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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1025 Laurel Oaks Drive
Summerville, SC 29483
Pineview North
Residential
MLS# 26019349 / Active
New Construction Homes Near Top-Rated DD2 SchoolsWelcome to 1025 Laurel Oaks Drive, situated on a private conservation lot, located in the Pineview...
1044 Pigeon Point
Johns Island, SC 29455
St. Johns Lake
Residential
MLS# 26019346 / Active
Move-in ready and shows like a model! This beautifully maintained home offers a coastal vibe and an inviting layout that`s perfect for entertaining...
5911 Ryans Bluff Road
North Charleston, SC 29418
Covington Hills
Residential
MLS# 26019344 / Active
Experience the pinnacle of deep-water living. This stunning raised home offers immediate access to the Ashley River with a private floating dock an...
3091 Vincent Astor Drive
Johns Island, SC 29455
Oakfield
Residential
MLS# 26019343 / Active
Welcome to the Oakfield neighborhood on Johns Island. Located down a tree-lined street, yet just 5 minutes from River Road, it showcases family-fri...
147 Darcy Avenue
Goose Creek, SC 29445
Persimmon Hill Townhouses
Residential
MLS# 26019342 / Active
Welcome home to 147 Darcy Ave. Located in highly desirable Persimmon Hill Townhouses. Conveniently located in the heart of Goose Creek. This Tradit...
105 Edisto Crossing Court
Ridgeville, SC 29472
Timothy Lakes
Residential
MLS# 26019340 / Active
Welcome to the farmhouse you`ve been waiting for--where timeless charm, thoughtful design, and everyday functionality come together on nearly half ...
1466 Hollenberg Lane
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26019337 / Active
Welcome to 1466 Hollenberg Lane, an exceptional residence nestled in the heart of the highly sought-after Carolina Park community. Perfectly positi...
232 Summer Tanager Drive
Ravenel, SC 29470
Homecoming
Residential
MLS# 26019336 / Active
The Devin - 3BR / 3.5BA - features open main living areas and owner`s suite on main! Well-appointed kitchen, and dingin, large owner`s suite with e...
1543 Terns Nest Road
Charleston, SC 29412
Riverfront
Residential
MLS# 26019333 / Active
Rare deepwater opportunity in the heart of James Island! Perfectly positioned on true deep water, 1543 Terns Nest Road offers the coastal Charlesto...
2110 Longhorn Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019331 / Active
Why wait for new construction when you can move right into this beautifully updated home in Sweetgrass at Summers Corner? Offering the look and fee...
122 Bramwell Drive
Summerville, SC 29485
Briarwood
Residential
MLS# 26019330 / Active
New Construction Home in Beautiful Summerville, SC in Dorchester District Two School Zone! Nestled on a spacious .31 acre lot in the Briarwood subd...
1736 Sulgrave Road
Charleston, SC 29414
Forest Lakes
Residential
MLS# 26019329 / Active
NO HOA! Located in the well established Forest Lakes subdivision. This home has had extensive renovations over the past few years. Close to 1/2 an ...
1203 Valley Drive
Hanahan, SC 29410
Berkeley Hills
Residential
MLS# 26019328 / Active
Welcome to 1203 Valley Drive, a beautifully renovated brick ranch in the heart of Hanahan offering the perfect blend of timeless Lowcountry charm a...
40 41st Avenue UNIT E15
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019327 / Active
Own a premier boat slip in the desirable Wild Dunes Yacht Harbor on the Isle of Palms. Dock E15 is a 40-foot slip with a 5-foot overhang, accommoda...
93 Romney Street
Charleston, SC 29403
Romney Village
Residential
MLS# 26019324 / Active
Cottage in the upcoming ``Lowline`` corridor; one of the upper peninsula`s sought after neighborhoods with nearby restaurants and the future planne...
3 Barnacle Row
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019323 / Active
Embrace the ultimate Lowcountry coastal lifestyle with this classic beach cottage tucked away in the prestigious, gated resort community of Wild Du...
203 Whitesville Road
Moncks Corner, SC 29461
Residential
MLS# 26019321 / Active
Welcome home to 203 Whitesville Road, Moncks Corner, SC! This beautiful 4-bedroom, 2-bath home offers the perfect blend of comfort, space, and priv...
102 Helen Court
Ladson, SC 29456
Jamison Terrace
Residential
MLS# 26019318 / Active
New Roof. New HVAC. This handyman special has the expensive work already done. Home needs updating as well as some subfloor work. Home has large fe...
148 Rosefield Court
Summerville, SC 29485
Palmetto Reach
Residential
Welcome home to this beautifully designed townhome, where an open-concept floor plan creates a spacious and inviting atmosphere that`s perfect for ...
407 Thoroughbred Drive
Moncks Corner, SC 29461
Steeplechase
Residential
MLS# 26019314 / Active
Room to spread out at 407 Thoroughbred Dr! With 2,834 square feet, this two-story home offers one of the most flexible layouts you`ll find at this ...
974 Arrowwood Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019313 / Active
Welcome to 974 Arrowwood Way, a beautifully crafted home in the highly sought-after Summers Corner community, where Lowcountry charm meets modern, ...
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