Your mortgage lender will be considering a number of factors in deciding whether to approve a short sale. A review of your circumstance, whether you deserve a break due to financial hardship caused by uncontrollable circumstances such as death, divorce, layoffs or illness. They will also take a hard look at whether it would be cheaper (or more profitable to them) to simply proceed with the foreclosure process on the house, make any necessary repairs and sell it through an agent. How many other real estate owned (REO) properties they have in their portfolio would affect their decisions as well.


The Process
 when a borrower falls behind on their payments the loan is usually sent to the lender’s loan loss mitigation department. Most lenders also consider short loan payoff sale requests in their loss mitigation departments. 

Your chances of success with your lender improve if your communications with them is organized and complete. Your contact with your mortgage lender’s loss mitigation department should be professional. You’ll want to send them the appropriate documentation and provide them with any additional information that they may require.

Keep in mind that lenders will approve a short sale as a last resort to avoid foreclosure.

If a home was purchased at the height of the market and has depreciated considerably, the home may be “upside down”, or is worth less than is owed. The lender may consider a short sale. 

The same is true for a property was recently refinanced at 100% or on an option arm leaving the property without equity. 

Keep in mind that lender is not in a position to manage property they are in the lending business. A home, while it’s sitting vacant waiting for sale, is accruing costly insurance premiums, taxes, repairs and bringing in nothing. The lender is losing even more because the lost interest they could be receiving on their asset. They have their money invested, but are making nothing from the investment until the property sells.

If a short sale can be accomplished, their money is returned and they are no longer losing money on the investment. In a short sale the bank may even be willing to finance a new owner, making it a win/win for all parties.


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44 Photos 131 Belfort Place Summerville, SC 29486

131 Belfort Place
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24007808 / Active
5 br, 3 ba, 1 Half Bath, 3039 Sqft

Indulge in resort-style amenities, including access to a 300-acre lake, a pool, and park. Cane Bay Plantation isn't just a place to live; it's a li... 

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$587,000
Provided courtesy of Carolina One Real Estate
43 Photos 6070 Sc-165 Ravenel, SC 29470

6070 Sc-165
Ravenel, SC 29470
Residential

MLS# 24007807 / Active
3 br, 2 ba, 1514 Sqft

Welcome to your equestrian paradise! Positioned on 15 picturesque acres, this property offers a tranquil country setting perfect for horse lovers, ... 

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$650,000
Provided courtesy of Agent Group Realty Charleston
44 Photos 8676 Hickory Creek Lane North Charleston, SC 29420

8676 Hickory Creek Lane
North Charleston, SC 29420
Whitehall
Residential

MLS# 24007806 / Active
4 br, 2 ba, 1 Half Bath, 2901 Sqft

Elegance meets functionality in this 4-bed, 2.5-bath residence in the Whitehall subdivision in North Charleston. This move-in-ready home features a... 

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$469,000
Provided courtesy of EXP Realty LLC
45 Photos 171 Oakwood Boulevard Summerville, SC 29486

171 Oakwood Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24007805 / Active
5 br, 3 ba, 1 Half Bath, 2752 Sqft

Welcome home to 171 Oakwood Boulevard! Nestled on a beautiful pond front lot you will find this better-than-new construction, move in ready home fe... 

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$425,000
Provided courtesy of RE/MAX FullSail, LLC
28 Photos 405 Bering Lane Summerville, SC 29486

405 Bering Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24007804 / Active
4 br, 2 ba, 1856 Sqft

Welcome Home! This turn key charmer is better than new w/ an open single story floor plan, & builder upgrades galore! Ideal for the day to day grin... 

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$400,000
Provided courtesy of The Boulevard Company, LLC
28 Photos 2722 Saratoga Road North Charleston, SC 29405

2722 Saratoga Road
North Charleston, SC 29405
Waylyn
Residential

MLS# 24007803 / Active
3 br, 1 ba, 1191 Sqft

This quaint home is nestled in the quiet neighborhood of Waylyn. It has been remodeled and well-kept with 3 bedrooms and a full bath. The kitchen h... 

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$270,000
Provided courtesy of Carolina One Real Estate
33 Photos 1936 Chestnut Oak Lane Charleston, SC 29414

1936 Chestnut Oak Lane
Charleston, SC 29414
Dogwood Commons
Residential

MLS# 24007802 / Active
3 br, 2 ba, 1 Half Bath, 2037 Sqft

Welcome Home! This lovely home features custom finishes galore with upgraded white shaker cabinets, custom kitchen island with accented cabinet col... 

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$590,000
Provided courtesy of The Boulevard Company, LLC
27 Photos 37 Beverly Road Charleston, SC 29407

37 Beverly Road
Charleston, SC 29407
Windermere
Residential

MLS# 24007801 / Active
2 br, 2 ba, 1 Half Bath, 2190 Sqft

I am proud to present 37 Beverly Road, Charleston SC 20407 located in the prestigious & highly desired community of Old Windermere. This charming n... 

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$860,000
Provided courtesy of The Boulevard Company, LLC
62 Photos 106 Tortoise Street Summerville, SC 29483

106 Tortoise Street
Summerville, SC 29483
The Ponds
Residential

MLS# 24007800 / Active
4 br, 3 ba, 1 Half Bath, 3680 Sqft

Offering $12,000 in FLEX CASH! Take it off the price, use it to buy down your interest rate TWO full points, apply it to cover your closing costs, ... 

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$599,000
Provided courtesy of Carolina Elite Real Estate
12 Photos 166 Pine Shadow Drive Goose Creek, SC 29445

166 Pine Shadow Drive
Goose Creek, SC 29445
Pineland Heights
Residential

MLS# 24007799 / Active
3 br, 1 ba, 1 Half Bath, 1147 Sqft

Welcome Home to 162 Pine Shadow Drive! This two story, three bedroom, one and a half bath home is thoughtfully designed with a large living room, s... 

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$215,000
Provided courtesy of The Boulevard Company, LLC
12 Photos 164 Pine Shadow Drive Goose Creek, SC 29445

164 Pine Shadow Drive
Goose Creek, SC 29445
Pineland Heights
Residential

MLS# 24007798 / Active
3 br, 1 ba, 1 Half Bath, 1147 Sqft

Welcome Home to 164 Pine Shadow Drive! This two story, three bedroom, one and a half bath home is thoughtfully designed with a large living room, s... 

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$215,000
Provided courtesy of The Boulevard Company, LLC
37 Photos 2448 Menola Avenue Charleston, SC 29414

2448 Menola Avenue
Charleston, SC 29414
Melrose
Residential

MLS# 24007797 / Active
3 br, 2 ba, 1911 Sqft

Discover the charm and elegance of this beautifully renovated 3-bedroom, 2-bathroom brick home in the sought-after Melrose subdivision of West Ashl... 

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$477,000
Provided courtesy of The Boulevard Company, LLC
12 Photos 162 Pine Shadow Drive Goose Creek, SC 29445

162 Pine Shadow Drive
Goose Creek, SC 29445
Pineland Heights
Residential

MLS# 24007796 / Active
3 br, 1 ba, 1 Half Bath, 1147 Sqft

Welcome Home to 162 Pine Shadow Drive! This two story, three bedroom, one and a half bath home is thoughtfully designed with a large living room, s... 

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$215,000
Provided courtesy of The Boulevard Company, LLC
29 Photos 8424 Creekstone Court North Charleston, SC 29406

8424 Creekstone Court
North Charleston, SC 29406
The Lakes
Residential

MLS# 24007793 / Active
3 br, 2 ba, 1124 Sqft

Cute 3 bedroom 2 bathroom home in The Lakes right off of Otranto Road in North Charleston. If you're looking for a spacious open floor plan with va... 

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$291,000
Provided courtesy of Grescon Development LLC
31 Photos 112 St Phillips Row Summerville, SC 29485

112 St Phillips Row
Summerville, SC 29485
St Phillips Place
Residential

MLS# 24007792 / Active
3 br, 2 ba, 1 Half Bath, 1618 Sqft

Bright and refreshed! Welcome home to this charming 3bd 2.5ba Charleston style home. Sellers have made all the updates for a truly seamless move-in... 

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$339,900
Provided courtesy of Charlestowne Realty LLC
19 Photos 227 W Poplar Street Charleston, SC 29403

227 W Poplar Street
Charleston, SC 29403
Wagener Terrace
Residential

MLS# 24007791 / Active
3 br, 2 ba, 1695 Sqft

Welcome to 227 West Poplar Street, a charming and elegant one story home located in one of Charleston's most sought after neighborhoods, Wagener Te... 

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$1,050,000
Provided courtesy of Charleston GPS, LLC
51 Photos 144 Clear Bend Lane Summerville, SC 29486

144 Clear Bend Lane
Summerville, SC 29486
Nexton
Residential

MLS# 24007790 / Active
3 br, 2 ba, 1 Half Bath, 2185 Sqft

Introducing 144 Clear Bend Lane, nestled in the highly desirable Nexton area. This neighborhood is renowned for its prestigious atmosphere and vibr... 

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$647,000
Provided courtesy of The Boulevard Company, LLC
52 Photos 643 N Laurel Street UNIT #72 Summerville, SC 29483

643 N Laurel Street UNIT #72
Summerville, SC 29483
Daniels Orchard
Residential

MLS# 24007787 / Active
4 br, 3 ba, 1 Half Bath, 2130 Sqft

It's all about charm and lifestyle here in the heart of Summerville. Nestled in a serene neighborhood, this lovely 4-bedroom, 3.5-bathroom residenc... 

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$479,000
Provided courtesy of The Boulevard Company, LLC
68 Photos 391 Springfield Road Mount Pleasant, SC 29464

391 Springfield Road
Mount Pleasant, SC 29464
Longpoint
Residential

MLS# 24007785 / Active
4 br, 2 ba, 1 Half Bath, 2438 Sqft

Can't beat the location! This house has everything you need....updated kitchen, separate dining room, living room (w/ wood burning fireplace) & den... 

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$999,000
Provided courtesy of Beach Residential
17 Photos 2327 Treescape Drive UNIT #1802 Charleston, SC 29414

2327 Treescape Drive UNIT #1802
Charleston, SC 29414
Ashleytowne Village
Residential

MLS# 24007783 / Active
2 br, 2 ba, 1070 Sqft

Oh My Goodness! Cuteness beyond cute! This move-in ready home is waiting for you! Everything has been done so you can move right in. This first flo... 

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$220,000
Provided courtesy of AgentOwned Realty Charleston Group
49 Photos 514 Scotch Range Road Summerville, SC 29483

514 Scotch Range Road
Summerville, SC 29483
Scotch Range
Residential

MLS# 24007782 / Active
6 br, 5 ba, 3293 Sqft

Welcome to your inviting beautifully renovated turn key, 6 bedroom and 5 full bathroom home in the heart of Summerville. Drive into your new custom... 

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$899,990
Provided courtesy of AgentOwned Preferred Group
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Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 03-29-2024 7:51 AM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
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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