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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1211 Krawcheck Street
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Residential
MLS# 26017478 / Active
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MLS# 26017476 / Active
Located in the desirable Taylor Plantation community within the DD2 school district, this well-maintained 4-bedroom, 2.5-bath home offers 2,369 squ...
195 Hickory Ridge Way
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Reduced -$5,000
3612 Bagley Drive
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Residential
MLS# 26017473 / Active
Enjoy the best of Park West living in this beautifully appointed Preston townhome with an ELEVATOR SHAFT overlooking a picturesque pond with wooded...
554 Tranquil Waters Way
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MLS# 26017472 / Active
Welcome home - where comfort, style, and Lowcountry living come together in the gated 55+ community of Del Webb at Cane Bay. Set on a beautifully l...
612 Sienna Way
Summerville, SC 29486
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MLS# 26017470 / Active
Stunning 4-bedroom home on a beautiful pond lot with abundant natural light and exceptional indoor-outdoor living. The gourmet kitchen features qua...
Reduced -$24,000
717 Bounty Square Drive
Charleston, SC 29492
Beresford Hall
Residential
MLS# 26017465 / Active
You do not want to miss this rare opportunity to enjoy marsh views every day and beautiful sunsets every evening in a custom-built home in the exqu...
6 Vincent Drive
Mount Pleasant, SC 29464
Residential
MLS# 26017464 / Active
Welcome to 6 Vincent Drive located in the heart of South Mount Pleasant off Coleman Boulevard, just a short walk from Shem Creek, Starbucks, shoppi...
1068 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 26017463 / Active
Nestled in the heart of the Lowcountry, 1068 Capersview Court is a stunning showcase of thoughtful design and exceptional craftsmanship, where over...
226 Seaworthy Street
Summerville, SC 29486
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Residential
MLS# 26017456 / Active
Beautifully positioned on a peaceful pond homesite in the highly sought-after Cane Bay community, this thoughtfully designed home offers the perfec...
Reduced -$5
999 Scotch Bonnet Way
Summerville, SC 29485
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Residential
MLS# 26017455 / Active
The Elliot Plan- This traditional Charleston style home features a large front and rear, covered porches. The main living areas are complete with L...
Reduced -$8,750
441 Double Eagle Trace
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017453 / Active
Private end-unit villa offering sweeping golf course views and bright, coastal-inspired interiors. The open-concept living and dining area features...
422 Colfax Lane
Summerville, SC 29486
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Residential
MLS# 26017452 / Active
BELTON A FLOORPLAN! Kitchen opens to casual dining area. Granite countertops, tiled backsplash, walk-in pantry & gas range & pre-wired pendant ligh...
1039 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017451 / Active
The Palmetto - a perfect cottage feel! If you are downsizing or in need of a one story home this may be the plan for you! Large foyer leading to an...
Reduced -$5,000
1602 Rifle Range Road
Mount Pleasant, SC 29464
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Residential
MLS# 26017450 / Active
Step into this beautifully updated, move-in-ready home offering modern comforts and unbeatable convenience. Situated on a generous lot directly acr...
Increase +$50,000
1291 S Barksdale Road
Mount Pleasant, SC 29464
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Residential
MLS# 26017449 / Active
If you`re seeking a newer home within an established, highly desirable neighborhood, this one delivers. It is thoughtfully designed for low-key lux...
1315 Ridge Road
Ridgeville, SC 29472
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MLS# 26017447 / Active
**BACK ON THE MARKET AND BETTER THAN EVER WITH A BRAND-NEW METAL ROOF INSTALLED IN JUNE 2026!** Discover the perfect blend of country charm, privac...
2312 Falcon Road
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Great Opportunity in Prime North Charleston Location! This charming 3-bedroom, 1-bath home offers incredible potential in a highly convenient North...
Reduced -$10,000
2 McDonough Road UNIT C-10
Folly Beach, SC 29439
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223 Hungerford Drive
Summerville, SC 29486
Cane Bay Plantation
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MLS# 26017442 / Active
FINWOOD D FLOORPLAN! Open kitchen with granite countertops, tiled backsplash, walk-in pantry, microwave & gas range. Luxury Vinyl Plank on main flo...
202 Laurelhurst Lane
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017437 / Active
Estimated Delivery In December! The Jenkins at Rhetts Cove offers 1,957 square feet of flexible living space with 3 bedrooms, 2 full 2 half baths, ...
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