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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882 Savage Road
Charleston, SC 29414
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MLS# 26019584 / Active
Tucked beneath mature trees in the heart of West Ashley, this thoughtfully updated home blends timeless character with modern convenience on a priv...
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4287 Hugh Bennett Drive
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Welcome to this exquisite modern luxury home, nestled within the prestigious gated community of Sea Island Preserve. Situated on just under an acre...
1039 Friartuck Trail
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MOTIVATED SELLER -- PRICED TO SELL! Welcome to 1039 Friartuck Trail, offering 2,436 sq ft living space in the highly desirable Hunters Bend communi...
1413 Spanish Moss Court
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3491 Toomer Kiln Circle
Mount Pleasant, SC 29466
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MLS# 26019573 / Active
Welcome to 3491 Toomer Kiln Circle, located in the highly desirable, well-established community of Coatbridge at Park West. Built by award-winning ...
4472 Elderwood Court
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MLS# 26019572 / Active
Welcome home to this well-loved 3 bedroom, 1 bath brick ranch tucked on almost a third of an acre in a quiet cul-de-sac in Woodside Manor. This hom...
93 Ashley Hall Plantation Road UNIT #7
Charleston, SC 29407
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Welcome to easy Lowcountry living in the heart of West Ashley! This beautifully updated 2-bedroom, 2-bath marshfront condo is the perfect primary r...
4709 Yardley Drive
North Charleston, SC 29405
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Welcome to 4709 Yardley Dr in Wando Gardens -- renovated living with an easy commute to everything the Lowcountry offers. Completely renovated in 2...
8560 Sentry Circle
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MLS# 26019566 / Active
Professional photos coming soon! Welcome home to this beautiful 3-bedroom, 2.5-bath residence perfectly situated on a peaceful pond lot, offering s...
545 New Regenia Place
Holly Hill, SC 29059
Residential
MLS# 26019565 / Active
Under construction, NO HOA! Large lot! Ask about current financing incentives such as 100% loans with no PMI. The Laurel is a 2,000-square-foot bar...
2721 Oak Manor Drive
Mount Pleasant, SC 29466
Dunes West
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MLS# 26019562 / Active
Your perfect home has arrived. Here is your opportunity to own a home that checks all the boxes, plus the ones you did not even realize you wanted....
227 St Margaret Street
Charleston, SC 29403
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Residential
MLS# 26019559 / Active
The expansive open floor plan offers a clear view across the living room, dining and den to the cook`s kitchen, a view spanning over fifty feet. Th...
175 1/2 Wentworth Street
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MLS# 26019552 / Active
Completely reimagined in the heart of Harleston Village, this historically restored residence blends timeless Charleston architecture with an eleva...
42 Cotton Hall
Kiawah Island, SC 29455
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MLS# 26019551 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Magnolia, a professionally managed, turnkey home. Tucked into a quiet, tree-lined enclave...
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Mount Pleasant, SC 29466
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MLS# 26019550 / Active
Welcome to 2776 Palmetto Hall Boulevard in the sought-after Dunes West community of Mount Pleasant! This inviting 3-bedroom, 2-bath home is move-in...
121 Sea Oats Street
Summerville, SC 29485
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MLS# 26019549 / Active
*Est. Completion Oct 2026* The Ashley Plan- This detached garage, Charleston style home, features a first floor study, owners bath and double front...
1256 Allusion Lane UNIT Unit 106
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Gregorie Ferry Towns
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MLS# 26019546 / Active
Move in NOW! This 3-bedroom, 3 bath, end unit layout isn`t always available! You`ll find 9-foot ceilings & durable LVP flooring throughout the main...
56 Surfsong Road
Kiawah Island, SC 29455
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MLS# 26019545 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Surfsong, a professionally managed, turnkey home. Steps from Kiawah`s pristine beach, Sur...
318 Lamont Road
Charleston, SC 29407
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MLS# 26019544 / Active
Charming Greenway Cape Cod tucked into desirable Parkwood Estates, just steps from the West Ashley Greenway. Offering approximately 1,776 square fe...
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