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.

 

Modify Search Criteria
Displaying results 1-21 of 2657
26 Photos 107 Hawthorne Landing Drive Goose Creek, SC 29445

107 Hawthorne Landing Drive
Goose Creek, SC 29445
Hawthorne Landing
Residential

MLS# 24004876 / Active
3 br, 2 ba, 1 Half Bath, 1987 Sqft

Welcome to this stunning, fully furnished model home that has been professionally designed with impeccable taste. Step inside and be greeted by an ... 

More Details

$449,900
Provided courtesy of Toll Brothers Real Estate, Inc
6 Photos 350 Bering Lane Summerville, SC 29486

350 Bering Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24004871 / Active
4 br, 2 ba, 1339 Sqft

Located within desirable The Meridian of Cane Bay Plantation. Everything you're looking for is in this neighborhood. Meridian offers a neighborhood... 

More Details

$380,000
Provided courtesy of Carolina Elite Real Estate
45 Photos 175 Darby Meadows Lane Ridgeville, SC 29472

175 Darby Meadows Lane
Ridgeville, SC 29472
Timothy Lakes
Residential

MLS# 24004868 / Active
3 br, 2 ba, 1 Half Bath, 2325 Sqft

This beautiful home nestled on .33 acres in Timothy Lakes featuring a stunning back yard complete with privacy fence is like new! Just purchased la... 

More Details

$459,000
Provided courtesy of Carolina One Real Estate
75 Photos 383 Tupelo Lake Drive Summerville, SC 29486

383 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24004865 / Active
3 br, 3 ba, 1 Half Bath, 3463 Sqft

Heading into a cul-de-sac, and offering picturesque views of the community's 300-acre lake, this San Sebastian Loft provides a serene backdrop and ... 

More Details

$925,000
Provided courtesy of Carolina Elite Real Estate
34 Photos 1602 Bernier Cmns Johns Island, SC 29455

1602 Bernier Cmns
Johns Island, SC 29455
Rushland Plantation
Residential

MLS# 24004860 / Active
4 br, 3 ba, 1 Half Bath, 3096 Sqft

Welcome to this custom built Stono River front home on the intracoastal waterway with a community deep water access dock! Located on a private lot ... 

More Details

$2,450,000
Provided courtesy of ERA Wilder Realty
23 Photos 104 Ashdown Drive Summerville, SC 29483

104 Ashdown Drive
Summerville, SC 29483
Ashley Hills
Residential

MLS# 24004857 / Active
3 br, 1 ba, 1039 Sqft

Brick ranch home on large corner lot with huge back yard waiting your firepit and personal gardening touch. Inside you'll find 3 bedrooms, new luxu... 

More Details

$239,000
Provided courtesy of Brand Name Real Estate
25 Photos 118 Five Iron Circle Summerville, SC 29483

118 Five Iron Circle
Summerville, SC 29483
Corey Woods
Residential

MLS# 24004854 / Active
3 br, 2 ba, 1441 Sqft

Well hello Gorgeous, this home is checking all the right boxes. You will immediately find that you are attracted to the curb appeal of this stunnin... 

More Details

$360,000
Provided courtesy of A & A Realty & Co, LLC
34 Photos 407 Beverly Drive Summerville, SC 29485

407 Beverly Drive
Summerville, SC 29485
Bridges Of Summerville
Residential

MLS# 24004851 / Active
3 br, 2 ba, 1287 Sqft

Nestled in the desirable Bridges of Summerville community, this charming 3 bedroom, 2 bath home offers a perfect blend of comfort and style. Step t... 

More Details

$290,000
Provided courtesy of Keller Williams Realty Charleston
46 Photos 2335 Vanderbilt Drive Charleston, SC 29414

2335 Vanderbilt Drive
Charleston, SC 29414
Drayton On The Ashley
Residential

MLS# 24004850 / Active
3 br, 2 ba, 1545 Sqft

Welcome to 2335 Vanderbilt Drive! This spacious 3-bed, 2-bath brick ranch in Drayton on the Ashley showcases an abundance of hardwood floors and is... 

More Details

$475,000
Provided courtesy of Carolina One Real Estate
42 Photos 2171 Medway Road Charleston, SC 29412

2171 Medway Road
Charleston, SC 29412
Riverland Terrace
Residential

MLS# 24004846 / Active
3 br, 2 ba, 1560 Sqft

Absolutely stunning cottage in equally stunning Riverland Terrace. A Top to bottom renovation with a primary bath addition with all high end finish... 

More Details

$935,000
Provided courtesy of Carolina One Real Estate
49 Photos 2401 Georgia Guard Drive Johns Island, SC 29455

2401 Georgia Guard Drive
Johns Island, SC 29455
Stonoview
Residential

MLS# 24004844 / Active
5 br, 4 ba, 1 Half Bath, 3200 Sqft

Welcome to the Stonoview neighborhood located on the Stono River. Hop on your golf cart for a short ride to the community's deep water dock. This h... 

More Details

$1,050,000
Provided courtesy of Brand Name Real Estate
29 Photos 937 N Palmetto Street Summerville, SC 29483

937 N Palmetto Street
Summerville, SC 29483
Palmetto Park
Residential

MLS# 24004843 / Active
3 br, 1 ba, 1 Half Bath, 1281 Sqft

Welcome to your next Home Sweet Home!! Nestled within an established community with mature trees, this is your rare opportunity to own a home where... 

More Details

$275,000
Provided courtesy of Carolina One Real Estate
33 Photos 2390 Cambridge Avenue North Charleston, SC 29405

2390 Cambridge Avenue
North Charleston, SC 29405
Dorchester Terrace
Residential

MLS# 24004833 / Active
3 br, 1 ba, 1 Half Bath, 998 Sqft

ATTENTION INVESTORS!! Unique opportunity to purchase two separate dwellings on the same property! Rent one out and live in the other. The main home... 

More Details

$225,000
Provided courtesy of RE/MAX FullSail, LLC
27 Photos 5588 Gallatin Lane North Charleston, SC 29420

5588 Gallatin Lane
North Charleston, SC 29420
Whitehall
Residential

MLS# 24004830 / Active
4 br, 3 ba, 1784 Sqft

Welcome home to this charming property with a natural color palette throughout, highlighting the beautiful backsplash in the kitchen. The home offe... 

More Details

$411,000
Provided courtesy of Opendoor Brokerage, LLC
31 Photos 5 Cantona Drive Summerville, SC 29483

5 Cantona Drive
Summerville, SC 29483
Residential

MLS# 24004829 / Active
3 br, 2 ba, 1 Half Bath, 1906 Sqft

FEBRUARY INCENTIVE: $10,000 OFF $30,000 IN OPTIONS FOR 1ST 3 BUYERS!! also receive $5,000 in closing cost assistance with the use of Seller's Prefe... 

More Details

$373,990
Provided courtesy of Crescent Homes Realty LLC
14 Photos 9 Cantona Drive Summerville, SC 29483

9 Cantona Drive
Summerville, SC 29483
Residential

MLS# 24004826 / Active
4 br, 3 ba, 1 Half Bath, 2474 Sqft

FEBRUARY INCENTIVES: $10,000 off $30,000 in options for the first 3 buyers. Also, receive $5000 in closing cost assistance. See sales consultant fo... 

More Details

$398,990
Provided courtesy of Crescent Homes Realty LLC
42 Photos 1620 Eider Down Drive Summerville, SC 29483

1620 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential

MLS# 24004825 / Active
3 br, 2 ba, 1 Half Bath, 2043 Sqft

One of the least expensive options in this part of Summerville! Discover your dream home in this stunning two-story gem nestled within the highly s... 

More Details

$329,900
Provided courtesy of Keller Williams Realty Charleston West Ashley
1 Photos 108 Atlanta Road Ladson, SC 29456

108 Atlanta Road
Ladson, SC 29456
College Park
Residential

MLS# 24004823 / Active
3 br, 1 ba, 1175 Sqft

This is a PHENOMENAL opportunity. No HOA, NEW ROOF, new shower, large lot, and a cozy brick ranch, and under 270,000? what more could you want! Com... 

More Details

$265,000
Provided courtesy of Carolina One Real Estate
15 Photos 250 Spectrum Road Summerville, SC 29486

250 Spectrum Road
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24004820 / Active
4 br, 2 ba, 1 Half Bath, 2976 Sqft

Located in a desirable neighborhood, this home offers easy access to schools, parks, shopping, dining, and major transportation routes. With meticu... 

More Details

$475,000
Provided courtesy of Entera Realty LLC
54 Photos 112 Ponderosa Rd Summerville, SC 29483

112 Ponderosa Rd
Summerville, SC 29483
Greenwood Ranches
Residential

MLS# 24004818 / Active
4 br, 2 ba, 1900 Sqft

This inviting ranch home is nestled on a large 1.41-acre lot in a quiet neighborhood, with no HOA! It's also located in the desirable Dorchester II... 

More Details

$610,000
Provided courtesy of Jeff Cook Real Estate LPT Realty
44 Photos 1 King Street UNIT #104 Charleston, SC 29401

1 King Street UNIT #104
Charleston, SC 29401
Fort Sumter House
Residential

MLS# 24004816 / Active
1 br, 2 ba, 1124 Sqft

Welcome to 1 King St~ The Fort Sumter House~ which was formerly Charleston's First Waterfront Hotel. Step into Unit 104 and you will quickly discov... 

More Details

$1,150,000
Provided courtesy of Carolina One Real Estate
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 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 02-27-2024 11:02 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.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 02-27-2024 11:02 AM EST est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.


This real estate website and IDX data is hosted by Dynamic IDX, LLC (843.637.2411)

Nat Wallen’s Charleston videos attract more customers.


Sell your home with the market leader.

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
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