As a general rule, the short sale does not cost the seller anything. Zero out of pocket, seller brings no money to closing.
The Short Sale Lender Accepts Less Than You Owe
In a short sale, your lender accepts and amount SHORT of your payoff, hence the phrase SHORT sale. They accept what the market will pay, regardless of of what you owe them.
The Short Sale Lender Pays Your Closing Costs
When the seller is experiencing a true hardship, the lender recognizes that the seller does not have money on hand to pay closing costs, commissions, property taxes and all the various fees that pop up at closing. The short sale lender pays the sellers costs.
Why Would Your Lender Pay Your Costs? Here’s Why
Well, you may ask, how can that be? I’m often asked “The lender’s collections department has me on their robo-call and they’re hounding me 4 times a day to make a monthly payment. Why would they suddenly turn around and pay thousands of dollars of my closing costs?”
Here’s why: The lender doesn’t want your house and they don’t want to foreclose on you. It costs them tens of thousands of dollars in lost payments, legal fees, court costs, taxes, insurance and maintenance just to get your house at the foreclosure sale. Then they get to own it and pour more money into a vacant, abandoned foreclosure house, pay a Realtor a commission and dump it cheap.
They would rather settle now, pay your closing costs, get their hands on what’s left in the form of a check rather than get the keys to your house.
Thousands of Short Sales Close at No Cost To The Seller
Tens of thousands of short sales close every year across the nation without costing the seller a dime.
Dave Halpern Has Helped Many, No Cost To You
Call Dave today. Friendly, Compassionate, Professional, Knowledgeable, Experienced, Systemized, Organized, Fully Staffed. Many Testimonials Available.
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Unlike a lawyer who charges you thousands whether you win or lose, you will never pay Dave Halpern anything. The bank pays the Realtor out of their proceeds.