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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188 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018767 / Active
Spacious 4 Bedroom Home in Pine Hills - Open Floorplan, Private Owner`s Suite & Modern FinishesWelcome to 188 Bee Tree Boulevard, where comfort mee...
4521 Park Lake Drive
Kiawah Island, SC 29455
Parkside Villas Phase II
Residential
MLS# 26018765 / Active
Tucked within Kiawah`s desirable Parkside Villas, this beautifully maintained 2-bedroom, 2-bathcorner residence offers the ideal blend of island li...
259 E Bay Street UNIT 1 C
Charleston, SC 29401
Ansonborough
Residential
MLS# 26018759 / Active
Top floor condominium with southern exposure. Elevator. Balcony with panoramic views. Fully updated. Located near market area. private parking and ...
182 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018758 / Active
Beautiful Single-Level Home in Cane Bay | Pine Hills Pool Community + Modern DesignWelcome to 182 Bee Tree Blvd, located in the highly sought-after...
2435 Lantern Street
Charleston, SC 29414
Myrtle Grove
Residential
MLS# 26018755 / Active
This West Ashley home is truly move-in ready! Enjoy the freedom of no HOA and no flood insurance required while being conveniently located with dir...
1544 Barquentine Drive
Mount Pleasant, SC 29464
Pirates Cove
Residential
MLS# 26018753 / Active
Tucked away in one of Mount Pleasant`s quiet, hidden gem neighborhoods, this beautifully updated coastal home offers a rare combination of privacy,...
2250 Myrtle Avenue
Sullivans Island, SC 29482
Residential
MLS# 26018752 / Active
Steeped in the rich history of Sullivan`s Island and dating back to circa 1920, this charming island cottage presents a rare opportunity to own a p...
331 Lake Ridge Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018750 / Active
5 Bedroom Home in Pine Hills Cane Bay | Open Layout + Resort-Style AmenitiesWelcome home to 331 Lake Ridge Blvd, nestled in the highly sought-after...
Reduced -$4,349
1104 Longpoint Road
Cross, SC 29436
Cross
Residential
MLS# 26018749 / Active
Welcome to 1104 Longpoint Road, an incredible opportunity to own in a desirable lake community near Cross! Situated on a spacious half-acre lot, th...
1641 Ware Bottom Lane
Mount Pleasant, SC 29464
Pinckney Place
Residential
MLS# 26018748 / Active
Beautiful Southern Style Home with Spacious Primary Bedroom Suite on Main Level, All Hardwood Floors Throughout First Floor with Bright Open Plan, ...
1238 Homecoming Boulevard
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018743 / Active
Welcome to your better-than-new dream home in the highly sought-after Homecoming subdivision--built in late 2024 and loaded with premium upgrades, ...
4421 Highway 162
Hollywood, SC 29449
Residential
MLS# 26018741 / Active
If you`ve been dreaming of a little more space without giving up convenience, this beautifully renovated 1922 farmhouse offers the best of both wor...
677 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
Spacious Moss Grove Plantation Home with Room to Grow!Welcome to 677 Silver Moss Drive in the highly sought-after Moss Grove Plantation community! ...
2017 Kings River Trail
Hollywood, SC 29449
Kings River Preserve
Residential
MLS# 26018737 / Active
If you`ve been waiting for a home in Kings River Preserve, your opportunity has arrived! This nearly new coastal-inspired home sits on a .34-acre l...
522 Mountain Laurel Circle
Goose Creek, SC 29445
Brickhope Plantation
Residential
MLS# 26018734 / Active
Charming single-story ranch in a sought-after Goose Creek neighborhood, offering an open-concept layout, a private wooded backdrop, and incredible ...
420 Verbena Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26018731 / Active
Come see why this is currently the best deal in White Gables, an established, amenity-rich neighborhood with gorgeous mature trees. Offering just u...
1513 Highway 174
Edisto Island, SC 29438
Residential
MLS# 26018730 / Active
Rare Edisto Island waterfront sanctuary! Nestled on a private 5.36-acre peninsula, this unique property is surrounded by 140 acres of land protecte...
1805 Ringneck Road
Moncks Corner, SC 29461
Pimlico
Residential
MLS# 26018728 / Active
DEEP WATER PRIVATE DOCK + BOAT LIFT FULLY REMODELED NO HOA EASY, LOW-MAINTENANCE LIVING Deep water riverfront living on the Cooper River--low maint...
295 Saxony Loop
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018723 / Active
Need space and privacy? This freshly painted 5BR/3.5BA brings both with a buffer behind the privacy fence. Spacious closets, 3 car garage and overs...
114 Fairhaven Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018722 / Active
Welcome to a beautifully designed home where space, style, and functionality effortlessly combine. From the moment you step inside, the main level ...
7674 Legare Road
Edisto Island, SC 29438
Cowpens
Residential
MLS# 26018720 / Active
Ocean views! Marsh Views! Private Dock!!!! Nestled within the private Cowpens community, this exceptional property combines creekfront living with ...
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