How does the realtor and closing costs get paid?
Those fees usually come out of the contract price and not your pocket. For instance, if the contract if for $200,000, then you would subtract the $12,000 for commissions and $3,000 (just an example – check with the title company for the actual figures – ask for a copy of the HUD) then the bank gets a net of $185,000. Keep in mind that even though the closing costs don’t come out of your pocket directly, they do subtract from the money to the bank, which in turn adds to the deficiency balance. Why an ATTORNEY over a real estate agent? Because SHORT SALES are really a breach of contract lawsuit dressed up like a real estate sale. You will need a realtor to sell the house (because that is what their license is for – lawyers are not licensed to receive commissions for selling your house). But, a realtor cannot do anything for you in court and that is clearly the most important part. Further, the lawyer brings more knowledge to the table when dealing with the bank, can negotiate thru the ba
