Chance Gates' Blog

1.)  Commissions:  I’m sure it does not surprise anyone that commissions are apart of the sellers closing cost.

2.)  Settlement Escrow/Attorney Fees:  Attorney fees can be negotiated as apart of the sellers closing cost.

3.)  Seller’s Title and Escrow Fees:  This is the title insurance and escrow fees which will always vary base on price and which title company that the seller is using.

4.)  Subordinate Lien Payoff:  This is a set amount the first is willing to pay the second to get them to release their position on the home.

5.)  Transfer taxes/stamps/recording fees:  In Nevada the transfer tax will vary depending on which county the home resides in.

6.)  Termite Inspection/repair:  Where most short sale in the Reno/Sparks real estate are “As-IS Where Is” pest inspections and repairs can be negotiated as part of the seller closing cost.

7.)  Borrower Relocation Assistance:  http://chancegates.com/2010/03/14/home-owners-to-be-paid-to-short-sale/

8.) Other: Any negotiated lender payoffs that doesn’t fall into one of the top categories

The source of this information is http://www.makinghomeaffordable.com/.   I always advice anyone who is thinking of short selling their home to consult with an attorney and a CPA to make sure they understand all the options available to them.

As a Reno/Sparks real estate professional, I encourage all questions or comments on the Reno/Sparks real estate market or any of the articles posted on this blog.  I can be reached by email chance@ballard-company.com or at http://www.myspace.com/chancegates