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.
Modify Search Criteria
Your search returned more than 1500 results (4888). Please refine your filters for better results.
254 Cloverleaf Acres Lane
Summerville, SC 29486
The Crossing at St. James
Residential
MLS# 26019606 / Active
Charming Charleston-Inspired Townhome Near Summerville & CharlestonWelcome home to 254 Cloverleaf Acres Lane, located in The Crossing at St. James,...
3367 Dunwick Drive
Johns Island, SC 29455
Fenwick Hills
Residential
MLS# 26019605 / Active
Beautiful 2017 construction on over 1/3 of an acre listed below market value! Tucked away on Johns Island, 3367 Dunwick Drive offers a peaceful ret...
3106 Gallberry Street
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019604 / Active
Welcome to 3106 Gallberry Street, a turn-key designer home in sought-after Carolina Bay.Thoughtfully updated and beautifully maintained, this home ...
221 Forest Circle
Summerville, SC 29483
Oakdale Estates
Residential
MLS# 26019601 / Active
Folks, we need to talk about the **DETACHED GARAGE AND WORKSHOP.** Because this isn`t some cute little shed where you store a rake and three Christ...
29 Campbell Drive
Charleston, SC 29407
Byrnes Downs
Residential
MLS# 26019600 / Active
Welcome to 29 Campbell Drive, a truly one-of-a-kind designer home in one of Charleston`s most coveted and established neighborhoods, Byrnes Down. T...
4882 Sound View Drive
Mount Pleasant, SC 29466
Hamlin Plantation
Residential
MLS# 26019598 / Active
Tucked along the water in one of Mount Pleasant`s most coveted communities, The Sound at Hamlin Plantation, this is the one you`ve been waiting for...
116 Tall Spruce Drive
Moncks Corner, SC 29461
Conifer Hall
Residential
MLS# 26019596 / Active
Updated and remodeled 3BR/2BA gem in Conifer Hall! All updates completed in 2023: new roof, windows, doors, paint, HVAC and garage door opener. Smo...
478 Trotters Lane
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26019595 / Active
Wake up to peaceful pond views and end each day watching the fountain shimmer across the water from your own fenced backyard. Built in 2023, this b...
217 President Circle
Summerville, SC 29483
Simmons Grove
Residential
MLS# 26019594 / Active
Welcome to 217 Presidents Circle, where modern construction meets the timeless charm of Historic Summerville. Built in 2014, this beautiful home of...
2364 Primus Road
Mount Pleasant, SC 29466
Pointe At Primus
Residential
MLS# 26019592 / Active
Tucked near the back of Pointe at Primus in a cul-de-sac, this 3-bed, 3.5-bath home offers approx. 2,694 sq ft of comfortable, thoughtfully designe...
3219 Pecan Orchard Way
Charleston, SC 29414
Pierpont
Residential
Experience the perfect balance of privacy, convenience, and modern construction in this beautifully maintained 2020-built home tucked away in a pri...
936 Lansing Drive UNIT D
Mount Pleasant, SC 29464
Lansing East
Residential
MLS# 26019588 / Active
Great Location off Coleman Blvd, Walking distance to Trader Joe`s and Whole Foods, Shem Creek (0.09 mi), Pitts St. bridge, and more! This Hidden Ge...
124 White Boulevard
Summerville, SC 29483
Millwood
Residential
MLS# 26019586 / Active
Welcome to 124 White Blvd, where timeless charm meets thoughtful updates! This well-maintained 3-bedroom, 1-bath home features fresh paint througho...
133 Country Oaks Lane
Wando, SC 29492
Creekside At Beresford
Residential
MLS# 26019585 / Active
Location Location!!! Welcome to this beautifully maintained home, which is ideally located just minutes from 526, Daniel Island, and Mount Pleasant...
882 Savage Road
Charleston, SC 29414
Castlewood
Residential
MLS# 26019584 / Active
Tucked beneath mature trees in the heart of West Ashley, this thoughtfully updated home blends timeless character with modern convenience on a priv...
3508 Bagley Drive
Mount Pleasant, SC 29466
Preston At Park West
Residential
MLS# 26019582 / Active
Enjoy the resort-style lifestyle that makes Park West one of Mount Pleasant`s most sought-after communities. Just a short walk from exceptional nei...
1505 Sanborll Landing Drive
Ladson, SC 29456
Hunters Bend
Residential
MLS# 26019580 / Active
Y`all... if entertaining is your thing, you`ve found your house.From the moment you pull into this conveniently located neighborhood, you`ll notice...
4287 Hugh Bennett Drive
Johns Island, SC 29455
Sea Island Preserve
Residential
Welcome to this exquisite modern luxury home, nestled within the prestigious gated community of Sea Island Preserve. Situated on just under an acre...
1039 Friartuck Trail
Ladson, SC 29456
Hunters Bend
Residential
MLS# 26019576 / Active
MOTIVATED SELLER -- PRICED TO SELL! Welcome to 1039 Friartuck Trail, offering 2,436 sq ft living space in the highly desirable Hunters Bend communi...
1413 Spanish Moss Court
Charleston, SC 29412
Bayview Farms
Residential
MLS# 26019575 / Active
Beautifully updated throughout, this exceptional Bayview Farms home combines soaring ceilings, renovated interiors, and a private saltwater pool to...
3491 Toomer Kiln Circle
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019573 / Active
Welcome to 3491 Toomer Kiln Circle, located in the highly desirable, well-established community of Coatbridge at Park West. Built by award-winning ...
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-09-2026 11:52 PM EST .
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
Copyright 2026 Charleston Trident Multiple Listing Service, Inc. All rights reserved.