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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4210 Wild Turkey Way
Johns Island, SC 29455
Briars Creek
Residential
MLS# 26018613 / Active
Welcome to 4210 Wild Turkey Way, an exquisite custom home built for comfort, luxury, and style within the gates of Briars Creek. A coveted private ...
2018 Redback Drive
Summerville, SC 29483
The Ponds
Residential
MLS# 26018609 / Active
This home in Cresswinds at the Ponds 55+ gated community is situated on a corner lot adjacent to the Clubhouse and all its amenities. Very well mai...
2415 Rice Pond Road
Charleston, SC 29414
Ashland Plantation
Residential
MLS# 26018606 / Active
Nestled on 1.54 private acres, this striking contemporary home offers a rare opportunity to own your own coastal peninsula with a shared, true deep...
1641 Indy Drive
North Charleston, SC 29405
Mixson
Residential
MLS# 26018605 / Active
Welcome to this beautifully designed Charleston single-style home, perfectly positioned on a desirable corner lot in the highly sought-after Mixson...
4897 Habersham Lane
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018602 / Active
3 bedroom, 2 bath Master downstairs. Corner Lot Your new home has open space beside the home providing you with more land to use than is maintained...
Reduced -$1,100
3584 Berryhill Road
Johns Island, SC 29455
Cedar Springs
Residential
Welcome to 3584 Berryhill Road -- adorable 3-bedroom, 2.5-bath gem nestled in one of Johns Island`s most coveted locations! Park your boat in your ...
7401 Painted Bunting Way
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26018594 / Active
Welcome to 7401 Painted Bunting Way, a beautiful four-bedroom, 2.5-bathroom home nestled on a cul-de-sac in the highly desirable Edgewood Trace nei...
Reduced -$6,000
501 Evenfall Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018593 / Active
This is the one! A thoughtfully designed Newington by Ashton Woods, expertly curated and just beginning construction, set on a premier corner homes...
1249 Dearsley Court
Mount Pleasant, SC 29464
Parish Place
Residential
MLS# 26018592 / Active
Welcome to this lovely South Mt. Pleasant charmer that just underwent a massive facelift over the past 30 days! The curb appeal POPS w/ the newly p...
196 Halstead Drive
Moncks Corner, SC 29461
Halstead
Residential
MLS# 26018589 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to this end-unit Cosmos! This beautifully designed 3 bedroom, ...
460 Colchester Court
Moncks Corner, SC 29461
Halstead
Residential
MLS# 26018588 / Active
Estimated completion August/September. Homesite backs up to our fishing dock! ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Progra...
150 Bee Street UNIT #402
Charleston, SC 29401
Bee Street Lofts
Residential
MLS# 26018586 / Active
Experience elevated downtown living in this stylish 2-bedroom, 2.5-bath loft at Bee Street Lofts, featuring soaring 10+ ft. ceilings, an open-conce...
205 Huguenot Trail
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26018584 / Active
Welcome home to this stunning, nearly new residence in the sought-after French Quarter Creek community -- built less than two years ago and move-in...
2229 Generals Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26018581 / Active
This home has a total of 3,050 sqft with 2,621 sqft in the main house and 428 sqft in the guest suite over the garage. In addition, there is a part...
Reduced -$25,000
200 Sweet Cherry Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018578 / Active
Welcome to Shell Pointe at Cobblestone, where this beautifully maintained corner-lot home offers the perfect combination of comfort, convenience, a...
259 Gaines Circle
Cottageville, SC 29435
Christopher
Residential
MLS# 26018575 / Active
Welcome to 259 Gaines Circle -- a beautifully and completely renovated 4-bedroom, 2-bathroom home sitting on 1.8 acres in Cottageville, SC. Finishe...
70 Vanderhorst Street
Charleston, SC 29403
Radcliffeborough
Residential
MLS# 26018573 / Active
Turnkey Investment Opportunity - Steps from CofC & MUSC...Incredible opportunity to acquire an income-producing asset or a beautiful family home lo...
3019 Buccaneer Road
Isle of Palms, SC 29451
Jolly Rogers Estate
Residential
MLS# 26018571 / Active
Welcome to 3019 Buccaneer Road, where the tides set the pace and island living becomes a reality. Positioned on Goat Island, only accessible by boa...
210 Jasmine Drive
Walterboro, SC 29488
Woodland Terrace
Residential
MLS# 26018568 / Active
Welcome to 210 Jasmine Street in the established Woodland Terrace neighborhood of Walterboro. This spacious 4-bedroom, 3-bathroom home offers room ...
209 Sternside Run Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018566 / Active
One of the finest water views in the community sets the stage for this meticulously maintained home located in the highly sought-after active adult...
Reduced -$11,000
781 Lake Frances Drive
Charleston, SC 29412
Lake Shore Commons
Residential
MLS# 26018562 / Active
Enjoy waterfront living in this charming lakefront property offering 1,350 square feet of comfortable living space. The home features 2 bedrooms, e...
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