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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22 Photos 136 Netherfield Drive Summerville, SC 29486

136 Netherfield Drive
Summerville, SC 29486
Carriage Lane
Residential

MLS# 19008643 / Active
4 br, 2 ba, 1 Half Bath, 2271 Sqft

*** SHORTSALE***This home is on QUIET CUL-DE-SAC with HUGE Corner lot and fully FENCED back yard in SUMMERVILLE. The the home boasts 4 bedrooms an... 

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$219,999
Reduced -$20,000
Provided courtesy of Brand Name Real Estate
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

** NEW PRICING ** THIS UNIT/BUILDING HAS MARSH VIEWS SO MAKE SURE TO PAY ATTENTION CLOSELY! ESPECIALLY WITH OUR ATTRACTIVE ASKING PRICE! IT'S AN ... 

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$240,000
Reduced -$10,000
Provided courtesy of Fred Holland Realty
60 Photos 1906 Park Rd Moncks Corner, SC 29461

1906 Park Rd
Moncks Corner, SC 29461
Pimlico
Residential

MLS# 19005531 / Active
6 br, 4 ba, 4695 Sqft

**Amazing opportunity** This unique 6 bedroom, 4 bathroom home is nestled on a large 0.76-acre lot in the quiet and historic neighborhood of Pimli... 

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$500,000
Provided courtesy of Jeff Cook Real Estate LLC
1 Photos 113 Bradd Street Summerville, SC 29483

113 Bradd Street
Summerville, SC 29483
Corey Woods
Residential

MLS# 19004995 / Active
4 br, 3 ba, 1938 Sqft

This home is in a great location! Close to Dorchester 2 schools, shopping and more! It is an as is sale, short sale so it will take some time to cl... 

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$175,000
Provided courtesy of AgentOwned Premiere Group
23 Photos 2229 Asheford Drive Charleston, SC 29414

2229 Asheford Drive
Charleston, SC 29414
Asheford Place At Canterbury Woods
Residential

MLS# 19000986 / Active
3 br, 2 ba, 1282 Sqft

Located in Canterbury Woods, you will be close to schools, shopping, and restaurants! Walking in you are greeted by hardwood floors, vaulted ceilin... 

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$210,000
Reduced -$20,000
Provided courtesy of RE/MAX Alliance
1 Photos 710 Rutledge Avenue Charleston, SC 29403

710 Rutledge Avenue
Charleston, SC 29403
Residential

MLS# 18028655 / Active
4 br, 1 ba, 1 Half Bath, 1800 Sqft

Prime Location! Dowtown Charleston minutes from MUSC, Roper,The Citadel, Hampton Park, shopping, and the beaches. Home needs some work but has a l... 

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$380,000
Reduced -$20,000
Provided courtesy of AgentOwned Premiere Group
23 Photos 5886 Ryans Bluff Road North Charleston, SC 29418

5886 Ryans Bluff Road
North Charleston, SC 29418
Covington Hills
Residential

MLS# 18027738 / Active
3 br, 3 ba, 3312 Sqft

3 bedroom, 3 bathroom, 1 story home. Spacious eat-in kitchen with breakfast bar, walk-in pantry and wet bar. LARGE formal dining room and family... 

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$250,000
Reduced -$15,000
Provided courtesy of Carolina One Real Estate
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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$359,000
Reduced -$10,000
Provided courtesy of Coldwell Banker Residential Brokerage
56 Photos 7660 Blue House Lane Edisto Island, SC 29438

7660 Blue House Lane
Edisto Island, SC 29438
Blue House Plantation
Residential

MLS# 18025471 / Active
6 br, 3 ba, 2901 Sqft

The Islands at Blue House - exquisite, ever changing views of wildlife, the creek, marsh,& N. Edisto from your classic lowcountry home nestled in a... 

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$699,000
Reduced -$20,000
Provided courtesy of Edisto Sales & Rentals Realty
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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$310,000
Reduced -$5,000
Provided courtesy of Carolina One Real Estate
1 Photos 2465 The Haul Over Johns Island, SC 29455

2465 The Haul Over
Johns Island, SC 29455
Seabrook Island
Residential

MLS# 18018610 / Active
3 br, 2 ba, 1 Half Bath, 2514 Sqft

Easy to show! Home needs updates, but in a great location in Seabrook Island. Back porch looks over an Egret estuary and has views of the golf cour... 

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$465,000
Reduced -$30,000
Provided courtesy of Harbins Two, Inc
31 Photos 5208 Mulholland Drive Summerville, SC 29485

5208 Mulholland Drive
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 18017321 / Active
4 br, 2 ba, 1 Half Bath, 2370 Sqft

***APPROVED SHORT SALE PRICE***Priced $20k under recent appraisal!! Great home in the desirable Birkdale subsection of Wescott Plantation. As you e... 

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$255,000
Increase +$10,000
Provided courtesy of Keller Williams Realty Charleston
4 Photos 2945 Cathedral Lane Charleston, SC 29414

2945 Cathedral Lane
Charleston, SC 29414
Old Towne Villas
Residential

MLS# 18013825 / Active
3 br, 2 ba, 1 Half Bath, 2089 Sqft

End unit Townhome located just off of the golf course. Home is conveniently located near hospitals, West Ashley High School, restaurants, grocery s... 

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$185,000
Reduced -$10,000
Provided courtesy of Harbins Two, Inc
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

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

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$550,000
Reduced -$12,000
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 04-25-2019 7:04 PM 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 04-25-2019 7:04 PM EST est.

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