Have you been approached by a real estate agent offering to put your San Diego home on the market as a short sale – for a fee?
Unfortunately, many have. And it shouldn’t have happened.
The truth is, San Diego homeowners who enter in to the short sale of a home don’t have to pay a dime. Reputable agents don’t charge a listing fee, and the selling costs, including commissions, are all paid by the mortgage lender from the proceeds of the sale.
The only costs that should be associated with the sale are those the homeowner incurs as a part of getting the home ready for market. For instance, you might pay to have the carpets shampooed or invest in some new paint to brighten up the kitchen.
Why would the bank pay your selling costs?
For one thing, they know that in most cases the homeowners don’t have the required funds. Secondly, the costs to the bank are far less than they’d pay as the result of a foreclosure.
With a foreclosure, they have to pay attorney fees and property preservation fees in addition to the real estate agent’s commission, title insurance fees, etc. Then, because it’s a foreclosure, the selling price will probably be lower. According to a study by the Boston Consulting Group, a short sale reduced a lender’s losses by 20% over a foreclosure.
Thus, paying the short sale agent is simply a good business decision on the part of the bank.
The good news is: Even though it costs you nothing, you can still obtain expert help for the short sale of your San Diego home.
We have a 98% success record in selling and closing the short sales we list. So if you own a home in Carlsbad, Coronado, La Jolla, Rancho Bernardo, North County, Del Mar, Mission Hills, Kensington, Metro San Diego, or downtown San Diego and are considering a short sale, get in touch.
To reach us, call 619-929-1413 or write firstname.lastname@example.org.
Please note that the information provided on this San Diego short sale page is generic, academic information used for general information purposes and may not be construed as or relied upon as a promise for a specific outcome.
This site provides information about real estate, law, income taxes and credit scores as relates to borrowers in distress, short sales and similar situations. The site is designed to help users safely cope with their own needs. Information is not the same as advice — the application of law or regulations to an individual’s specific circumstances. Although we go to great lengths to make sure our information is accurate and useful, we recommend you consult a lawyer, tax adviser or other specialist if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation. The models in photographs accompanying the testimonials on this website are used for illustrative purposes and are not a personal endorsement.