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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114 Live Oak Drive
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018230 / Active
Welcome to 114 Live Oak Drive, a charming three-bedroom, three-and-a-half bath brick home situated in the Old Village. As you pass through the beau...
571 Pontoon Road
Huger, SC 29450
Bridges At Seven Lakes
Residential
MLS# 26018229 / Active
Welcome to 571 Pontoon Road, an exceptional Harbor Oak floor plan located in the gated community of The Bridges at Seven Lakes. Perfectly positione...
1036 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018228 / Active
*Est. completion Nov 2026* The Grayson plan- This large home features a first floor guest suite, huge bonus room and great back yard size! The main...
Reduced -$5,250
14 N Dukes Street
Summerton, SC 29148
Residential
MLS# 26018227 / Active
Welcome to 14 North Duke Street in Summerton, South Carolina! Built in the early 1900s, this charming brick home showcases the character and crafts...
Reduced -$10,100
7523 Indigo Palms Way
Johns Island, SC 29455
Indigo Hall At Hope Plantation
Residential
Welcome to Indigo Hall, where refined design and effortless Lowcountry living come together in this brand-new home. Thoughtfully designed with a sp...
1116 Old Wiggins Road
Holly Hill, SC 29059
Cross Area (east)
Residential
MLS# 26018223 / Active
Welcome to the perfect blend of timeless Southern charm and modern peace of mind. Situated on 1.13 private acres with no HOA, this beautifully main...
2418 Double Oak Drive
Charleston, SC 29414
Double Oaks
Residential
MLS# 26018222 / Active
Welcome Home! This charming single-story ranch offers the perfect combination of comfort, convenience, and style. Freshly painted throughout, the h...
2539 Bengal Road
North Charleston, SC 29406
Northwood Estates
Residential
MLS# 26018219 / Active
Situated on a spacious corner lot surrounded by mature trees, azaleas, and established landscaping, this beautifully maintained home offers both pr...
Reduced -$9,900
21 George Street UNIT #105
Charleston, SC 29401
George And Society
Residential
MLS# 26018217 / Active
Walk everywhere! Located in the heart of Charleston`s Historic District, this fully renovated 2007 2-bed, 2-bath condo is just yards from King Stre...
3068 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018216 / Active
Just reduced! Why wait for new construction when you can buy a move in ready home with upgrades galore including irrigation, gutters and paver pati...
Reduced -$6,999
2737 Battery Pringle Drive
Johns Island, SC 29455
Stonoview
Residential
MLS# 26018215 / Active
In the heart of Johns Island, within the highly sought-after waterfront community of Stonoview, 2737 Battery Pringle blends everyday comfort with a...
6062 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018214 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6062 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
402 Bering Lane
Summerville, SC 29486
Residential
MLS# 26018213 / Active
Imagine 402 Bering Ln, arranged for everyday practicality with a layout centered on daily use. The kitchen contains all stainless steel appliances ...
1752 Towne Street
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26018211 / Active
Welcome to 1752 Towne Street in The Cottages at Johns Island! This charming 3-story home offers 2,052 square feet of flexible living space, a highl...
Reduced -$25,900
3995 Aberfeldy Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018210 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 3995 Aberfeldy Lane in the Hillcrest community...
Reduced -$1,355
6046 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018209 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6046 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
6034 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018207 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6034 Grangestone Lane in the Hillcrest communi...
Increase +$1,000
6050 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018205 / Active
Hillcrest - A community convenient to Charleston, HWY 17, and Edisto.Welcome to 6050 Grangestone Lane in the Hillcrest community of Ravenel, South ...
Increase +$1,000
6026 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018204 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto.Welcome to 6026 Grangestone Lane in the Hillcrest community of Ravenel, South Ca...
Increase +$1,000
224 Myrtle Way
Summerville, SC 29483
Brookwood
Residential
MLS# 26018203 / Active
Move-in ready with the possibility of a quick closing, this beautifully maintained one story home offers easy living on a quiet cul-de-sac lot with...
Reduced -$10,000
3170 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018202 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto beach area.Welcome to 3170 Dalmore Drive in the Hillcrest community of Ravenel, ...
Increase +$500
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