Ask The Realtor!

When a property is sold via short sale, what happens to the past due taxes and association fees?  Is the Seller still responsible for those costs?

When a home is sold in a short sale process the past due taxes and the association fees are paid at settlement.  The bank takes into consideration all that must be paid on the property that is lienable to ensure clear title to the new buyer.  Therefore in some areas such as Phoenixville Borough, the water, sewer, taxes, association fees as well as any judgements are lienable.

If the house is selling for 100,000 as a short sale and the bank is owed 120,000 but the Seller also owes $4,000 in taxes, $1000.00 for association fees and $300.00 for water and sewer the bank deducts the amount due in taxes, association fees, water and sewer as well as Realtor commmissions, transfer tax and any other fees due.  What is left decides whether or not the bank will accept the offer.

When listing my house how much negotiating room should I leave?  I thought $15,000 was a good start but I am being told that is too high.

All Sellers believe they should leave negotiating room for buyers.  I happen to believe it is much more important to list your home correctly then to worry about that.  Remember you, as the Seller, have the option to accept or not accept any offers that come to you.

Pricing a home correctly should bring quick offers to a Seller.  I am not advocating under pricing a home.  There is a difference.  Especially with the Spring Market right around the corner I would strongly suggest you price the home correctly and not worry about negotiating room.

View all available homes!