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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 132
417 Green Park Ln
Goose Creek, SC 29445
***pre-approved short sale price! make an offer!!!*** large 3br/2.5ba home with huge bonus room! downstairs has oversized family room open to th...
284 Killarney Trl
Moncks Corner, SC 29461-8836
Bank-approved sales price! this is a lowcountry charleston single built by sabal homes with great curb appeal and double front porches that back...
1614 Bennett Cir
Holly Hill, SC 29059
Nice 4 bedroom 2 bath home in nice quiet neighborhood on a double lot.hardwood floors in living room,dining room ,foyer, hall and all bedrooms.s...
101 Corrientes Ct
Summerville, SC 29483-8419
Wow! 100% financing available for qualified buyers! your buyer can own this home cheaper than renting & with no down payment! this home offers an o...
1601 Seloris Ct
Charleston, SC 29407-4797
Don't miss this lovely home in geneva lake. convenient to i-526, downtown charleston and charleston international airport. home is less than 8 y...
169 Sweet Alyssum Dr
Ladson, SC 29456
Short sale approved. this is a fantastic deal on rylands brookgreen model. lots of windows to allow natural light. lots of space. kitchen overlo...
1033 Sterling Ln
Summerville, SC 29483
The glen at summerset
A must see home in the glen at summerset. the glen is a wonderful neighborhood located in the dorchester ii school district. home sits on a larg...
401 Elgin Ct
Summerville, SC 29483
Definitely a home you don't want to miss! beautiful move-in ready home on corner lot in cul-de-sac! this 4br home features a very open floor pla...
300 Brickhope Ln
Goose Creek, SC 29445
Are you looking for an open floor plan with plenty of room for the whole family? you have found it! with 4 bedrooms and 2,200 sq ft this brickho...
288 Killarney Trl
Moncks Corner, SC 29461
Gorgeous coffman-b floor plan by david weekley! this lovely home boasts double front porches & rear screened porch giving you great outdoor living ...
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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
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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