Crossgate (Louisville, KY)
By Dave Halpern, Louisville Short Sale Expert
(Keller Williams Realty Louisville East (502) 664-7827)
Sellers who are “upside down” often try to sell their house by themselves through various FSBO methods. However, a short sale with a Realtor can usually get the house sold even if the seller can’t afford to pay a Realtor commission. “Upside down” or “underwater” means there is more owed on the house than the house is worth. Lenders understand that sellers are upside down on their mortgage and they encourage short sales. In a short sale, the lender accepts an amount SHORT of what is owed so the seller can avoid foreclosure. Who Pays the Commissions and Closing Costs? Answer: The Seller’s Lender The seller’s lender DOES NOT WANT TO FORECLOSE. It is too risky and costly for the lender. The lender does not want to own the house, they would rather settle and take what they can, even if they ...
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Louisville, KY Real Estate Professionals