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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1009 Golden Aspen Drive
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26018651 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5-bath residence offering approximately 2,358 square feet of comfortable living space in M...
100 Dellwood Street
Moncks Corner, SC 29461
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Residential
MLS# 26018650 / Active
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1026 House Finch Avenue UNIT Cc3-22-12
Ravenel, SC 29470
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MLS# 26018648 / Active
Semi-Custom Quick Move-In! Discover the Sinclair in Homecoming, offering 2,841 sq. ft., 3 Bedrooms, 3 Bathrooms, and premium designer finishes rare...
1028 House Finch Avenue UNIT Cc3-22-13
Ravenel, SC 29470
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Residential
MLS# 26018647 / Active
Semi-Custom Quick Move-In | Ready in July! Discover the Calgary in Homecoming, offering 5 Bedrooms, 3.5 Bathrooms, and 3,680 sq. ft. of thoughtfull...
2744 Fountainhead Way
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018644 / Active
Welcome to 2744 Fountainhead Way, a beautifully maintained Lowcountry home behind the guarded gates of Dunes West. Overlooking a peaceful pond with...
104 Forest Lane
Summerville, SC 29486
Sangaree
Residential
MLS# 26018643 / Active
Completely Renovated & Move-In Ready! This beautifully transformed home blends timeless charm with modern upgrades, offering peace of mind with ext...
Reduced -$10,000
409 Rose Wilder Lane
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018642 / Active
Located in the Earl`s Court enclave of Old Village, this home offers walkable village living, waterfront access, and quick connectivity to Sullivan...
5122 Hut Creek Rd Lane
Johns Island, SC 29455
Miller's Crossing
Residential
MLS# 26018637 / Active
Move-In Ready! The Monroe on Homesite 28 offers 4 bedrooms, 4.5 baths, including dual primary suites with private en-suite baths, plus a guest suit...
Increase +$10,000
504 W Butternut Road
Summerville, SC 29483
Residential
MLS# 26018634 / Active
Welcome home to this freshly updated gem on almost 1 acre in the Knightsville area of Summerville. This cozy brick ranch boasts LVP floor, new kitc...
3065 Pignatelli Crescent
Mount Pleasant, SC 29466
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Residential
MLS# 26018628 / Active
Welcome to this elegant Southern estate situated on a pristine, acre-plus homesite overlooking the 15th fairway. This move-in ready home has all th...
33 Lockwood Drive UNIT H-2
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26018625 / Active
One of the only slips in the Marina with its on finger to dock in. NO ONE NEXT TO YOU!!!! Easy in and out.This 50x18 slip is perfect to get in and ...
1136 N Highway 17a
Moncks Corner, SC 29461
Residential
MLS# 26018624 / Active
TOTALLY RENOVATED HOME in Moncks Corner. Hard to find 6 bedroom, 3 full bath, open concept floorplan. Appraisal in hand at $500,000. Smaller bedroo...
3453 Old State Road
Santee, SC 29142
Residential
MLS# 26018623 / Active
Your Homestead Awaits! This brand-new, move-in ready 2026 Cavco manufactured home offers 2,040sqft of modern living on 2 private acres. With 4 spac...
Reduced -$6,000
104 General Dennis Drive
Summerville, SC 29486
Sangaree
Residential
MLS# 26018621 / Active
Welcome to 104 General Dennis Drive, a fully renovated ranch in the established Sangaree community. This single-story home has been thoughtfully br...
1836 Mepkin Road UNIT Unit 1029
Charleston, SC 29407
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Residential
MLS# 26018620 / Active
Welcome to Mepkin Place, where modern updates, low-maintenance living, and an unbeatable West Ashley location come together. This beautifully renov...
2111 Atlas Street
North Charleston, SC 29405
Happy Hill
Residential
MLS# 26018619 / Active
Unlock the potential of this rare 9+ bedroom property, ideal for investors or owner-occupants looking to maximize rental income through house hacki...
9798 Seed Street
Summerville, SC 29485
Mckewn
Residential
MLS# 26018618 / Active
Welcome to this beautifully maintained 4-bedroom, 2.5-bath home nestled on a premium wooded homesite in the highly desirable McKewn community. Enjo...
2110 Princess Pond Road
Summerton, SC 29148
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Residential
MLS# 26018617 / Active
Incredible investment opportunity to own one of the most desirable and highly visible waterfront properties on the shores of Lake Marion. Located j...
503 Wodin Place
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018616 / Active
BACK ON THE MARKET DUE TO NO FAULT OF THE SELLERS - Welcome to one of the most iconic homes in all of Carnes Crossroads. Perfectly positioned along...
401 Eastern Pine Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018615 / Active
Beautifully maintained 5-bedroom, 3-bath home with 2,451 professionally measured square feet on a desirable corner lot. The open floor plan feature...
Reduced -$5,100
130 River Landing Drive UNIT #3120
Charleston, SC 29492
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Residential
MLS# 26018614 / Active
FULL LUXURY REDESIGN | END UNIT | ONE OF THE BEST LOCATIONS IN THE COMMUNITYCompletely transformed from builder-grade to custom luxury, this one-of...
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