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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3104 Accabee Road
North Charleston, SC 29405
Victory Park
Residential
MLS# 26018894 / Active
This single-family home presents an outstanding fix-and-flip or buy-and-hold investment opportunity in one of the Charleston area`s most desirable ...
12 Marsh Island Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018893 / Active
Tucked away on Marsh Island, one of Wild Dunes` hidden gem streets,this 4-bedroom, 4.5-bath home offers a rare opportunity to enjoy peaceful coasta...
1826 Telfair Way
Charleston, SC 29412
Mira Vista
Residential
MLS# 26018891 / Active
Welcome to ``The Treehouse`` at MiraVista, where peaceful living among the treetops meets the convenience of Charleston`s most desirable location. ...
25 Montagu Street UNIT Apt C
Charleston, SC 29401
Harleston Village
Residential
MLS# 26018888 / Active
Welcome to Downtown living at its absolute finest! Located in highly desirable Harleston Village, this stunning and exceptionally spacious 1,794 sq...
6530 Pepper Grass Trail
Ravenel, SC 29470
The Refuge At Ravenel
Residential
MLS# 26018886 / Active
Private acreage, thoughtful upgrades, and room to grow! Situated on a 1.27-acre corner lot in a gated community, this 4-bedroom home offers 2,400 s...
1115 Kentwood Circle
Charleston, SC 29412
Lynwood
Residential
MLS# 26018882 / Active
Welcome to 1115 Kentwood Circle, a beautifully renovated home in the desirable Lynwood neighborhood on James Island! Offering the perfect combinati...
3358 Mountainbrook Avenue
North Charleston, SC 29420
Pepperhill
Residential
MLS# 26018881 / Active
Beautifully renovated 4BR/2BA home in the established Pepperhill neighborhood, offering space, flexibility, and standout features you won`t find in...
Reduced -$20,000
2097 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26018879 / Active
Welcome to a home where everyday living feels a little more peaceful. Nestled in Oakfield on Johns Island, this thoughtfully designed home offers t...
153 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018878 / Active
The Graham is a magnificent 2 story with double balconies positioned on a corner and pond homesite. Step inside to find a study with French doors a...
147 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018876 / Active
The Fletcher offers so much! Step inside to find a beautiful study with French doors, separate dining room opening into the great room. The gourmet...
395 Summerset Lane
Summerville, SC 29483
Residential
MLS# 26018872 / Active
Motivated Seller! BWelcome to your own private slice of the countryside! AS IS....This rare 18+ acre property offers a perfect blend of residential...
710 Riverland Drive
Charleston, SC 29412
Residential
MLS# 26018871 / Active
Welcome to 710 Riverland Drive, ideally located in the heart of James Island just minutes from Folly Beach, Downtown Charleston & less than a mile ...
1527 Pinopolis Road
Moncks Corner, SC 29461
Pinopolis
Residential
MLS# 26018870 / Active
Welcome to 1527 Pinopolis Rd, an enticing retreat nestled in the heart of Pinopolis. This charming all-brick home is your perfect sanctuary, surrou...
103 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018869 / Active
The Marshall is a beautiful two-story home with extraordinary double balconies, featuring modern space, perfect for family time and entertaining. I...
1230 Augusta Pass Drive
Ridgeville, SC 29472
Timothy Lakes
Residential
MLS# 26018868 / Active
PROPOSED CONSTRUCTION. Introducing the Morgan, a thoughtfully designed floor plan offering the perfect blend of style, comfort, and functionality. ...
421 Bowstring Drive
Huger, SC 29450
Bridges At Seven Lakes
Residential
MLS# 26018864 / Active
This beautifully appointed 5-bedroom, 3.5-bath home is set within Bridges at Seven Lakes, a gated community bordering 259,000 acres of the Francis ...
4005 E Associate Drive
North Charleston, SC 29418
Willow Bend
Residential
MLS# 26018862 / Active
Welcome to a truly elevated townhome living experience. Formerly the community`s showcase model unit, this 1,890 sq. ft. residence offers an array ...
1244 Segar Street
Johns Island, SC 29455
Swygerts Landing
Residential
MLS# 26018860 / Active
Located within walking distance to the BRAND NEW Johns Island Elementary school! 1244 Segar Street offers the perfect blend of comfort, space, and ...
3271 Walter Drive
Johns Island, SC 29455
Village Gardens
Residential
MLS# 26018858 / Active
Enjoy front porch living in this beautifully updated townhouse in the desirable Village Gardens subdivision, just off Maybank Highway with easy acc...
231 Donatella Drive
Goose Creek, SC 29445
Sophia Landing
Residential
MLS# 26018857 / Active
Welcome to one of Sophia Landing`s most charming homes... We`re talking Palm tree landscaping, cathedral ceilings, and a spacious dedicated laundry...
Reduced -$100
237 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
Back on the Market No Fault of the SellersWelcome to Spring Grove Plantation, where comfort, style, and everyday convenience come together in this ...
Reduced -$1
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