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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9 Photos 134 Darby Meadow Lane Drive Ridgeville, SC 29472

134 Darby Meadow Lane Drive
Ridgeville, SC 29472
Timothy Lakes
Residential

MLS# 24007708 / Active
3 br, 2 ba, 1 Half Bath, 2150 Sqft

PROPOSED CONSTRUCTION: Introducing the Mercer at Timothy Lakes. Find your very own slice of paradise in the community of Timothy Lakes. Located nea... 

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$386,900
Provided courtesy of Carolina One Real Estate
22 Photos 9275 Asycough Road Summerville, SC 29485

9275 Asycough Road
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 24007704 / Active
2 br, 2 ba, 1240 Sqft

The minute you walk in this gorgeous garden home, you are greeted with relaxing water views right outside your door. This spacious 2 bedroom, 2 bat... 

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$315,000
Provided courtesy of AgentOwned Realty
30 Photos 604 Magnolia Walk Edisto Island, SC 29438

604 Magnolia Walk
Edisto Island, SC 29438
Wyndham Ocean Ridge
Residential

MLS# 24007702 / Active
3 br, 2 ba, 1285 Sqft

Welcome to your dream getaway at this resort-style laidback beach house in Wyndham! Located just three blocks from the picturesque Edisto Beach, th... 

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$585,000
Provided courtesy of Keller Williams Realty Charleston
40 Photos
Open House: Tomorrow 12:00pm - 2:00pm
1753 Winfield Way Charleston, SC 29414

1753 Winfield Way
Charleston, SC 29414
Carolina Bay
Residential

MLS# 24007700 / Active
4 br, 3 ba, 2292 Sqft

Welcome to your new home directly across the street from Carolina Bay Park! This peaceful retreat is nestled in the perfect location in highly soug... 

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$625,000
Provided courtesy of Keller Williams Realty Charleston
43 Photos
Open House: Tomorrow 12:00pm - 2:00pm
240 High Hill Drive Moncks Corner, SC 29461

240 High Hill Drive
Moncks Corner, SC 29461
High Hill
Residential

MLS# 24007699 / Active
3 br, 2 ba, 1555 Sqft

This is the one you've been waiting on! Privacy, No HOA, large yard, Detached workshop, Privacy fencing, Backs to woods, Vaulted ceiling and a Wood... 

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$350,000
Provided courtesy of Synergy Group Properties
48 Photos 202 White Gables Drive Summerville, SC 29483

202 White Gables Drive
Summerville, SC 29483
White Gables
Residential

MLS# 24007698 / Active
3 br, 2 ba, 1 Half Bath, 2074 Sqft

Charming home in the sought-after White Gables neighborhood! This lovely property features classic sidewalk-lined streets and a picturesque rocking... 

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$435,000
Provided courtesy of Keller Williams Parkway
22 Photos
Open House: Tomorrow 11:00am - 4:00pm
215 Lazy River Lane Moncks Corner, SC 29461

215 Lazy River Lane
Moncks Corner, SC 29461
Moss Grove Plantation
Residential

MLS# 24007697 / Active
3 br, 2 ba, 1 Half Bath, 1620 Sqft

Imagine experiencing life at a slower pace, unburdened, and outside of the city limits. A life where you can unwind, and immerse yourself in nature... 

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$350,000
Provided courtesy of Carolina Elite Real Estate
37 Photos 214 Magnolia Garden Drive Summerville, SC 29483

214 Magnolia Garden Drive
Summerville, SC 29483
Limehouse Village
Residential

MLS# 24007696 / Active
5 br, 3 ba, 2525 Sqft

Situated on a corner homesite, the Ashley floor plan is a spacious 5-bedroom, 3-bathroom home that offers a bright and airy first floor, complete w... 

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$460,000
Provided courtesy of LPT Realty, LLC
22 Photos 2494 Etiwan Avenue UNIT 5f Charleston, SC 29414

2494 Etiwan Avenue UNIT 5f
Charleston, SC 29414
Melrose Park Townhomes
Residential

MLS# 24007695 / Active
2 br, 1 ba, 1 Half Bath, 924 Sqft

 

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$199,000
Provided courtesy of The Boulevard Company, LLC
12 Photos 117 Tupperway Drive Summerville, SC 29483

117 Tupperway Drive
Summerville, SC 29483
Flowertown
Residential

MLS# 24007694 / Active
3 br, 1 ba, 1080 Sqft

Your ideal retreat awaits in this charming three-bedroom, one-bathroom residence nestled just moments away from downtown Summerville. Major updates... 

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$255,000
Provided courtesy of Brand Name Real Estate
35 Photos 595 Palisades Drive Mount Pleasant, SC 29464

595 Palisades Drive
Mount Pleasant, SC 29464
Hobcaw Creek Plantation
Residential

MLS# 24007691 / Active
5 br, 4 ba, 1 Half Bath, 3050 Sqft

Welcome to 595 Palisades Dr. This newly updated home is ready for your family! There are hardwood floors throughout the house! The main level has a... 

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$1,399,000
Provided courtesy of The Boulevard Company, LLC
25 Photos 106 Jasimine Court UNIT #29486 Summerville, SC 29486

106 Jasimine Court UNIT #29486
Summerville, SC 29486
Sangaree Gardens
Residential

MLS# 24007690 / Active
3 br, 2 ba, 1212 Sqft

Cute 3/2 bath house. Fenced yard and two car garage. Fireplace and open concept. GREAT STARTER HOME. All furniture in house is negotiable. 

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$285,000
Provided courtesy of AgentOwned Realty
27 Photos 5 Stutz Court Charleston, SC 29414

5 Stutz Court
Charleston, SC 29414
Shadowmoss
Residential

MLS# 24007689 / Active
3 br, 2 ba, 1618 Sqft

Welcome to this charming house in the desirable Shadowmoss Plantation of West Ashley. With an open floor plan and a backyard that backs to a serene... 

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$399,900
Provided courtesy of Carolina One Real Estate
31 Photos
Open House: Tomorrow 11:00am - 2:00pm
1225 Blakeway Street UNIT #501 Charleston, SC 29492

1225 Blakeway Street UNIT #501
Charleston, SC 29492
Parkside Hpr
Residential

MLS# 24007688 / Active
2 br, 2 ba, 1194 Sqft

Welcome to your dream island living! This beautifully updated, maintenance-free 2-bedroom condo is nestled in the heart of Daniel Island and offers... 

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$475,000
Provided courtesy of EXP Realty LLC
55 Photos
Open House: Tomorrow 11:00am - 1:00pm
3824 Colonel Vanderhorst Circle Mount Pleasant, SC 29466

3824 Colonel Vanderhorst Circle
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 24007685 / Active
4 br, 3 ba, 1 Half Bath, 3306 Sqft

Welcome to your new sanctuary! This home offers a harmonious blend of modern design and comfort, making it the perfect retreat for you and your lov... 

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$1,215,000
Provided courtesy of Fitch Real Estate
46 Photos 1533 Calaveras Circle Mount Pleasant, SC 29466

1533 Calaveras Circle
Mount Pleasant, SC 29466
Carolina Park
Residential

MLS# 24007683 / Active
3 br, 2 ba, 1 Half Bath, 2724 Sqft

Experience the epitome of Southern elegance in this charming Carolina Park home. Situated in a serene cul-de-sac, it features double porches, a mah... 

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$995,000
Provided courtesy of Fitch Real Estate
19 Photos 1055 Glenshaw Street North Charleston, SC 29405

1055 Glenshaw Street
North Charleston, SC 29405
Park Circle
Residential

MLS# 24007681 / Active
2 br, 1 ba, 900 Sqft

Two rare buildable lots on highly sought after street in Park Circle! This Charming cottage, nestled on a tree lined double lot is only a short wal... 

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$635,000
Provided courtesy of The Boulevard Company, LLC
31 Photos 213 Birmingham Drive Summerville, SC 29486

213 Birmingham Drive
Summerville, SC 29486
Sangaree
Residential

MLS# 24007678 / Active
3 br, 2 ba, 1254 Sqft

This cozy abode might just be what you've been searching for! With 3 bedrooms, 2 bathrooms, and spanning 1254 square feet, this house offers ample ... 

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$289,900
Provided courtesy of NextHome The Agency Group
22 Photos 207 Dupont Way Summerville, SC 29485

207 Dupont Way
Summerville, SC 29485
Oakbrook Commons
Residential

MLS# 24007677 / Active
2 br, 2 ba, 1267 Sqft

Welcome to 207 Dupont Way! This charming 2-bedroom, 2-bath home offers the perfect blend of comfort and convenience. Embrace the charm of southern ... 

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$255,000
Provided courtesy of Sweet Carolina Realty
25 Photos
Open House: Today 4:00pm - 7:00pm
103 Shaftesbury Lane Summerville, SC 29485

103 Shaftesbury Lane
Summerville, SC 29485
Kings Grant
Residential

MLS# 24007676 / Active
4 br, 2 ba, 2500 Sqft

Nestled in the charming and established neighborhood of Kings Grant, this meticulously maintained ranch-style home invites you to experience true c... 

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$482,500
Provided courtesy of The Real Estate Firm
39 Photos 3255 Francis Marion Boulevard Summerton, SC 29148

3255 Francis Marion Boulevard
Summerton, SC 29148
Pine Island Shore
Residential

MLS# 24007674 / Active
3 br, 2 ba, 1760 Sqft

Welcome to Lake Life! 1 row off of the big water of Lake Marion! This tri level contemporary home will put you close to the water, boat ramps, rest... 

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$299,000
Provided courtesy of AgentOwned Realty Co. Premier Group, Inc.
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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
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Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
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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: 843.708.4488