How much does a short sale cost in Lake Braddock, Burke, VA? Dan and Traci & Consultants with Keller Williams Realty Associate Broker shares information about how much does a short sale cost. A short sale is a type of transaction that involves selling a home that is in default. With this process, the house is sold for less than what the homeowner owes on the mortgage and the lender takes less than what it is owed. The price of a short sale can vary depending on the lender and the seller.
Typically a short sale will not cost the homeowner any money. All fees are paid through the sale proceeds. However, if there are required repairs due to pest or roof problems you the seller may be responsible for the cost of the repair if the lender does not allow the repairs to be paid from the sale proceeds. This is entirely dependent on the bank and overall net of the short sale. Before you begin with a short sale you might want to understand the how the process works, the legal requirements, and how much it will cost you to short sell in Lake Braddock, Burke, VA.
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