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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3202 Wood Duck Place
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017232 / Active
Updated lagoon-front home on one and a half lots in a quiet residential setting on Seabrook Island. This well-maintained, single-level residence of...
1032 Rosewood Lane
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MLS# 26017229 / Active
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1705 Redwood
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MLS# 26017228 / Active
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2100 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017225 / Active
2100 Utsey is move-in ready and full of thoughtful touches throughout. The options are really endless with this incredible floorplan. The main leve...
9 Colonial Street
Charleston, SC 29401
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Residential
MLS# 26017224 / Active
Nestled on picturesque Colonial Street in Charleston`s coveted South of Broad neighborhood, 9 Colonial Street is a beautifully preserved century-ol...
1530 Fort Johnson Road UNIT Apt 1e
Charleston, SC 29412
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Residential
MLS# 26017223 / Active
Welcome to Brigadier Condominium, where comfort, convenience, and a fantastic location come together in this spacious 3-bedroom, 2.5-bath condo. Of...
3616 Marshfield Road
Johns Island, SC 29455
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Residential
MLS# 26017222 / Active
Looking for the perfect place to call your first home? This charming 3-bedroom, 1-bath brick ranch offers a great opportunity to step into homeowne...
200 Watersglen Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017220 / Active
Here it is, spacious home, fenced back yard, on a corner lot. DR Horton`s Robie floorplan, 5 bedrooms, 3 bathrooms, with over 2,350 sqft, including...
7071 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017218 / Active
Sept Delivery! *$10,000 TOWARDS CLOSING COST and or RATE BUY DOWN WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY*Welcome to Elms Glen...the latest...
Reduced -$10,000
691 Redbud Lane
Summerville, SC 29483
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Residential
MLS# 26017217 / Active
Why wait months for new construction when you can move right into this beautifully maintained, better-than-new home in Lindera Preserve? Situated o...
Reduced -$5,000
205 Gumdrop
Summerville, SC 29485
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Residential
MLS# 26017211 / Active
Welcome to your dream home at 205 Gum Drop Trail in desirable Summers Corner! This move-in-ready gem features stunning upgrades: 24KW Generac, Cat ...
1001 Colonial Pines Drive
Ladson, SC 29456
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Residential
MLS# 26017210 / Active
Beautiful, well maintained 1 level ranch is awaiting you in Tall Pines! Open floor plan with a spacious family room and a wood burning fireplace. S...
5054 Blackberry Lane
Ravenel, SC 29470
Tea Farm
Residential
MLS# 26017204 / Active
The 2 story Palmetto Villa offers the perfect blend of low-maintenance living and thoughtful design, now enhanced with a spacious three-bedroom, th...
1307 Apex Lane
Charleston, SC 29412
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Residential
MLS# 26017203 / Active
Welcome to this gorgeous one story 2 bedroom 2 bathroom end unit townhome that is conveniently located on the desirable James Island, minutes away ...
Reduced -$4,000
538 River Road
Johns Island, SC 29455
Johns Island
Residential
MLS# 26017202 / Active
This lovely 3b/2b home was a former schoolhouse that was converted to a home in the 90`s. Not only does this home have some of the best sunsets on ...
9166 Jefferies Highway
Walterboro, SC 29488
Residential
MLS# 26017200 / Active
Beautifully maintained ranch home on 6.22 acres!!!Discover the perfect blend of privacy, acreage, and modern updates in this beautifully updated 3 ...
105 Pine Gate Drive
Summerville, SC 29483
Central Avenue Townhomes
Residential
MLS# 26017197 / Active
Here`s your chance to live in this stunning practically new construction two-story former model home. The first-level owner`s suite offers a privat...
660 Ayers Drive
Charleston, SC 29412
Clearview
Residential
MLS# 26017195 / Active
Welcome to 660 Ayers Drive - a spacious, custom-built family home on nearly half an acre on one of James Island`s most desirable pockets. Offered b...
2824 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26017194 / Active
Surrounded by mature live oaks and set on more than half an acre, this beautifully renovated Sullivan`s Island home offers a rare combination of pr...
116 N Winter Street
Moncks Corner, SC 29461
Residential
MLS# 26017193 / Active
Rarely does a home come along that offers this level of quality, character, and outdoor living all on a spacious half-acre lot with no HOA. From th...
Reduced -$14,000
364 Pine Crest View Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017182 / Active
Built in 2025, this move-in ready 3-bedroom, 2-bath home in Lindera Preserve at Cane Bay Plantation offers spacious open concept living. Features i...
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