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.