a home after foreclosure. Why not avoid the foreclosure and sell the home now?
That is the logic behind why they pay the realtor's commission on a short sale.
Thinking about a loan modification?Our Oakley loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at ams1rebroker@aol.com to request a Free Copy.
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Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at ams1rebroker@aol.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 877-843-8300 Ext. 1
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