Q: I got approved to do a Short Sale by my bank. The bank told me that I need a Realtor. Why do I need a Realtor, and do I have to pay the Realtor or will the bank pay for the Realtor?
A: Yes, you want a Realtor to handle the short sale for you – its not an easy process and definitely not something you want to do on your own! Its imperative to have a Realtor that is experienced in closing short sales. The questions you need to ask a potential Realtor is how many short sales have you closed, how long did it take, and can I call some of your past clients? Preferably you want a Certified Distressed Property Expert which is a designation that Realtors trained in short sales can earn. (Yes, I am a CDPE!)
As for who pays the Realtors – our commission comes out of sale proceeds. Because a Seller cannot receive any funds at closing in a short sale (unless it is a HAFA short sale), the Bank gets all sale proceeds except what is paid to the Realtor and what is paid towards taxes and other closing costs. Therefore there is no money out of pocket for a Seller doing a short sale.
If you are considering doing a short sale in the Tampa Bay area, please contact us for a confidential consultation about your options or fill out the form below. Thinking about doing a short sale in a city outside the Tampa Bay area? Contact us and we can recommend a great short sale Realtor near you.