Law

Ask a Legal Question, Get an Answer ASAP!

Have your own Legal question?

7 Lawyers are Online Now

characters left:

Not a Legal Question?

Question

My husband recently got laid off and we need to short sale are house. Im not sure exactly how it works, but we have no money to pay for anything. The commission that the realtor wants where does that come from, do I have to pay it or does the bank eat it?

Submitted: 25 days and 8 hours ago.

Category: Legal

Value: $18

Status: CLOSED

State/Country relating to Question: Nevada

Already Tried:
I called the bank and they said I needed to put my house on the market for atleast 90 days. I talked to a realor who emailed me a contract, but the 6% commission scares me because I have no money.

Accepted Answer

When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.

Here is an outline of the process: http://en.wikipedia.org/wiki/Short_sale_(real_estate)

The realtor gets paid - it just lessens the amount the bank recovers.

Accepts:
Expert:	Adam Kirk
Pos. Feedback:	99.3 %
Answered:	10/28/2009

Lawyer (JD)

Litigation Attorney practicing in multiple State and Federal Courts, Arbitrations and Mediations

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Law

Have your own Legal question?

Related Law Topics:

Question

My husband recently got laid off and we need to short sale are house. Im not sure exactly how it works, but we have no money to pay for anything. The commission that the realtor wants where does that come from, do I have to pay it or does the bank eat it?

Optional Information

State/Country relating to Question: Nevada

Already Tried:
I called the bank and they said I needed to put my house on the market for atleast 90 days. I talked to a realor who emailed me a contract, but the 6% commission scares me because I have no money.

Accepted Answer

Law

Have your own Legal question?

Related Law Topics:

Question

My husband recently got laid off and we need to short sale are house. Im not sure exactly how it works, but we have no money to pay for anything. The commission that the realtor wants where does that come from, do I have to pay it or does the bank eat it?

Optional Information

State/Country relating to Question: Nevada Already Tried: I called the bank and they said I needed to put my house on the market for atleast 90 days. I talked to a realor who emailed me a contract, but the 6% commission scares me because I have no money.

Accepted Answer

Related Legal Questions

State/Country relating to Question: Nevada

Already Tried:
I called the bank and they said I needed to put my house on the market for atleast 90 days. I talked to a realor who emailed me a contract, but the 6% commission scares me because I have no money.