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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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
1016 Toadfish Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017732 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
608 Palm Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26017731 / Active
This Spanish-inspired home is one of the most unique residences on the island and a designer`s dream, created by architect Carl McCants of MC3 Desi...
764 Creekside Drive
Charleston, SC 29412
Lighthouse Point
Residential
MLS# 26017729 / Active
Welcome to your updated waterfront retreat in the desirable Lighthouse Point community on James Island. Situated along Parrot Point Creek, this bea...
1116 Razor Clam Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017728 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Increase +$1,000
843 Trent Street
Charleston, SC 29414
Melrose
Residential
MLS# 26017725 / Active
Welcome to 843 Trent Street, a beautifully renovated Charleston retreat tucked away on a quiet dead-end street in one of West Ashley`s most conveni...
Reduced -$17,000
1575 Brownswood Road
Johns Island, SC 29455
Residential
MLS# 26017724 / Active
Located on a beautiful homesite of over a quarter acre in the heart of Johns Island, this newly built semi-custom home combines modern design, thou...
667 Serotina Court
Mount Pleasant, SC 29464
Wakendaw East
Residential
MLS# 26017723 / Active
Welcome to Wakendaw East located in the heart of South Mount Pleasant. This Traditional Style home sits just minutes from shopping, dining, and the...
222 Seaworthy Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017722 / Active
Set on a beautiful pond lot, this spacious home offers more than meets the eye with 5 bedrooms and 3.5 baths. The thoughtfully designed layout incl...
Reduced -$19,888
2512 Hummingbird Lane
Summerville, SC 29483
Pine Forest
Residential
MLS# 26017721 / Active
Located in the highly sought-after Pine Forest Country Club community, 2512 Hummingbird offers the rare opportunity to own a home that feels comple...
90 Romney Street
Charleston, SC 29403
North Central
Residential
MLS# 26017719 / Active
Prime Investment Opportunity in the heart of Downtown Charleston! No HOA! - new pella windows approved by BAR- new interior doors- sheet rock- elec...
Reduced -$29,100
2614 Egret Crest Lane
Charleston, SC 29414
The Colony At Heron Reserve
Residential
MLS# 26017718 / Active
Discover your new home in this beautiful ground floor condo located within a gated community. Conveniently situated near I-526, Roper St. Francis H...
1423 Arabella Street
Charleston, SC 29414
The Pointe At Rhodes Crossing
Residential
MLS# 26017717 / Active
Welcome to 1423 Arabella Street, located in The Pointe at Rhodes Crossing in the heart of West Ashley. Built in 2023, this beautifully maintained r...
Reduced -$25,100
429 Turnstone Street
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26017716 / Active
Welcome to this beautiful 4-bedroom home in the highly sought-after Belle Hall community of South Mount Pleasant. Designed for both comfort and fle...
519 Coaxum Road
Mount Pleasant, SC 29464
Snowden
Residential
MLS# 26017715 / Active
Tucked away on a private drive with no HOA and located within the highly sought-after Mount Pleasant school district, this beautifully maintained C...
2336 Watchtower Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26017712 / Active
Welcome to Marshside Towns, a quiet community tucked away in the sought-after neighborhood of Carolina Bay. Backing to protected marshland, this be...
4488 Highway 162
Hollywood, SC 29449
Rantowles
Residential
MLS# 26017711 / Active
Nestled on 1.68 fully fenced acres in desirable Rantowles, this exceptional 3-bedroom, 2-bath custom French Mediterranean home offers a rare combin...
Reduced -$10,100
2511 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017709 / Active
Welcome to a rare new construction opportunity, where luxury living meets the best of the Charleston coastal lifestyle. This stunning 4-bedroom, 3-...
1069 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 26017708 / Active
Welcome to your slice of paradise at 1069 Capersview Court within the coastal marsh community of The Overlook @ Copahee Sound! This energy star Cer...
Reduced -$20,000
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