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 (4909). Please refine your filters for better results.
446 Doane Way
Charleston, SC 29492
Beresford Commons
Residential
MLS# 26018394 / Active
446 Doane Way is a residence with a functional layout and modern finishes throughout. The kitchen features a center island and a walk-in pantry, cr...
1328 Hermitage Avenue
Charleston, SC 29412
Whitehouse Plantation
Residential
MLS# 26018393 / Active
Completely renovated from the studs out, this move-in ready 3-bedroom, 3-full-bath brick ranch offers the quality and peace of mind today`s buyers ...
145 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018387 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home is host to an ...
1113 N Shadow Drive
Mount Pleasant, SC 29464
Hickory Shadows
Residential
MLS# 26018385 / Active
Newly renovated home in the heart of South Mount Pleasant, offered under $800K! Conveniently located with quick access to Coleman Boulevard and Hig...
271 Decatur Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018381 / Active
Welcome to this beautifully maintained home in Old Rice Retreat, Cane Bay Plantation! Situated on a pond lot, this spacious 4-bedroom/2-bath home o...
125 Akeley Lane
Summerville, SC 29483
Mallard Crossing
Residential
MLS# 26018377 / Active
Nestled in a desirable neighborhood, this impressive 2,756-square-foot home perfectly balances modern functionality with absolute comfort, offering...
272 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018376 / Active
This ready to move in July brand new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, comb...
328 Grouse Park
Charleston, SC 29414
Grand Oaks Townhomes
Residential
MLS# 26018374 / Active
From the moment you step onto the welcoming covered front porch, you`ll know you`re home. Uniquely designed for maximum privacy, this home is only ...
204 Chamblee Road
Walterboro, SC 29488
Longleaf
Residential
Beautifully remodeled 3-bedroom, 2-bath, two-story home nestled among mature trees with exceptional curb appeal. Step inside to a stunning updated ...
203 Balsam Circle
Summerville, SC 29485
Madison Ridge
Residential
MLS# 26018372 / Active
Welcome to this spacious and beautifully maintained 5-bed, 3.5-bath home in the desirable Madison Ridge community of Summerville. Offering over 3,0...
Reduced -$2,500
274 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018370 / Active
This ready to move in July brand new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, comb...
276 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018368 / Active
This ready to move in July brand new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, comb...
100 Kimeran Lane UNIT D
Summerville, SC 29485
Countryside
Residential
MLS# 26018361 / Active
Located in Summerville`s Countryside subdivision, this two-story townhouse offers 997 sq ft of living space with 2 bedrooms and 1.5 baths. The main...
125 Sugarberry Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018360 / Active
Built by Stanley Martin, this beautifully maintained corner-lot home offers the perfect combination of quality craftsmanship, comfort, and location...
2805 Merriams Drive
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26018358 / Active
Experience the perfect blend of luxury, comfort, and Lowcountry charm in this exceptional 5-bedroom, 3.5-bathroom home offering 2,950 square feet o...
1053 Victoria Road
Wando, SC 29492
Shellring At St Thomas Island
Residential
MLS# 26018355 / Active
Elevated coastal living meets modern luxury in this beautifully updated and newly painted home. Showcasing a bright, fully renovated kitchen with p...
2451 Draymohr Court
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018349 / Active
Live the Mount Pleasant lifestyle in this turnkey & light-filled end-unit townhome just minutes from beaches, dining, and golf cart-friendly conven...
5012 Cranesbill Way
Johns Island, SC 29455
Sea Island Preserve
Residential
MLS# 26018348 / Active
Warm, airy and welcoming from the moment you walk in. Built in 2022, this thoughtfully designed home sits on a generous 0.37-acre lot and is ideal ...
228 Swallowtail Court
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26018347 / Active
Welcome home. A lovely 4BD/3.5BA home in Tidal Walk, ideally located off Long Point Rd near Belle Hall shopping, I-526, the airport, beaches, and D...
8063 Jack Island Drive
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26018345 / Active
Quinessential Lowcountry home in Kiawah River, built by renowned Delpino Custom Homes. This home is perfectly situated beside dedicated green space...
1463 Tomato Farm Circle
Mount Pleasant, SC 29464
Heirloom Landing
Residential
MLS# 26018344 / Active
Lowcountry living at its finest! Literally minutes from Sullivan`s Island, Old Village, Shem Creek & only a year NEW, this thoughtfully designed st...
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 07-11-2026 11:51 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.