Louisville Short Sale Expert: Helping You Avoid Foreclosure

Cost of Short Sale

As a general rule, the short sale does not cost the seller anything. Zero out of pocket, seller brings no money to closing.

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.

Well, you may ask, “how can that be? The lender 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 short sale 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 on a short sale, 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.

Tens of thousands of short sales close every year across the nation without costing the seller a dime.

There are exceptions to every rule, and other monetary, tax and various scenarios.

All text is original and created by Dave Halpern. Do not copy.
Copyright 2010 Louisville Short Sale Expert Realtors
David Halpern, Real Estate Agent and Real Estate Broker in Louisville, Kentucky
1815 Frankfort Avenue, Louisville, KY 40206
Member, Greater Louisville Association of Realtors GLAR
Member, Better Business Bureau
(502) 664-7827

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