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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102 Antebellum Way
Summerville, SC 29483
Southern Magnolias
Residential
MLS# 26017938 / Active
This adorable Charleston style home is located in the highly sought after DD2 School District on the outskirts of Historic Summerville.. Approx 15m...
1322 Rosewood Lane
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26017937 / Active
Welcome to one of the best opportunities in Mount Pleasant`s most desirable zip code - 29464! This beautifully maintained home combines an open, li...
1413 River Front Drive
Charleston, SC 29407
Orange Grove Estates
Residential
MLS# 26017936 / Active
Wonderful layout with separate DR and LR and large family room off the kitchen. Three bedrooms upstairs. Large primary bedroom suite has tray ceili...
115 Wappoo Landing Circle UNIT #17
Charleston, SC 29412
Wappoo Landing
Residential
MLS# 26017933 / Active
Three miles from downtown Charleston one finds Wappoo Landing Townhomes - a quiet 23 unit community along the banks of Wappoo Creek. Designed for r...
3204 Fort Street
Edisto Island, SC 29438
Edisto Beach
Residential
MLS# 26017932 / Active
Welcome to The Fort, a beautifully renovated fully furnished 3-bedroom + bunk room, 3.5 bath coastal retreat in Edisto`s quietest and most desirabl...
213 Killarney Trail
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26017931 / Active
Seller Offering $7,500 in Buyer`s Concessions with an Acceptable Offer! Flexible floor plan featuring two main-level bedrooms and a private second-...
415 True North Trail
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017929 / Active
Experience lake life in The Coves at Cane Bay Plantation! This beautiful 5-bedroom, 3.5-bath Kensington floor plan features double front porches, a...
5150 Monterey Street
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017927 / Active
Welcome to the 3 bedroom 2 bath single family home, a charming brick ranch situated on a nearly quarter-acre lot in one of Park Circle`s most desir...
295 Citrus Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017926 / Active
Welcome to 295 Citrus Drive, a beautifully maintained Charleston Single-style home situated on a desirable corner homesite in Carnes Crossroads, sh...
2931 Waterleaf Road
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017924 / Active
This may be the home for you! This fabulous home is a combination of style, class and comfort! And it`s located lakefront in desirable Whitney Lake...
8047 Old London Road
North Charleston, SC 29406
Park Hill Place
Residential
MLS# 26017923 / Active
Large two-story home in desirable Park Hill Place featuring over 2200 sq feet in a non flood zone is ready for new owners! Downstairs, a separate d...
415 Parkdale Drive UNIT Apt 2f
Charleston, SC 29414
Carolina Cove
Residential
MLS# 26017922 / Active
Beautifully updated and move-in ready, this charming condo is being offered fully furnished--including all artwork, furnishings, and accessories--a...
Reduced -$9,000
432 Allamby Ridge Road
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
Rarely does a home offer this much space, versatility, and value. Featuring 6 bedrooms, 3 full baths, and an exceptional floor plan, this beautiful...
1066 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017919 / Active
Welcome to 1066 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
Reduced -$20,000
1068 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017917 / Active
Welcome to 1068 Dusk Drive, a beautifully designed new construction end unit villa by Ashton Woods located in the highly sought after Hammock Walk ...
Increase +$20,000
441 Whispering Breeze Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017915 / Active
Welcome to this beautifully maintained home nestled on a private, wooded lot! The main floor features an inviting foyer, a spacious living room, an...
18 Stocker Drive
Charleston, SC 29407
Windermere
Residential
MLS# 26017914 / Active
Charming brick home on a quiet family street that is located close to Downtown Charleston, soon to be walkable or bikeable to the Peninsula via a n...
Reduced -$45,000
5303 Alvie Street
North Charleston, SC 29418
Glyn Terrace
Residential
MLS# 26017912 / Active
This is the nicest property in North Charleston under $400,000! From the moment you pull into the driveway, the attention to detail is clear and co...
717 Eagle Street
Mount Pleasant, SC 29464
Hobcaw
Residential
MLS# 26017911 / Active
Just Completed -- Brand-New Construction within minutes of the bridge.. Welcome to 717 Eagle Street, a newly built home situated less than five min...
7911 Windfern Court UNIT Unit 1502
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26017909 / Active
Welcome home to The Park at Rivers Edge, a beautiful, established community in North Charleston conveniently located near major employers including...
150 Pavilion Street
Summerville, SC 29483
Reminisce
Residential
MLS# 26017908 / Active
Handy? Looking for a deal? Welcome home to this charming Charleston Single in the sought-after Reminisce community and award-winning DD2 school dis...
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