subject: Do Buyers Pay Any Fees When Buying A Short Sale? [print this page] Short sale homes can be great deals on great homes, but before they can reach that level, they require a certain amount of finesse. Many real estate investors are simply not savvy enough to navigate these choppy waters on their own, even though some may try. One specific point of contention in the short sale process, which can spiral the sale out of control, are the extra fees upon closing. Many buyers may find themselves suckered in to paying too much for a short sale if they don't have a quality real estate agent working in their favor. So the short answer to the question, "Do buyers pay any fees when buying a short sale?," is this: it depends on the people they have chosen to represent them.
An experienced realtor can be worth his weight in gold when it comes to dealing with short sale homes. In many cases, fees and transfer taxes associated with the property are pawned off on the buyer. You should never end up paying more for a short sale than you would for an ordinarily priced home, yet many inexperienced investors end up doing just that. But how can a good agent keep you from getting taken advantage of, especially when the lender refuses to budge on any possible transaction fees?
By calculating true market value of the home. The market value of a home can often times be inflated depending on the state of the economy, the type of loan, and a variety of other factors. Many real estate investors pay too much to begin with, and a good agent is great at rooting out these instances and making up for any fees you may have to pay in the offer itself. Lenders do not want their properties sitting for long, because it means they have to pay expenses on a property that isn't yielding any revenue. By knowing how long something has been listed, realtors can sober these sellers and lenders up with an offer that is truly reflective of the market itself.
You can earn great rewards and great property by buying through a short sale system, but only if you refuse to lose the game. Don't take what the lender or seller tells you at face value. Instead, root into the realities of the property and make an offer that will leave you realistically profitable. The key is to not get hung up on any one property and to have a lot of irons in the fire. That way you will never put all your eggs into a single basket, and you can always move on to the next transaction until one of them sells on the terms your realtor has set forth.
by: Gen Wright
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