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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7 Photos 837 Redbud Lane Summerville, SC 29486

837 Redbud Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 20002183 / Active
3 br, 2 ba, 1 Half Bath, 1640 Sqft

Well-maintained home in Lindera Preserve. Like new! Home features upgraded cabinets, stainless steel appliances, vaulted ceilings. Deluxe owner's... 

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$245,000
Provided courtesy of Exit Realty Lowcountry Group
6 Photos 247 Grand Oaks Drive Ladson, SC 29456

247 Grand Oaks Drive
Ladson, SC 29456
Grand Oaks Preserve
Residential

MLS# 20001955 / Active
3 br, 2 ba, 1 Half Bath, 1685 Sqft

SHORT SALE OPPORTUNITY!!! QUIET AREA AND LOTS OF ROOM IN THIS TOWNHOUSE. SHORT WALK TO POOL AND TO ENJOY THE DAY OUT WALKING IN THE NEIGHBORHOOD. ... 

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$126,500
Provided courtesy of Metro Realty Group LLC
37 Photos 1694 Wayah Drive Charleston, SC 29414

1694 Wayah Drive
Charleston, SC 29414
Providence Commons
Residential

MLS# 20001662 / Active
4 br, 3 ba, 2362 Sqft

This home is located on a quiet street in the highly desired Providence Commons Subdivision. Step into the home from the covered front porch and no... 

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$265,000
Provided courtesy of BHHS Southern Coast Real Estate
25 Photos 137 Lindera Preserve Boulevard Summerville, SC 29483

137 Lindera Preserve Boulevard
Summerville, SC 29483
Cane Bay Plantation
Residential

MLS# 20001194 / Active
4 br, 3 ba, 3565 Sqft

This gorgeous home has the ''Everything Included'' feel. It's located on a great homesite with a pond view. Step inside to a wide foyer, a front b... 

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$345,841
Provided courtesy of Realty One Group Coastal
1 Photos 11 Reid Street Charleston, SC 29403

11 Reid Street
Charleston, SC 29403
Eastside
Residential

MLS# 20000767 / Active
5 br, 3 ba, 2108 Sqft

Possible Short Sale!! Ready for its next owner!! Great Downtown Charleston home just off Easy Bay St. Come See!! 

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$350,000
Provided courtesy of Keller Williams Realty Charleston
25 Photos 453 Foxbank Plantation Boulevard Moncks Corner, SC 29461

453 Foxbank Plantation Boulevard
Moncks Corner, SC 29461
Foxbank Plantation
Residential

MLS# 20000360 / Active
3 br, 2 ba, 1 Half Bath, 2016 Sqft

This 3 bedroom/2.5 bathroom home is a great opportunity in desirable Foxbank Plantation. Upon entering, you will notice the open concept living spa... 

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$260,000
Provided courtesy of Palm Realty Group, llc
15 Photos 247 3-A Stefan Drive Charleston, SC 29412

247 3-A Stefan Drive
Charleston, SC 29412
Riverland Place
Residential

MLS# 19032868 / Active
2 br, 1 ba, 1 Half Bath, 1020 Sqft

 

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$185,000
Provided courtesy of Marshland Realty
15 Photos 120 Longford Drive Summerville, SC 29483

120 Longford Drive
Summerville, SC 29483
Wentworth Hall
Residential

MLS# 19032400 / Active
3 br, 2 ba, 1 Half Bath, 1720 Sqft

This charming gem is nestled in Wentworth Hall and waiting for you to call home if you are looking for an affordable home located in Dorchester Dis... 

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$220,000
Provided courtesy of Keller Williams Realty Charleston
10 Photos 1232 Chicorie Way Charleston, SC 29412

1232 Chicorie Way
Charleston, SC 29412
Quail Run
Residential

MLS# 19028785 / Active
3 br, 2 ba, 1236 Sqft

Own a home in Quail Run in James Island! Lots of potential in this 3 bedroom home with separate dining, kitchen and family room. New roof 2015. T... 

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$275,000
Reduced -$12,000
Provided courtesy of Charleston Homes
45 Photos 100 Wachovia Court Summerville, SC 29485

100 Wachovia Court
Summerville, SC 29485
Ashley Forest
Residential

MLS# 19028040 / Active
5 br, 4 ba, 3197 Sqft

This custom built brick home is located in Ashley Forest neighborhood. Ashley Forest is conveniently located between Dorchester Road and Bacons Br... 

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$426,000
Reduced -$14,000
Provided courtesy of Brand Name Real Estate
22 Photos 8612 Woodland Walk North Charleston, SC 29420

8612 Woodland Walk
North Charleston, SC 29420
Coosaw Creek Country Club
Residential

MLS# 19024706 / Active
3 br, 2 ba, 1 Half Bath, 2300 Sqft

Lovely home in Coosaw Creek that needs some updating but what canvas to work with. Step onto the front porch and you come to a large full glass w... 

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$324,500
Reduced -$10,400
Provided courtesy of AgentOwned Realty Co. Premier Group, Inc.
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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$1,295,000
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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$310,500
Reduced -$10,000
Provided courtesy of Coldwell Banker Residential Brokerage
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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 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 01-26-2020 9:00 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 2020 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
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