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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482 Stanley Avenue
Walterboro, SC 29488
Residential
MLS# 26018522 / Active
THIS IS A ONE + - ACRES LOT WITH A 1552 SQFT HOME, THAT IS LOCATED AT 482 STANLEY AVE IN WALTERBORO, SC. NEED SOME TLC. IT HAS THREE BEDROOMS, TWO ...
407 Pompano Road
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116 Curico Lane
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MLS# 26018513 / Active
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2618 Kiln Creek Circle
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MLS# 26018508 / Active
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536 Lesesne Street
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MLS# 26018507 / Active
RARE FULL GOLF ATTACHED- CUT THE 10 year wait!! Enjoy Daniel Island living at its best in this custom Ralston Grove home with a large fenced yard, ...
54 Wentworth Street UNIT Apt 9
Charleston, SC 29401
Ansonborough
Residential
MLS# 26018503 / Active
Don`t miss this opportunity to own a condo in the ideally located heart of downtown Charleston. This 1-bed, 1-bath unit has wood floors throughout ...
1175 Lazy Lane
Mount Pleasant, SC 29464
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Residential
MLS# 26018502 / Active
Live your best life at 1175 Lazy Lane, a beautifully updated retreat in the heart of coveted 29464. Just minutes from Shem Creek`s waterfront dinin...
3701 Docksite Road UNIT #304
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Residential
MLS# 26018498 / Active
Fully Renovated, Furnished & Ready to Enjoy at Bay Creek!Not all Bay Creek Villas are created equal, and this exceptional residence proves it. Situ...
222 Buckeye Lane
Summerville, SC 29486
Residential
MLS# 26018495 / Active
Charming Country Retreat with Space, Style & ConvenienceWelcome home to the perfect blend of peaceful country living and modern updates! Situated o...
Reduced -$20,000
2605 Coral Vine Court
Mount Pleasant, SC 29464
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Residential
MLS# 26018492 / Active
Wonderfully well kept home on short cul-de-sac has an ambience that just needs to be seen. Upgrades of Hardiplank siding, solar panels, Generac Gen...
110 Mallock Court
Goose Creek, SC 29445
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Residential
MLS# 26018489 / Active
Nestled on a quiet cul-de-sac in sought-after Crowfield Plantation, this spacious 5-bedroom, 2.5-bath home offers the perfect combination of comfor...
23 Charlyn Drive
Charleston, SC 29407
Northbridge Village
Residential
MLS# 26018487 / Active
Proudly situated at the end of a lovely cul-de-sac in Northbridge Village, 23 Charlyn Drive is a stately and spacious brick home offering a rare bl...
206 W Respite Lane
Summerville, SC 29483
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Residential
MLS# 26018485 / Active
Welcome to this beautifully maintained 3 bedroom, 2.5 bath home built in 2019, offering a bright, neutral interior and a thoughtfully designed floo...
136 Dream Street
Summerville, SC 29483
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Residential
MLS# 26018483 / Active
Beautifully updated 4 bedroom, 2.5 Bath, open concept home. Fenced yard, protected wooded space behind property and open greenspace in front! Fresh...
Reduced -$1,100
157 High Hammock Villas
Seabrook Island, SC 29455
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Residential
MLS# 26018481 / Active
An incredible opportunity awaits to own this beautifully renovated 2-bedroom, 2-bath, fully furnished ground-floor villa on Seabrook Island. Perfec...
195 Cypress Plantation Road
Moncks Corner, SC 29461
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Residential
MLS# 26018480 / Active
Welcome to 195 Cypress Plantation, where everyday living feels a little more like a getaway. Featuring one of the community`s most sought-after flo...
106 True Blue Loop
Summerville, SC 29486
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MLS# 26018479 / Active
There`s a reason Nexton continues to be one of the Lowcountry`s most sought-after communities. More than just a beautiful home, 106 True Blue Loop ...
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Wescott Plantation
Residential
MLS# 26018477 / Active
*NEW ROOF, NEW HVAC, New SOD in back yard, & many interior upgrades! One of the largest lots in Wescott!* Welcome home to 4803 East Red Maple Circl...
9002 Palmetto Drive UNIT #119
Isle of Palms, SC 29451
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Residential
MLS# 26018475 / Active
Oceanfront at Seascape Villas | Wild Dunes, Isle of Palms - Coming Soon!Beachfront. Furnished. Income-producing. A turnkey 2-bed / 2-bath oceanfron...
3474 Stockton Drive
Mount Pleasant, SC 29466
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Residential
MLS# 26018474 / Active
Welcome to Charleston National, one of Mount Pleasant`s most sought-after golf course communities, where Lowcountry living meets everyday convenien...
3 Judith Street
Charleston, SC 29403
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MLS# 26018471 / Active
Rare opportunity to own a historic Charleston home on an oversized lot in the heart of Wraggborough. Offering two bedrooms, an office space that co...
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