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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102 Spanish Oaks Lane
Ladson, SC 29456
Grand Oaks Preserve
Residential
MLS# 26017084 / Active
Welcome to 102 Spanish Oaks Lane, a move-in ready home located in the highly desirable Dorchester District Two school district that combines comfor...
Reduced -$4,000
1182 Russell Drive
Mount Pleasant, SC 29464
Residential
MLS# 26017083 / Active
great investment opportunity with many options
1006 Fiall Street
Charleston, SC 29407
Maryville
Residential
MLS# 26017080 / Active
Welcome to this beautiful home in the heart of West Ashley, offering the perfect blend of modern updates, convenience, and value. Ideally located j...
Reduced -$25,000
1035 Dominion Drive
Hanahan, SC 29410
Dominion Hills
Residential
MLS# 26017078 / Active
Welcome to Dominion Hills, one of Charleston`s most established waterfront communities, where timeless charm meets Lowcountry living. Perfectly pos...
1018 Lacebark Drive
Ridgeville, SC 29472
Pine Ridge Estates
Residential
MLS# 26017077 / Active
Welcome to 1018 Lacebark Drive, a beautifully designed Ryan Homes residence in the highly sought-after Pine Ridge Estates community. Situated on ju...
1514 Grimball Road
Charleston, SC 29412
James Island
Residential
MLS# 26017074 / Active
Tucked away on a private, wooded homesite in the heart of James Island, this semi-custom home offers the perfect combination of modern style, thoug...
Reduced -$13,500
1811 Manigault Place
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017072 / Active
Located inside 526 west of the Ashley, 1811 Manigault Place delivers the kind of comfortable, move-in-ready home that`s increasingly hard to find a...
1925 Tropicana Road UNIT Unit 7-F
North Charleston, SC 29406
The Riverway At Aichele Terrace
Residential
MLS# 26017068 / Active
Welcome to this beautifully renovated 2-bedroom, 1.5-bath townhome in the desirable Aichele Terrace community of North Charleston. If convenience i...
333 Sea Cloud Circle UNIT D
Edisto Island, SC 29438
Ocean Ridge
Residential
MLS# 26017065 / Active
Located on the 9th fairway of the Plantation Course - Fully furnished, in the gated Ocean Ridge development. Enjoy a 1/13th share partnership in th...
537 Hansford Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
This is the one you`ve been waiting for! Nestled in the established Boulder Bluff subdivision of Goose Creek, this charming 3-bedroom, 1-bath brick...
5510 Remington Trail
Johns Island, SC 29455
Residential
MLS# 26017061 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Set on nearly 3 acres of picturesque marshfront land, thi...
1846 Capri Drive
Charleston, SC 29407
Capri Isles
Residential
MLS# 26017059 / Active
Welcome to 1846 Capri Drive! Classic brick ranch in the highly sought after Capri Isles neighborhood! Nestled beneath mature live oaks on a spaciou...
2925 Maybank Highway
Johns Island, SC 29455
Residential
MLS# 26017056 / Active
Prime redevelopment opportunity in the rapidly growing Johns Island commercial corridor. Located on highly visible Maybank Highway, this approximat...
3048 Riverwood Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017050 / Active
Welcome to this beautifully maintained 5 Bed/4Bath Craftsman-style home situated on a premium marsh-front lot in the highly sought-after gated Dune...
Reduced -$50,900
2518 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017049 / Active
New Construction in West Ashley. Designed for the Lowcountry lifestyle, the Capri embraces elevated coastal living with a spacious, drive-under gar...
2508 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017045 / Active
BRAND NEW BOUTIQUE COMMUNITY IN THE HEART OF WEST ASHLEY! The Davis- Move-in August! 10 homesites, 4 exquisite floor plan offerings. Welcome to Fer...
2134 Saint Johns Woods Parkway
Johns Island, SC 29455
The Villages In St Johns Woods
Residential
MLS# 26017044 / Active
Nestled in the sought-after St. Johns Woods community, this beautifully maintained 3-bedroom, 2-bath home offers 2,096 square feet of thoughtfully ...
135 Keaton Brook Drive
Summerville, SC 29485
Carrington Chase
Residential
MLS# 26017039 / Active
Welcome to 135 Keaton Brook Drive in Carrington Chase, conveniently located close to shopping, dining, employment centers, and everyday convenience...
156 William Clark Boulevard
Santee, SC 29142
Center Pointe
Residential
MLS# 26017036 / Active
Welcome to Center Pointe, where golf, fishing, and lake life are just minutes away! Conveniently located off I-95, this beautiful home is less than...
1318 Ellison Run
Charleston, SC 29412
Pemberton At Seaside Plantation
Residential
MLS# 26017030 / Active
Come live your best island life in this beautifully renovated home that backs up to HOA wooded open space, tucked away on a quiet cul-de-sac in one...
2 Cutchin Court
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26017025 / Active
PRICE IMPROVEMENT! Now offered at $910,000 -an exceptional value for this beautifully appointed Shadowmoss home. This spacious residence offers lux...
Reduced -$15,000
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