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Leslivarg2310, Other/Just Looking in Georgia

Who pays for closing cost on a short sale?

Asked by Leslivarg2310, Georgia Mon Mar 26, 2012

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Then again you can always ask a seller to pay closing costs, what ever percent your lender suggests but the seller may or may not agree to pay them. Are you working with a Realtor?
0 votes Thank Flag Link Tue Mar 27, 2012
Frank covers the real estate commissions perfectly, however, I think you were asking more about the loan closing costs, and who pays what should be spelled out in the contract offer. Most lenders allow some concessions, typically 3-6%, so check with your lender regarding what is allowed.
For example, if 6% is allowed, and your contract specifies a 3% concession to the buyer, then the seller (bank) is agreeing to pay up to 3% toward those costs, irrespective of the broker's (agents) commissions.

Best wishes, Jim
0 votes Thank Flag Link Tue Mar 27, 2012
In New Jersey the seller of the property will pay a commission to the listing broker. This fee is a percentage of the sales price and is shared between the listing broker and the buyers broker. All fees paid to a real estate agent must pass through a broker. Regards,
0 votes Thank Flag Link Mon Mar 26, 2012
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