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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608 Ocean Boulevard
Isle of Palms, SC 29451
Isle Of Palms
Residential
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...
200 Cache Court
Charleston, SC 29414
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Residential
MLS# 26019255 / Active
This beautiful townhome, currently the builder`s model for the community, has never been lived in and is immaculate! With the upgraded features tha...
2363 Eades Lane
Charleston, SC 29414
Sylvan Shores
Residential
MLS# 26019251 / Active
Deep water access! Sylvan Shores is beloved for its quiet streets, exceptional walkability, and connection to nature, including a scenic path throu...
305 Northam Court
Goose Creek, SC 29445
Devon Forest
Residential
MLS# 26019250 / Active
Beautifully maintained and truly move-in ready, this exceptional home is located in a quiet cul-de-sac and offers the perfect combination of comfor...
3728 Abercrombie Court
Mount Pleasant, SC 29466
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Residential
MLS# 26019249 / Active
With 4 bedrooms, 3 full bathrooms, a dedicated home office, and a spacious loft, this Carolina Park home checks all the boxes! Tucked away on a pri...
2453 Sorrell Avenue
North Charleston, SC 29406
Northwoods Villas
Residential
MLS# 26019245 / Active
Welcome to 2453 Sorrel Avenue in North Charleston--a charming end-unit townhouse offering a LOW HOA FEE of $95/mo with fee simple ownership, deeded...
5557 Green Dolphin Way
Kiawah Island, SC 29455
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Residential
MLS# 26019243 / Active
Welcome to 5557 Green Dolphin Way, a beautifully positioned Kiawah Island villa offering the perfect blend of relaxation, convenience, and investme...
1618 Patterson Avenue
Charleston, SC 29412
Bayfront
Residential
MLS# 26019242 / Active
Perfectly positioned between the historic charm of Downtown Charleston and the laid-back beauty of Folly Beach, 1618 Patterson Avenue offers an exc...
204 Buttercup Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome home to this beautifully kept 5 bedroom and 4 bath home in The Oaks of Cane Bay Plantation! Upon entering, you are greeted by the perfect o...
2455 Deer Ridge Lane UNIT Unit C
North Charleston, SC 29406
Elms Of Charleston
Residential
MLS# 26019238 / Active
Enjoy low-maintenance living in this inviting single-story condo in a gated 55+ community. The freshly painted home features 2 bedrooms, 1.5 baths,...
313 Lucca Drive
Summerville, SC 29486
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Residential
MLS# 26019236 / Active
Hard-to-find 5 bedroom home in Cane Bay with pond views, added privacy, and room for everyone -- all under $460k. Built in 2023, this move-in ready...
7880 Champion Way UNIT D
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26019234 / Active
Why settle for someone else`s outdated finishes when you can move into a home where the major updates are already complete? This beautifully update...
152 W Mariners Cay Drive UNIT #152
Folly Beach, SC 29439
Marshview Villas
Residential
MLS# 26019231 / Active
Welcome to Marshview Villas, where Lowcountry living meets convenience, recreation and coastal charm. This gated waterfront community offers one of...
5126 Celtic Drive
North Charleston, SC 29405
Oak Terrace Preserve
Residential
MLS# 26019227 / Active
Welcome home to 5126 Celtic Drive, a well-maintained 3 bedroom, 2.5 bathroom home that perfectly captures the essence of southern living in North C...
1190 Gin Pond Drive
Summerton, SC 29148
Gin Pond
Residential
MLS# 26019226 / Active
Discover peaceful lakefront living in this beautifully updated 3 bedroom, 2 bath home on the shores of Lake Marion. Located on a quiet dead-end str...
130 River Landing Drive UNIT #9102
Charleston, SC 29492
Daniels Landing
Residential
MLS# 26019224 / Active
The living is easy at this bright & sunny first-floor Daniel Island condo! Enjoy low-maintenance living with no stairs to navigate and a quick walk...
632 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26019223 / Active
Welcome home to classic Southern charm and exceptional space! Featuring stunning double front porches, this beautifully updated 5-bedroom, 3.5-bath...
167 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019222 / Active
This stunning home in the highly sought-after Woodwinds at Cane Bay! From the moment you step inside, you`ll love the bright, open layout designed ...
4425 Lambert Street
North Charleston, SC 29405
Park Circle
Residential
MLS# 26019221 / Active
Wanna start your morning with an amazing view filled walk and end it with a little coffee house coffee? This amazing home, located in the inclusive...
1736 Central Avenue
Summerville, SC 29483
Knightsville
Residential
MLS# 26019220 / Active
Opportunity awaits with this 2-bedroom, 1-bath home situated on an expansive 1.94-acre lot just minutes from the heart of Historic Downtown Summerv...
204 Cane Break Lane
Goose Creek, SC 29445
Woodland Lakes
Residential
MLS# 26019217 / Active
Welcome Home! This updated 4-bedroom, 2-bath home offers the perfect blend of comfort and modern upgrades--with no HOA! Step inside to find a gorge...
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