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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109 Carriage Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26017762 / Active
Welcome to this charming 4-bed home situated at the end of a quiet cul-de-sac. This property combines classic character with comfortable updates th...
408 Dovetail Circle
Summerville, SC 29483
Weatherstone
Residential
MLS# 26017758 / Active
Welcome home to 408 Dovetail Circle, a charming traditional-style residence nestled in the highly sought-after Weatherstone community of Summervill...
Reduced -$10,000
666 Poaug Lane
Mount Pleasant, SC 29464
Fox Pond
Residential
MLS# 26017757 / Active
666 Poaug Lane is a single-story 3-bedroom, 2-bath cottage on a high corner lot in the heart of Mount Pleasant`s Old Village and one of Charleston`...
Reduced -$30,100
1040 Grace Field Avenue
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017756 / Active
Welcome to resort-style living in the sought-after Horizons 55+ community at Summers Corner. This like-new Lennar Hampton home offers 1,503 sq ft o...
5043 Victoria Avenue
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017755 / Active
Start living with each other and stop living on top of each other! If you feel like you need more space for the family--this is your dream home! Wh...
1521 Nantahala Boulevard
Mount Pleasant, SC 29464
Wando East
Residential
MLS# 26017753 / Active
The single-family feel without the single-family upkeep -- this move-in ready end-unit townhome in the heart of Mount Pleasant pairs a fully fenced...
744 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
MLS# 26017752 / Active
Discover exceptional Lowcountry living in this stunning Rutledge floorplan by Homes by Dickerson, ideally located in the highly desirable Midtown n...
723 Rumbling Leaf Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26017751 / Active
Welcome to 723 Rumbling Leaf Lane, a beautifully crafted Pine Mill floorplan by Homes by Dickerson located in the highly sought-after Midtown neigh...
2938 Sugarberry Lane
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017750 / Active
Whitney Lake is the kind of neighborhood people don`t leave. And 2938 Sugarberry Lane is your way in. This three-story townhome sits steps from a 2...
Reduced -$2,499
300 Autumn Azalea Way
Summerville, SC 29486
Nexton
Residential
MLS# 26017749 / Active
Beautiful Martin Ray home featuring 3 bedrooms, 3 baths, a French door office, upstairs loft, three-bay garage, and three season room on a private ...
2325 Brackish Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017748 / Active
Luxury Meets Waterfront Serenity in Gated Dunes West.Experience the pinnacle of low country living in this timeless, masterfully crafted John Wiela...
932 Tall Pine Road
Mount Pleasant, SC 29464
The Groves
Residential
MLS# 26017747 / Active
Welcome to 932 Tall Pine Road, an inviting two-story home in The Groves, one of South Mount Pleasant`s most established and sought-after neighborho...
1319 Lucinda Street
Mount Pleasant, SC 29466
Copahee View
Residential
MLS# 26017746 / Active
Welcome to 1319 Lucinda Street, where modern design, Lowcountry charm, and an unbeatable Mount Pleasant lifestyle come together in one exceptional ...
113 Aldene Avenue
Goose Creek, SC 29445
Sedgefield Section I
Residential
Don`t miss this rare opportunity to own what feels like a brand-new home in the heart of Goose Creek! Originally rebuilt down to the studs, this 3 ...
312 Charleston Boulevard
Isle of Palms, SC 29451
Isle Of Palms
Residential
MLS# 26017740 / Active
Proven Income-Producing Beach Retreat | $140,000 Net Rental Income in 2025A rare opportunity to own a beautifully updated Isle of Palms beach home ...
104 Willis Lane
Summerville, SC 29483
Historic District
Residential
MLS# 26017739 / Active
Call your contractor & reserve your designer! Coveted homesites like 104 Willis Lane don`t come to market often. As priced, you have the opportunit...
686 Pelzer Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26017737 / Active
Located in the sought-after Cooper Estates, 686 Pelzer Drive offers a rare opportunity in one of Mount Pleasant`s most established neighborhoods. O...
105 Rambling Lane
Cross, SC 29436
Residential
MLS# 26017736 / Active
Are you looking for a home that is on a meaningfully large piece of land with room to grow into? Perhaps you have lots of toys you need to store or...
Reduced -$4,000
517 Spring Hollow Drive
Charleston, SC 29492
The Marshes At Cooper River
Residential
MLS# 26017735 / Active
Built in 2023, this elevated Lowcountry home in The Marshes at Cooper River offers pond views and partial Cooper River views from a quiet, private ...
2528 Bent Tree Lane
Mount Pleasant, SC 29464
Seaside Farms
Residential
MLS# 26017734 / Active
This raised single family home is located in peaceful Seaside Farms close to the beaches of Isle of Palms and the amazing Shoppes of Seaside, inclu...
206 Elmwood
Ladson, SC 29456
Oakmont
Residential
MLS# 26017733 / Active
This Ladson property presents a solid value-add opportunity in a convenient area. The home is being offered for sale in as-is condition, making it ...
Reduced -$3,996
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