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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1862 O'Leary Circle
Summerville, SC 29483
Six Oaks
Residential
MLS# 26018196 / Active
Meet the Guilford plan in Six Oaks by Mungo Homes! This floorplan features 4 bedrooms, 2.5 bathrooms, a covered porch off the back of the home, a l...
261 Loocock Drive
Goose Creek, SC 29445
Royal Oaks
Residential
MLS# 26018194 / Active
This fantastic Beazer made home in desirable Royal Oaks is ready for new owners. Upon entering, downstairs provides a formal dining room, ample liv...
Reduced -$10,000
1744 Alan Brooke Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018193 / Active
Experience the charm of Lowcountry living in this beautifully maintained Charleston Single-style home nestled within the desirable Village section ...
128 Boyle Way
Summerville, SC 29485
Boyle Plantation
Residential
MLS# 26018191 / Active
Welcome to 128 Boyle Way, a stunning custom-built estate nestled on nearly four private acres within the prestigious gated community of Boyle Plant...
531 Eastern Isle Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018190 / Active
Welcome to 531 Eastern Isle Avenue, nestled in the highly sought-after Del Webb at Cane Bay, one of the Lowcountry`s premier active adult communiti...
4296 Persimmon Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26018188 / Active
Nestled within the prestigious gated golf course community of Coosaw Creek Country Club, this beautifully maintained home offers exceptional space,...
1555 Moss Spring Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018187 / Active
Welcome to 1555 Moss Spring Road, a beautifully updated, low-maintenance end-unit townhome in Park West! Offering 3 bedrooms and a thoughtfully des...
229 Amy Drive
Goose Creek, SC 29445
Berkley Hills
Residential
MLS# 26018186 / Active
Welcome to this charming 3-bedroom brick ranch, offering comfort & functionality. Inside you`ll find a beautifully renovated primary bath, updated ...
1403 Dove Run Drive UNIT A
Charleston, SC 29412
Creek Point
Residential
MLS# 26018185 / Active
1403 A Dove Run is a townhome, ideal location convenient to downtown Charleston. Lots of restaurants and entertainment. There is an HOA and they ma...
2782 Hidden Oak Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018184 / Active
It is rare to find three bedrooms with three full bathrooms in this price range! This gorgeous townhome has some of the most incredible outdoor liv...
5059 Thornton Drive
Summerville, SC 29485
Woodland
Residential
MLS# 26018179 / Active
Welcome to 5059 Thornton Drive in the highly desirable Wescott Plantation community! This move-in ready home offers 4 spacious bedrooms and 2.5 bat...
108 Evance Court
Summerville, SC 29485
Irongate
Residential
MLS# 26018177 / Active
Beautifully maintained all-brick home located on a quiet cul-de-sac in the desirable Irongate community. Offering approximately 1,802 sq ft, 4 bedr...
Reduced -$5,400
356 Price Street
Goose Creek, SC 29445
Forest Lawn
Residential
Welcome home to this charming 3-bedroom, 1-bath property situated on a spacious quarter-acre fenced lot. Featuring beautiful hardwood floors, a fun...
Reduced -$10,000
1324 Wild Goose Trail
Summerville, SC 29483
Drakesborough
Residential
MLS# 26018174 / Active
Welcome to 1324 Wild Goose Trail, where peaceful pond views, wooded privacy, and thoughtful upgrades create the perfect place to call home. Filled ...
112 Turner Field Way
Summerville, SC 29485
Fieldview
Residential
MLS# 26018173 / Active
Welcome to this beautifully updated craftsman-style home in the desirable Fieldview community, just minutes from historic downtown Summerville, bes...
Reduced -$10,000
1927 Palmetto Isle Drive
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
Some homes simply have a way of making you exhale the moment you walk in... From the soaring 15` ceilings to the open, sun-drenched floor plan, 192...
1604 Regimental Lane
Johns Island, SC 29455
Headquarters Plantation
Residential
MLS# 26018171 / Active
Exceptional marsh views--rarely found in this location--set this stunning home apart from the moment you arrive. Sitting on over half an acre, rela...
Reduced -$55,000
3318 Conservancy Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26018169 / Active
Welcome to 3318 Conservancy Lane, a move-in ready 3-bedroom, 2.5-bath townhome in Carolina Bay, one of West Ashley`s most loved communities. Though...
220 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018168 / Active
The best value in Four Seasons has arrived! Combining one of the community`s most sought-after floorplans with one of its rarest homesites, 220 Tup...
309 Big Country Way
Moncks Corner, SC 29461
Residential
MLS# 26018167 / Active
Seller will finance home for buyer! Discover the space, comfort, and flexibility you`ve been searching for in this new 4-bedroom, 2-bath home situa...
1322 Willow Pond Road UNIT #8
Mount Pleasant, SC 29466
Willow Pond
Residential
MLS# 26018163 / Active
Welcome home to Willow Pond, a beautiful boutique community with only 13 homesites, surrounded by gorgeous live oaks, wetlands, a pond, and a walki...
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