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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8800 Dorchester Road UNIT #1601
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MLS# 26017289 / Active
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2627 Alamanda Drive
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MLS# 26017285 / Active
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1756 Batten Drive
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MLS# 26017284 / Active
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1363 Pinnacle Lane
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Don`t miss your chance to enjoy single story living in this cozy END UNIT right in the middle of everything! You can zip downtown in 7 miles OR dri...
155 Wingo Way UNIT #467
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MLS# 26017281 / Active
THIS Tides IV condominium (Unit 467) is the preeminent place to live in Mount Pleasant! Nestled at the foot of the Ravenel Bridge you will have qui...
134 Fernbank Road
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MLS# 26017280 / Active
Seller Incentive: 4.99% fixed interest rate on FHA/VA loans or a 5.5% conventional buydown plus $7,500 in closing costs with the use of our preferr...
Reduced -$10,000
614 Du Bois Drive
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MLS# 26017278 / Active
5.5% Conventional 30-year fixed loan program offered on this home for primary residences! This beautiful coastal inspired home with main level prim...
Reduced -$30,000
213 Brailsford Road
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MLS# 26017276 / Active
Welcome to 213 Brailsford Road, a beautifully updated home located in the highly desirable DD2 School District of Summerville, SC. Tucked away in t...
477 Caledon Court
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MLS# 26017275 / Active
30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant townhome sits on a ...
Reduced -$10,000
8867 Salamander Road UNIT #60
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MLS# 26017273 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to The Ross, a well-designed 3-bedroom, 2.5-bath home offering...
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117 Wando Reach Road
Wando, SC 29492
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MLS# 26017272 / Active
The Solomon is a coastal-inspired home that blends elevated design with everyday comfort. Featuring a raised foundation and drive-under garage, thi...
1967 Armory Drive
Mount Pleasant, SC 29466
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MLS# 26017271 / Active
Welcome to 1967 Armory Drive, a beautifully renovated single-story home in the highly desirable West Point neighborhood of Mount Pleasant. Ideally ...
194 High Hammock Villas
Seabrook Island, SC 29455
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6220 N Highway 17
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NEW CONSTRUCTION IN AWENDAW ~ 2,622 SF~ NO HOA ~ Large lot (0.75 AC) ~ 4 bedrooms, 3 full bathrooms ~ separate dining room ~ huge master suite with...
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MLS# 26017262 / Active
Welcome to the Arboretum. Your hassle-free living experience awaits. Your new home is features an open floor plan with hardwood floors in the main ...
191 Avonshire Drive
Summerville, SC 29483
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MLS# 26017261 / Active
Welcome home! Check out this 4-bedroom, 3-bath residence in Summerville! Offering approximately 2,100 square feet of thoughtfully designed living s...
9484 Falling Embers Lane
Ladson, SC 29456
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Welcome home to 9484 Falling Embers Lane! Tucked away on a quiet, low-traffic cul-de-sac in the highly desirable Paddock Point neighborhood, this 4...
2354 Brinkley Road
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Enjoy stunning pond views and exceptional indoor-outdoor living in this beautifully maintained 5-bedroom, 4.5-bath Woodward floor plan located in t...
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