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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1033 Peridote Way
Ladson, SC 29456
Taylor Farms
Residential
MLS# 26018427 / Active
One owner home ready for new owner. Taylor Farms was created in 2023 in the heart of Ladson. Its a great location for quick commute. I-26 is just m...
461 Bramson Court
Mount Pleasant, SC 29464
Moultrie Park
Residential
MLS# 26018425 / Active
Charming and full of curb appeal, this Charleston-style home with a signature pink front door and classic double porches sits on a quiet, traffic-f...
3640 Tidal Flat Circle
Mount Pleasant, SC 29466
Stratton By The Sound
Residential
MLS# 26018424 / Active
Stunning views overlooking Copahee Sound from desirable corner lot offering both scenic vistas and the privacy of wooded wetlands. Outdoor living i...
2039 Bishop Drive
Charleston, SC 29414
Church Creek
Residential
MLS# 26018423 / Active
Welcome to 2039 Bishop Drive, a truly exceptional home where quality craftsmanship and meticulous care are evident at every turn. Lovingly maintain...
Reduced -$16,000
107 Alyssa Lane
Summerville, SC 29483
Corey Gardens
Residential
MLS# 26018422 / Active
Welcome home to 107 Alyssa Lane! This adorable 3-bedroom, 2.5-bath townhouse has been thoughtfully renovated and is ready for its next owner. Conve...
7945 Timbercreek Lane UNIT E
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26018421 / Active
Discover effortless Lowcountry living with this beautifully maintained townhome ideally located in the heart of North Charleston. This inviting hom...
181 Huguenot Trail
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26018420 / Active
Welcome to French Quarter Creek, one of the Lowcountry`s newest and most sought-after communities, where this immaculate single-story gem sits grac...
506 Scotch Range Road
Summerville, SC 29483
Scotch Range
Residential
MLS# 26018419 / Active
If you`ve been dreaming of a peaceful retreat with room to breathe, this is the home for you. Enjoy scenic views of rolling farmland & the beauty o...
1613 Farmers Way
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential
MLS# 26018417 / Active
The Riviera II design embodies Lowcountry living at its finest -- elevated, light-filled, and thoughtfully designed for modern comfort. This beauti...
563 Rutledge Avenue
Charleston, SC 29403
Westside
Residential
MLS# 26018415 / Active
Welcome to 563 Rutledge Avenue [Construction To Be Completed: August 3rd, 2026] this masterful high-end renovation is an inviting, classic Charlest...
8867 Salamander Road UNIT #40
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26018414 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
4991 Timber Race Course
Hollywood, SC 29449
Plantation At Stono Ferry
Residential
MLS# 26018413 / Active
With impeccable craftsmanship, sophisticated modern design, and the ease of primarily single-story living, this one-of-a-kind residence in The Plan...
131 Highwoods Plantation Avenue
Summerville, SC 29485
Highwoods Plantation
Residential
MLS# 26018412 / Active
This lovely home offers so much privacy it will feel like you have the entire neighborhood all to yourself. There`s a beautiful tree lined, green s...
442 White Magnolia Street
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 26018411 / Active
READY SEPTEMBER 2026 - Discover the Conway, a beautiful two-story home in the heart of Moncks Corner. This brand-new construction home offers 5 bed...
Reduced -$13,000
4968 Wyman Boulevard
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018410 / Active
Enjoy low-maintenance living with golf course views in this beautifully updated 3-bedroom, 2-bath home offering 2,037 square feet in the desirable ...
164 Longleaf Drive
Walterboro, SC 29488
Longleaf
Residential
MLS# 26018403 / Active
This brand new home is under construction in Walterboro. It`s on a .63 acre lot in Longleaf subdivision with 4 bedrooms, 2.5 bathrooms & a spacious...
500 Bucksley Lane UNIT Unit 207
Charleston, SC 29492
254 Seven Farms Drive
Residential
MLS# 26018402 / Active
Beautiful 3 bed 2 bath condo on Daniel Island! Gourmet kitchen with quartz countertops, granite sink, stainless steel appliances, and a large islan...
106 James Road
Summerville, SC 29486
Sangaree
Residential
MLS# 26018401 / Active
Welcome to 106 James Rd , where comfort and charm come together in one of Summerville`s most convenient locations. This beautifully maintained home...
163 Emerald Isle Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26018400 / Active
This immaculate, move-in ready home offers a perfect blend of style, space, and functionality. Upon entering, you will immediately notice the beaut...
438 White Magnolia Street
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 26018399 / Active
READY SEPTEMBER 2026 - Welcome to the Windsor, a beautiful two-story single-family in the heart of Moncks Corner. This home is designed for both st...
Reduced -$19,742
270 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018397 / Active
This new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, combining the kitchen, living an...
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