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Who pays the fees in a short sale? | St. Paul, Woodbury, Lake Elmo Real Estate & Homes for Sale

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Who pays the fees in a short sale?

The sellers mortgage company pays the fees in a short sale.  They will pay upto 6% in realtor commissions and the sellers closing costs.  All costs have to be approved by the sellers mortgage company.  Some agents may charge additional fees that are not covered by the sellers mortgage company.  In addition most Real Estate companies have a compliance fee ranging anywhere from 300-600 dollars.  The sellers mortgage company usually will not pay that fee. 99% of the time the seller does not have to come to the table with any money.  Unless they have a 2nd mortgage or mortgaeg insurance and they aske for a seller contribution.  There are a lot of differences in the banks/mortgage companies and how they handle short sales.