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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7020 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017592 / Active
JULY DELIVERY! *4.99% FIXED RATE FHA OR VA LOAN PLUS $5,000 TOWARDS CLOSING COST WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY** *Welcome to Elms...
Reduced -$10,000
195 Tupalo Drive
Summerville, SC 29483
Summerville Farms
Residential
MLS# 26017590 / Active
Spacious Home on Half an Acre - No HOA!Tired of feeling on top of your neighbors? This home offers both space and privacy--a rare find that won`t l...
2331 Tall Sail Drive UNIT 804-D
Charleston, SC 29414
Seagate
Residential
MLS# 26017584 / Active
Enjoy the amenities and convenience of Seagate, one of West Ashley`s beautiful waterfront communities, complete with a community pool, boat slips, ...
Reduced -$10,001
753 Spring Highlands Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017583 / Active
A rare opportunity to own a beautifully customized Del Webb nearly new ``Renown``, showcasing luxury finishes, thoughtful upgrades, and effortless ...
411 Corey Boulevard
Summerville, SC 29483
Corey Woods
Residential
What is peace of mind worth in a home today? At 411 Corey Blvd, it`s already built in--and monthly payments stay in the low $2,300s.Estimated finan...
243 Lands End Drive UNIT #81
Charleston, SC 29407
Waterway South
Residential
MLS# 26017578 / Active
A special spot on the quiet side of Waterway South. Beautiful views from this Townhome located in the center of West Ashley. Walk in, and you are i...
1070 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017576 / Active
The Conyers Plan - This home offers one story living and is highly sought after for its large main living space, oversized front and back porches. ...
266 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26017574 / Active
Y`all... this home has been refreshed from top to bottom! Step inside to an inviting open-concept floor plan featuring new flooring, fresh paint, n...
113 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017571 / Active
This spacious two-story home features an open layout among the dining room, kitchen and family room with access to the covered porch. In addition t...
199 High Grove Road
Summerville, SC 29485
Ashborough East
Residential
MLS# 26017569 / Active
Welcome to the HIGHLY DESIRABLE Ashborough East community, known for its MATURE landscaping, SPACIOUS HOMESITES, and timeless appeal. Opportunities...
148 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017568 / Active
The Hayden is a lovely 1 1/2 story home with a beautiful front porch. Inside you`ll find a nice entryway with a spacious study with French doors. T...
Increase +$20,000
204 Magnolia Garden Drive
Summerville, SC 29483
Limehouse Village
Residential
Seller offering $15,000 in concessions! Well-maintained 4-bedroom, 3-bath home with freshly repainted exterior built in 2021, located in Limehouse ...
406 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017566 / Active
Welcome to our new Villa Collection; introducing the Bennett-A! At the heart of this new almost 1,900 sq. ft. two-story home is a designated living...
Reduced -$4,350
18 Hillcreek Boulevard
Charleston, SC 29412
Crosscreek
Residential
MLS# 26017565 / Active
Discover this wonderful three-bedroom, two-bathroom brick ranch spanning 1250 SF in the heart of James Island! This amazing home sits on a spacious...
1737 Pinopolis Road
Moncks Corner, SC 29461
Residential
MLS# 26017563 / Active
Small scale, Grand scale living. That`s the definition of 1737 Pinopolis Road and it`s packed with potential. Nestled on over a quarter-acre on a s...
167 Cape Palmetto Point Trail
Edisto Island, SC 29438
The Neck
Residential
MLS# 26017562 / Active
Truly a rare find! Tucked away off a private drive, this one-acre Marshfront retreat in The Neck is the kind of property that doesn`t come around o...
479 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017560 / Active
FINAL 2 END UNITS! 30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant ...
Reduced -$9,800
210 Grayson Street
Walterboro, SC 29488
Sunny Dell
Residential
MLS# 26017559 / Active
An abundance of recent updates has transformed this charming 1,703-square-foot brick ranch into a fresh, inviting, move-in-ready home. Offering 4 b...
1025 Riverland Woods Place UNIT Apt 708
Charleston, SC 29412
The Retreat At Riverland
Residential
MLS# 26017558 / Active
This luxury 2 bed/2bath condo is conveniently located in The Retreat of James Island just 10 minutes from Downtown Charleston and 5 minutes from Fo...
1000 Elk River Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017557 / Active
The Litchfield! Our very popular 1 story, open concept plan is now being offered in phase 6 of Summers Corner Sweetgrass section! Being built on a ...
Reduced -$10,120
43 Ripplemoor Lane
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26017550 / Active
Welcome to 43 Ripplemoor Lane in the highly desirable Shadowmoss Plantation community of West Ashley. This is a beautifully crafted custom built br...
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