Charlottesville and Central Virginia Short Sale Information - Commission

The most common concerns and questions regarding a short sale is commission. Who pays the commission?
In a short sale, the bank pays everything at closing from the cost of the termite inspection all they way to the recordation fee. This includes the commission. The listing agent should be in contact with the bank on behalf of the seller and the contract. The listing agent is resposible to negotiate the overall commission with the bank. THE SELLER (HOMEOWNER) DOES NOT HAVE TO PAY THE COMMISSION. Most banks will pay anywhere between 4% and 6%. Depending on the listings agent and their ability to negotiate, I have seen commissions as high as 8%. Of course, the larger banks have their SOP, or Standard Operating Procedure. Can't really negotiate that, but the smaller, more local banks can generally be pursuaded a little bit more.

In conclusion, if you or anyone you know is in trouble of losing their home, tell them to short sale before they get foreclosed on. A short sale is way better for the individual than a foreclosure is. There are certified people in the Charlottesville and Central Virginia area that can help. Visit www.charlottesvilleshortsale.com for more information or to save your home!

Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com