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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1810 Wedgefield Road
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017876 / Active
Wow! What a gem! This adorable home has had a facelift and you`re going to love it! And, it`s in the ORANGE GROVE ELEMENTARY attendance zone!! Hard...
35 Society Street UNIT E
Charleston, SC 29401
Residential
MLS# 26017875 / Active
Located in the heart of Charleston`s historic Ansonborough neighborhood, this exceptional 2 bedroom, 2 full bath residence offers a rare opportunit...
Reduced -$50,000
3012 Sugarberry Lane
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017873 / Active
Welcome to 3012 Sugarberry Lane in Whitney Lake! You will not only be purchasing a delightful home, but you will also be a part of a fabulous commu...
380 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017872 / Active
The desirable Conway floor plan offers spacious living with an upstairs loft ideal for a home office, playroom, or media space. The main level cent...
Reduced -$3,000
2912 Eddy Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017869 / Active
Lowcountry Living at its Finest-Inside the Gates of Dunes West! Discover this beautifully designed home in the highly sought-after Dunes West Golf ...
2753 Jobee Drive UNIT Unit 1003
Charleston, SC 29414
Ashleytowne Village
Residential
MLS# 26017868 / Active
Welcome to Ashleytowne Village! This well-maintained 3-bedroom, 2-bath condo offers comfortable living in a convenient West Ashley location. The en...
407 Painted Lady Lane
Goose Creek, SC 29445
Landings At Montague
Residential
MLS# 26017864 / Active
Corner Location currently under construction! Home will be ready end of August/September The Chatham plan is one of just 2 remaining available in t...
2032 Groveland Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26017858 / Active
INVESTOR SPECIAL!! Seize the opportunity to transform this 1942- built home located in established Union Heights community of North Charleston. Sit...
Reduced -$20,000
154 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017857 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
1113 Melvin Drive
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 26017856 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Opportunity awaits with this as is handyman special in the...
1070 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017855 / Active
Welcome to 1070 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
Reduced -$20,000
5235 Langston Street
North Charleston, SC 29406
Highland Terrace
Residential
MLS# 26017846 / Active
Move-in ready, recently updated, and centrally located, this 4 bedroom, 2 bathroom North Charleston home is a great fit for buyers looking for comf...
206 Laurelhurst Lane
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017845 / Active
Estimated Delivery In December! The Jenkins at Rhetts Cove offers 1,957 square feet of flexible living space with 3 bedrooms, 2 full 2 half baths, ...
4886 State Road
Ridgeville, SC 29472
Residential
MLS# 26017843 / Active
Looking for your own slice of heaven in the Lowcountry? Look no further! This three acre wooded parcel offers a lovely place to call home, sheds fo...
972 Equestrian Drive
Mount Pleasant, SC 29464
Hermitage
Residential
MLS# 26017842 / Active
From the moment you arrive at 972 Equestrian Drive, the curb appeal makes quite an impression. This charming home welcomes you with a wide and invi...
10 Dune Ridge Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017835 / Active
Nestled beneath a canopy of majestic live oaks on one of Wild Dunes Resort`s most coveted cul-de-sacs, 10 Dune Ridge Lane offers an exceptional ble...
125 Berry Shoals Drive
Summerville, SC 29485
Windward Village
Residential
MLS# 26017833 / Active
A delightful new townhome-home style condos sitting back in the corner of the neighborhood backed by woods awaits. Luxury awaits with a beautifully...
337 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26017828 / Active
Welcome to 337 Hillman Trail Drive in sought-after Foxbank Plantation! Less than one year old and meticulously maintained, this beautiful Hardie Pl...
3633 Clambank Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26017827 / Active
Nestled in the prestigious, premier home community of Riverside in Carolina Park, this luxury 2022 build is a Lowcountry dream home offering over 4...
64 Clemson Street
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26017823 / Active
A special spot of Charleston. Quiet and quaint, with easy access in and out of downtown. Beautifully landscaped and welcoming, this Charleston cott...
545 Towles Crossing Drive
Johns Island, SC 29455
Opti Isle
Residential
MLS# 26017821 / Active
Welcome to Kingfisher Island, where life revolves around the water. This exceptional new construction home on scenic Rantowles Creek offers a rare ...
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