Do you have to pay realtor fees on a short sale?
We are struggling with our mortgage…we have moved to a different state and our house has been on the market for almost 7 months in a state where the market is bad and a neighborhood where there are a lot of foreclosures. Our mortgage company has reccommended we try a short sale. I have read up on it a little bit but I was wondering what happens with the realtor fees? Our contract expired a couple of weeks ago so do we try to do a short sale with for sale by owner? Do we ask our realtor to do the short sale for us and if so how does he get paid? The reason why FSBO interest us is that we have been having regular showings about 2 a week sometimes more and we have gotten nothing but good feedback on our house. It’s a great house in a bad market. We don’t care if we make anything…the most we would have made anyway is a few thousand. We have 3 kids and are just ready to be done with paying so much every month for a vacant house.
Your Realtor will get paid – the lenders are very savvy and they know that Realtors sell homes more quickly and for higher sales prices than FSBOs. They are willing to pay broker fees and typical seller’s costs. This is a complicated transaction. You should use a professional to help you navigate through it. Just make sure you have an agent that is familiar with the process and that they are working with your lender from the start.
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