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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3051 Eventide
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26017641 / Active
Overlooking Kiawah River`s working farm, this exceptional custom home showcases extraordinary craftsmanship and one-of-a-kind materials throughout....
8506 Falling Leaf Lane
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Whitehall
Residential
MLS# 26017640 / Active
Completely renovated in 2024, this stunning 4 bed / 2.5 bath home in Whitehall checks every box. From top to bottom, no detail was overlooked -- ne...
1014 Toadfish Run
Summerville, SC 29485
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Residential
MLS# 26017639 / Active
Welcome to Horizons, a gated, 55+ active adult community situated in the highly desirable Summers Corner development. Residents will appreciate low...
110 Lipman Street
Summerville, SC 29483
Colonial Pines
Residential
MLS# 26017638 / Active
Welcome home to this beautifully updated 4-bedroom, 2.5-bath home in a convenient Summerville location! Enjoy charming curb appeal with an inviting...
226 Loblolly Circle
Ladson, SC 29456
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Residential
MLS# 26017634 / Active
Charming, move-in ready 3BR/2BA brick ranch with 1,368 sq ft in an established neighborhood with a convenient location near I-26. Features include ...
130 River Landing Drive UNIT Unit 5111
Charleston, SC 29492
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Residential
MLS# 26017633 / Active
Check out the new updates: NEW CEDAR PRIMARY CLOSET SYSTEM, BRAND NEW WASHER, DRYER, NEW CEILING FANS/LIGHTS. FIRST FLOOR NO STAIRS POND & RIVER VI...
201 Ashley Avenue
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26017628 / Active
A rare opportunity to own one of Charleston`s most distinctive hospitality properties, The Ashley Inn seamlessly blends historic grandeur, modern l...
1299 Old Towne Road
Charleston, SC 29407
Fairfield
Residential
MLS# 26017626 / Active
Nestled on 1.7 private acres and conveniently located just two miles from both the Ashley River Bridge and I-26 at Cosgrove Avenue, this exceptiona...
428 White Scallop Way
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
Don`t miss this rare opportunity to assume the existing loan at an attractive 4.99% interest rate! Welcome to this charming single-story Glenwood f...
110 Feldman Court
Charleston, SC 29492
Beresford Pointe
Residential
MLS# 26017620 / Active
Lowcountry Living with Exceptional Water AccessDiscover a rare opportunity to own a custom-built home on a beautifully sized lot in an exclusive co...
8475 Scotts Mill Drive
Charleston, SC 29420
Windsor Hill
Residential
MLS# 26017614 / Active
Welcome to this spacious 3-bedroom, 2.5-bath home in the established Windsor Hill community, offering multiple living areas and a functional layout...
431 Watershed Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26017613 / Active
Welcome to 431 Watershed Drive, nestled in the established and highly sought after Liberty Hall Plantation community. This beautiful 3BD 2.5BA home...
1450 Barbara Street
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26017612 / Active
Welcome to 1450 Barbara Street. This stunning, brand-new home offers 6 spacious bedrooms and 4.5 luxurious bathrooms, thoughtfully designed for Low...
5325 Helene Drive
North Charleston, SC 29418
Evanston Estates
Residential
MLS# 26017611 / Active
Bring your boat, trailer, and outdoor lifestyle--5325 Helene Drive offers the freedom that`s becoming increasingly difficult to find. With NO HOA, ...
105 Trillium Avenue
Summerville, SC 29483
White Gables
Residential
Welcome home to sought-after White Gables! This beautifully maintained 4-bedroom, 3.5-bath residence offers over 2,100 square feet of flexible livi...
213 Moon Shadow Lane
Summerville, SC 29485
Arbor Oaks
Residential
MLS# 26017608 / Active
Nestled on a peaceful cul-de-sac in the highly desirable Arbor Oaks community, this charming single-story home offers a comfortable and functional ...
4310 Cotton Flat Road
Summerville, SC 29485
Watson Hill
Residential
MLS# 26017607 / Active
Situated on a premium lot with protected wooded views in the backyard and open green space in the front, this home offers a level of privacy that`s...
116 Ivy Terrace Road
Summerville, SC 29486
Nexton
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MLS# 26017606 / Active
Is this a model home?! STUNNING Dunwoody Way featuring 3 bedrooms, 3 baths, a French door office, three season room, and three-car garage (2 full b...
251 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017603 / Active
Beautiful lakeside San Sebastian home featuring 2 bedrooms, 2.5 baths, a home office/flex room, sunroom, and three-car garage. Meticulously-maintai...
415 W Carolina Avenue
Summerville, SC 29483
Historic District
Residential
MLS# 26017602 / Active
Discover this hidden gem in the heart of Historic Summerville. Nestled on a serene .57 acre wooded lot off West Carolina Avenue, this beautiful pro...
3 Sand Dollar Drive
Isle of Palms, SC 29451
Wildwood
Residential
MLS# 26017600 / Active
Welcome to an extraordinary new construction coastal retreat on the prestigious Isle of Palms - where refined design, effortless luxury, and an unb...
Reduced -$91,000
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