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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1658 Calamus Pond Road
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Residential
MLS# 26019140 / Active
Welcome home to 1658 Calamus Pond Road! This brand-new 4-bedroom, 2-bath home sits on 1.15 acres, offering the perfect blend of modern comfort and ...
5734 Glifton Avenue
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174 Grand Oaks Drive
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MLS# 26019137 / Active
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7477 N Highway 17
Awendaw, SC 29429
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Residential
MLS# 26019136 / Active
Rare opportunity to own approximately 2.39 acres in Awendaw with nearly 600 feet of combined Highway 17 frontage. This unique offering includes a c...
293 W Bradford Pointe Drive
Summerville, SC 29486
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MLS# 26019135 / Active
Discover the pinnacle of modern Lowcountry living at 293 W Bradford Pointe Drive, a pristine 2022-built ranch nestled in the highly sought-after Ne...
3020 Candela Grove Drive
Charleston, SC 29414
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MLS# 26019134 / Active
Seller contributing up to $25,000! Use the funds to reduce your out-of-pocket closing expenses, buy down your interest rate or create the home you`...
4227 Barnwell Avenue
North Charleston, SC 29405
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Residential
MLS# 26019133 / Active
Better than new and truly move-in ready! Just over a mile from Park Circle with no HOA, this nearly new end-unit townhome offers modern style, adde...
181 Orchid Bloom Circle
Moncks Corner, SC 29461
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Residential
MLS# 26019131 / Active
Welcome to 181 Orchid Bloom Circle in the desirable Townes at Merrimack! This beautifully maintained 3-bedroom, 2.5-bath townhome offers a perfect ...
607 Portia Street
Edisto Island, SC 29438
Residential
MLS# 26019129 / Active
Just a short walk from the sand, this classic Edisto Beach home captures the quiet beauty of one of South Carolina`s most peaceful coastal communit...
107 Westminster Avenue
Summerville, SC 29485
Ashborough East
Residential
MLS# 26019127 / Active
This stunning home welcomes you with a sweeping wrap-around porch perfect for relaxing evenings. Beautiful wood floors flow seamlessly throughout t...
711 Center Street
Mount Pleasant, SC 29464
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Residential
MLS# 26019123 / Active
Welcome to 711 Center Street, a masterfully renovated retreat nestled in one of Mount Pleasant`s most coveted neighborhoods. Perfectly positioned b...
2044 Echo Avenue
North Charleston, SC 29405
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Residential
MLS# 26019120 / Active
Welcome home to your charming Bungalow in Union Heights! This newer construction home is designed with an open concept floor plan and spacious livi...
1603 Prince Edward Street
Mount Pleasant, SC 29466
Oyster Point
Residential
MLS# 26019116 / Active
Imagine mornings on your screened-in porch with coffee in hand, afternoons kayaking from the neighborhood dock, and evenings strolling to live musi...
6 29th Avenue
Isle of Palms, SC 29451
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Residential
MLS# 26019114 / Active
Best Price Per Square Foot on Isle of Palms for New Construction. This brand-new custom home offers one of the best values for new construction on ...
1505 Lindsey Creek Drive
Mount Pleasant, SC 29466
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Residential
MLS# 26019113 / Active
There is a certain magic found only on the most storied streets of the Lowcountry, lovingly coined ``the tree street`` where 200-year-old moss-drap...
2303 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019112 / Active
There are beach houses, and then there are homes designed to become gathering places for generations. 2303 Cameron Boulevard is one of those rare o...
1131 Daffodil Lane
Mount Pleasant, SC 29464
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MLS# 26019110 / Active
Step into this cozy 3-bedroom, 2-bathroom home with cathedral ceilings and a wood-burning fireplace. Cherry hardwood floors throughout the main liv...
115 Blue Jasmine Lane
Summerville, SC 29483
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Residential
MLS# 26019109 / Active
This well maintained 4-bed/2-bath home features a front porch, 2-car garage, mature landscaping, & back living space!Inside, an expansive open-conc...
185 Catamount Road
Holly Hill, SC 29059
East Holly Ridge
Residential
MLS# 26019104 / Active
Welcome to 185 Catamount Rd - a charming 3-bedroom, 2-bath home, offering approximately 1,300 square feet of comfortable living space on a spacious...
6001 Liddington Court
Summerville, SC 29485
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Residential
MLS# 26019102 / Active
Located on a spacious corner lot in Victoria Pointe, where homes rarely come on the market, this 3-bedroom, 2.5-bath home offers flexible living sp...
36 Manor Boulevard
Hanahan, SC 29410
Otranto
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MLS# 26019101 / Active
Welcome to 36 Manor, a charming 3-bedroom, 2.5-bath home offering 1,564 square feet of comfortable living in an established neighborhood. The open ...
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