Short Sale Question: What Do I Owe You If The Short Sales Isn't Successful?

By
Real Estate Agent with RE/MAX Action
IL – The Stop Foreclosure Institute recently received this question from Tamra. Here is Tamra's Question. "I would like to hire you to help me short sale my house. However, I am concerned that if the short sale doesn't go thru, then I will still owe you money. My friend told me to check on that before I started. It is true that I would owe you money if the short sale didn't go thru? Tamra." Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. Here is the answer to Tamra's question. Tamra, No, you will not have to pay anything if the short sale doesn't go thru. We only get paid when the short sale is approved and the home sells. Until then, there is no cost to you. In addition, all the short sales we have sold don't require the seller to pay anything. What usually happens is that we send your lender a sample closing statement. It has all the costs itemized including our commission. If your lender is ok with the numbers, then they approve the short sale. If not, then they tell us what needs to be changed. It is a back and forth process until we come to an agreement. The bottom line is that a short sale will not cost you anything. The only time you would be paying money is if your lender demands a promissory note, or you live in a state where they have the right to collect after a short sale or foreclosure. However, even in those states in most cases we are able to negotiate a complete release on the debt. Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at dtoomey@remax.net. 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 (847) 338-0180 Discover how other sellers successfully completed a short sale and request a free consultation by clicking here. Thinking about a loan modification? Our loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy. Thanks for reading this, Dennis Toomey. Dennis is a Real Estate Broker at RE/MAX Action. Short Sales Realtor: Phone: (847) 338-0180. dtoomey@remax.net. For Real Estate that's hassle free, just pick up the phone and leave it TOoMEy! View My homes for sale at www.HouseByZip.com. Dennis Toomey specializes in loan modification assistance and short sales in Elgin Illinois. Elgin Loan Modification Help, Elgin Short Sales. Elgin Short Sale Realtor IL Short Sales. Realtor. Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Dennis Toomey, RE/MAX Action, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why? Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit. However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification. If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale. The views expressed here are Toomey's personal views and do not reflect the views of RE/MAX Action. This information on Short Sale Question: What Do I Owe You If The Short Sales Isn't Successful? is provided as a courtesy to our viewers to help them make informed decisions.
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