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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5762 Hwy165
Ravenel, SC 29470
Ravenel
Residential
MLS# 26017343 / Active
Originally built in 1901, this renovated 3-bed, 2-bath cottage blends charm and character with modern updates. The half acre lot situated under gra...
218 Hungerford Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017342 / Active
READY EARLY FALL ! FINWOOD A FLOORPLAN! Open kitchen with granite countertops, tiled backsplash, walk-in pantry, microwave & gas range. Luxury Viny...
8011 Caswell Court
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017339 / Active
SEPT. Delivery! *4.99% (FHA/VA) FIXED RATE PLUS PLUS $3,500 CC w/ use of pref. Lender and Attorney!* Welcome to Elms Glen...the latest new communit...
Reduced -$5,000
145 Brightwood Drive
Huger, SC 29450
Brightwood
Residential
MLS# 26017337 / Active
This beautifully upgraded home features a highly desirable main-level primary suite and is packed with premium features throughout its spacious, op...
Reduced -$10,000
8015 Ardbeg Cove
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017335 / Active
Ravenel, SC Homes at Hillcrest | Open Floor Plans Near West Ashley & CharlestonWelcome to 8015 Ardbeg Cove in the Hillcrest community of Ravenel, S...
Reduced -$3,975
305 Magnolia Road
Charleston, SC 29407
Ashley Forest
Residential
MLS# 26017334 / Active
Don`t miss this RARE opportunity to build in one of West Ashley`s most sought-after neighborhoods, just a short walk to Avondale shops and dining. ...
1212 Jeanna Street
Summerville, SC 29486
Ashley Plantation
Residential
MLS# 26017333 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5-bath residence offering approximately 1,344 square feet of comfortable living space. Fea...
410 Colfax Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017328 / Active
KINGSFORD C 3 BEDROOM WITH LOFT! WALK into the foyer that extends to the great room and kitchen w/casual dining. Gas range, white cabinets, granite...
208 Oakbend Street
Summerville, SC 29483
Nexton
Residential
MLS# 26017324 / Active
Welcome to 208 Oakbend Street in Nexton`s sought-after Brighton Park Village! Backing to a tranquil pond with picturesque views of South Carolina p...
8019 Ardbeg Cove
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017321 / Active
Hillcrest Ravenel SC Homes for Sale | New Construction Near Edisto Beach & Hwy 17Welcome to 8019 Ardbeg Cove in the Hillcrest community of Ravenel,...
Increase +$1,000
243 Grouper Lane
Summerville, SC 29483
The Cove at Mallard Crossing
Residential
MLS# 26017320 / Active
New Construction Home in Summerville, SCYour new chapter begins at 243 Grouper Lane, located in The Cove at Mallard Crossing. This alley-fed home i...
Reduced -$150
112 Pine Valley Drive
Summerville, SC 29483
Pine Forest Country Club
Residential
MLS# 26017319 / Active
Welcome to this exceptional home in the Pine Forest Country Club community of Summerville. With its attractive brick exterior, three-car garage fea...
2081 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017315 / Active
Welcome to 2081 Utsey Street, a thoughtfully designed home that offers a rare combination of privacy, flexibility, and convenience in the highly de...
6078 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017311 / Active
Homes in Ravenel, SC | Hillcrest Community Near Charleston & John`s IslandWelcome to 6078 Grangestone Lane in the Hillcrest community of Ravenel, S...
Reduced -$3,760
411 Aberdeen Circle
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26017310 / Active
Welcome home to this spacious 4-bedroom,2.5-bath residence offering comfort, style ,and plenty of room to entertain. The inviting family room featu...
Reduced -$14,100
8340 Crooked Creek Lane
Edisto Island, SC 29438
Residential
MLS# 26017309 / Active
Set on nearly nine beautifully maintained acres along the tranquil waters of Shingle Creek, this extraordinary deepwater estate on Edisto Island, f...
1216 Black Skimmer Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017304 / Active
Welcome to 1216 Black Skimmer St., a beautifully maintained 2-bedroom, 2-bath home offering 1,507 sq. ft. of easy, low-maintenance living in a gate...
Reduced -$12,000
3190 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017301 / Active
New home community in Ravenel, just outside Charleston and minutes from Edisto beach.Welcome to 3190 Aberfeldy Lane in the Hillcrest community of R...
Reduced -$4,010
406 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26017297 / Active
Welcome to 406 King Charles Circle - a stunning home in the highly sought-after Newington Plantation! Located in an established neighborhood with b...
1204 Pine Bluff Drive
Summerville, SC 29483
Summer Wood
Residential
MLS# 26017294 / Active
BRAND NEW AC JUST INSTALLED!!Welcome to this adorable 2-bedroom, 2.5-bath townhome tucked away in a quiet, private area of the community. This home...
111 Elmwood Avenue UNIT C
Ladson, SC 29456
Honey Ridge Villas
Residential
MLS# 26017290 / Active
Welcome to 111 Elmwood Avenue Unit C, a well-maintained 2 bedroom, 1.5 bath townhome located in the conveniently situated Honey Ridge Villas commun...
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