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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1016 Maidstone Drive
Summerville, SC 29483
Pine Forest Country Club
Residential
MLS# 26017998 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Located on a spacious corner lot in the Pine Forest Count...
Reduced -$15,000
8 Islington Court
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
Don`t miss this unique chance to own a beautifully positioned home on a private street just steps from MUSC and Charleston`s best local dining. Sol...
411 Cropfield Drive
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26017990 / Active
This 5-bedroom home, plus an office and bonus room, sits on the best lot in the neighborhood! This like-new home is situated near two ponds and pro...
213 Clearblue Loop
Summerville, SC 29486
Nexton
Residential
MLS# 26017983 / Active
Welcome to 213 Clearblue Loop, a beautifully designed home in the highly desirable Midtown at Nexton community, perfectly positioned in a completed...
Reduced -$10,000
4923 Steeplechase Lane
Hollywood, SC 29449
Stono Ferry
Residential
MLS# 26017982 / Active
A unique offering just outside of Charleston, SC for a Lowcountry estate situated on approximately 2.3 beautifully landscaped acres offering expans...
303 Ayers Circle
Summerville, SC 29485
Salisbury Acres
Residential
MLS# 26017981 / Active
Welcome to this stunning, renovated brick ranch nestled in one of Summerville`s best-kept secrets -- Salisbury Acres. Tucked away on a spacious .56...
Reduced -$11,000
224 Rodenberry Road
Cross, SC 29436
Residential
MLS# 26017977 / Active
Spacious 4-bedroom, 3-bath home situated on a private 1-acre lot in the Cross area of Berkeley County. Offering approximately 2,288 square feet of ...
7961 Shadow Oak Drive
North Charleston, SC 29406
Oak Bluff
Residential
MLS# 26017976 / Active
Conveniently located near Charleston Southern University, Trident Technical College, Joint Base Charleston, Charleston International Airport, North...
14 Lockwood Drive UNIT 7abg
Charleston, SC 29401
Ashley House
Residential
MLS# 26017971 / Active
Experience one of downtown Charleston`s most unique residences. Created by combining three separate units into one expansive home, totaling 2300 sq...
146 Callibluff Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017970 / Active
Welcome to 146 Callibluff Drive, where custom design meets real-life functionality in one of the most sought-after sections of Carnes Crossroads. T...
270 Village Stone Circle
Summerville, SC 29486
Marrington Villas At Cobblestone
Residential
MLS# 26017968 / Active
Welcome home to this adorable, low-maintenance 2-bedroom, 2-bath residence situated on a desirable corner lot. This charming home features an open-...
Reduced -$5,100
1224 Creek Stone Way
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26017965 / Active
Welcome to Tanner Plantation, one of Hanahan`s most sought-after communities! This beautifully maintained 4-bedroom, 2.5-bath home offers 2,678 squ...
4327 Carolina 165
Meggett, SC 29449
Residential
MLS# 26017963 / Active
Investor Special in the heart of Younges Island! Situated on a generous .43-acre lot, this property offers a rare opportunity to own a sizable piec...
Reduced -$34,900
111 Corvus Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017961 / Active
Located in the Pender Woods community of Summerville, this lovely single-level, 4 bd home offers a functional layout, thoughtful upgrades, and a co...
406 Wood Lilly Lp
Summerville, SC 29486
Nexton
Residential
MLS# 26017957 / Active
Welcome to the Wando by Saussy Burbank, a beautifully upgraded 3,200sf home in sought-after Nexton Midtown ready in September. This spacious floor ...
1011 Harrison Road
Ladson, SC 29456
North Tranquil Acres
Residential
MLS# 26017951 / Active
Welcome home to this charming, well maintained property located in the established North Tranquil Acres neighborhood of Ladson!Big back yard with p...
Reduced -$15,000
2001 Carriage Way
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26017948 / Active
Welcome home to this beautifully maintained all-brick residence situated on a desirable corner lot at the end of a quiet cul-de-sac. Combining time...
314 Garden Grove Drive
Summerville, SC 29485
Bridges Of Summerville
Residential
MLS# 26017942 / Active
Hurry and take this rare opportunity to own your single family home in the midst of Summerville, at a discount! Needs to move fast, this home requi...
Reduced -$3,000
1502 Royal Colony Road
Johns Island, SC 29455
The Gates Of Fenwick Plantation
Residential
MLS# 26017941 / Active
Welcome to The Gates at Fenwick Plantation! This move-in-ready corner-unit condo offers privacy, convenience, and low-maintenance living in a sough...
2411 Kemway Road
Johns Island, SC 29455
Stono Pointe
Residential
MLS# 26017940 / Active
Nestled beneath grand oaks and framed by nearly 3.9 acres of native Lowcountry landscape, this private Stono Pointe retreat feels worlds away while...
8329 Longridge Road
North Charleston, SC 29418
Appian Landing
Residential
MLS# 26017939 / Active
Welcome to this beautiful 3-bedroom, 2-bath home in the desirable Appian Landing community, offering an inviting layout, stylish finishes, and a co...
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