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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1716 Bowline Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019431 / Active
Morning Golf. Afternoon Boating. Sunset by the Fire.Welcome to Waterfront Living at Its Finest.Set on 1.5 private acres along the deep waters of th...
1083 Wayfarer Lane
Charleston, SC 29412
Bayview Farms
Residential
MLS# 26019430 / Active
Enjoy this well kept home in beautiful and desirable Bayview Farms . The living room dining room combination has vaulted ceilings and a fireplace ....
1102 Huger Street
Moncks Corner, SC 29461
Limerick Woods
Residential
MLS# 26019428 / Active
Well maintained home located in the heart of Moncks Corner with no HOA! Featuring an open floor plan with vaulted living room ceilings making the a...
5340 Sumters Run
North Charleston, SC 29418
River Chase
Residential
MLS# 26019427 / Active
Welcome to 5340 Sumters Run, Brand-new custom luxury ranch! Jaw-dropping curb appeal welcomes you with premium front stone siding. Inside, a sun-dr...
623 Barn Road
Bonneau, SC 29431
Bonneau Estates
Residential
MLS# 26019426 / Active
Welcome to 623 Barn Road in Bonneau, a beautifully updated 4-bedroom, 2-bath home offering the perfect blend of modern comfort and laid-back Lowcou...
106 Lucia Street
Charleston, SC 29492
Codners Ferry Park
Residential
MLS# 26019424 / Active
Experience timeless Lowcountry charm the moment you arrive - a welcoming wraparound front porch and picturesque English garden with custom brick ma...
284 Spencer Circle
Summerville, SC 29485
Shady Oaks
Residential
MLS# 26019420 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located in the Shady Oaks community of Summerville, this e...
114 Poplar Circle
Summerville, SC 29483
Carl Knight II
Residential
MLS# 26019418 / Active
Discover this contemporary home on just over an acre of wooded land with no HOA in desirable West Summerville. Built in 1984, the property offers p...
1980 Minott Street
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 26019416 / Active
Classic Riverland Terrace charm meets exceptional Lowcountry waterfront lifestyle at 1980 Minott. Canopied beneath magnificent live oaks on a gener...
1119 Island View Drive
Mount Pleasant, SC 29464
Harborgate Shores
Residential
MLS# 26019415 / Active
Welcome to 1119 Island View Dr, a beautifully maintained home located on a corner lot in one of South Mount Pleasant`s most desirable communities w...
2842 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019414 / Active
Welcome to 2842 Maritime Forest! This newer construction custom home offers a blend of luxury, comfort, and exclusivity in one of the most sought-a...
140 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019413 / Active
Welcome to 140 Blue Jasmine Lane! Located in the Scotts Mill neighborhood, this turnkey 3-bedroom, 2.5-bathroom home is completely move-in ready. T...
3000 Southern Pines Lane UNIT #242
Kiawah Island, SC 29455
Residential
MLS# 26019412 / Active
Exciting opportunity to own a 1/9th interest at Timbers Kiawah Ocean Club & Residences. This luxury appointed 3 bedroom/3.5 bathroom residence offe...
139 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019411 / Active
Welcome home to 139 Lucca Dr. located in highly desirable Cane Bay Neighborhood. Conveniently located in Woodwinds subsection. Why wait for new con...
349 Decatur Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019409 / Active
Welcome to 349 Decatur Drive, a beautifully maintained 4-bedroom, 2.5-bath home nestled in the highly sought-after Old Rice Retreat at Cane Bay.Fro...
147 Golf View Lane
Summerville, SC 29485
Highlands Of Legend Oaks
Residential
MLS# 26019407 / Active
Welcome home to Lowcountry living at its absolute finest! Nestled within the highly desirable Highlands of Legend Oaks Plantation, this beautifully...
4946 Date Palm Drive
North Charleston, SC 29418
Lake Palmetto
Residential
MLS# 26019402 / Active
Welcome home to 4946 Date Palm Drive, a beautifully maintained 2-bedroom, 2-bath townhome offering the perfect blend of comfort, convenience, and l...
1828 Gun Club Road
Charleston, SC 29414
Forest Lakes
Residential
Property being sold AS-IS. This home offers the opportunity to update as you see fit. The kitchen and bathrooms have been updated. Large sunroom on...
307 Umbria Drive
Summerville, SC 29486
Okatee
Residential
MLS# 26019400 / Active
Adorable brick home nestled on a cul-de-sac in an established Summerville neighborhood. Walk into the open living room, which flows right into the ...
1937 Gammon Street
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019398 / Active
Nestled in the highly sought-after Carolina Bay community in West Ashley, this beautifully maintained home offers the perfect combination of Lowcou...
866 Rue Drive
Charleston, SC 29414
Grand Oaks Townhomes
Residential
MLS# 26019397 / Active
Yes, it`s attached housing. But attached to what? Not to your neighbors. More to your life. Morning coffee on the screened porch. Deer grazing acro...
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