Short Sale FAQ | The Brooks Team

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Short Sale FAQ

What is a short sale?

A short sale in real estate occurs when a lender agrees to approve the sale of a property for less than the outstanding loans against the home.

Who will pay your commission?

The bank will. You will pay us $0.

Who will pay the third party negotiator or attorney?

You will have to pay the third party negotiator or attorney should you decide to hire one.

Who will pay the title and escrow fees?

The buyer will pay their portion of the title and escrow fees and we negotiate for your bank to pay your side of the title and escrow fees and all other traditional seller closing costs. Please note that sellers usually will still have to pay for the HOA (Home Owners Association) demands and transfer fees before closing.

How much work will this take?

Not much for you. The Brooks Team, will give you a list of documents needed, a list of Do’s and Don’ts during the process and a disclosure form outlining what you should expect. Overall, The Brooks Team will do the bulk of the work necessary to sell your home and get the sale closed.

Will my neighbors, friends or family know?

Not likely. Unlike a foreclosure, which is public knowledge, a short sale is private. Nevertheless, if your home is actively marketed, your neighbors may learn that it is for sale. Importantly, your neighbors know the value of homes in your neighborhood, so you should not worry about your neighbors, but focus on how best to plan for your future and protect your retirement.

If I am going through foreclosure, can I do a short sale?

YES. In fact, banks prefer short sales and it is to their advantage to accept the highest price the market will bear for your home, which is always more than a foreclosure sale.

Why is it to my advantage to do a short sale?

A foreclosure will hurt your credit far more than a short sale and short sales are easier to remove from your credit report than a foreclosure. Short sales are better than bankruptcy, too.

Can I stay in my house until the short sale is completed?

YES. Unless you agree to move out early, you will not have to move until the sale is closed.

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