Short sales allow a homeowner to close on the sale of property when it is worth less than the debts secured by it. Typically, the lender agrees to accept the net proceeds from a closing in exchange for releasing its lien. Lenders are not agreeing to a short sale to be generous, they are convinced that it will come out better than it would by foreclosing on the home and pursuing the borrower for its losses.

While the procedures for a short sale will vary from lender to lender, most lenders need to be convinced of the following:

The Sales Price Is Not Too Low 

The sales price of contract is equal to what they would be able to sell the property for after a foreclosure. While the lender may review the market analysis provided by the agent, they will often confirm the market analysis by contacting its own sources, such as an appraiser.

All Costs Associated With The Sale

The commission for the transaction is equal to the commission it would pay its agent for selling the home after foreclosure. The lender will need to know as precisely as possible the amount of proceeds it can expect to receive from the sale.

A Good Reason They Should Accept It

The lender will want an explanation of the circumstances, which caused short sale in the first place. These usually include death, medical problems, divorce, loss of a job, or a job displacement requiring a move.

A Financial Package On The Seller

The seller doesn't have the resources to make up the mortgage shortfall on their own. The lender will require a full assessment of the financial condition of the seller. Financial statements, income and expenses, tax returns and the seller's paycheck stubs should be provided. The seller's financial condition is a tricky proposition. While the lender will be reluctant to approve a compromise without reviewing strength of the seller, this information will help the lender in pursuing the seller for a post-foreclosure deficiency if the short sale does not take place.

So What Is The Risk?

A seller with few assets, little or no income, and a willingness to file bankruptcy has little to lose by providing this information. Those with other assets, a good job with garnishable wages, or a desire to avoid bankruptcy will put themselves at risk in the process. Those considering a short sale need expert legal advice regarding the wisdom of submitting financial information to the lender.

 

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64 Photos 331 Watergrass Street Summerville, SC 29486

331 Watergrass Street
Summerville, SC 29486
Nexton
Residential

MLS# 24007777 / Active
3 br, 3 ba, 1 Half Bath, 2888 Sqft

Welcome to 331 Watergrass Street, located in the prestigious Brighton Park Village community in Nexton! This Ashton Woods Sangaree home boasts a hi... 

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$699,900
Provided courtesy of Keller Williams Parkway
39 Photos 56 Kennedy Street Charleston, SC 29403

56 Kennedy Street
Charleston, SC 29403
Westside
Residential

MLS# 24007776 / Active
2 br, 2 ba, 1 Half Bath, 1080 Sqft

56 Kennedy, nestled in the heart of the Westside neighborhood, isn't just a house; it's a story waiting to be told. As you step into this charming ... 

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$750,000
Provided courtesy of Daniel Ravenel Sotheby's International Realty
4 Photos 150 Hawthorne Landing Drive Goose Creek, SC 29445

150 Hawthorne Landing Drive
Goose Creek, SC 29445
Hawthorne Landing
Residential

MLS# 24007773 / Active
3 br, 2 ba, 1 Half Bath, 1778 Sqft

MOVE IN READY! This Wynter Plan boasts a bright foyer with plenty of natural light, flowing effortlessly into the rest of the home. Prepping meals ... 

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$340,900
Provided courtesy of Toll Brothers Real Estate, Inc
16 Photos 132 Congaree Court Santee, SC 29142

132 Congaree Court
Santee, SC 29142
Center Pointe
Residential

MLS# 24007772 / Active
4 br, 2 ba, 1482 Sqft

GOLF COURSE VIEWS! This is one of the last homes available in the subdivision backing the golf course. Home is practically new. Don't be fooled by ... 

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$287,900
Provided courtesy of HRS Realty, LLC
16 Photos 103 Hickory Lane UNIT E Ladson, SC 29456

103 Hickory Lane UNIT E
Ladson, SC 29456
Honey Ridge Villas
Residential

MLS# 24007770 / Active
2 br, 1 ba, 1 Half Bath, 943 Sqft

Welcome to 103 Hickory Ln (Unit E) in Ladson! Highly desirable DD2 School District. This corner unit boasts 2 generous sized bedrooms. Immaculately... 

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$189,000
Provided courtesy of Keller Williams Realty Charleston
46 Photos 193 Moon Dance Lane Summerville, SC 29483

193 Moon Dance Lane
Summerville, SC 29483
Sunburst Lakes
Residential

MLS# 24007769 / Active
4 br, 2 ba, 1932 Sqft

Brand New Roof Installed March 2024! This lovely updated 1 story home has it all. As you enter you will notice the newer LVP flooring throughout, t... 

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$385,000
Provided courtesy of Carolina One Real Estate
5 Photos 135 Estates Drive Walterboro, SC 29488

135 Estates Drive
Walterboro, SC 29488
Sweetbriar I
Residential

MLS# 24007767 / Active
3 br, 2 ba, 1 Half Bath, 1956 Sqft

Theres no shortage of curb appeal for this beautiful 3 bedroom, 2.5 bath modern farmhouse plan with a double car garage. Classic black and white co... 

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$422,500
Provided courtesy of Colleton Realty, LLC
33 Photos 104 New Court Summerville, SC 29483

104 New Court
Summerville, SC 29483
Warington
Residential

MLS# 24007765 / Active
4 br, 2 ba, 1543 Sqft

Welcome to 104 New Court, a charming and upgraded residence nestled in a serene neighborhood with NO HOA. As you step inside, you'll immediately no... 

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$334,000
Provided courtesy of The Husted Team powered by Keller Williams
46 Photos
Open House: Sat Mar 30th, 12:00pm - 2:00pm
5474 King Indigo Court North Charleston, SC 29418

5474 King Indigo Court
North Charleston, SC 29418
Indigo Fields
Residential

MLS# 24007761 / Active
4 br, 3 ba, 1 Half Bath, 2635 Sqft

Welcome to 5474 King Indigo Ct. nestled in the peaceful enclave of Indigo Fields in North Charleston! This custom-built 4 bedroom, 3.5 bathroom hom... 

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$450,000
Provided courtesy of ChuckTown Homes Powered By Keller Williams
75 Photos
Open House: Sat Mar 30th, 11:00am - 2:00pm
653 Bank Street Mount Pleasant, SC 29464

653 Bank Street
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential

MLS# 24007758 / Active
4 br, 3 ba, 1 Half Bath, 2608 Sqft

Welcome to 653 Bank Street, your coastal oasis nestled in the heart of Old Mount Pleasant! This charming property exudes classic cottage vibes with... 

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$2,150,000
Provided courtesy of Carolina One Real Estate
16 Photos 2471 Cotton Creek Drive Mount Pleasant, SC 29466

2471 Cotton Creek Drive
Mount Pleasant, SC 29466
Planters Pointe
Residential

MLS# 24007757 / Active
3 br, 2 ba, 1230 Sqft

Tough find in Mt Pleasant One story Home 3 bdrms/2 Bath with 2 car garage. Owners replaced flooring last year with LVP also new carpets installed l... 

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$500,000
Provided courtesy of Carolina Elite Real Estate
12 Photos 230 Claret Cup Way Charleston, SC 29414

230 Claret Cup Way
Charleston, SC 29414
Verdier Pointe
Residential

MLS# 24007755 / Active
4 br, 2 ba, 1 Half Bath, 1778 Sqft

PLANNED COMPLETION EARLY 2025. DESIGN CHOICES CAN STILL BE MADE! The 4-bedroom Wynter plan offers a versatile open layout with a large kitchen isla... 

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$459,900
Provided courtesy of Toll Brothers Real Estate, Inc
44 Photos 108 Green Grass Road Summerville, SC 29483

108 Green Grass Road
Summerville, SC 29483
The Ponds
Residential

MLS# 24007752 / Active
5 br, 4 ba, 3171 Sqft

Move-in-ready and meticulously maintained! This 5 Bedroom home has space for everyone. Highlights include: Open floor plan, first floor bedroom sui... 

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$525,000
Provided courtesy of Coldwell Banker Realty
35 Photos 703 Mountain Pine Road Moncks Corner, SC 29461

703 Mountain Pine Road
Moncks Corner, SC 29461
Conifer Hall
Residential

MLS# 24007751 / Active
4 br, 1 ba, 1 Half Bath, 1502 Sqft

: Wonderful open floorplan home that won't last long. Bright, open Livingroom with a fireplace that opens to the kitchen. Perfect area for entertai... 

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$301,500
Provided courtesy of Carolina One Real Estate
31 Photos 226 Sea Cloud Circle UNIT #226 Edisto Island, SC 29438

226 Sea Cloud Circle UNIT #226
Edisto Island, SC 29438
Wyndham Ocean Ridge
Residential

MLS# 24007750 / Active
2 br, 2 ba, 755 Sqft

Rare opportunity to own a spacious 2-bedroom, 2 bath, fully furnished Villa overlooking #7 Tee box in Ocean Ridge Resort. Primary Bedroom offers it... 

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$349,600
Provided courtesy of Edisto Real Estate Company, LLC
25 Photos 1174 Stokes Road Walterboro, SC 29488

1174 Stokes Road
Walterboro, SC 29488
Residential

MLS# 24007748 / Active
4 br, 2 ba, 1848 Sqft

This Home has been Updated and Looks Great. You will LOVE All the Details this Home has to Offer Especially all the Useable Space it Provides with ... 

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$199,990
Provided courtesy of All Country Real Estate, LLC
20 Photos 226 Claret Cup Way Charleston, SC 29414

226 Claret Cup Way
Charleston, SC 29414
Verdier Pointe
Residential

MLS# 24007747 / Active
3 br, 2 ba, 1 Half Bath, 1988 Sqft

PLANNED COMPLETION EARLY 2025. DESIGN CHOICES CAN STILL BE MADE! The Luca Plan offers a versatile open layout with a large kitchen island, separate... 

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$463,900
Provided courtesy of Toll Brothers Real Estate, Inc
38 Photos 4269 Jacobs Pt Court Ravenel, SC 29470

4269 Jacobs Pt Court
Ravenel, SC 29470
Jacobs Point
Residential

MLS# 24007743 / Active
3 br, 3 ba, 1 Half Bath, 2309 Sqft

If you are looking for peace and serenity...You've found your home! This is paradise situated on 1.63 acres, overlooking the marsh and Wallace Cree... 

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$925,000
Provided courtesy of Carolina One Real Estate
20 Photos 1128 Stokes Road Walterboro, SC 29488

1128 Stokes Road
Walterboro, SC 29488
Residential

MLS# 24007742 / Active
3 br, 2 ba, 1232 Sqft

NEW INVITING LOOK! TURNKEY CONDITION!! Enter into a OPEN Living Room that flows right into the Eat-in Kitchen, that is complete with White Cabinets... 

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$165,000
Provided courtesy of All Country Real Estate, LLC
37 Photos 34 Fairway Dunes Lane Isle Of Palms, SC 29451

34 Fairway Dunes Lane
Isle of Palms, SC 29451
Wild Dunes
Residential

MLS# 24007740 / Active
3 br, 3 ba, 1644 Sqft

Beautifully UPDATED, fully furnished, 3 bedroom, 3 bath townhome on the Links Golf Course in the gated resort community of Wild Dunes. This section... 

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$1,175,000
Provided courtesy of AgentOwned Realty Preferred Group
36 Photos 1923 Kerry Street North Charleston, SC 29406

1923 Kerry Street
North Charleston, SC 29406
Ferndale
Residential

MLS# 24007739 / Active
3 br, 2 ba, 1425 Sqft

Renovated home centrally located in North Charleston near Park Circle. Upgrades include a new roof, new hvac system, new drywall, new tile flooring... 

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$329,000
Provided courtesy of Coastal Point Real Estate
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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
Your general price point?
Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843-990-1313
Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
Your general price point?
Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.708.4488