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.
Modify Search Criteria
Your search returned more than 1500 results (4909). Please refine your filters for better results.
2467 Draymohr Court
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018956 / Active
Must see! Beautifully maintained townhome in the highly desirable Keswick subsection of Park West. This 4B, 2.5B home boasts gorgeous LVP flooring ...
136 Airy Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018955 / Active
Beautifully upgraded ranch home offering 4-bedrooms, 3 bathrooms & 3 car garage. Thus home features functional living spaces, & exceptional communi...
165 Dandridge Road
Walterboro, SC 29488
Hyde Park
Residential
MLS# 26018953 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Welcome to Walterboro and this inviting ranch style home ...
3546 Agape Court
Ladson, SC 29456
Paddock Pointe
Residential
MLS# 26018952 / Active
Welcome to 3546 Agape Court in the desirable Paddock Pointe community! This well-maintained, move-in ready, one-story home offers an inviting open ...
201 Heatley Street
Moncks Corner, SC 29461
Residential
MLS# 26018949 / Active
Looking for a move-in ready home with the perfect backyard? Welcome to 201 Heatley Street, Moncks Corner, SC! This newly upgraded, 1,310 sq. ft. pr...
196 Sea Oats St
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018948 / Active
The Calhoun- This Elevated beautiful, spacious, open concept home with 2 laundry hook ups! One for stackable washer and dryer in owners suite and t...
Increase +$12,215
4550 Cape Island Drive
Awendaw, SC 29429
Paradise Island
Residential
MLS# 26018947 / Active
Welcome Home to Paradise Island. Tucked beneath towering pines and surrounded by natural beauty, this custom-built retreat offers a rare blend of p...
129 Orchard Blossom Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018945 / Active
The adorable Litchfield is a single story with an open layout. The front exterior is graced with a lovely front porch and the 2-car garage sits bac...
1001 Scotch Bonnet Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018944 / Active
The Calhoun- Spacious, open concept home with 2 laundry hook ups! One for stackable washer and dryer in owners suite and the other more traditional...
Reduced -$5,050
105 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018943 / Active
The Tradd is a beautiful Charleston Single with beautiful double porcches and a detached garage. The interior with 10` ceilings, features a foyer t...
Reduced -$11,450
143 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018940 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home features a mod...
126 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018938 / Active
Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home features a modern layout that max...
139 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018937 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home features a mod...
206 Belfast Lane
Walterboro, SC 29488
Ireland Ridge
Residential
MLS# 26018935 / Active
Welcome to this beautifully renovated home nestled in the quiet neighborhood of Ireland Ridge, just minutes from downtown Walterboro. Conveniently ...
1700 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential
MLS# 26018934 / Active
Nestled in the highly desirable Drakesborough community, this beautifully maintained two-story home offers the perfect blend of comfort, efficiency...
160 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018933 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
116 Archers Bay Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018932 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
120 Lilac Grv Way
Summerville, SC 29486
Sheep Island
Residential
MLS# 26018931 / Active
Near Nexton Living | Private Conservation Lot Home with Resort-Style Amenities + Amazing IncentivesOne of the final opportunities to build the soug...
158 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018930 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
109 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018929 / Active
The Tradd is a beautiful Charleston Single with a detached garage. The interior with 10` ceilings, features a foyer that opens into a lovely dining...
Reduced -$11,250
115 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018928 / Active
The Jackson is a lovely two-story home with front porch where you`ll find a bright and airy foyer inside, a guest bedroom or study, full bath and l...
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 07-11-2026 11:51 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 2026 Charleston Trident Multiple Listing Service, Inc. All rights reserved.