Nathan and Julie are super nice. Their home had been on the market with another agent, and it went unsold for several months. This was at a time w...
Legal Implications of a Charleston, SC Short Sale - Page 8
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.
Displaying results 71-80 of 147
100 Bucksley Ln
Charleston, SC 29492-8191
Centrally located within the daniel island town center area
250 Dovetail Cir
Summerville, SC 29483-7052
This charming ranch has it all! enjoy a hot cup of coffee on the welcoming front porch or enjoy the neighborhood through your beautiful storm do...
960 Orange Grove Rd
Charleston, SC 29407-3733
Short sale, short sale, short sale! this house is right on the marsh!! located on 1/2 acres in the orange grove area, this is a great home for a...
1747 Orange Grove Shores Dr
Charleston, SC 29402
Orange grove shores
This 4 bedroom home is located centrally in west ashley in well established neighborhood, minutes from downtown charleston and local area shops....
7207 Weavers Way
Hanahan, SC 29410
This is a short sale!!! on a pond and wooded behind the pond!! fantastic starter home or one to retire in! open floor plan with family room that...
1005 Cass Dr
Moncks Corner, SC 29461
Berkeley country club
Stunning brick home across from the golf course in the berkeley country club. step inside the door and you will see an architecturally designed ...
5027 Carrington Ct
Summerville, SC 29485
Located on a large lot in summerville's prestigious woodlands at wescott plantation, convenient to shopping, dining, north charleston, i26,boein...
254 Main Rd
Johns Island, SC 29455
Approved short sale!! close quickly! please do not bring any offers below list price of $153,550. best priced single family home on john's islan...
1663 Sulgrave Rd
Charleston, SC 29414
Just back on the market since the primary bank rejected the previous offer. see remarks in the agent notes. great opportunity in great neighborh...
201 Border Rd
Goose Creek, SC 29445
Liberty hall plantation
Fantastic opportunity in liberty hall plantation. reduced one story living with a spacious, open floor plan.***why wait four months to build a h...
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Buying a home from you was like buying from a family member. You were honest, straight-forward and I could tell you were really looking out for my best interests at every turn. Beth Epstein
Well your low key approach worked. Not only did you sell our house in this challenged market in 23 days, you found us a great new home and the transition was seamless! We are really happy in our new home. Brian and Wendy Rollings
You were very honest, direct and I knew you were genuine when you talked us out of buying a house because of the location. Thanks for everything!. Kirk Matenaer
I commend you particularly for politely putting up with my sometimes cantankerous, if not outright offensive, goading for results; I now realize I was in excellent hands all along, and I could not have asked for better or more courteous direction in the whole process. Dr. Adam Smolka
Your research and explanation of the entire process left us feeling confident in your abilities to follow through and get the deal done like it should be. Bill Chakos
Your experience, your calming demeanor and your ability to consult us in such a streamlined fashion was invaluable. Tonya Chakos
We sincerely believe Nat's competence, hard work, attention to detail, and most important his immediate action were the reasons our home sold in one day. We are now able to make plans to relocate. Victoria and Daniel Doyle