Who pays the closing costs in a short sale?

Short sales are part of our real estate market here in central Ohio and something everyone has questions about. Our team is comprised of agents who work with traditional sales and agents who are short sale experts working with Columbus homeowners every day.

While every situation is different there are a few questions you may have that applies to most homeowners feeling the pinch. 

Q: What is a short Sale?
A: Simply put, a short sale is when you sell your house for less than what is owed on the loan.

Q: Will a short sale cost money or will I need to pay the closing fees?
A: At the Real Estate Group 3:16 you will not have any out of pocket fees from the short sale of your distressed property. Any closings fees, appraisal, or other fees associated with selling your home will be taken out of the closing price of your property or paid for by the lender.

Check out our video about this question

Q: Do I qualify for a short sale?
A: Many homeowners do qualify for a short sale. A short sale client does not have equity in their home and usually owes more for the home that the current market value can support. Therefore the owner can not pay off the loan. There are several pre-qualifications for a short sale and because every sale is different, please ask a question below and we will be sure to answer it for you.


If your mortgage is underwater or if you can simply no longer afford your mortgage please take a minute to fill out or S.O.S (short or stay) form on our website. 

Do it! Take a look

After all these years of selling real estate, I still find it funny how many people are afraid to really "look" at houses. They forget that their "stuff" has to fit in the new place. Not only furniture but all the toys, pictures, books, dishes, towels, sheets....need I keep going.

Who wouldn't love a well organized closet space?

Buyers are nervous about opening closets, cabinets and drawers. Don't be. As soon as you walk in, open that coat closet. Is there room for your coats and guest coats? Where will you put shoes when you come in and kick them off after a long day at work? The space must work for you and the way you live.

In the kitchen...do you entertain a lot or try to avoid the room all together? Is there a place to store all your serving platters and those "special" dishes no one can ever touch because they are for guests only. 

Check to make sure lower cabinets have pull out shelves! Added bonus

Are the cabinets deep enough for your plates or would you have to go out and buy new smaller plates, this might make Bob Harper from Biggest Loser happy, but seriously, I want my steak and baked potato to fit on the same plate.

For some people they want a special place for their wine glasses. If you're like me, its those beautiful martini glasses. And if your anything like my husband you need room for all those small appliances that you just couldn't pass up at Target or worse, Williams Sonoma.(cha-ching)

Every woman knows drawer space in the master bath is a huge plus!

So don't be afraid to look in the closets and bathroom cabinets. You must make sure all your towels, sheets and medicines will have a home as well as some extra space in cabinets and closets for those times you need to make a mad dash cleaning spree because the mother-in-law is on her way.. 

This blog post is from Sheri Foster of Real Estate Group 3:16