Redfin

MARCH 4, 2025

Ideally, you would have enough equity to cover commissions, any liens, and closing costs. Foreclosure can damage your credit score, so you may want to consider a short sale if this is the case. However, your lender will need to agree to a short sale so its best to speak with them as soon as you can.

Equity

HomeLight

MARCH 19, 2022

Your Realtor® will be able to help explain different non-monetary contract terms that might help sweeten a deal, including: A closing date that aligns with your timeline. Few (or zero) repair requests, contingencies , or seller concessions. Bottom line is, a Realtor® will help you overcome any roadblocks to closing.

Closing

HomeLight

OCTOBER 30, 2020

You’ll also need to factor in any fees for staging and preparing the house for sale, your real estate agent commission , closing fees, seller concessions, and moving costs. If your sale proceeds won’t cut it, the next question is whether you could bring money to the table to cover those costs.

Short sale

HomeLight

JULY 25, 2022

Closing costs that add up: You paid these when you closed on this home, but you’ll probably have to pay them again if you sell it and buy another home. Choose a short sale: If you’re behind on your mortgage payments or owe more than the home’s current value, you may want to think about a short sale as a way to avoid foreclosure.

Closing costs

HomeLight

JULY 25, 2022

Deduct your outstanding mortgage balance and any costs of selling you incurred (such as real estate commission, closing costs, title fees, repairs, prep, and staging). Forgiven debt can include a short sale, foreclosure, deed in lieu of foreclosure, or loan modification. Expect to pay 9%-10% of the sale price.

Closing costs