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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2857 Brownell Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26017180 / Active
This superb design by Steve Herlong sits on one of the quietest streets on the island - 3rd row from the beach. It offers 5 bedrooms, with a flex s...
69 Morris Street UNIT #301
Charleston, SC 29403
Morris Square
Residential
MLS# 26017178 / Active
Welcome to 301 Morris a beautifully maintained condo offering the perfect blend of comfort and modern city living. Ideally located in the heart of ...
306 Parish Farms Drive
Summerville, SC 29483
Carnes Crossroads
Residential
MLS# 26017176 / Active
Beautifully maintained Rollingwood Paired Home offers the perfect blend of thoughtful design and modern upgrades. The open-concept main living area...
Reduced -$5,000
979 Warrick Oaks Lane
Mount Pleasant, SC 29464
Warrick Oaks
Residential
Positioned on a desirable corner lot in the heart of Old Mount Pleasant, this beautifully appointed luxury cottage offers an exceptional blend of s...
Reduced -$25,000
418 Rowley Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017173 / Active
``Welcome to 418 Rowley Lane, a beautifully upgraded Yates model offering over-the-top space, functionality, and comfort. This impressive 5-bedroom...
Reduced -$5,000
176 The Oaks Avenue
Goose Creek, SC 29445
The Oaks
Residential
MLS# 26017169 / Active
Discover our award-winning Sago floorplan in the heart of Goose Creek. This stunning new construction home features 4 beds and 3.5 baths, offering ...
Reduced -$20,007
265 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26017162 / Active
Meet the Lancaster plan - This spacious layout features 4 bedrooms, 2.5 bathrooms, a dedicated home office, and an open-concept living area perfect...
1203 Sea Aire Drive
Charleston, SC 29412
Teal Acres
Residential
MLS# 26017157 / Active
Coastal living awaits in this beautifully renovated brick ranch just minutes from The Edge of America - Folly Beach. You will enjoy close proximity...
Reduced -$10,000
355 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017156 / Active
Brand-New Home and Ready for Move-In!! Perfectly situated in a spacious cul-de-sac portion of Calm Water Way this is a quiet section of the Coves! ...
55 Ocean Point Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017155 / Active
Perfectly positioned within the prestigious gated enclave of Ocean Point, 55 Ocean Point offers a rare opportunity to experience some of the finest...
1851 Montclair Drive UNIT 1851-B
Mount Pleasant, SC 29464
Montclair
Residential
MLS# 26017153 / Active
Welcome home to a completely renovated and meticulously cared for townhome, conveniently located across from Town Center and less than 5 miles from...
Reduced -$4,500
7312 Suncatcher Drive
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26017152 / Active
UPDATED PHOTOS! This adorable garden home has been completely renovated! It is in the highly sought after neighborhood of Tanner Plantation, in Han...
1404 Leisure Drive
Summerville, SC 29486
Sheep Island
Residential
MLS# 26017149 / Active
Private oasis tucked away on 5 acres but only 15min away from all the dining and shopping opportunities that the Nexton area has to offer. This hom...
941 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017146 / Active
Welcome to Hammock Walk at Nexton, a premier 55+ community designed for low-maintenance, lock-and-leave living. This beautiful turnkey 3-bedroom, 3...
Reduced -$10,100
147 Morning View Way
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 26017145 / Active
Welcome to your dream home at Lakeview at Kitfield! This stunning two-story home offers 2,632 sq. ft. of beautifully designed living space featurin...
438 Radiant Blue Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017144 / Active
Brand NEW energy-efficient home! Designer Package Bold Sophistication. The Hurley`s welcoming foyer gives way to the spacious kitchen and open-conc...
Reduced -$5,000
371 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017142 / Active
Brand NEW energy-efficient home! Outfit the Marley`s main-level flex space as a home office and skip your commute. In the kitchen, the island overl...
Reduced -$10,000
116 Chownings Lane
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017141 / Active
Charming 3BR/2BA ranch in desirable Crowfield Plantation featuring 1,450 sq ft of inviting living space. Enjoy vaulted ceilings in the living room ...
2050 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017139 / Active
LOWEST PRICED PULTE BUILD IN OAKFIELD! Welcome to this beautiful home ideally situated in a sought-after neighborhood filled with green space and w...
200 Bucksley Lane UNIT #303
Charleston, SC 29492
254 Seven Farms Drive
Residential
MLS# 26017138 / Active
Welcome to 200 Bucksley Lane #303, where thoughtful design, quality craftsmanship, and attention to detail come together to create a truly turnkey ...
118 Rusting Link Road
Summerville, SC 29483
Mallard Crossing
Residential
MLS# 26017135 / Active
Welcome home to this spacious 2-story residence located in the desirable Mallard Crossing subdivision of Summerville, SC! Featuring 5 bedrooms and ...
Reduced -$5,000
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