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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108 Water Way
Moncks Corner, SC 29461
Overton
Residential
MLS# 26018716 / Active
Looking for the perfect lake retreat, retirement home, or a place to escape those long winter months? Welcome to Overton! Nestled in a desirable la...
146 Glen Street
Summerville, SC 29483
Clemson Terrace
Residential
MLS# 26018715 / Active
Looking for privacy!! This home has tons of space on its 1 acre lot!! You get 2 camper hook ups with 2-30 amp spots. Fall in love with this 4-bedro...
Reduced -$9,000
1031 Laurel Oaks Drive
Summerville, SC 29483
Pineview North
Residential
MLS# 26018713 / Active
New Homes for Sale in Pineview North - Charleston, SCWelcome to 1031 Laurel Oaks Drive in Pineview North, a desirable community located within the ...
Reduced -$3,584
243 Lazy Acres Loop
Summerville, SC 29483
Lazy Acres
Residential
MLS# 26018709 / Active
Nestled on over half an acre in the highly sought-after DD2 School District, this charming 3-bedroom home offers privacy, space, and incredible pot...
3335 Coon Hollow
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018708 / Active
Perfectly positioned along the 15th fairway of the Crooked Oaks golf course, this inviting home on quiet Coon Hollow offers a seamless blend of spa...
1214 Redeemer Drive
Hanahan, SC 29410
Berkley Hills
Residential
MLS# 26018699 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Spacious lot, prime location, and convenient single story ...
408 Thompson Street
Walterboro, SC 29488
Mayfield Terrace
Residential
MLS# 26018698 / Active
NO HOA!!! Full of character and updated with modern style, this charming colonial-style home in Walterboro offers the perfect blend of classic and ...
373 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018697 / Active
The desirable Conway floor plan offers spacious living with an upstairs loft ideal for a home office, playroom, or media space. The main level cent...
2494 Etiwan Avenue UNIT 3k
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018695 / Active
Welcome to Melrose Park Townhome condo community. Perfectly located in West Ashley, close to dining, shopping and near 526. This unit is a one bedr...
436 Earnels Drive
Walterboro, SC 29488
Residential
MLS# 26018687 / Active
Private, 3-bedroom, 2 bath home in country setting with 1/2-acre pond with large, cement floor workshop. This sprawling 18.9-acre property in Walte...
327 Lake Ridge Boulevard
Summerville, SC 29483
Cane Bay Plantation
Residential
MLS# 26018685 / Active
Pine Hills at Cane Bay Living | 3BR Brandon Floorplan | Resort-Style Amenities in Summerville, SCWelcome to Pine Hills in Cane Bay--one of Summervi...
Reduced -$3,819
2494 Etiwan Avenue UNIT 12d
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018681 / Active
Welcome to Melrose Park Townhome Condo community. Beautiful landscaped green space, central location to work, shopping and leisure. This one bedroo...
1114 Theodore Brunson Road
Awendaw, SC 29429
Residential
MLS# 26018677 / Active
Welcome to Rivercroft, a peaceful retreat nestled along the banks of Awendaw Creek. Enjoy stunning marsh views from your new home and the convenien...
2494 Etiwan Avenue UNIT Unit 6f
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018676 / Active
Melrose Park Condos . One Bedroom/one bathroom with amenities in West Ashley. Near 526, dining and shopping.Seller has an additional One bedroom /o...
746 Meadowbrook Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018671 / Active
Welcome to this stunning 5-bedroom, 3-bathroom home, a masterpiece of modern design located on a desirable corner lot in the coveted Nexton communi...
5152 Blackberry Lane
Ravenel, SC 29470
Tea Farm
Residential
MLS# 26018667 / Active
The Greenwood strikes a perfect balance between together time and tucked-away retreats. At its heart is a large, open-concept living space that flo...
499 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018662 / Active
Spacious 5-Bedroom Home in Carolina Groves, Moncks Corner SC with Modern Open-Concept LivingTake advantage of a special interest rate and builder-p...
Reduced -$4,277
343 Saddlewood Drive
Charleston, SC 29414
Grand Bees
Residential
MLS# 26018661 / Active
Tucked at the end of a quiet street in the Grand Bees section of Grand Oaks Plantation, this spacious six-bedroom, three-bath home offers a rare bl...
452 Madeline Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26018658 / Active
Move right into this beautifully renovated 3 bedroom, 2 bath home, offering the perfect combination of modern updates and everyday functionality. W...
Reduced -$5,100
3089 Sawtimber Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26018657 / Active
Perfect timing--there is only ONE move-in ready new home currently available in Del Webb Point Hope! Skip the wait and enjoy the opportunity to own...
3901 Ashton Shore Lane
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018656 / Active
*Appraisal in hand for $3,600,000!* Welcome to 3901 Ashton Shore Lane -- an extraordinary custom waterfront estate nestled within the private, gate...
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