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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109 Marions Oak Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26016963 / Active
Welcome to one of the most sought after floorplans in Carnes Crossroads-- the Tradd. Thoughtfully designed and better than new construction, this 4...
4432 Palm Shadow Drive
Summerville, SC 29485
Watson Hill
Residential
MLS# 26016961 / Active
One of the first things you`ll notice about 4432 Palm Shadow Dr is the lot. Set on a spacious, wooded homesite, it offers a level of privacy you ca...
Reduced -$5,000
428 Avocet Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26016950 / Active
No carpet! New flooring. EV Charger. This house lives large! Corner lot for bigger yard, 2 gathering areas, big laundry room, generously sized bedr...
Reduced -$10,000
4808 Wilson Road
Meggett, SC 29449
Meggett
Residential
MLS# 26016948 / Active
NO HOA!! BRING THE BOAT, RV, ATV -- EVEN THE GOATS! Welcome to modern Lowcountry living on 2 peaceful acres in Meggett, where space, privacy, and f...
360 W Smith Street
Summerville, SC 29485
Residential
MLS# 26016944 / Active
Tucked away on 4.04 private acres, this charming 4-bedroom home offers the rare combination of seclusion & convenience with no HOA! Inside you`ll f...
Reduced -$10,000
45 Sycamore Avenue UNIT #1434
Charleston, SC 29407
Concord West Of The Ashley
Residential
MLS# 26016938 / Active
Welcome to Concord West of Ashley, a gated community offering comfort, convenience, and a variety of amenities! This third-floor condo features 1 b...
8270 Beach Farm Lane
Edisto Island, SC 29438
Edisto Island
Residential
MLS# 26016933 / Active
Nestled on beautiful Edisto Island, this charming property offers the perfect blend of coastal living. The main residence features 3 bedrooms and 3...
226 Emerald Isle Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26016932 / Active
Welcome to 226 Emerald Drive, where comfort, convenience, and community come together. This well-cared-for home features upgraded bathrooms and sev...
109 Halcyon Road
Summerville, SC 29483
Historic District
Residential
MLS# 26016930 / Active
** $10K Price drop** Welcome home to 109 Halcyon Rd in the heart of historic downtown Summerville! Nestled at the end of a quiet cul-de-sac on a ma...
Reduced -$10,000
3022 Dolphin Watch Drive
Charleston, SC 29414
Boltons Landing
Residential
This 4 bedroom,2.5bath former model Charleston single home offers rare privacy, upgrades and lifestyle that feels effortless from the moment you ar...
110 Loon Drive
Summerville, SC 29483
The Ponds
Residential
Welcome to 110 Loon Drive in the highly sought-after community of The Ponds! Surrounded by majestic oak trees, scenic walking trails, and resort st...
Reduced -$1,000
1689 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential
MLS# 26016926 / Active
Nearly 2,000 square feet with a first-floor primary suite, screened porch overlooking the pond, and flexible office space, all at one of the best v...
1882 Central Park Road
Charleston, SC 29412
Residential
MLS# 26016924 / Active
Welcome to 1882 Central Park Road, a truly one-of-a-kind James Island retreat offering nearly 3,000 square feet of living space on an extraordinary...
313 Grand Palm Lane
Summerville, SC 29485
Palmetto Row
Residential
MLS# 26016922 / Active
Welcome to your dream home! This gorgeous, meticulously maintained end-unit townhome is a peaceful oasis just one mile from downtown Summerville. F...
Reduced -$25,000
190 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016921 / Active
Welcome to this exceptional 4-bedroom, 4.5-bath home in the highly desirable Cane Bay Plantation community, where elegant design, spacious living, ...
Reduced -$15,000
1003 Carmela Court
North Charleston, SC 29405
Park Circle
Residential
MLS# 26016920 / Active
Located on the corner lot of a quiet street in the highly sought-after Park Circle neighborhood, this stunning Charleston Single-style home offers ...
4466 Mixedwood Drive
Ladson, SC 29456
Woodside Manor
Residential
MLS# 26016919 / Active
Fully updated one story ranch home looking for new owners! PAID OFF SOLAR PANELS!!!!! NO HOA. NO CARPET, updated kitchen cabinets and countertops, ...
1880 Andell Bluff Boulevard UNIT E-8
Johns Island, SC 29455
Bohicket Marina
Residential
MLS# 26016917 / Active
Enjoy effortless boating and spectacular Lowcountry sunsets from this ideally positioned 40-foot slip at Bohicket Marina. Located just three slips ...
3582 Backshore Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26016916 / Active
Enjoy Lowcountry Living at Its Finest with this timeless Southern Charmer featuring an abundance of elegant outdoor living spaces, including 4 expa...
Reduced -$4,000
168 Maritime Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016914 / Active
Situated on a preferred east/west corner lot in the Heron`s Walk section of Summers Corner, this stunning home offers exceptional curb appeal, an e...
Reduced -$30,250
320 Longshore Street UNIT #1046
Charleston, SC 29492
Daniel Island
Residential
MLS# 26016913 / Active
EXPERIENCE WATERFRONT LUXURY ON DANIEL ISLAND! Discover a one-of-a-kind opportunity at Daniel Island`s Waterfront. This top-floor condo offers view...
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