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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404 Marion Road
Dorchester, SC 29437
Residential
MLS# 26019021 / Active
NO SHOWINGS UNTIL AFTER WEDNESDAY, JULY 8, 2026. 2022 (32x66) South Bell Modular home situated on 5 acres of land. If you want country living, you ...
5140 Blackberry Lane
Ravenel, SC 29470
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MLS# 26019020 / Active
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Reduced -$2,000
509 Crosswick Street
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Residential
MLS# 26019018 / Active
Discover the Cameron, a beautifully designed 3-bedroom, 2.5-bath home in upscale Pineland Preserve. Situated on a scenic pond homesite, this home f...
118 King Charles Circle
Summerville, SC 29485
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Residential
MLS# 26019017 / Active
Welcome to 118 King Charles Circle in Newington, located in the heart of Summerville! Situated on a spacious half-acre lot, this charming 3-bedroom...
105 Elena Court
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26019015 / Active
Welcome Home to 105 Elena Court, tucked away on a cul-de-sac in the sought-after Legend Oaks community of Summerville. Currently the largest home f...
314 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019013 / Active
Estimated Close-Sept 2026-The Drayton is a beautiful 1.5 Story home that features 3 bedrooms/3 Baths and a Bonus Room, all main living is on the 1s...
309 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019012 / Active
EST Close-Sept 2026-The Holland is a beautiful 2 Story home that features 5 bedrooms/3.5 Baths, Master Suite on the main with HUGE Game Room, Flex ...
308 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019011 / Active
EST Close-Sept 2026-The Crestwood is a beautiful 2 Story home that features 4 bedrooms/4.5 Baths, Master Suite up with a Guest Suite on the main le...
127 Cherrywood Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019009 / Active
EST Close-Sept 2026-The Lockwood is a beautiful 2 Story home that features 4 bedrooms including master on the 1st floor & a loft plus flex space. T...
212 Forest Circle
Summerville, SC 29483
Oakdale Estates
Residential
MLS# 26019008 / Active
Welcome to 212 Forest Circle, a charming all-brick ranch nestled in the established Oakdale Estates community of Summerville. With no HOA, you`ll e...
217 W Bradford Pointe Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26019007 / Active
Welcome home to this move-in ready, one-year-new residence in Bradford Pointe -- one of Nexton`s most sought-after communities. Thoughtfully design...
3644 Purple Martin Court
Mount Pleasant, SC 29466
Somerset Oaks
Residential
MLS# 26019002 / Active
Welcome to Somerset Oaks, Mount Pleasant, SCExperience the perfect blend of Lowcountry charm and modern coastal living in this exceptional home. Bu...
3360 Great Egret Drive
Johns Island, SC 29455
St. Johns Lake
Residential
MLS# 26018999 / Active
Welcome to 3360 Great Egret Drive, nestled in the highly sought-after community of St. Johns Lake on Johns Island. This beautifully maintained, mov...
1551 Chastain Road
Johns Island, SC 29455
Lakeside
Residential
MLS# 26018998 / Active
Welcome to 1551 Chastain Rd, where thoughtful design, timeless finishes, and exceptional outdoor living come together in the desirable Lakeside com...
589 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
MLS# 26018997 / Active
Welcome home to this charming 2-bedroom, 2.5-bath residence in the highly sought-after Nexton community! This offers an inviting open floor plan wi...
2826 Edenborough Road
Johns Island, SC 29455
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Residential
MLS# 26018995 / Active
A Southern Retreat nestled on 1.84 acres in the Charleston Lowcountry, just 15 miles from vibrant and historic downtown, and 12 miles from Kiawah B...
1370 Old Whitesville Road
Moncks Corner, SC 29461
Whitesville
Residential
MLS# 26018994 / Active
Welcome home to this charming 2-bedroom, 1-bath ranch home situated on a spacious 0.73-acre lot. This well-maintained home reflects pride of owners...
2700 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26018993 / Active
Introducing 2700 Cameron Boulevard -- an extraordinary contemporary coastal residence located just one block from the pristine beaches of Isle of P...
142 Avalon Road
Summerville, SC 29483
Brookwood
Residential
MLS# 26018992 / Active
Welcome to 142 Avalon Rd, a Move-in Ready home located in the Summerville`s Dorchester II school district. Situated at the end of a private cul-de-...
117 Coventry Road
Summerville, SC 29486
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Residential
MLS# 26018991 / Active
Welcome to 117 Coventry Rd, Summerville, SC! This well-maintained 3-bedroom, 2-bath home offers approximately 1,100 square feet of comfortable livi...
128 Green Thistle Way
Summerville, SC 29483
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Residential
MLS# 26018990 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home is host to an ...
Increase +$17,150
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