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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75 Photos 1908 Ion Avenue Sullivans Island, SC 29482

1908 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential

MLS# 24015299 / Active
6 br, 4 ba, 1 Half Bath, 4297 Sqft

Welcome to your dream home on Sullivan's Island! This exquisite property, built in 2017, effortlessly combines modern luxury with historic charm. S... 

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$6,500,000
Provided courtesy of The Cassina Group
26 Photos 1513 Nantahala Boulevard Mount Pleasant, SC 29464

1513 Nantahala Boulevard
Mount Pleasant, SC 29464
Wando East
Residential

MLS# 24015298 / Active
2 br, 1 ba, 1 Half Bath, 1168 Sqft

This renovated End Unit will go under contract fast just like the others did in Wando East! Located in the heart of Mount Pleasant within walking d... 

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$424,900
Provided courtesy of Reside Real Estate LLC
15 Photos 334 Bracken Fern Road Moncks Corner, SC 29461

334 Bracken Fern Road
Moncks Corner, SC 29461
Fairmont South
Residential

MLS# 24015297 / Active
5 br, 3 ba, 1 Half Bath, 2959 Sqft

This home is absolutely stunning! The upgraded kitchen and spacious layout make it perfect for hosting gatherings or simply enjoying day-to-day lif... 

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$400,000
Provided courtesy of EXP Realty LLC
44 Photos 45 Sycamore Avenue UNIT #617 Charleston, SC 29407

45 Sycamore Avenue UNIT #617
Charleston, SC 29407
Concord West Of The Ashley
Residential

MLS# 24015296 / Active
3 br, 2 ba, 1221 Sqft

This is THE ONE you have been waiting for! FIRST FLOOR WITH A GARAGE located in West Ashley's most desirable condominium community! The kitchen has... 

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$425,000
Provided courtesy of Elaine Brabham and Associates
26 Photos
Open House: Today 12:00pm - 2:00pm
23 Wraggborough Lane Charleston, SC 29403

23 Wraggborough Lane
Charleston, SC 29403
Wraggborough
Residential

MLS# 24015295 / Active
3 br, 2 ba, 1 Half Bath, 2106 Sqft

Stunning fully renovated townhome in the most charming gated community, Wraggborough Square, in the heart of Downtown, with two deeded parking spac... 

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$1,750,000
Provided courtesy of AgentOwned Realty Preferred Group
70 Photos 232 Eagle Ridge Road Summerville, SC 29485

232 Eagle Ridge Road
Summerville, SC 29485
Bridges Of Summerville
Residential

MLS# 24015294 / Active
4 br, 2 ba, 1 Half Bath, 2652 Sqft

Welcome to 232 Eagle Ridge, a gem you won't want to miss! Qualified buyers might take advantage of an incredibly low assumable VA interest rate. Wi... 

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$435,000
Provided courtesy of Keller Williams Key
20 Photos
Open House: Tomorrow 1:00pm - 4:00pm
140 Keenan Avenue Goose Creek, SC 29445

140 Keenan Avenue
Goose Creek, SC 29445
Forest Lawn
Residential

MLS# 24015292 / Active
3 br, 1 ba, 1110 Sqft

Look no further--this charming gem is ready for you! This three-bedroom, one-bath brick ranch is located in the convenient Forest Lawn neighborhood... 

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$274,000
Provided courtesy of The Real Estate House International
52 Photos 5616 Chaplins Landing Road Hollywood, SC 29449

5616 Chaplins Landing Road
Hollywood, SC 29449
The Hamlet
Residential

MLS# 24015290 / Active
4 br, 3 ba, 1 Half Bath, 3012 Sqft

Welcome to 5616 Chaplins Landing Road in Hollywood, SC! This stunning 4-bedroom, 3.5-bathroom home, originally constructed in 1982, has been meticu... 

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$1,350,000
Provided courtesy of ChuckTown Homes Powered By Keller Williams
26 Photos 417 Manorwood Lane Charleston, SC 29414

417 Manorwood Lane
Charleston, SC 29414
Grand Oaks Plantation
Residential

MLS# 24015289 / Active
3 br, 2 ba, 1322 Sqft

Don't miss this wonderful three bedroom two bath single story home in convenient Grand Oaks. Mature trees in the front yard, and a screened porch o... 

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$435,000
Provided courtesy of Carolina One Real Estate
33 Photos 719 General Moultrie Dr Bonneau, SC 29431

719 General Moultrie Dr
Bonneau, SC 29431
Lake Moultrie Recreation
Residential

MLS# 24015286 / Active
3 br, 2 ba, 1624 Sqft

This updated home is nestled on a large and private 0.46-acre lot in a quiet waterfront community on Lake Moultrie. It could be your primary home o... 

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$299,000
Provided courtesy of Jeff Cook Real Estate LPT Realty
17 Photos 225 Prospect Drive Moncks Corner, SC 29461

225 Prospect Drive
Moncks Corner, SC 29461
Kitfield Westend Mitton Road
Residential

MLS# 24015283 / Active
3 br, 2 ba, 1812 Sqft

3 bed 2 bath situated on 1 acre AS IS, WHERE IS'' condition without warranties. 

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$232,166
Provided courtesy of AgentOwned Premiere Group, Inc.
40 Photos 7611 Peppercorn Lane North Charleston, SC 29420

7611 Peppercorn Lane
North Charleston, SC 29420
Pepperhill
Residential

MLS# 24015282 / Active
3 br, 1 ba, 1042 Sqft

Fixer upper opportunity! Come see this 3-bedroom brick ranch home with a 1-car carport and a long driveway in the centrally-located Pepperhill neig... 

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$225,000
Provided courtesy of Keller Williams Realty Charleston
22 Photos 2451 Scholar Lane North Charleston, SC 29406

2451 Scholar Lane
North Charleston, SC 29406
University Park
Residential

MLS# 24015281 / Active
3 br, 3 ba, 1 Half Bath, 1776 Sqft

3bd; 3.5 baths: 2 primary suites (1 upstairs and 1 downstairs). 3rd bedroom is upstairs with a bathroom in the hall. 1/2 bath downstairs. Nook upst... 

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$321,500
Provided courtesy of TruHome Realty
50 Photos 1205 British Drive Moncks Corner, SC 29461

1205 British Drive
Moncks Corner, SC 29461
Pimlico
Residential

MLS# 24015280 / Active
4 br, 2 ba, 1 Half Bath, 2325 Sqft

Nestled on a charming corner lot, this stunning four bedroom, 2 1/2 bath home boasts an array of desirable features. The inviting screen porch and ... 

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$465,000
Provided courtesy of AgentOwned Realty
60 Photos
Open House: Today 2:00pm - 4:00pm
2904 Hartnett Boulevard Isle Of Palms, SC 29451

2904 Hartnett Boulevard
Isle of Palms, SC 29451
Isle Of Palms
Residential

MLS# 24015276 / Active
4 br, 3 ba, 1 Half Bath, 2842 Sqft

Welcome to your dream beach home, just one block away from the pristine sands of Isle of Palms! This custom-built residence offers the perfect blen... 

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$2,800,000
Provided courtesy of The Boulevard Company, LLC
75 Photos 1702 Cultivation Lane Street UNIT #540 Mount Pleasant, SC 29466

1702 Cultivation Lane Street UNIT #540
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential

MLS# 24015275 / Active
5 br, 3 ba, 1 Half Bath, 2930 Sqft

This is a marsh homesite, wooded with a view of the Hamlin Sound. Available options to select in the design center. Welcome to the Hamlin, a luxuri... 

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$1,570,250
Provided courtesy of K. Hovnanian Homes
2 Photos 305 Alexander Street Walterboro, SC 29488

305 Alexander Street
Walterboro, SC 29488
Residential

MLS# 24015274 / Active
3 br, 2 ba, 1344 Sqft

Unique multiple asset income property with years of steady rent for sale on a half acre lot that includes the brick main house with 1300 plus squar... 

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$259,000
Provided courtesy of Jeff Cook Real Estate LPT Realty
59 Photos 518 Shem Butler Court Charleston, SC 29414

518 Shem Butler Court
Charleston, SC 29414
Schieveling Plantation
Residential

MLS# 24015271 / Active
3 br, 2 ba, 1 Half Bath, 2448 Sqft

Welcome to 518 Shem Butler Court, a charming residence nestled in the convenient West Ashley neighborhood of Schieveling Plantation. This beautiful... 

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$575,000
Provided courtesy of Marshall Walker Real Estate
33 Photos 700 Daniel Ellis Drive UNIT #7303 Charleston, SC 29412

700 Daniel Ellis Drive UNIT #7303
Charleston, SC 29412
The Peninsula Condominiums
Residential

MLS# 24015270 / Active
1 br, 1 ba, 691 Sqft

Welcome to the Peninsula on James Island, where convenience meets comfort in this stunning third-floor condo. Embrace a low-maintenance lifestyle w... 

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$215,000
Provided courtesy of Matt O'Neill Real Estate
35 Photos 35 W 9th Street Ext Folly Beach, SC 29439

35 W 9th Street Ext
Folly Beach, SC 29439
Folly Beach
Residential

MLS# 24015265 / Active
3 br, 4 ba, 3700 Sqft

Proposed New ConstructionWelcome to your dream coastal retreat at iconic Folly Beach! Nestled on the quiet west end of Folly and on a pristine .56 ... 

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$3,400,000
Provided courtesy of Carolina One Real Estate Folly Beach
14 Photos 2 McDonough Road UNIT C-12 Folly Beach, SC 29439

2 McDonough Road UNIT C-12
Folly Beach, SC 29439
Mariners Cay
Residential

MLS# 24015264 / Active
n/a br, n/a ba, n/a Sqft

Slip C-12 has a 30' dock and accommodates a 33' boat. The marina has electrical, water, a full time dock master, showers, restrooms and private par... 

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$32,500
Provided courtesy of Carolina One Real Estate Folly Beach
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