Once your home is listed on the MLS as a Short Sale, you have agreed to let the bank/your lender decide the ultimate “Terms” on which the home will be sold.
A Short Sale is unique. Although you are the homeowner according to the note & or deed recorded when you purchased your home…because the home is selling for “Less” than that original note, the lender/bank now has to approve the terms of the sale and will decide how much of a reduced price will be accepted for the property. With that, the bank will also decide if they are going to offer money towards closing costs, home warranty, termite…fees etc.
When you are asked to sign a purchase offer, the buyer may ask the “seller” to pay closing costs. Remember, the bank holding the title has the ultimate say on what will be paid in the transaction. These fees or costs will be paid from the proceeds of the sale. If approved…the closing costs will be paid from the proceeds. You as the seller, will not be responsible to pay for the closing costs at close of escrow. This is also true of real estate broker commissions. Commissions are negotiated by the broker and are also paid from the proceeds. Again, you will not be responsible to pay commissions.
Another very important thing to be aware of as the homeowner-
When you list your home for Short Sale, in Fresno you will be asked to sign a Short Sale Listing Addendum. This form explains the Short Sale process and ultimately allows you to cancel the sale at anytime, for any reason.
What does this mean for you?
If you are not comfortable with the terms the lender has offered as an approval, CANCEL the sale. You are in complete control. Do remember that you will have to deal with the possibility of Foreclosure if you refuse the terms as agreed by the bank.
Make sure you have an experienced and trained Short Sale Agent represent you through the sale. Experienced? 10+ closed short sales. Ask to see previous clients Approved short sales.
I have never had a sale approved that the homeowners were not thrilled with.
Jeremy Smiley, Realtor
Short Sale Specialist
London Properties
Fresno, CA
(559)790-8760
About Jeremy Smiley
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