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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44 Photos 108 Green Grass Road Summerville, SC 29483

108 Green Grass Road
Summerville, SC 29483
The Ponds
Residential

MLS# 24007752 / Active
5 br, 4 ba, 3171 Sqft

Move-in-ready and meticulously maintained! This 5 Bedroom home has space for everyone. Highlights include: Open floor plan, first floor bedroom sui... 

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$525,000
Provided courtesy of Coldwell Banker Realty
35 Photos 703 Mountain Pine Road Moncks Corner, SC 29461

703 Mountain Pine Road
Moncks Corner, SC 29461
Conifer Hall
Residential

MLS# 24007751 / Active
4 br, 1 ba, 1 Half Bath, 1502 Sqft

: Wonderful open floorplan home that won't last long. Bright, open Livingroom with a fireplace that opens to the kitchen. Perfect area for entertai... 

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$301,500
Provided courtesy of Carolina One Real Estate
31 Photos 226 Sea Cloud Circle UNIT #226 Edisto Island, SC 29438

226 Sea Cloud Circle UNIT #226
Edisto Island, SC 29438
Wyndham Ocean Ridge
Residential

MLS# 24007750 / Active
2 br, 2 ba, 755 Sqft

Rare opportunity to own a spacious 2-bedroom, 2 bath, fully furnished Villa overlooking #7 Tee box in Ocean Ridge Resort. Primary Bedroom offers it... 

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$349,600
Provided courtesy of Edisto Real Estate Company, LLC
25 Photos 1174 Stokes Road Walterboro, SC 29488

1174 Stokes Road
Walterboro, SC 29488
Residential

MLS# 24007748 / Active
4 br, 2 ba, 1848 Sqft

This Home has been Updated and Looks Great. You will LOVE All the Details this Home has to Offer Especially all the Useable Space it Provides with ... 

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$199,990
Provided courtesy of All Country Real Estate, LLC
20 Photos 226 Claret Cup Way Charleston, SC 29414

226 Claret Cup Way
Charleston, SC 29414
Verdier Pointe
Residential

MLS# 24007747 / Active
3 br, 2 ba, 1 Half Bath, 1988 Sqft

PLANNED COMPLETION EARLY 2025. DESIGN CHOICES CAN STILL BE MADE! The Luca Plan offers a versatile open layout with a large kitchen island, separate... 

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$463,900
Provided courtesy of Toll Brothers Real Estate, Inc
38 Photos 4269 Jacobs Pt Court Ravenel, SC 29470

4269 Jacobs Pt Court
Ravenel, SC 29470
Jacobs Point
Residential

MLS# 24007743 / Active
3 br, 3 ba, 1 Half Bath, 2309 Sqft

If you are looking for peace and serenity...You've found your home! This is paradise situated on 1.63 acres, overlooking the marsh and Wallace Cree... 

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$925,000
Provided courtesy of Carolina One Real Estate
20 Photos 1128 Stokes Road Walterboro, SC 29488

1128 Stokes Road
Walterboro, SC 29488
Residential

MLS# 24007742 / Active
3 br, 2 ba, 1232 Sqft

NEW INVITING LOOK! TURNKEY CONDITION!! Enter into a OPEN Living Room that flows right into the Eat-in Kitchen, that is complete with White Cabinets... 

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$165,000
Provided courtesy of All Country Real Estate, LLC
37 Photos 34 Fairway Dunes Lane Isle Of Palms, SC 29451

34 Fairway Dunes Lane
Isle of Palms, SC 29451
Wild Dunes
Residential

MLS# 24007740 / Active
3 br, 3 ba, 1644 Sqft

Beautifully UPDATED, fully furnished, 3 bedroom, 3 bath townhome on the Links Golf Course in the gated resort community of Wild Dunes. This section... 

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$1,175,000
Provided courtesy of AgentOwned Realty Preferred Group
36 Photos 1923 Kerry Street North Charleston, SC 29406

1923 Kerry Street
North Charleston, SC 29406
Ferndale
Residential

MLS# 24007739 / Active
3 br, 2 ba, 1425 Sqft

Renovated home centrally located in North Charleston near Park Circle. Upgrades include a new roof, new hvac system, new drywall, new tile flooring... 

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$329,000
Provided courtesy of Coastal Point Real Estate
41 Photos 153 Ivory Shadow Road Summerville, SC 29486

153 Ivory Shadow Road
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24007738 / Active
4 br, 2 ba, 1774 Sqft

Pine Hills in Cane Bay, Summerville, South Carolina, offers a serene suburban lifestyle. Nestled amidst lush landscapes, it features elegant homes,... 

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$421,940
Provided courtesy of D R Horton Inc
27 Photos 168 Donning Drive Summerville, SC 29483

168 Donning Drive
Summerville, SC 29483
The Ponds
Residential

MLS# 24007730 / Active
5 br, 2 ba, 1 Half Bath, 3032 Sqft

Welcome to 168 Donning Drive, located in the highly sought after Ponds community of Summerville! This Charleston style home is situated among tall ... 

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$555,000
Provided courtesy of AgentOwned Realty
50 Photos 1109 Studdingsail Lane Charleston, SC 29412

1109 Studdingsail Lane
Charleston, SC 29412
The Cove at Folly
Residential

MLS# 24007729 / Active
4 br, 3 ba, 1 Half Bath, 2226 Sqft

Outstanding views are yours with this elevated coastal townhome overlooking Folly Creek and surrounding marsh. Slow down and take in the golden sun... 

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$1,150,000
Provided courtesy of Carolina One Real Estate
49 Photos
Open House: Tomorrow 12:00pm - 3:00pm
402 Verbena Avenue Summerville, SC 29483

402 Verbena Avenue
Summerville, SC 29483
White Gables
Residential

MLS# 24007728 / Active
3 br, 2 ba, 1 Half Bath, 2054 Sqft

Welcome to a charming two story move-in ready Charleston Southern style home. The front porch is an inviting place to relax. Stepping into the foye... 

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$382,600
Provided courtesy of Carolina One Real Estate
17 Photos 109 Chatfield Circle Goose Creek, SC 29445

109 Chatfield Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential

MLS# 24007724 / Active
3 br, 2 ba, 1997 Sqft

Welcome to this charming home with a cozy fireplace, set in a serene natural color palette. The spacious layout offers flexibility with additional ... 

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$412,000
Provided courtesy of Opendoor Brokerage, LLC
40 Photos 3180 Landing Parkway Charleston, SC 29420

3180 Landing Parkway
Charleston, SC 29420
Appian Landing
Residential

MLS# 24007722 / Active
3 br, 2 ba, 1820 Sqft

Welcome to your Dream oasis featuring a shimmering gunite pool, complete with a cabana area, tanning patio, and garden! Nestled in the desirable ne... 

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$649,900
Provided courtesy of Real Broker, LLC
30 Photos 9981 Winged Elm Street Ladson, SC 29456

9981 Winged Elm Street
Ladson, SC 29456
Coosaw Preserve
Residential

MLS# 24007720 / Active
4 br, 2 ba, 1 Half Bath, 2627 Sqft

Situated within the highly sought-after Dorchester District 2 school system and Coosaw Preserve you'll find this meticulously maintained home, load... 

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$490,000
Provided courtesy of Brand Name Real Estate
47 Photos 930 Holly Court Hanahan, SC 29410

930 Holly Court
Hanahan, SC 29410
Gold Cup Springs
Residential

MLS# 24007718 / Active
4 br, 1 ba, 1 Half Bath, 2136 Sqft

Step into this charming home and be greeted by beautiful hardwood floors that flow seamlessly through the living room, hallway, and all four bedroo... 

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$425,000
Provided courtesy of NextHome The Agency Group
53 Photos
Open House: Today 10:00am - 1:00pm
4018 Stockbridge Drive Charleston, SC 29414

4018 Stockbridge Drive
Charleston, SC 29414
Village Green
Residential

MLS# 24007716 / Active
4 br, 2 ba, 1 Half Bath, 2496 Sqft

This beautiful 4 bedroom 2.5 bath home in West Ashley's desirable Village Green is awaiting your discovery! New roof in 2023! This majestic home wi... 

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$545,000
Provided courtesy of EXP Realty LLC
33 Photos 1201 Francis Marion Circle Moncks Corner, SC 29461

1201 Francis Marion Circle
Moncks Corner, SC 29461
Stony Landing
Residential

MLS# 24007715 / Active
4 br, 2 ba, 1 Half Bath, 2694 Sqft

Classic two story home located in the heart of Moncks Corner only minutes to shopping and dining. Only 3 miles to William Dennis Boat Landing on th... 

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$530,000
Provided courtesy of Coldwell Banker Realty
17 Photos 3379 Cypress Pond Road Walterboro, SC 29488

3379 Cypress Pond Road
Walterboro, SC 29488
Residential

MLS# 24007714 / Active
3 br, 2 ba, 1746 Sqft

For Comp Purposes Only. 

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$245,000
Provided courtesy of All Country Real Estate, LLC
55 Photos 7848 Montview Road North Charleston, SC 29418

7848 Montview Road
North Charleston, SC 29418
The Park At Rivers Edge
Residential

MLS# 24007712 / Active
3 br, 2 ba, 1 Half Bath, 1700 Sqft

Welcome home to 7848 Montview Road, a beautifully updated end-unit townhome nestled in the sought-after gated community of The Parks at River's Edg... 

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$317,000
Provided courtesy of Coldwell Banker Realty
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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 03-28-2024 11:53 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 2024 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: 843-990-1313
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