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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227 Farm Road
Goose Creek, SC 29445
Pineview Terrace
Residential
MLS# 26018470 / Active
Enjoy easy Lowcountry living in this beautifully updated one-story ranch style home situated on a spacious 1/3-acre lot. With no interior steps, th...
Reduced -$10,000
111 Duncan Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26018469 / Active
Welcome to 111 Duncan Ct, where charm meets modern comfort in this beautifully updated all-brick home. Nestled on a quiet cul-de-sac, this residenc...
Reduced -$10,000
107 Aplomb Alley
Charleston, SC 29414
Bermuda Pointe Towns
Residential
MLS# 26018466 / Active
Marsh Front home in West Ashley convenient to shopping, grocery stores, Bees Ferry and more! Garage on the first floor, living on the 2nd floor wit...
126 Fox Chase Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018464 / Active
Welcome to one of the most established and sought-after sections of Crowfield, where lifestyle, space, and value come together on an incredible .32...
1989 Hugo Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26018463 / Active
Minutes from Park Circle`s dining scene, downtown Charleston, and the airport, this home puts everything within easy reach. Inside, an open-concept...
Reduced -$35,000
136 Thirteen Way
Cross, SC 29436
Cross Area (west)
Residential
MLS# 26018462 / Active
Escape the noise and discover your own private Lowcountry retreat on 4.76 acres. Whether you`re searching for a weekend fishing getaway, hunting ca...
1140 Black Rush Circle
Mount Pleasant, SC 29466
Dunes West
Residential
Welcome to 1140 Black Rush Circle, a beautifully maintained home nestled on a private wooded lot in the highly sought-after gated community of Dune...
1825 Central Avenue
Summerville, SC 29483
Residential
MLS# 26018456 / Active
Spacious 2,400+ sqft home on Central Ave, set on nearly a half acre. Less than 5 minutes to Walmart, Starbucks, Publix, and numerous restaurants an...
375 Huger Street UNIT Unit F
Charleston, SC 29403
North Central
Residential
MLS# 26018455 / Active
Tucked just steps from Hampton Park and some of Charleston`s favorite restaurants, this classically designed single-family home offers the perfect ...
137 Daniels Creek Circle
Goose Creek, SC 29445
Liberty Village
Residential
MLS# 26018454 / Active
5 Bedrooms + Office + First-Floor Guest Suite | Over 3,000 Sq Ft! This Liberty Village home offers the flexible floor plan today`s buyers are searc...
2014 Saphire Court
Mount Pleasant, SC 29466
Crown Pointe
Residential
MLS# 26018453 / Active
This house is located in a cul-de-sac in Crown Pointe subdivision. It is two stories with a two car garage. Brick front porch, living room, with wo...
208 Red Knot Lane
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26018452 / Active
Welcome to this beautiful 4-bedroom, 3 bathroom home in South Mount Pleasant! This move-in-ready home features a spacious, open floor plan. The tho...
1515 Maple Grove Drive
Johns Island, SC 29455
The Retreat At Johns Island
Residential
MLS# 26018448 / Active
Beautiful 5BR/2.5BA home on a private corner lot in desirable John`s Island. Main-level primary suite, cathedral ceilings, two-story Great Room wit...
139 Sabal Court
Summerville, SC 29483
Daniels Orchard
Residential
MLS# 26018445 / Active
139 Sabal Court is more than a home, it is a lifestyle rooted in the heart of Summerville`s beloved historic district. Located just minutes from Do...
5259 Angelica Circle
Awendaw, SC 29429
Rialde Farms
Residential
MLS# 26018444 / Active
Welcome to 5259 Angelica Circle, a truly one-of-a-kind custom estate tucked away within the exclusive gated community of Rialde Farms. Perfectly po...
135 Steeple Point Court
Summerville, SC 29485
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Residential
MLS# 26018441 / Active
Welcome to this well maintained 3 bedroom, 2.5 bath home in the desirable Steeple Point neighborhood of Summerville. Situated on a spacious fenced ...
168 Salt Yard Landing
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018439 / Active
Summers Corner! Best lot in Desirable and Limited Heron`s Walk! Easy access to Hwy 165. This premier property is perfectly situated across from a l...
1242 Maryland Drive
Ladson, SC 29456
Moss Point
Residential
MLS# 26018435 / Active
242 Maryland Drive | Ladson, SCCome tour your new home, where everyday living feels effortless. Nestled on a generously sized homesite in an establ...
114 Sunray Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018434 / Active
Welcome to 114 Sunray Ln! This 4-bedroom, 2.5-bath home offers over 2,200 sq. ft. with an open-concept layout designed for everyday living and ente...
Reduced -$2,000
5413 Clairmont Lane
North Charleston, SC 29420
Cedar Grove
Residential
MLS# 26018430 / Active
Southern charm meets peaceful pond views in this beautifully maintained home in desirable Cedar Grove. With classic Lowcountry architecture, durabl...
4501 Millspring Road
Hollywood, SC 29449
Chaplins
Residential
MLS# 26018429 / Active
Welcome to your private lowcountry sanctuary! Sitting on a pristine wooded acre with circular driveway and no HOA, this home blends rustic charm wi...
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