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How are short sales handed. Do you pay processing fee.



  • January 30 2011 - Victorville
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Answers (9)

Profile picture for sunnyview
If you are buying a short sale no. You make an offer that must be approved by the bank and the seller. They take time so be patient.
  • August 13 2011
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Are you looking for short sale homes in the High Desert as a buyer or seller?
  • August 13 2011
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I haven't seen processing fees for short sales and I'm certified in short sales. As a buyer, there shouldn't be any processing fee for you.

  • January 31 2011
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Profile picture for Sharon Lewis
Hi there, dont ask the agents to 'split their fees' as suggested by Jerry. The Realtors I know work extremely hard for their buyers, and some of that commission goes to our company.
 If there is a fee, have the listing agent absorb it, they were the one who hired the transaction company. Its their problem....good luck to you.
  • January 31 2011
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It all depends if the listing agent is a knowledgeable short sale agent.  Some agents are not and what they do is hire a third party to handle their short sale negotiation.  When this happens, they require the buyer to pay for the negotiation fee which should not be the case.  Buying a short sale listing should be just like any type of listing to the buyer.  The buyer should be able to negotiate some contributions from the seller and not pay for fees to be able to purchase the property.  However, with the short sale, some lenders will not agree to provide closing costs, but do not hesitate to ask for it since major lenders will sometimes agree.  They will definitely not agree for repairs including termite inspection and repairs.

  • January 31 2011
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I have closed several dozen short sales and I never charge a processing fee.  I have heard of agents that do, I recommend finding another agent that doesn't. 
  • January 31 2011
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Some listing agents will charge a processing fee to Buyers.  I wouldn't pay it... but if you don't, I can see how conveniently the LA might lose your offer.

Then, there are processing fees paid to 3rd party negotiators (who MUST be attorneys).  Many times, banks do not allow these fees to be paid.

More description in your question would be helpful.
  • January 31 2011
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Profile picture for Jerry Current
Are you asking regarding the purchase of a short sale property, or do you have a property that you need to short sale?  I assume from your handle (name) that you are trying to purchase a home.  You should be working with a Realtor, and if you are, your Realtor will get paid a commission from the seller as if it were a regular sale transaction; therefore, there should be no extra fees for you as the buyer.  Having said that, there are some listing agents who use a separate company to help them process and negotiate the short sale with the seller's lender(s).  Sometimes the listing agent and seller will try to pass the fee charged by the third party negotiator on to the buyer if the seller's lender(s) will not pay for this fee.  In that case you will have to weigh all the factors of the transaction to see if paying this additional third party fee is still a good deal for you.  Keep in mind, everything is negotiable...so if this does occur, try to negotiate some sort of split of the third party fee with the seller and/or the two agents involved.
  • January 30 2011
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Depends on what kind a processing fee are we talking about. As far as I know the only processing fee should be from your lender who is processing your mortgage application if you are taking a mortgage. Be causes about any king a fees and try to compare them to a similar transaction. Good luck and if you can try to clarify what kind of a processing fee it is. Bo Markovich
  • January 30 2011
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