Who pays a real estate agent in a short sale?
So, first, let me tell you here is the SHORT SALE is:
When you are upside down on your mortgage and you have to sell, or you have a valid financial hardship.
For example:
Balance: $500,000
Home Value: $400,000
Step 1:
Hire a Short Sale Agent
Step 2:
Find A Buyer
Then…
The agent/negotiator works with the bank to be able to negotiate the difference of that $100,000 that you owe.
So, at the end of that negotiation, typically it will be fine if we are able to successfully negotiate that deficiency and guess what happens next?
The bank will pay the agent, so you as a short sale seller, in most cases you will not be the one paying the agent, it will most likely be the bank.
If you have any other questions about any SHORT SALE scenario. I'm happy to help you out. Send me an email at Dan@greetingsvirginia.com or call me at 703-346-2776 and I’ll be glad to answer specific questions for you.
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