What are the Out of Pocket Expenses For a Homeowner Who Chooses a Short Sale?

Posted on Nov 30, 2011 in Roseville and Sacramento Short Sale FAQs

Hi, I’m Mark Peek here with Keller Williams Real Estate, and your short sale specialists. We are one of Roseville and Sacramento’s leading short sale teams.

I wanted to talk to you today about one of the most commonly asked questions from sellers and that is what it costs to do a short sale. They want to know who they have to pay and how much they will owe to complete a short sale. The answer to that question is you don’t have to pay anybody. You don’t have to pay the commission, you don’t have to pay the repairs, and in general you don’t have to pay anything. Now, if you’re living in the property, the only things I recommend you keep on are the utilities. Also, if you have an HOA, and you can afford it, typically it should be around $100 a month and if it is current, it will make the short sale process so much easier. The most difficult liens to settle are HOA liens because they will continue to pursue you after the short sale or even if in the unfortunate event of foreclosure, they are some of the most determined folks to come after you for your money.

Again, you don’t have to pay anything to complete a short sale, but we would definitely recommend keeping utilities and HOA current. You don’t have to pay the property taxes, of course most of my clients have made the decision not to make payments, few decide they want to be current, and that’s fine too. In all, you do not have any of the cost of sale such as commission, escrow, title, fees, none of that are you responsible for. That’s part of the short sale and that’s paid by the bank.

If you have any specific questions about your situation or your property, give me a call. We’re one of Roseville and Sacramento’s leading short sale teams and we look forward to working with you soon. Thanks and have a great day.

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