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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3041 Ashburton Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018155 / Active
Welcome to life in one of Mount Pleasant`s most sought-after communities. Nestled within the highly-coveted subsection of Andover in Park West, thi...
702 Gentle Wind Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018152 / Active
Welcome to The Eden, a home designed for effortless living with thoughtful spaces that adapt to your lifestyle. The heart of the home features an o...
136 Alston Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018149 / Active
Sharp looking & well-maintained one-story ranch in desirable Crowfield Plantation!! CONVENIENT TO EVERYTHING! This open floor plan features vaulted...
119 Hummingbird Avenue
Ladson, SC 29456
Plantation Ridge
Residential
MLS# 26018146 / Active
Calling All Investors! 119 Hummingbird Ave is ready for a makeover/renovation. It`s located in the Plantation Ridge Subdivision! Sitting on a spaci...
2000 Belle Isle Avenue UNIT #304
Mount Pleasant, SC 29464
One Belle Hall
Residential
MLS# 26018145 / Active
Superb livability + walkability! This gated One Belle Hall condo has 2 bedrooms, 2 full baths + flex sunroom/office space, balcony/porch, AND a 1-c...
1726 Bee Balm Road
Johns Island, SC 29455
St Johns Crossing
Residential
MLS# 26018144 / Active
Welcome home to 1726 Bee Balm Road, where Charleston charm meets modern convenience. Nestled in the St. Johns Crossing neighborhood of Johns Island...
101 Lacey Court
Moncks Corner, SC 29461
Southwind
Residential
MLS# 26018142 / Active
Welcome home to this move-in ready cottage in the heart of Moncks Corner! Freshly updated with new flooring and fresh paint throughout, this charmi...
530 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018141 / Active
530nTulip Poplar Dr, Moncks Corner SC - Open Floor Plan, Resort-Style Amenities & Spacious Primary SuiteWelcome home to 530 Tulip Poplar Drive, loc...
Reduced -$3,331
107 Wilmer Avenue
Goose Creek, SC 29445
Pineview Terrace
Residential
MLS# 26018140 / Active
Loaded with potential and offered by its original owner, this well-loved home has been cared for by the same family since it was built about 1961. ...
7344 Eddy Farm Road
Hollywood, SC 29449
Eddy Farm
Residential
MLS# 26018138 / Active
Retreat to the country with a new 2BR/2BA cottage on a heavenly 6 acre lot on Swinton Creek. Short 25` dock with composite decking, 13k lb boat lif...
18 Carson Drive
Charleston, SC 29407
Lenevar
Residential
MLS# 26018137 / Active
One of West Ashley`s most beloved neighborhoods, Lenevar is known for its mature trees, larger lots, walkable streets, and strong sense of communit...
1130 San Juan Avenue
Charleston, SC 29407
Kingsland
Residential
MLS# 26018135 / Active
Welcome to 1130 San Juan Ave, Charleston--a beautifully renovated 1,560-square-foot home in the highly desirable West Ashley area, just 5 minutes f...
Reduced -$10,000
1044 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018134 / Active
The Henninger Plan- This first-floor owners floor plan features an open den, LVP in all main living areas of the first floor and massive kitchen co...
Reduced -$10,250
227 N Light Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018131 / Active
Stunning Upgraded Luxury on a Premium Pond Lot - The Glenwood Floor Plan Welcome to single-story luxury. This immaculate 3-bed, 2-bath open floor p...
Reduced -$5,000
1040 Lettered Olive Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018129 / Active
The Hanover Plan- This 4 bedroom, 2.5 bath home features a downstairs study with glass double doors, luxury vinyl plank flooring on all main living...
Reduced -$10,750
1413 Glencoe Drive
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
Nestled in the heart of Old Mount Pleasant, 1413 Glencoe Drive offers the rare combination of a coveted location, modern updates, and the freedom o...
1041 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018126 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owner`s suite on the first floor, large loft and covered porch. All main living areas...
1010 Tea Time Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018123 / Active
The Primrose, like our popular new model home in Heron`s Walk! Upon entry, you will be greeted with a spacious entry hall. The open layout offers a...
Increase +$3,100
2322 Chatelain Way
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26018122 / Active
Set in Southampton Pointe, a gated community in Mount Pleasant, SC (29464), 2322 Chatelain Way is a second-floor condo offering 767 square feet of ...
5717 San Flora Avenue
Ravenel, SC 29470
Palmetto Terrace
Residential
MLS# 26018120 / Active
This charming home, located just 20 minutes from Downtown Charleston, has been meticulously cared for and thoughtfully updated. From the moment you...
8021 Caswell Court
Ladson, SC 29456
Elms Glen
Residential
MLS# 26018119 / Active
SEPT. DELIVERY! *$10,000 TOWARDS CLOSING COST and or RATE BUY DOWN w/ use of pref. lender and attorney!! *. Welcome to Elms Glen...the latest new c...
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