Post written by John Boles
I recently closed a short sale where my Seller client received $13,000 at closing as a Short Sale Relocation/Seller Incentive and was also released from any further liability for the deficiency. It is possible. See the approval letter below.
Does this happen all the time? No.
When Sellers do receive compensation at closing it is generally between $750-$3,000. The situation where the clients received the $13,000 was from a Servicer (Bank) that does offer substantial compensation on some of the loans they service for completion of a short sale. Depending on the specific situation and the specifics of your loan(s) you too may be able to be paid to complete a short sale.
Not all short sale sellers and loans will qualify for cash compensation at closing but it happens often enough that you want to have an agent that knows how to get that compensation for you if it is available.
Read my next post to see that some “expert” short sale agents with “fancy designations” think that a seller can’t be paid at closing (I will include examples of their published forms that reflect this).
Drop me a line if you are considering selling your house.
John Boles - 208.830.6185
Kasey & John Boles
Jon Gosche Real Estate
3931 S. Sumter Way, Boise Idaho 83709
208.830.6185 / email@example.com
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