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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1108 Grove Park
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26017819 / Active
Tucked at the back of Grove Park, this second-floor condo provides privacy, a tranquil pond view, and modern finishes throughout. Features include ...
3333 Stockdale Street
Mount Pleasant, SC 29466
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Residential
MLS# 26017816 / Active
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8650 Sentry Circle
North Charleston, SC 29420
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Residential
MLS# 26017814 / Active
Welcome to 8650 Sentry Circle, a move-in ready home in the sought-after Indigo Palms community, zoned for the highly rated Dorchester District Two ...
489 Antebellum Lane
Mount Pleasant, SC 29464
Belle Hall
Residential
MLS# 26017811 / Active
Looking for a Belle Hall home that can easily flex to fit your family`s life now and for years to come? The floorplan of this well-maintained home ...
319 Flyway Road
Goose Creek, SC 29445
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Residential
MLS# 26017808 / Active
Check out this meticulously maintained 4 bedroom END UNIT townhome that is move in ready. This home has been tastefully updated and decorated with ...
Reduced -$10,999
130 Hidden Hills Road
Cross, SC 29436
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Residential
MLS# 26017806 / Active
Welcome to Loyal Acres - Where Space, Privacy & Possibility Meet! Tucked away on almost an acre in Cross, SC, this one-of-a-kind property offers th...
3974 Gullah Avenue
North Charleston, SC 29405
Horizon Village
Residential
MLS# 26017804 / Active
Welcome to 3974 Gullah Avenue in North Charleston!Situated in a fantastic location near the vibrant Park Circle area, Old North Charleston, and the...
Reduced -$25,001
63 Kennedy Street
Charleston, SC 29403
City Of Charleston
Residential
MLS# 26017803 / Active
Experience modern Charleston living in this newly constructed four-bedroom home on Kennedy Street. Thoughtfully designed with an open, airy floor p...
3635 Pandora Drive
Mount Pleasant, SC 29466
Copahee View
Residential
MLS# 26017800 / Active
Absolutely stunning, custom-built Low Country home is ready for your `Today` and `Tomorrows!` With a .46-acre treed lot, the Owners created a park-...
2721 Harmony Lake Drive
Johns Island, SC 29455
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Residential
MLS# 26017797 / Active
There`s a particular kind of quiet that settles over a lakefront morning on Johns Island. The soft call of birds, the shimmer of first light on the...
1645 Dexter Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017794 / Active
Beautiful single story, 2 bedroom 2 bathroom townhome available in one of James Island`s most conveniently located neighborhoods-Meridian Place! 16...
333 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017793 / Active
Welcome to the fabulous lake view home in Four Seasons retirement community in Cane Bay Subdivision. This home has a wonderful open floor plan with...
903 Elm Hall Circle
Summerville, SC 29483
Summer Wood
Residential
MLS# 26017791 / Active
Welcome to this beautifully maintained townhome offering a functional layout, low-maintenance living, and desirable community amenities. The main l...
1755 Central Park Road UNIT #5307
Charleston, SC 29412
Regatta On James Island
Residential
MLS# 26017789 / Active
Welcome to Regatta on James Island, one of the area`s most desirable gated condo communities! Ideally located less than 5 miles to Downtown Charles...
1 Ducs Court
Charleston, SC 29403
Eastside
Residential
MLS# 26017787 / Active
Welcome to 1 Ducs Court, a fabulous opportunity to live in historic downtown Charleston and enjoy the walkability of this vibrant and bustling urba...
126 Marion Road
Summerville, SC 29486
Sangaree
Residential
MLS# 26017786 / Active
Buyer got cold feet and cancelled the contract prior to completing their due diligence. Back on the market at no fault of the seller! Welcome home ...
1035 Lakeview Drive
Mount Pleasant, SC 29464
The Groves
Residential
MLS# 26017785 / Active
Welcome Home to 1035 Lakeview Drive | The Groves | Mount PleasantTucked away on one of the most desirable streets in the highly sought-after Groves...
921 Main Street
Charleston, SC 29407
Ashleyville
Residential
West Ashley`s best kept secret! Gorgeous New Construction this close to the waterfront parks. X Flood zone. Step up to a classic full front porch a...
Reduced -$10,100
527 Nelliefield Trail
Wando, SC 29492
Nelliefield Plantation
Residential
MLS# 26017782 / Active
A golf cart or bike ride away from Point Hope without those prices! An impeccable two-story, this home offers an inviting, open layout for every da...
Reduced -$10,000
411 Forest Circle
Summerville, SC 29483
Oakdale Estates
Residential
MLS# 26017779 / Active
NO HOA. OVERSIZED LOT. UPDATED MAJOR SYSTEMS. ROOM FOR YOUR BOAT, WORKSHOP, OR FUTURE POOL.Updated with a 2020 roof, 2021 HVAC, and 2021 water heat...
4228 Oakridge Drive
North Charleston, SC 29418
Glyn Terrace
Residential
MLS# 26017778 / Active
nicely appointed 4 bed 2 bath Fully remodeled brick ranch to include new roof soffit, fascia, HVAC, kitchen, quartz counter tops, modern sink, face...
Reduced -$10,000
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