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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32 Photos 163 Hickory Ridge Way Summerville, SC 29483

163 Hickory Ridge Way
Summerville, SC 29483
Hickory Ridge
Residential

MLS# 19022904 / Active
5 br, 2 ba, 1 Half Bath, 2658 Sqft

** NOW AVAILABLE *** GORGEOUS TURNKEY ONE OWNER HOME IN A HIGH DEMAND AREA AND PRICED TO SELL! OPPORTUNITIES LIKE THIS DONT COME AROUND OFTEN! *** ... 

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$270,000
Provided courtesy of Fred Holland Realty
106 Photos 2356 Darts Cove Way Mount Pleasant, SC 29466

2356 Darts Cove Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 19022737 / Active
6 br, 5 ba, 2 Half Bath, 6417 Sqft

** LUXURIOUS HOME DESIGNED FOR INDOOR/OUTDOOR ENTERTAINMENT ON PRIME LOT IN DUNES WEST. ** WATER VIEWS OF WAGNER CREEK FROM NEARLY EVERY ROOM WITH ... 

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$1,475,000
Provided courtesy of Carolina One Real Estate
38 Photos 43 Morgans Cove Drive Isle Of Palms, SC 29451

43 Morgans Cove Drive
Isle Of Palms, SC 29451
Wild Dunes
Residential

MLS# 19013184 / Active
4 br, 3 ba, 1 Half Bath, 2476 Sqft

This is a SHORT SALE lender approved price. What an opportunity! This 4 Bedroom, 3 1/2 Bath home, located in the much desired area of Wild Dunes o... 

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$760,000
Reduced -$4,900
Provided courtesy of Century 21 Expert Advisors
23 Photos 130 River Landing Drive Charleston, SC 29492

130 River Landing Drive
Charleston, SC 29492
Daniels Landing
Residential

MLS# 19008124 / Active
2 br, 2 ba, 1291 Sqft

* BANK APPROVED PRICE OF $210,000 *THIS UNIT/BUILDING HAS MARSH VIEWS SO MAKE SURE TO PAY ATTENTION CLOSELY! ESPECIALLY WITH OUR ATTRACTIVE ASKING ... 

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$210,000
Reduced -$30,000
Provided courtesy of Fred Holland Realty
17 Photos 164 Palm Cove Way Mount Pleasant, SC 29466

164 Palm Cove Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 18027640 / Active
2 br, 2 ba, 1 Half Bath, 2175 Sqft

This exquisitely upgraded townhome, located in the exclusive Dunes West gated community has MARSH VIEWS from nearly every window making it a privat... 

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$329,000
Reduced -$10,000
Provided courtesy of Coldwell Banker Residential Brokerage
35 Photos 1704 Hopeman Lane Mount Pleasant, SC 29466

1704 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential

MLS# 18022328 / Active
2 br, 2 ba, 1 Half Bath, 1920 Sqft

This is a Short Sale, subject to 3rd party approval and being sold ''As Is''. Home is no longer staged; however, it is a beautiful townhome tucked ... 

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$295,000
Reduced -$15,000
Provided courtesy of Carolina One Real Estate
30 Photos 5804 Palmetto Drive Isle Of Palms, SC 29451

5804 Palmetto Drive
Isle Of Palms, SC 29451
Wild Dunes
Residential

MLS# 16012207 / Active
2 br, 2 ba, 1231 Sqft

POSSIBLE SHORT SALE! !!!FURNISHED END UNIT WITH GREAT RENTAL HISTORY. THERE IS A WRAP AROUND PRIVATE BALCONY THAT HAS VIEWS OF THE POND AND COURTY... 

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$465,000
Reduced -$10,000
Provided courtesy of Carroll Realty
Residential, Land, Other Disclaimer:

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 Carolina One Real Estate 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 08-21-2019 7:08 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 2019 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2019 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 08-21-2019 7:08 AM EST est.

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