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A question that we're often asked is: "How much does a short sale cost?" Well it's not really a yes or no answer. If the question pertains to who will pay the commissions, then it is straightforward.
Once you decide that a short sale is a solution for you and we sign a listing agreement, the process begins. This gives us permission to start marketing your house. From there, the holder of the mortgage (the bank), since it is their money that is at risk will make all decisions regarding what is acceptable for the short sale transaction. This includes all commissions, which are sometimes renegotiated between us (the Real Estate Agent) and the bank. You (the homeowner) will not be responsible for paying commissions.
Does this mean that the short sale will not cost you anything? Absolutely not. A short sale affects a lot of things. The homeowner is affected, the bank is affected, and even the neighborhood is affected by the short sale's impact on the overall local property values.
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