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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MLS# 26019291 / Active
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123 Benton Street
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MLS# 26019283 / Active
New, New, New!!! This fully renovated one story ranch in desired Camelot Village is move in ready. Home interior features all new flooring (NO CARP...
441 Radiant Blue Way
Summerville, SC 29486
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MLS# 26019282 / Active
Brand NEW energy-efficient home! Designer Package Bold Sophistication. The Hurley`s welcoming foyer gives way to the spacious kitchen and open-conc...
Reduced -$10,000
619 Piedmont Lane
Ladson, SC 29456
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MLS# 26019280 / Active
619 Piedmont Ln is a 1-story Ladson single- home built in 1979 on a cul-de-sac lot. The kitchen is equipped with white cabinetry, stainless steel a...
3176 Hagerty Drive
Charleston, SC 29414
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MLS# 26019277 / Active
Explore 3176 Hagerty Dr, designed for everyday comfort with functional spaces throughout. The kitchen is equipped with all stainless steel applianc...
5033 Song Sparrow Way
Summerville, SC 29483
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Residential
MLS# 26019276 / Active
Don`t wait for new construction. This immaculate home with tons of upgrades is truly move-in ready. Upon entering, you will notice the beautiful ha...
1046 Bee Hive Road
Awendaw, SC 29429
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MLS# 26019275 / Active
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2592 Jenkins Point Road
Seabrook Island, SC 29455
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MLS# 26019273 / Active
Discover Waterfront Elegance. Step inside this rare marsh-front sanctuary and feel the stress of everyday life melt away as you take in sweeping, e...
95 Branch Creek Trail
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Residential
MLS# 26019270 / Active
Far from the typical builder-grade townhome, this thoughtfully upgraded residence showcases a level of craftsmanship, design and finish rarely foun...
1852 Mepkin Road UNIT Unit F4
Charleston, SC 29407
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Residential
MLS# 26019269 / Active
Welcome home to 1852 Mepkin Rd Unit F4 this beautifully updated 2-bedroom, 1.5-bath Condominium in the desirable Mepkin Place community in the hear...
106 Cambell Court
Summerville, SC 29486
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Move in ready, 4 BEDROOM ranch in Sangaree with HUGE TWO STORY storage shed is available for new ownership!!! This home has it all: Updated fixture...
763 Bent Hickory Road
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MLS# 26019267 / Active
Welcome to Grand Oaks, where thoughtful updates, flexible living spaces, and an unbeatable location come together to create the perfect place to ca...
146 Broadstone Drive
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MLS# 26019266 / Active
New construction home with conservation views - just minutes from Nexton!Welcome to 104 Broadstone, a thoughtfully designed new construction home i...
Reduced -$4,362
1129 Lands End Drive
Hanahan, SC 29410
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Residential
MLS# 26019265 / Active
Welcome to this stunning custom Charleston Single-style home nestled in Tanner Hall, one of Hanahan`s most desirable neighborhoods. Combining timel...
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Wake up to sweeping Wando River views, breathtaking Lowcountry sunrises, and the ease of maintenance-free waterfront living. Recently taken off the...
413 Cedarview Road
Summerville, SC 29486
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MLS# 26019258 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5 bath, two story home located in a highly desirable community packed with resort style am...
1281 Horseshoe Bend
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MLS# 26019257 / Active
Delightful pond site home with unmatched curb appeal in the coveted Sweetgrass neighborhood in Mt Pleasant. This highly desirable location with its...
608 Ocean Boulevard
Isle of Palms, SC 29451
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MLS# 26019256 / Active
Positioned on one of the widest and most desirable stretches of beach on Isle of Palms, 608 Ocean Boulevard is a remarkable oceanfront retreat wher...
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