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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3044 Emma Lane
Mount Pleasant, SC 29466
Emma Lane Townes
Residential
MLS# 26017128 / Active
Welcome to Emma Lane Townes, a sought-after luxury townhome community in the heart of Mount Pleasant. Ideally located less than 10 minutes from the...
194 Lime Spring Road
Cross, SC 29436
Residential
MLS# 26017127 / Active
2BR 1BA ranch home with great room with kitchen, bar, living room, screened back porch in a cove on Lake Marion. Great water all seasons! New metal...
217 Equinox Circle
Ladson, SC 29456
Heatherwoods
Residential
MLS# 26017125 / Active
Well Maintained home located in Heatherwoods Subdivision! Home features 4 bedrooms, 2 full baths and has all NEW luxury Vinyl Flooring throughout t...
Reduced -$5,100
1836 Saint Julian Drive
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017123 / Active
Move in ready one story brick home in West Ashley Plantation! This 3 bedroom, 2 bath home is situated on a private, wooded lot with no HOA. The ope...
Reduced -$10,000
516 Misty Bluff Circle
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26017120 / Active
Welcome home to 516 Misty Bluff Circle! This beautifully maintained single-story home offers 3 bedrooms, 2 bathrooms, and an open split-bedroom flo...
Reduced -$5,000
2201 Pinehurst Avenue
Charleston, SC 29414
Springfield
Residential
MLS# 26017118 / Active
Welcome to this move-in ready brick ranch in the established Springfield neighborhood of West Ashley. Offering 3 bedrooms and 2 bathrooms, this cha...
3011 Scuba Drive
Charleston, SC 29414
Boltons Landing
Residential
MLS# 26017117 / Active
Welcome to 3011 Scuba Drive, a beautifully refreshed home situated on a desirable pond-front homesite in one of Charleston`s most convenient locati...
4904 W Liberty Park Circle
North Charleston, SC 29405
Oak Terrace Preserve
Residential
MLS# 26017116 / Active
Welcome to your next chapter at this charming home, nestled in a serene corner of Oak Terrace Preserve. This 3-bedroom, 2.5-bathroom home offers a ...
127 Hawthorne Landing Drive
Goose Creek, SC 29445
Hawthorne Landing
Residential
MLS# 26017114 / Active
Welcome to 127 Hawthorne Landing Drive, a beautifully maintained single-family detached home offering the perfect blend of modern design, comfort, ...
105 Bridgecreek Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017112 / Active
Welcome to your serene sanctuary at 105 Bridgecreek Dr. Home has a spacious living room that is a delight, featuring a warm stone fireplace with a ...
224 Oak Park Street
Summerville, SC 29486
Nexton
Residential
MLS# 26017111 / Active
. Dual Masters! Enjoy this charming and beautifully maintained town home in the highly sought Brighton Park Village in Nexton. Open floor plan with...
207 Little Oak Island Drive
Folly Beach, SC 29439
Little Oak
Residential
MLS# 26017108 / Active
FULLY RENOVATED & OFFERED FULLY FURNISHED -- THE ULTIMATE TURNKEY FOLLY BEACH RETREAT!Don`t miss this rare opportunity to own a beautifully updated...
112 Bristow Drive
Summerville, SC 29483
Flowertown
Residential
MLS# 26017107 / Active
$6,000 in Seller Concessions!! MOVE IN READY! NO DOWN PAYMENT? NO PROBLEM! NO HOA!! This home qualifies for 100% financing with NO PMI! Featuring 3...
3965 Bryson Lane
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26017103 / Active
Step into serenity at this stunning 4-bedroom, 3.5-bathroom three-story home nestled within the esteemed Carolina Park Neighborhood. This cul-de-sa...
549 Cooper Village Lane
Mount Pleasant, SC 29464
Bridgeview
Residential
MLS# 26017102 / Active
Welcome to Bridgeview - the quiet and exclusive Mount Pleasant development near everything where you get to use Charleston as your backyard! Featur...
Reduced -$100,000
208 Darcy Avenue
Goose Creek, SC 29445
Persimmon Hill
Residential
MLS# 26017098 / Active
Three bedrooms. Three and a half baths. Multiple living spaces. Pond views. Two decks. A massive bonus room. And wait until you see the closets! Th...
9492 Markley Boulevard
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26017095 / Active
Welcome to 9492 Markley Boulevard, a beautifully maintained home nestled along the third fairway of the Wescott Plantation Golf Course, where Lowco...
111 High Hammock Villas
Seabrook Island, SC 29455
Residential
MLS# 26017091 / Active
Experience the ultimate Seabrook Island lifestyle in this beautifully updated, second-floor High Hammock Villa. Brimming with personality and bathe...
6037 Chisolm Road
Johns Island, SC 29455
Residential
MLS# 26017087 / Active
Bring your BOAT and RV. COUNTRY LIVING AT ITS FINEST WITH A BEAUTIFUL Private wooded lot JUST UNDER AN ACRE!! Welcome to this beautifully crafted o...
4416 Wild Thicket Lane
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26017086 / Active
Stunning Golf Course Home in Gated Community! Welcome to this exceptional, MOVE-IN ready, four-bedroom, three-bath home perfectly situated on the g...
2858 Woodland Park Drive
Mount Pleasant, SC 29466
Hamlin Park
Residential
MLS# 26017085 / Active
A great opportunity in Hamlin Park! This end-unit townhome needs some minor repairs and painting. Located in the north end of Rifle Range Road, thi...
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