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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5544 Alpine Drive
Summerville, SC 29483
The Summit
Residential
MLS# 26017541 / Active
Step into refined Southern living in this beautifully appointed executive home on a large .42 acre lot, with paid off solar panels, and an average ...
222 Savannah River Drive
Summerville, SC 29485
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Residential
MLS# 26017536 / Active
This inviting property truly checks all the boxes! It is a beautifully maintained one story home on a prime lot overlooking a serene pond. Features...
Reduced -$3,000
4633 Forest Hills Drive UNIT #1003
North Charleston, SC 29418
North Charleston
Residential
MLS# 26017535 / Active
Welcome to Homesite 37 at Clear Springs Townhomes, a thoughtfully designed three-story townhome offering 3 bedrooms, 3.5 bathrooms, and the perfect...
1802 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26017533 / Active
Beautiful luxury townhome located along the 5th fairway on the golf course in prestigious Charleston National. Enjoy incredible golf course views a...
1404 Cimmaron Lane
Goose Creek, SC 29445
St. James Estataes IV
Residential
MLS# 26017528 / Active
NO HOA - Thoughtfully renovated since 2020, this beautifully updated home is a true gem in the heart of Goose Creek. Upgrades include new flooring ...
171 Airy Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017527 / Active
Move-in ready and beautifully upgraded, this 4-bedroom, 3-bathroom home offers 3,289 square feet of thoughtfully designed living space in the highl...
11 Wappoo Creek Place
Charleston, SC 29412
Wappoo Creek Place
Residential
MLS# 26017524 / Active
Look no further for the lifestyle we all love about Charleston. This condo is 5 minutes to downtown, tucked away in Wappoo Creek place with stunnin...
2333 Francis Marion Boulevard
Summerton, SC 29148
Residential
MLS# 26017523 / Active
Welcome to 2333 Francis Marion Blvd., where you can enjoy The Lake Life on a spacious .70-acre lot. This 4-bedroom, 2-bath home offers an inviting ...
5043 Spaniel Drive
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017521 / Active
Welcome to this stunning 5 bed/2.5 bath home nestled on a cul-de-sac in the Park Circle community w/no HOA! The dramatic 2-story foyer opens to a f...
3337 Ethan Street
Mount Pleasant, SC 29466
Hamlin Plantation
Residential
MLS# 26017520 / Active
Welcome to 3337 Ethan Street in the heart of Hamlin Plantation. This beautifully updated 4-bedroom, 2.5-bath home offers 2,742 square feet of well-...
337 Millcreek Drive
Charleston, SC 29407
Air Harbor
Residential
MLS# 26017517 / Active
Seller is offering up to $10,000 in buyer flex money with an acceptable offer, which may be used toward closing costs, a rate buy-down, or helping ...
111 Lucky Day Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017513 / Active
Welcome to this beautiful four-bedroom, two-bath ranch built in 2021, located in the heart of Lindera Preserve.Situated on a quiet block, the home ...
606 Snow Owl Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017508 / Active
Incredible price on this modern two-story home offers a bright, open-concept main level perfect for seamless everyday living and entertaining. The ...
6199 Back Bay Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017503 / Active
Nestled within the exclusive gated community of Wild Dunes, this beautifully updated golf course residence offers privacy, comfort, and exceptional...
435 Jean Wells Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26017499 / Active
Welcome to 435 Jean Wells Dr., a beautifully updated 3-bedroom, 1.5-bath home offering 1,027 square feet of comfortable living space. The open floo...
1053 Planters Curve
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26017498 / Active
Lovingly updated with a fresh coastal-inspired aesthetic, this beautiful 4-bedroom, 2-bath brick ranch is nestled beneath majestic oak trees in the...
Reduced -$25,000
294 Great Lawn Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017495 / Active
Welcome to 294 Great Lawn Drive in Nexton featuring a 504 SQFT DETACHED ADU above the garage with its own separate entrance and an additional full ...
Reduced -$4,000
6 Rutledge Avenue
Charleston, SC 29401
South Of Broad
Residential
MLS# 26017494 / Active
Step inside this sunny, light-filled Charleston masterpiece--a home where timeless architecture meets modern sophistication. The turn-of-the-centur...
4005 Radcliffe Place Drive UNIT A-7
Charleston, SC 29414
Radcliffe Place
Residential
MLS# 26017493 / Active
Great Location! Right off Bees Ferry Rd, this top-floor condo looks like a model -- because it was one! No neighbors above you! The open kitchen/di...
Reduced -$7,000
246 Rutledge Avenue
Charleston, SC 29403
Elliotborough
Residential
MLS# 26017492 / Active
Enjoy the charm and walkability of downtown Charleston with the confidence of modern construction at 246 Rutledge Avenue. Built in 2012 and ideally...
408 Northern Red Oak Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017491 / Active
Lowcountry Charm Meets Modern Family Living. This beautifully maintained home in Cane Bay features the sought-after McKinley floor plan, a new roof...
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