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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1373 Pinnacle Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017691 / Active
Freshly painted and completely turnkey, this charming townhome is ready for you. This convenient one story home is nestled in the highly-regarded c...
3001 Palmetto Boulevard
Edisto Island, SC 29438
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Residential
MLS# 26017689 / Active
3rd row, less than 800 feet to the ocean`s edge, this Edisto bungalow is priced to move! Enter thru the covered stairs to the open L/D/K area or en...
63 Montagu Street UNIT A
Charleston, SC 29401
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Residential
MLS# 26017686 / Active
Price Reduction - Luxury Charleston Living in the Heart of Harleston Village! Introducing this stunning newly renovated in 2026 first-floor residen...
556 Hayes Park Boulevard
Johns Island, SC 29455
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Residential
MLS# 26017682 / Active
*NEVER BEFORE SEEN NEW CONSTRUCTION ON JOHNS ISLAND! Welcome to HAYES PARK Johns Island`s only pedestrian-scale community that elevates your lifest...
7008 Oak Basin Way
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26017678 / Active
Overlooking Great Oak Basin, this exceptional custom home offers more than 4,300 square feet of luxury living with five bedrooms, five baths, priva...
5718 Glifton Avenue
Ravenel, SC 29470
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Residential
MLS# 26017677 / Active
Now is your chance to own a brand new, all electric, home. Construction will begin in July. Almost like a custom home pick your own exterior (Vinyl...
1042 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017676 / Active
The Kensington floor plan is a spacious two-story home features a formal dining room and an open concept living area for easy everyday living on th...
Reduced -$10,150
1757 Zion Road
Dorchester, SC 29437
Residential
MLS# 26017674 / Active
Enjoy Country Living! This gorgeous 3-bedroom, 2-bath home offers 2,303 square feet on a 1-acre lot. Features include a spacious living room with a...
1046 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017672 / Active
The adorable Litchfield is a single story with an open layout. The front exterior is graced with a lovely front porch and the 2-car garage sits bac...
Reduced -$10,100
2211 Egret Crest Lane
Charleston, SC 29414
The Colony At Heron Reserve
Residential
MLS# 26017671 / Active
Immaculate first-floor 1BR/1BA condo in the gated community of The Colony at Heron Reserve. Overlooking a private wooded setting, this move-in-read...
163 Pocket Bend Circle
Summerville, SC 29486
Nexton
Residential
MLS# 26017669 / Active
Welcome to 163 Pocket Bend Circle in Midtown at Nexton. Located directly across from Ripple Park, this Bellflower floor plan offers approximately 1...
414 Philbrick Drive
Goose Creek, SC 29445
Medway Landing
Residential
MLS# 26017668 / Active
Move-in ready and impeccably maintained, this stunning home in Medway Landing offers the perfect combination of space, comfort, and convenience. Fr...
2023 Hugo Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26017662 / Active
2023 Hugo Avenue is a beautifully renovated 2-bedroom, 2-bath home offering modern comfort, stylish finishes, and an unbeatable location in the hea...
2115 Kemmerlin Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017661 / Active
Welcome to 2115 Kemmerlin Street, a stunning 4-bedroom, 3-bath home nestled on a premium, nearly quarter-acre lot on Johns Island. The expansive ba...
111 Comiskey Park Circle
Summerville, SC 29485
Fieldview
Residential
MLS# 26017659 / Active
Welcome to 111 Comiskey Park Circle, where charm, convenience, and location come together in one of Summerville`s most desirable areas. Nestled in ...
Reduced -$20,000
128 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017656 / Active
4.99% Fixed interest rate on FHA/VA loan or 5.5% Conventional buydown + 7500 in closing costs with use of our preferred lender and attorney!! Welco...
Reduced -$10,000
1723 W Avalon Circle
Charleston, SC 29407
Orange Grove Estates
Residential
MLS# 26017653 / Active
Welcome to your ultimate West Ashley retreat! Built in 2021, this stunning 4-bedroom, 3.5-bathroom home perfectly blends modern luxury with the rel...
2300 Minifarm Way UNIT #524
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential
MLS# 26017652 / Active
Welcome to Liberty Hill Farm, where exceptional design, stunning views, and resort-style amenities come together in one of Mount Pleasant`s most so...
1984 Folly Road UNIT Apt B311
Charleston, SC 29412
Pelican Pointe Villas
Residential
MLS# 26017645 / Active
Location Location! Windows face the island and frame the lush treetop views maximizing privacy. This updated top-floor unit features an open layout...
933 McCants Drive
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26017643 / Active
Proposed New Construction in the Heart of Old Mt. PleasantAn exceptional opportunity to build your dream home in one of Mt. Pleasant`s most sought-...
1136 Razor Clam Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017642 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
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