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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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, ...
228 Hungerford Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017436 / Active
WINHAVEN 4/3.5. Open kitchen, large island, granite countertops, tile backsplash, huge walk-in pantry, pendant lights pre-wire, gas range, microwav...
2331 Tall Sail Drive UNIT 803-C
Charleston, SC 29414
Seagate
Residential
MLS# 26017435 / Active
This neighborhood is a hidden gem with beautiful views from the neighborhood marina. Being sold as-is, this condo boasts a storgage locker, Stainle...
759 Lake Frances Drive
Charleston, SC 29412
Lake Shore Commons
Residential
MLS# 26017434 / Active
Welcome to 759 Lake Frances Drive--a waterfront retreat where metropolitan sophistication meets the laid-back beauty of Charleston living. Tucked a...
2829 Captain Sams Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017432 / Active
Tucked behind mature canopy on a rare, private one acre double lot, this sun drenched Crooked Oaks home is a garden lover`s dream and a golfer`s de...
286 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26017424 / Active
Welcome home to this beautifully appointed single-story cottage, where timeless charm meets modern comfort. Thoughtfully designed with an airy open...
282 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26017421 / Active
Welcome home to this beautifully designed single-story cottage that perfectly blends style, comfort, and easy living. Thoughtfully appointed with n...
1154 Plantation Lane
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26017419 / Active
Welcome to timeless elegance in the heart of Snee Farm, one of Mount Pleasant`s most prestigious golf course communities. Perfectly positioned on a...
Reduced -$1,000
629 Bridlewood Lane
Mount Pleasant, SC 29464
Bridlewood
Residential
MLS# 26017418 / Active
Welcome to 629 Bridlewood! This home in the heart of Mount Pleasant w/ a large front porch creates inviting curb appeal. Inside, the foyer opens to...
Reduced -$26,000
810 Kings Oak Court UNIT Unit 4
Charleston, SC 29492
Governors Cay
Residential
MLS# 26017417 / Active
Welcome to The Pointe at Governors Cay! This is an exceptional opportunity to live alongside the marshes of Charleston in a move-in ready townhome,...
1146 Bennett Circle
Holly Hill, SC 29059
Residential
MLS# 26017414 / Active
This is an adorable cottage. Redone in 2022 inside & out. The welcoming landscaping greets you as you walk up the stone walkway. New roof, new wind...
334 Clearpath Drive
Summerville, SC 29486
Nexton
Residential
Sunset lagoon views, exceptional natural light, and custom-level upgrades define this refined Nexton home in the upscale Midtown section. Set on a ...
6504 Rozier Road
Meggett, SC 29449
Meggett
Residential
MLS# 26017410 / Active
A Rare Meggett Find!! Welcome to your Private Marshfront Retreat with Endless Potential! Home features 1 Bed ,1 Bath, 864 Sq. Ft. that sits on 2.64...
33 Lockwood Drive UNIT Lu105
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26017407 / Active
If you`ve been searching for the ideal boat slip that makes getting out on the water fast and convenient, this 45x13.5 slip at Harborage at Ashley ...
690 Lannie Lane
Moncks Corner, SC 29461
Broughton Road
Residential
MLS# 26017406 / Active
Welcome to 690 Lannie Lane, where country living meets modern convenience! Situated on over 2 acres with no HOA, this custom-built home offers the ...
Reduced -$24,900
1929 Westminster Road
Charleston, SC 29407
Sandhurst
Residential
MLS# 26017405 / Active
BEST DEAL IN WEST ASHLEY! Opportunities like this don`t come along often: a fully renovated home in one of West Ashley`s most established and desir...
Reduced -$5,000
123 Crooked Creek Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26017399 / Active
Driving up to this home you will notice it is tucked away off of a cul de sac with extra privacy as far as the lot goes. No HOA, so you can do what...
Reduced -$5,000
4984 Jenkins Avenue
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017398 / Active
Tucked away on a private street in the heart of Park Circle, this modern home offers a perfect blend of location, comfort, and convenience. Just tw...
33 Lockwood Drive UNIT Unit Lu135
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26017388 / Active
The Harborage marina is one of the better ran marinas in Charleston, and if you have a larger sized vessel boat slip G-12 is for you. This is one o...
1217 Birch Drive
Summerton, SC 29148
Moss Pointe
Residential
MLS# 26017385 / Active
Move-in ready and beautifully updated, this like-new home sits on a spacious 1+ acre lot in the desirable lakeside community of Princess Pond. Offe...
33 Elliott Court
Walterboro, SC 29488
Colleton Acres
Residential
MLS# 26017383 / Active
Welcome to this brick ranch style home nestled on .46 acres in the Colleton Acres subdivision. This 3 bed one bath one story home with some modern ...
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