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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159 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018927 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
240 Captain Kidd Court
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Carnes Crossroads
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MLS# 26018925 / Active
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245 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018924 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
242 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018923 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
244 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018922 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
411 Pelican Flight Drive
Dewees Island, SC 29451
Dewees Island
Residential
MLS# 26018921 / Active
Welcome to 411 Pelican Flight Drive, an extraordinary oceanview estate where timeless architecture, luxurious finishes, and unmatched privacy come ...
2008 Riverbend Drive
Charleston, SC 29412
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Residential
MLS# 26018916 / Active
MOVE-IN READY NOW! Nestled beneath majestic grand oak trees on scenic James Island, Riverbend is a boutique waterfront community offering deep-wate...
Reduced -$25,000
1040 Yorktown Drive
Charleston, SC 29412
Queensborough
Residential
MLS# 26018915 / Active
Welcome to 1040 Yorktown Drive, a beautifully renovated home in the heart of James Island! This move-in-ready home offers 3 bedrooms, 3 full bathro...
1037 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential
VA assumable loan available. Built in 2024, this home offers all the benefits of new construction without the wait. Featuring the largest floor pla...
Reduced -$21,000
4517 Nestwood Street
Ladson, SC 29456
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Residential
MLS# 26018910 / Active
Welcome to 4517 Nestwood Street, a beautifully renovated brick ranch in Woodside Manor, offering three bedrooms, 1 1/2 large bathrooms & dressed in...
Reduced -$6,000
109 Beamon Loop
Summerville, SC 29486
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Residential
MLS# 26018909 / Active
This Jackson B two-story, double balcony home showcases a convenient first floor guest suite, followed by a spacious open great room with 10ft ceil...
Reduced -$6,300
151 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018907 / Active
The Fletcher is an open 2-story home featuring a secondary bedroom and full bathroom on the first floor, great for visiting family or guests. The g...
118 Milton Drive
Goose Creek, SC 29445
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Residential
MLS# 26018905 / Active
Looking for room to spread out with no HOA? You`ve found it! Welcome to this charming all-brick, three-bedroom, two-bath ranch with an attached gar...
1051 Oyster Drill Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018904 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$9,700
4374 Sea Forest Drive
Kiawah Island, SC 29455
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Residential
MLS# 26018903 / Active
Rare opportunity to own an income-producing 3 bedroom, 3 bath villa in Windswept. This beautiful, sunny and spacious END UNIT, has 2 decks, a lagoo...
228 Shortmarsh Street
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MLS# 26018902 / Active
Welcome to refined Lowcountry living in the sought-after West Lake at Cane Bay community. This beautiful home combines comfort, style, and thoughtf...
306 Willows Crescent Drive
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 26018901 / Active
Assumable 4.5% interest rate! Welcome to 306 Willows Crescent, where comfort, space, and modern living come together in one of Moncks Corner`s grow...
107 Beamon Loop
Summerville, SC 29486
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MLS# 26018900 / Active
The Montgomery is a beautiful spacious one-story plan offering 10` ceilings and 8` doors. Inside you will find an on-suite with bedroom, walk-in cl...
752 Clay Field Trail
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018899 / Active
The Ashley- This Charleston style home features a full front porch and lots of southern charm. There is luxury vinyl plank flooring throughout the ...
101 Santee Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26018896 / Active
Welcome to 101 Santee Court, a beautifully updated 1.5-story home in the heart of Summerville`s desirable Sangaree subdivision. This 3-bedroom, 2-b...
3616 Yacht Club Road
Edisto Island, SC 29438
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Residential
MLS# 26018895 / Active
Experience the best of beachfront living in this beautifully maintained oceanfront home on Edisto Beach. With an outstanding rental history and tho...
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