Short Sale Questions Answered
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Fred Sed
Fred Sed of The Pahua Group specializes in buyer & seller representation of foreclosures/bank owned REOs and tenant representation of Orange County Rental Properties. Fred also specializes in the representation of homeowners in distress by way of Short Selling. For more about Fred visit: http://activerain.com/fredsed and Short Sale FAQs.By Fred Sed
Published on 10/12/2008
Answers to common questions about short selling your house.
1. How much does it cost me for you to do a short sale on my house?
This figure can vary from broker to broker. The Pahua Group charges a $595 documentation fee upfront for hard costs that we incur during the short sale process. The reason behind the fee is simple. We want you, the seller, to be committed to the process. We don't want to take on a short sale listing if the seller is not being forthright with us regarding their situation.
Remember that with a short sale situation any other fees, such as closing costs, broker’s commissions, etc., are all paid for by the bank. The seller does not pay these fees because the seller does not have the money to pay it. All of this is in writing prior to the process taking place.
This fee is very small compared to the huge advantage you could have once the short sale is approved and completed.
2. Is my house too cheap or too expensive to do a short sale?
With a short sale It does not matter how much your home is worth as long as basic criteria below is met you home would be eligible for a short sale:
Tune in next time where I will discuss whether short sales are guaranteed to work and what would happen if a short sale did not get approved. Stay tuned!
This figure can vary from broker to broker. The Pahua Group charges a $595 documentation fee upfront for hard costs that we incur during the short sale process. The reason behind the fee is simple. We want you, the seller, to be committed to the process. We don't want to take on a short sale listing if the seller is not being forthright with us regarding their situation.
Remember that with a short sale situation any other fees, such as closing costs, broker’s commissions, etc., are all paid for by the bank. The seller does not pay these fees because the seller does not have the money to pay it. All of this is in writing prior to the process taking place.
This fee is very small compared to the huge advantage you could have once the short sale is approved and completed.
2. Is my house too cheap or too expensive to do a short sale?
With a short sale It does not matter how much your home is worth as long as basic criteria below is met you home would be eligible for a short sale:
- The property must be in foreclosure or in default
- You must have little or no equity in the property
- You must have a personal financial hardship
- You must be at least 60+ days to a Foreclosure Auction
Tune in next time where I will discuss whether short sales are guaranteed to work and what would happen if a short sale did not get approved. Stay tuned!