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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5817 Chaucer Drive
Hanahan, SC 29410
Yeamans Park
Residential
MLS# 26018342 / Active
Motivated Seller! Exceptional redesigned and recently rebuilt home (2022) in desirable City of Hanahan, SC. Beautiful bright open floor plan, and n...
Reduced -$20,000
449 White Magnolia Street
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 26018341 / Active
READY SEPTEMBER 2026-Welcome to the Georgetown, a beautiful single-story home located in the heart of Moncks Corner. This stunning new construction...
Reduced -$8,175
102 Dream Street
Summerville, SC 29483
Braeland
Residential
MLS# 26018339 / Active
Fully renovated 3 bedroom, full 3 bathroom home. This home is in a great location, convenient to all that Summerville has to offer. Downstairs you`...
561 Pointe of Oaks Road
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26018337 / Active
Welcome to 561 Pointe of Oaks! Located in a sought-after golf course community and within the highly desirable DD2 school district, this beautifull...
124 Walnut Creek Road
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26018336 / Active
Welcome to 124 Walnut Creek Road in the desirable Grand Oaks Plantation neighborhood. Offering 1665 square feet, this 3 bedroom 2.5 bath home is mo...
200 Equinox Circle
Ladson, SC 29456
Heatherwoods
Residential
MLS# 26018335 / Active
Thoughtfully updated and ideally positioned for both convenience and lifestyle, this exceptional 3-bedroom, 2.5-bath residence offers refined livin...
1056 Keats Road
Charleston, SC 29407
East Oak Forest
Residential
MLS# 26018333 / Active
Welcome to 1056 Keats Road, a charming brick home nestled in the heart of East Oak Forest. This inviting residence perfectly blends classic charact...
Reduced -$4,000
3512 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018331 / Active
Welcome to 3512 Henrietta Hartford Road, a beautifully maintained elevated home nestled in one of Mount Pleasant`s most desirable waterfront commun...
300 Blue Shadows Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018330 / Active
Welcome to 300 Blue Shadows Court, a beautifully maintained home situated on a large, fully fenced corner lot in Summerville. From the inviting fro...
Reduced -$25,100
305 Elliott Drive
Ladson, SC 29456
Fairlawn
Residential
MLS# 26018328 / Active
Welcome home to this beautifully renovated 4 bedroom, 2 bath ranch-style home with NO HOA! Conveniently located just a few minutes away from shoppi...
269 Cooper River Drive
Mount Pleasant, SC 29464
Tides Condominiums
Residential
MLS# 26018327 / Active
Enjoy the panoramic views & sunsets overlooking the Wando River, Charleston Harbor, & Downtown Charleston from the private rooftop & balcony of thi...
504 Purple Finch Road
Summerville, SC 29486
Nexton
Residential
MLS# 26018326 / Active
Welcome to 504 Purple Finch Rd, a charming house in North Creek, NEXTON , Summerville, SC. The property features an open floor plan with spacious k...
639 Silver Spruce Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018322 / Active
Welcome to Cane Bay`s highly sought after Pine Hills community! Built in 2022, this thoughtfully designed 5 bedroom, 2.5 bath home offers the perfe...
120 Evesham Drive
Summerville, SC 29485
Gahagan Plantation
Residential
MLS# 26018321 / Active
Completely renovated and perfectly located, this stunning home offers the best of Lowcountry living in the heart of Summerville. Just minutes from ...
7526 Indigo Palms Way
Johns Island, SC 29455
Indigo Hall At Hope Plantation
Residential
Welcome to your Dream Home in Indigo Hall! Experience modern living at its finest in this brand new 3-bedroom, 2-bathroom condo home in the newly c...
114 Northpark Avenue
Summerville, SC 29485
Summer Ridge
Residential
Welcome to 114 Northpark Avenue, your turn-key home where thoughtful updates, spacious living, and a private wooded backyard come together in one o...
198 Greenwich Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018314 / Active
Introducing the Macon floorplan, perfectly positioned on a private, wooded homesite where thoughtful design meets effortless Lowcountry living. Thi...
2200 Belle Isle Avenue UNIT #303
Mount Pleasant, SC 29464
One Belle Hall
Residential
MLS# 26018313 / Active
Recently renovated and completely turnkey, this top-floor corner residence offers 3 bedrooms, 2 bathrooms, and a one-car garage in one of Mount Ple...
110 Franklin Retreat Court
Charleston, SC 29492
Retreat At Beresford
Residential
MLS# 26018311 / Active
Welcome to the perfect blend of classic Charleston charm and modern updates, just minutes from Daniel Island. Tucked away at the end of a quiet cul...
Reduced -$5,000
270 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26018309 / Active
Welcome to 270 Oglethorpe Circle in Spring Grove Plantation. This one owner, move in ready home offers 3 bedrooms, 2.5 baths, and 1348 Sqft. of tho...
1022 Grace Field Avenue
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018306 / Active
Move-in ready and beautifully maintained, this Drake floor plan in Horizons at Summers Corner offers 3 bedrooms, 2 bathrooms, and a private wooded ...
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