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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305 Palm Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019214 / Active
Owner/Agent Designed by award-winning local architects Clancy Wells and masterfully built by Allen Construction, this extraordinary custom waterfro...
1931 Chatelain Way
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MLS# 26019213 / Active
Beautiful, upgraded, pristine top-floor condo in the gated community of Southampton Pointe in the heart of Mount Pleasant. Over $14,000 in Improvem...
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149 Southwold Circle
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MLS# 26019211 / Active
Welcome home to 149 Southwold Circle, situated in the quaint Cherry Hill subsection of Crowfield Plantation! Featuring 3 bedrooms and 2 bathrooms t...
1012 Summerall Road
Johns Island, SC 29455
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Residential
MLS# 26019209 / Active
Welcome to 1012 Summerall Road, a beautifully maintained home nestled in the established Morris Acres community on Johns Island. Situated on a spac...
4007 Capensis Lane
Ravenel, SC 29470
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MLS# 26019208 / Active
Charleston elegance and peaceful pond views are abundant here at 4007 Capensis Lane in beautiful and natural Poplar Grove! Charleston gas lanterns,...
4703 Bennington Place
North Charleston, SC 29420
Appian Landing
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MLS# 26019207 / Active
Welcome to this charming home tucked away on a quiet cul-de-sac in the desirable Appian Landing community. Located in the highly sought-after Dorch...
4758 Aster Drive
North Charleston, SC 29405
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Residential
MLS# 26019201 / Active
Welcome to 4758 Aster Drive- a beautifully renovated two-bedroom, two-bathroom home nestled just minutes from the heart of Park Circle. This deligh...
133 Green Thistle Way
Summerville, SC 29483
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MLS# 26019199 / Active
This new two-story home features a modern layout that maximizes space and comfort. On the first floor is the open-concept main living area, which i...
8524 Stonebridge Drive
North Charleston, SC 29420
Whitehall
Residential
MLS# 26019197 / Active
come to 8524 Stonebridge Drive, where thoughtful updates and modern finishes make this home truly move-in ready. Nearly every surface has been refr...
3429 Fairwater Place
Mount Pleasant, SC 29465
Carolina Park
Residential
MLS# 26019194 / Active
Discover 3429 Fairwater Place! Step onto the rare double front porches spanning both the first and second floors. There is an extended driveway in ...
335 Cherry Orchard Drive
Summerville, SC 29483
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Residential
MLS# 26019191 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a stunning 2 Story home that features a double balcon...
303 Cherry Orchard Drive
Summerville, SC 29486
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Residential
MLS# 26019190 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a gorgeous 2 Story home that features a double balcon...
1417 Endicot Way
Mount Pleasant, SC 29466
Park West
Residential
Welcome home to this beautifully updated, single story retreat! Step inside to find a bright, inviting interior featuring fresh, modern paint throu...
123 Marvin
Summerville, SC 29483
Knightsville
Residential
MLS# 26019185 / Active
The trifecta of all homes just hit the market! This freshly renovated home on over 1 acre in Dorchester District Two has 5 bedrooms, 4.5 bathrooms ...
2903 Siebold Drive
North Charleston, SC 29406
Magnolia Pointe
Residential
MLS# 26019184 / Active
Move-in ready and beautifully maintained, this 3-bedroom, 2.5-bath home offers approximately 1,950 square feet of living space nestled on a quiet c...
3108 Sonja Way
Mount Pleasant, SC 29466
Park West
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MLS# 26019183 / Active
Wake up to tranquil marsh views in Park West, where mornings begin on the screened porch and evenings unfold on the adjoining deck overlooking prot...
5829 Althea Avenue
North Charleston, SC 29406
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Residential
MLS# 26019180 / Active
Newly built, this 4-bedroom, 4.5-bath home features a spacious main-level primary suite with a private ensuite. Elegant columns and a charming doub...
108 Main Ridge Boulevard
Goose Creek, SC 29445
St James Estates
Residential
MLS# 26019179 / Active
Welcome to your own private oasis! Nestled on a beautifully landscaped 1/2-acre lot with NO HOA, this one-of-a-kind home offers the perfect blend o...
106 Glebe Road
Summerville, SC 29485
White Church Place
Residential
MLS# 26019178 / Active
Welcome to this charming 4 bedroom, 2 bath home on a spacious lot in an HOA free neighborhood. The home has undergone a complete renovation featuri...
951 Cottingham Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26019177 / Active
This townhouse is ready for you to come make it your own. No HOA in a superb South Mt. Pleasant location. Handsome home features brick exterior, tw...
5210 Preserve Boulevard
Ladson, SC 29456
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Residential
MLS# 26019176 / Active
Welcome to Coosaw Preserve! This beautifully maintained 4-bedroom, 2.5-bath home offers a spacious, versatile floor plan with room to entertain, wo...
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