How much will a Short Sale cost me?

In a short sale, closing costs are paid by the lender from the proceeds of the sale. The homeowner in most cases, does not bring a penny to the closing.

CT Property Network does not charge homeowners to negotiate the short sale. The Realtor gets paid at the closing from bank proceeds.

In addition to paying off  mortgages or liens on the house, the banks will usually pay:

• Real estate commissions

• Town and state conveyance taxes

• Attorney Fees

• Recording, wire and courier fees

• Back real estate taxes

• Back association fees

• Overdue sewer and water fees

• Payments to second and third lien-holders

• Closing costs requested by the buyer

The lender pays for these costs because these need to get paid to convey clean and clear title to the new buyer and distressed homeowners do not have the funds.  It is financially advantageous for the bank to pay these costs then to have the property foreclosed upon.

Most of the time, the short sale is FREE to the homeowner.

Note: by law, the homeowner is not allowed to receive money from a short sale.  The banks will have you sign a paper stating that you did not receive anything at closing.