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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15 Photos 6256 Brandt Street UNIT 52-C North Charleston, SC 29406

6256 Brandt Street UNIT 52-C
North Charleston, SC 29406
The Riverway At Aichele Terrace
Residential

MLS# 23022680 / Active
2 br, 1 ba, 1 Half Bath, 1066 Sqft

Attention first-time buyers and savvy investors! Discover a prime opportunity just off Rivers Avenue. Enjoy the convenience of Trident Technical Co... 

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$175,000
Provided courtesy of Changing Lives Forever Home Solutions
12 Photos 459 Race Street Charleston, SC 29403

459 Race Street
Charleston, SC 29403
Westside
Residential

MLS# 23022679 / Active
3 br, 1 ba, 975 Sqft

Selling both tax map #4600702115 with tax map #4600702116. Zoned DR-2F. Main property in front, cottage in the back. Driveway currently fits 2 c... 

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$1,200,000
Provided courtesy of AgentOwned Realty Preferred Group
13 Photos 1010 Fitzgerald Court Summerville, SC 29485

1010 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential

MLS# 23022678 / Active
3 br, 2 ba, 1430 Sqft

*Completed in November!*The Palmetto is a cozy single-story home that features an open layout in the kitchen, white cabinets, subway tile backsplas... 

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$338,670
Provided courtesy of Lennar Carolinas, LLC
22 Photos 2494 Etiwan Avenue UNIT 7-I Charleston, SC 29414

2494 Etiwan Avenue UNIT 7-I
Charleston, SC 29414
Melrose Park Townhomes
Residential

MLS# 23022676 / Active
1 br, 1 ba, 662 Sqft

Come take a look at this 1 bedroom condo that is conveniently located off of Savannah Hwy. close to I-526. This rare find has smooth ceilings, tile... 

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$167,000
Provided courtesy of Carolina One Real Estate
38 Photos 1070 Northbridge Drive Charleston, SC 29407

1070 Northbridge Drive
Charleston, SC 29407
Northbridge Terrace
Residential

MLS# 23022675 / Active
4 br, 3 ba, 2200 Sqft

Welcome to this fully renovated home in the heart of Northbridge Terrace, one of West Ashley's most sought-after neighborhoods! Conveniently locate... 

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$815,000
Provided courtesy of The Exchange Company, LLC
36 Photos 1404 Oaklanding Road Mount Pleasant, SC 29464

1404 Oaklanding Road
Mount Pleasant, SC 29464
Oakhaven Plantation
Residential

MLS# 23022672 / Active
3 br, 2 ba, 1 Half Bath, 1585 Sqft

Classic move in ready home in established south Mt Pleasant neighborhood. Situated on a corner lot with 6 grand oaks give this traditional looking... 

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$809,000
Provided courtesy of The Exchange Company, LLC
38 Photos 89 Creekside Drive Summerville, SC 29485

89 Creekside Drive
Summerville, SC 29485
Bridges Of Summerville
Residential

MLS# 23022671 / Active
3 br, 3 ba, 1773 Sqft

Welcome to this stunning 2-story home, located in the desirable Bridges of Summerville subdivision. This gorgeous property is situated close to sho... 

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$375,000
Provided courtesy of Brand Name Real Estate
36 Photos 200 River Landing Drive UNIT D307 Charleston, SC 29492

200 River Landing Drive UNIT D307
Charleston, SC 29492
200 River Landing Dr
Residential

MLS# 23022670 / Active
2 br, 2 ba, 1210 Sqft

Welcome to Daniel Island life. This is a 3rd floor, 2 bedroom and 2 full bath balcony condo with a view of the pond. This is an easy living unit w... 

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$590,000
Provided courtesy of Brand Name Real Estate
19 Photos 5808 Sedgefield Drive Hanahan, SC 29410

5808 Sedgefield Drive
Hanahan, SC 29410
Yeamans Park
Residential

MLS# 23022668 / Active
4 br, 2 ba, 2014 Sqft

Welcome home to this newly renovated 4 bedroom/2 bath Hanahan gem! A lovely front yard with freshly painted exterior is just the start to the many... 

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$425,000
Provided courtesy of Maven Realty
53 Photos 218 Cypress Preserve Boulevard Goose Creek, SC 29445

218 Cypress Preserve Boulevard
Goose Creek, SC 29445
Cypress Preserve
Residential

MLS# 23022666 / Active
5 br, 3 ba, 1 Half Bath, 3505 Sqft

Welcome to your new home. This beautiful home has a foyer that leads to french doors for the study in the front of the home. The dining room is ope... 

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$455,000
Provided courtesy of Brand Name Real Estate
24 Photos 2813 Ranger Drive North Charleston, SC 29405

2813 Ranger Drive
North Charleston, SC 29405
Waylyn
Residential

MLS# 23022665 / Active
2 br, 1 ba, 900 Sqft

Welcome to 2813 Ranger Drive! This charming Charleston bungalow has recently undergone a complete renovation and features 2-bedrooms and 1-bathroom... 

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$257,500
Provided courtesy of RE/MAX FullSail, LLC
28 Photos 401 Tammie Avenue Goose Creek, SC 29445

401 Tammie Avenue
Goose Creek, SC 29445
Boulder Bluff
Residential

MLS# 23022663 / Active
4 br, 2 ba, 1275 Sqft

Welcome home to 401 Tammie Avenue! This fully updated home in Goose Creek features 4-bedrooms and 2-bathrooms and is move in ready! The owners have... 

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$275,000
Provided courtesy of RE/MAX FullSail, LLC
30 Photos 106 Fripp Lane Summerville, SC 29483

106 Fripp Lane
Summerville, SC 29483
Palmetto Park
Residential

MLS# 23022662 / Active
4 br, 2 ba, 1498 Sqft

Adorable turn-key brick ranch home centrally located to everything Summerville has to offer! This 4 bed 2 bath home showcases a fabulous floor plan... 

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$335,000
Provided courtesy of ERA Wilder Realty
40 Photos
Open House: Sat Oct 7th, 10:00am - 12:00pm
137 Ryan Drive Goose Creek, SC 29445

137 Ryan Drive
Goose Creek, SC 29445
Ryan Creek
Residential

MLS# 23022661 / Active
3 br, 2 ba, 1405 Sqft

NO HOA! Brick front home on over a quarter acre homesite just listed in Ryan Creek with 3 bedrooms, 2 bathrooms, brand new LVP flooring throughout,... 

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$332,500
Provided courtesy of Brand Name Real Estate
31 Photos 105 Deerpath Trail Summerville, SC 29486

105 Deerpath Trail
Summerville, SC 29486
Felder Creek
Residential

MLS# 23022660 / Active
3 br, 2 ba, 1 Half Bath, 1698 Sqft

Immaculately Clean with Tons of Upgrades and Updates. Freshly Painted All Interior Walls and Ceilings, Brand New LVP Flooring Downstairs, and New C... 

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$315,000
Provided courtesy of Carolina One Real Estate
14 Photos 1816 Redwood Street North Charleston, SC 29405

1816 Redwood Street
North Charleston, SC 29405
Chicora Place
Residential

MLS# 23022658 / Active
3 br, 1 ba, 800 Sqft

Welcome home to 1816 Redwood Street! This fully updated three bedroom, one bath home is central to both downtown and Park Circle, just under 3 mile... 

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$245,000
Provided courtesy of The Boulevard Company, LLC
29 Photos
Open House: Sat Oct 7th, 1:00pm - 3:00pm
4406 N Shirley Drive North Charleston, SC 29418

4406 N Shirley Drive
North Charleston, SC 29418
Ashley Villas
Residential

MLS# 23022657 / Active
3 br, 2 ba, 1762 Sqft

Welcome home to 4406 N Shirley Drive! You will be blown away by this complete ''studs out'' renovation and will not see fit and finish like this an... 

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$335,000
Provided courtesy of The Boulevard Company, LLC
30 Photos
Open House: Sat Oct 7th, 11:00am - 1:00pm
195 W Pine Street Summerville, SC 29485

195 W Pine Street
Summerville, SC 29485
Lincolnville
Residential

MLS# 23022654 / Active
3 br, 2 ba, 1437 Sqft

This stunning 3-bedroom, 2-bathroom 1-story home is built with attention to detail and quality construction standards, ensuring durability and long... 

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$310,000
Provided courtesy of EXP Realty LLC
34 Photos 4075 Cedars Parkway UNIT C North Charleston, SC 29420

4075 Cedars Parkway UNIT C
North Charleston, SC 29420
The Cedars
Residential

MLS# 23022653 / Active
3 br, 1 ba, 1 Half Bath, 1266 Sqft

Hurry before its gone!! This magnificent townhome is located within the Windsor Hill subdivision, in Dorchester County. The townhome offers a spa... 

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$182,500
Provided courtesy of RE/MAX Pro Realty
14 Photos 1005 Whelks Way Summerville, SC 29485

1005 Whelks Way
Summerville, SC 29485
Summers Corner
Residential

MLS# 23022651 / Active
5 br, 3 ba, 1 Half Bath, 3044 Sqft

Home estimated to be complete in Feb 2024! The Franklin is a spacious home ready for an active lifestyle. The downstairs features a study to the le... 

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$475,785
Provided courtesy of The Boulevard Company, LLC
13 Photos 1010 Fitzgerald Court Summerville, SC 29485

1010 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential

MLS# 23022649 / Active
3 br, 2 ba, 1430 Sqft

Completed in November! The Palmetto is a cozy single-story home that features an open layout in the kitchen, white cabinets, subway tile backsplash... 

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$338,670
Provided courtesy of The Boulevard Company, LLC
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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 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 10-04-2023 12:04 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 2023 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
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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