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 161
129 Red Leaf Blvd
Moncks Corner, SC 29461
Great opportunity to own "the morris" floor plan by dr horton. this floor plan features traditional separate formal living and dining rooms. 9 f...
113 Estero Ct
Summerville, SC 29483
Wow!!! this beautiful four bedroom home is tucked away on a quiet, cul-de-sac street in desirable plum creek. as you enter you will be greeted b...
722 Windward Rd
Charleston, SC 29412-8959
Precious charming brick ranch! kitchen completely redone! young appliances! gorgeous light throughout! freshly painted. pretty hardwood floors. ...
124 Meadowvale Ln
Moncks Corner, SC 29461
The convenience of spring grove with all of the upgrades of a custom home. the lot backs up to a community area securing lots of privacy for the...
208 Botany Bay Ct
North Charleston, SC 29418-3046
Short sale, short sale, short sale!!!! this is a must see! house needs some tlc, roof may need repair in a few areas.this spacious 4 bedroom 2.5...
9306 Sweetbay Ct
Ladson, SC 29456
This is back on the market since the bank would not approve the sale at old list price. seller docs are submitted and can move quickly if priced...
1313 Basildon Rd
Mount Pleasant, SC 29466
This great second floor unit is just what your looking for, nice open floor plan, that backs up to the trees, sit on your large screen porch and...
225 Myrtle Way
Summerville, SC 29483
Extra large home nestled in a cul de sac. this home boasts a large family room with a fire place and wall above for your large flat screen tv. t...
417 Green Park Ln
Goose Creek, SC 29445
***make an offer!!!*** investor special! large 3br/2.5ba home with huge bonus room! downstairs has oversized family room open to the eat-in kitc...
962 Nabors Dr
Charleston, SC 29412
Bank has agreed to accept this reduced short sale price! very charming brick ranch on beautifully landscaped & wooded lot. backs to open wooded ...
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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