Posted By: Tim Quinones
In a real estate short sale does the seller pay closing costs?
It depends. Not only is there a seller and a buyer involved in the short sale, but also the seller’s lender because it is a sale of a property for less than what is owed. The seller’s lender will have to approve the short sale before it can occur.
The three parties involved can negotiate how the closing costs are allocated within the purchase agreement. However, the seller’s lender will have the final decision for approval.
Receiving approval from your lender for a short sale offer is sometimes very difficult. My firm can help negotiate the short sale and put you in contact with an agent that has an investment fund to buy short sale properties. This will speed up the process and we can negotiate with the bank on your behalf to get the best deal.