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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506 Upland Place
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MLS# 26019174 / Active
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Less than 8 mi. from downtown, nestled in highly sought after Shadowmoss community. Screened back porch overlooks golf course. Nice spacious kitche...
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MLS# 26019163 / Active
Classic Charleston single, turnkey condition, under $350K -- 136 St Phillips Row delivers Southern charm and modern convenience in one of Summervil...
370 Chapel Creek Drive
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Welcome to 370 Chapel Creek Drive in Santee, SC, where golf, lake living, and Lowcountry charm come together in one exceptional property. This beau...
3569 Henrietta Hartford Road
Mount Pleasant, SC 29466
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MLS# 26019161 / Active
This 2002 custom-built Lowcountry home sits on a .30-acre corner lot directly across from beautiful Tennyson Park, surrounded by grand oaks, magnol...
1511 Sanborll Landing Drive
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MLS# 26019160 / Active
Beautifully maintained 3BR/2.5BA home on a .23-acre lot in a desirable neighborhood with a community pool! Built in 2018, this move-in-ready home f...
413 Truman Drive
Goose Creek, SC 29445
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MLS# 26019158 / Active
Conveniently located in Lakeview Commons, 413 Truman Drive offers easy access to some of the Lowcountry`s most popular destinations. Enjoy dinner i...
9779 Transplanter Circle
Ladson, SC 29456
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MLS# 26019155 / Active
Welcome HOME to 9779 Transplanter Circle--a beautifully designed 3 bedroom, 2.5 bathroom townhome offering modern style and an unbeatable location ...
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Edisto Beach, SC 29438
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MLS# 26019154 / Active
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2268 Seascape Court
Seabrook Island, SC 29455
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Residential
MLS# 26019152 / Active
Custom home designed and built by renowned architect Michael Karamus and Surfside Construction just steps from Seabrook Island`s legendary ``North ...
5150 Trump Street UNIT Unit 1005
North Charleston, SC 29420
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Welcome to easy, low-maintenance living in one of Summerville`s most desirable locations! Conveniently situated just off Dorchester Road in the DD2...
209 Omalley Drive
Summerville, SC 29483
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MLS# 26019150 / Active
Welcome to this stunning, thoughtfully designed home where timeless style, modern comfort, and an exceptional floorplan come together in one of Sum...
13 Smith Place
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MLS# 26019148 / Active
Tucked away on a quiet cul-de-sac in Harleston Green, 13 Smith Place offers timeless Charleston charm paired with the comfort and convenience of do...
104 Hamlet Lane
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MLS# 26019147 / Active
Welcome home to 104 Hamlet Lane in Ladson! This charming 3-bedroom, 2-bath brick ranch is full of opportunity and ready for its next owner. Situate...
2494 Etiwan Avenue UNIT Unit L4
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MLS# 26019146 / Active
Nestled in a premium courtyard location, welcome home to this updated and immaculate one-bedroom, one-bath condo in Melrose Park! The kitchen featu...
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MLS# 26019145 / Active
Penthouse living at Tides IV with stunning top-floor views of the marsh, water, Ravenel Bridge and Charleston skyline. One of the largest residence...
100 Carroll Lane
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Residential
MLS# 26019144 / Active
Seller will finance the home for the buyer! Welcome to this charming 3-bedroom, 2-bath mobile home nestled on a spacious flat lot in Summerville! A...
1427 Dahlia Drive
Mount Pleasant, SC 29464
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MLS# 26019143 / Active
Welcome to elevated coastal living in this stunning modern retreat, where thoughtful upgrades, timeless finishes, and effortless functionality crea...
2981 Bennett Charles Road
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MLS# 26019142 / Active
Rare opportunity to own a one-owner brick home on nearly one acre in unincorporated Charleston County with no HOA. Properties offering this combina...
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