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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2776 Palmetto Hall Boulevard
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019550 / Active
Welcome to 2776 Palmetto Hall Boulevard in the sought-after Dunes West community of Mount Pleasant! This inviting 3-bedroom, 2-bath home is move-in...
121 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019549 / Active
*Est. Completion Oct 2026* The Ashley Plan- This detached garage, Charleston style home, features a first floor study, owners bath and double front...
1256 Allusion Lane UNIT Unit 106
Mount Pleasant, SC 29466
Gregorie Ferry Towns
Residential
MLS# 26019546 / Active
Move in NOW! This 3-bedroom, 3 bath, end unit layout isn`t always available! You`ll find 9-foot ceilings & durable LVP flooring throughout the main...
56 Surfsong Road
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 26019545 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Surfsong, a professionally managed, turnkey home. Steps from Kiawah`s pristine beach, Sur...
318 Lamont Road
Charleston, SC 29407
Parkwood Estates
Residential
MLS# 26019544 / Active
Charming Greenway Cape Cod tucked into desirable Parkwood Estates, just steps from the West Ashley Greenway. Offering approximately 1,776 square fe...
171 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019543 / Active
*Est. Completion Oct 2026* The Pinckney Plan- This detached garage, Charleston style home features a study, small loft and full front porch. The en...
1773 Huntington Drive
Charleston, SC 29407
Huntington Woods
Residential
MLS# 26019542 / Active
Welcome to 1773 Huntington Drive, where timeless charm meets luxury modern living in one of West Ashley`s most sought-after neighborhoods. This stu...
2528 Josiah Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26019540 / Active
Looking for a special home on Daniel Island? Rarely available, meticulously maintained, this charming one-story DI Southside jewel box is ideally l...
5276 7th Green Drive
Hollywood, SC 29449
Stono Ferry
Residential
MLS# 26019539 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Beautifully positioned in the Ironwood section of The Plan...
221 Mullins Bay Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019537 / Active
The beautiful Ashley is a Charleston Single style home with amazing double balconies. Inside you will find a spacious foyer and flex room that woul...
173 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019536 / Active
*Est Completion Oct 2026* The Calhoun Plan-This detached garage, Charleston Style home, features a first floor owners suite, large loft and double ...
1990 Kay Street
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26019535 / Active
Welcome to 1990 Kay Street! Built in 2018, this beautifully maintained 3-bedroom, 2-bath home offers modern Lowcountry living on a spacious 0.35-ac...
324 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26019534 / Active
Welcome to Homesite 1783, a beautifully designed Tradd home plan by DRB Homes in the highly desirable Midtown Nexton community. Estimated for compl...
3105 Grass Marsh Drive
Mount Pleasant, SC 29466
Dunes West
Residential
Nestled on a quiet, wooded homesite in the highly sought-after gated community of Dunes West, this beautifully maintained residence offers timeless...
6615 Old Jacksonboro Road
Ravenel, SC 29470
Residential
MLS# 26019530 / Active
Discover the ultimate private sanctuary, multi-generational retreat, or premier equestrian estate. Situated just under 30 minutes from historic dow...
320 Long Pier Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019528 / Active
SUBJECT TO LENDER APPROVALThis incredible 6-bedroom, 4-bath home listed UNDER MARKET VALUE offers over 4,000 square feet of open, airy and truly ma...
1026 Adirondack Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019527 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owners suite on the first floor, large loft and covered porch. All main living areas ...
1037 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019526 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owners suite on the first floor, large loft and covered porch. All main living areas ...
1722 Waterbrook Drive
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019525 / Active
Welcome to this beautifully maintained 4-bedroom, 2.5-bath home in the highly sought-after Cypress section of Carolina Bay. Situated on one of the ...
9004 Hema Lane
Summerville, SC 29483
Myers Mill
Residential
MLS# 26019524 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** With a spacious floor plan, thoughtful updates, and a con...
128 Midmills Lane
Summerville, SC 29486
Sheep Island
Residential
MLS# 26019522 / Active
The Tillman | 5 Bedrooms, Loft & Conservation Views Just Minutes from NextonWelcome to 128 Midmills Lane, a stunning new construction home in the s...
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