Realtor commissions in short sales: How can upside down sellers afford Realtor fees or closings costs if there's no money in the home to pay for one?
In almost all Florida real estate sales the seller pays for all customary closing costs out of the proceeds of the sale. In a short sale, where there are no proceeds for the seller, these same closing costs are still due but things work just a bit differently. So who pays the Realtor fees?
Short sale closing costs are paid out of the proceeds of the sale, with the lenders agreement.
In a short sale, the seller’s lender will allow these same customary closing costs to be paid out of the proceeds of the sale, including:
- Realtor commissions
- Conveyance taxes
- Adjusted real estate taxes
- Legal fees
- Seller paid concessions to the buyer
- Junior lien payoffs
- Seller relocation assistance
- Recording, wire, courier fees etc.
The lender accepts the remainder of the funds as short payoff for the loan balance.
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