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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906 W Marymont Lane
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26018273 / Active
Experience at 906 W Marymont Ln a layout designed for everyday comfort and practical living. The interior features a fireplace for warmth, while th...
521 Saint Andrews Boulevard
Charleston, SC 29407
Moreland
Residential
MLS# 26018272 / Active
Welcome to this stunning Charleston brick home in one of the area`s most sought-after neighborhoods, just minutes from historic Downtown Charleston...
1046 Planters Place UNIT #1046
Mount Pleasant, SC 29464
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Residential
MLS# 26018270 / Active
Gorgeous updated condo just minutes from the Ravenel Bridge and wonderful area beaches! Situated privately on the end in a small enclave of townhom...
2244 Ashley Crossing Drive UNIT #521
Charleston, SC 29414
Arboretum
Residential
MLS# 26018269 / Active
EXCLUSIVE POND VIEW!! Welcome to 2244 Ashley Crossing Drive in the desirable Arboretum community of West Ashley. This 2-bedroom, 2-bath condominium...
747 Hill Street
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26018265 / Active
Thoughtfully designed by Hudson Cooper Designs & expertly built by Flynn Custom Homes, 747 Hill Street is a rare opportunity to own a newly constru...
228 Knightsbridge Drive
Charleston, SC 29418
Archdale
Residential
MLS# 26018263 / Active
A place to call home! As you enter the home from the foyer there is a large family room featuring a wood burning fireplace. The kitchen offers gran...
733 Ralston Court
Mount Pleasant, SC 29464
Bay Tree
Residential
MLS# 26018262 / Active
Coveted Convenience, Turnkey Finishes, & Walkable Mount Pleasant Living. Enjoy an exceptional opportunity at 733 Ralston Court in the desirable Bay...
253 Winter Drive
Cottageville, SC 29435
Residential
MLS# 26018260 / Active
Escape to 253 Winter Drive, a peaceful 2-acre country retreat about 30 minutes from both Summerville and Walterboro. Surrounded by mature trees and...
1006 Seatrout Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018258 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$20,000
1102 N Lemacks Street
Walterboro, SC 29488
Civic Center
Residential
MLS# 26018257 / Active
Investment Opportunity!! This spacious home offers approximately 2,418 sq. ft. with 3 bedrooms and 2 baths. Features include a separate living room...
1134 Razor Clam Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018253 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$38,700
557 Abigail Street
Moncks Corner, SC 29461
Strawberry Station
Residential
MLS# 26018252 / Active
Welcome home to Strawberry Station, one of the area`s most highly desired communities, where comfort, function, and everyday convenience come toget...
1684 Emmets Road
Johns Island, SC 29455
The Oaks At St Johns Crossing
Residential
MLS# 26018250 / Active
Welcome home to this turn key 4-bedroom, 3.5-bath residence in the highly desirable Oaks at St. Johns Crossing on Johns Island. Originally built by...
102 Maplewood Court
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018249 / Active
Nestled on a quiet cul-de-sac, this charming 4-bedroom, 3.5-bath traditional home offers space, flexibility, and a brand-new roof installed this ye...
Reduced -$15,001
104 Stratford Drive
Summerville, SC 29485
Kings Grant
Residential
Welcome to 104 Stratford Drive, this stately brick colonial makes a lasting first impression from the moment you pull into the driveway. With timel...
302 Summerset Lane
Summerville, SC 29483
Summerset Acres
Residential
MLS# 26018246 / Active
This home is on 2.59 acres of highland with the ability to build another home on the property ( accessory dwelling unit ) The property is just 15 m...
109 Preston Court
Goose Creek, SC 29445
Bedford Chase
Residential
MLS# 26018245 / Active
Welcome home! Looking for a move in ready home in the desirable Crowfield community? This is it! This immaculate home is situated on a cul de sac l...
1639 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018244 / Active
Discover HORIZONS, a new active adult community, where you can wake up with countless opportunities but no commitments. Where new friends can share...
Reduced -$8,050
3516 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
Long-range water views. No homes or docks directly across the creek. Renovated 2022 gourmet kitchen. Finished ground level with private mother-in-l...
804 Sprague Street
Charleston, SC 29412
Bayfront
Residential
MLS# 26018239 / Active
A rare opportunity to experience the very best of the Lowcountry from one thoughtfully crafted marshfront retreat. Built in 2024, this home combine...
215 Watersglen Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018233 / Active
Beautiful 4-bedroom, 2-bath home located in Cane Bay (Pine Hills). Built in 2024 and move-in ready, this home is situated on a quiet street within ...
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