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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1277 Hermit Crab Way
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018059 / Active
Welcome home to 1277 Hermit Crab Way, a charming single-story residence tucked away in the highly desirable Whispering Marsh enclave of Dunes West....
Reduced -$15,000
1479 Long Grove Drive UNIT #204
Mount Pleasant, SC 29464
Seaside Farms
Residential
MLS# 26018058 / Active
This completely renovated 3-bedroom, 3-bath, corner-unit, second-floor condo delivers a stunning modern coastal interior, set against a serene pond...
150 Helena Park Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018057 / Active
Welcome to 150 Helena Park! Experience Lowcountry living in one of Summerville`s most sought-after master-planned communities. This beautifully des...
109 O'Leary Circle
Summerville, SC 29483
Six Oaks
Residential
MLS# 26018053 / Active
** 4.99% ASSUMABLE VA LOAN** This is a beautiful primary bedroom downstairs home on a stunning pond homesite. This amazing home features 4 bedrooms...
Reduced -$3,500
114 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018050 / Active
This spacious two-story home features a formal dining room, butlers pantry, and study. Also including an open kitchen/living space with quick acces...
253 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018049 / Active
This is the only lakefront homesite in the neighborhood with a private wooded backdrop, giving you privacy that can`t be added later. The home face...
406 Willow Court
North Charleston, SC 29420
Pepperidge
Residential
MLS# 26018048 / Active
This home sits on a quiet cul de sac. Frog is loft that over looks greatroom. Great family neighorhood large front porch for relaxing. master bedro...
208 Rae Lane
Bonneau, SC 29431
Macedonia
Residential
MLS# 26018045 / Active
Three separate dwellings on a full, usable 1.05-acre lot in Bonneau -- and three different ways to make it yours. Move into one home and let the ot...
259 Swallowtail Lane
Goose Creek, SC 29445
Landings At Montague
Residential
MLS# 26018044 / Active
Welcome home to this beautifully maintained 3-bed, 2.5-bath townhome in the heart of Goose Creek! Fresh paint, new carpet, updated bathroom lightin...
212 Coral Sunset Way
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018042 / Active
Pond views, paid-off solar panels, and storage for days. If those are on your wish list, you`ll want to see this one.Some homes have a great locati...
Reduced -$6,000
691 Blue Heron
Mount Pleasant, SC 29464
The Village At Heron Lake
Residential
MLS# 26018039 / Active
Unbeatable Location! Privacy, serenity, and convenience in the charming 1 level, 3 bedroom, 2.5 bath lakefront home on quiet cul-de-sac. Open floor...
118 Sandy Bend Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018038 / Active
Welcome to 118 Sandy Bend Ln. in Summerville, SC! This charming 3Br 2.5 Bath home offers the perfect blend of comfort and convenience.Step inside t...
495 Trotters Lane
Moncks Corner, SC 29461
Boykins Run
Residential
MLS# 26018037 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***With great curb appeal, thoughtful updates, and a convenie...
205 Holly Inn Road
Summerville, SC 29483
Country Club Estates
Residential
MLS# 26018035 / Active
Welcome to a home that blends space, comfort, and outdoor living in one of Summerville`s most desirable settings. A full front porch welcomes you i...
2147 River Road
Johns Island, SC 29455
City Of Charleston
Residential
MLS# 26018030 / Active
Every upgrade you`d ever want, already done.On 1.2 private acres just minutes from downtown Charleston, beaches, and top dining, this Johns Island ...
4751 Arco Lane
North Charleston, SC 29418
Lake Palmetto
Residential
MLS# 26018027 / Active
Waterfront living awaits in this spacious 5-bedroom, 3.5-bath townhome on beautiful Lake Palmetto! Spanning three stories, this home offers over 2,...
115 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018023 / Active
The Elliot Plan- This traditional Charleston style home features a large front, covered porch and second floor balcony. The main living areas are c...
1969 Comstock Avenue
North Charleston, SC 29405
Union Heights
Residential
325 Harriswood Lane
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26018021 / Active
Welcome to this beautiful home located in the desirable Foxbank Plantation neighborhood! This stunning residence features a modern and functional l...
117 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018020 / Active
The Rutledge Plan - This 4 bedroom 2.5 bath home features the owners suite on the first floor, large covered back porch and huge loft. The main liv...
5064 Lady Bird Alley
Johns Island, SC 29455
Sea Island Preserve
Residential
MLS# 26018016 / Active
Experience luxury at Johns Island`s gated Sea Island Preserve. This two-year-old, single-story home sits on over a third of an acre, featuring eleg...
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