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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199 Fuller Road
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016854 / Active
New Construction Home in Holly Hill SCWelcome to 199 Fuller Road, located in the Ranch community of Holly Hill, SC, where rural charm blends seamle...
29 Hillcreek Boulevard
James Island, SC 29412
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Residential
MLS# 26016851 / Active
Thoughtfully expanded and upgraded (2025-2026), this 4-bedroom, 2-bath traditional home on James Island lives larger than its 1,939 square feet. Th...
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149 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016847 / Active
Holly Hill SC New Home - Private Pond Views, Boat-Friendly Property & Spacious FloorplanWelcome to 149 Cantley Way, a single story home located in ...
2018 Morningside Drive
North Charleston, SC 29405
Morningside
Residential
MLS# 26016846 / Active
The Wren is a thoughtfully designed new construction home in North Charleston featuring an efficient 2 bed, 1.5 bath, 961 sq. ft. floor plan with m...
493 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016845 / Active
Welcome to 493 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quiet streets, natural surroundi...
Reduced -$4,882
1056 Berry Patch Circle
Summerville, SC 29485
Dunmeyer Hill Estates
Residential
MLS# 26016844 / Active
Quick Commute to Boeing and Highway 26. Built in 2023. Open concept luxury planked first level full of natural light. The kitchen has a large grani...
Increase +$50
145 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016839 / Active
New home on a private pond lot near Lake Marion with Open-Concept LivingWelcome to 145 Cantley Way, located in the Ranch community of Holly Hill, S...
4997 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26016834 / Active
Welcome home to 4997 Song Sparrow Way in Summerville, where thoughtful upgrades, functional design, and modern comfort come together in one beautif...
139 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016833 / Active
5-Bed Home with Pond Views, Office & Open Floor Plan Near Lake Marion + Boat Parking AllowedWelcome to 139 Cantley Way, located in the Ranch commun...
8867 Salamander Road UNIT #38
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26016832 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
721 Butterfly Ginger Street
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016831 / Active
Spacious New Construction Home in Carolina Groves | 3 Bedroom Living in Moncks Corner SC with Resort-Style AmenitiesWelcome home to 721 Butterfly G...
Reduced -$3,460
67 Legare Street UNIT #104
Charleston, SC 29401
Crafts House
Residential
MLS# 26016830 / Active
Have you been waiting for the right historic Charleston property to become available? Then you don`t want to miss this remarkable opportunity to ow...
159 Greenwich Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016829 / Active
Welcome home to this beautifully maintained property offering the perfect combination of modern finishes, functional living space, and peaceful pon...
3436 Mistletoe Lane
Ladson, SC 29485
Residential
Nestled on a generous 1.85-acre lot, this 2-bedroom, 1-bathroom home offers a unique opportunity to enjoy country-style living while remaining conv...
404 Forsythia Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26016824 / Active
Welcome to one of White Gables` most beautifully updated homes, featuring timeless Southern charm alongside modern designer style. Nestled beside a...
405 Red Fox
Summerville, SC 29485
Quail Arbor
Residential
Welcome to this beautifully maintained home in the heart of Summerville! Located in the NO HOA neighborhood of Quail Arbor. From the moment you ste...
Reduced -$6,000
440 Chapel Creek Drive
Santee, SC 29142
Chapel Creek Plantation
Residential
MLS# 26016822 / Active
A truly unique offering in the heart of Santee National Golf Club, this home combines golf course living, serene water views with a private dock, a...
Reduced -$1,201
1762 Cainhoy Road
Huger, SC 29450
Residential
MLS# 26016812 / Active
Located minutes from the rapidly expanding Clements Ferry corridor, and just three miles from Charleston`s newest Del Webb community, this property...
911 Woodside Creek Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome home to 911 Woodside Creek Lane, where single-story convenience feels just right. Nestled in the heart of Cane Bay Plantation--Summerville`...
Reduced -$900
2268 Atlantic Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26016809 / Active
Designed by Steven Herlong and built by Phillip Smith Builders in 2019, this second-row Sullivan`s Island residence presents elevated coastal livin...
1025 Riverland Woods Place UNIT Apt 220
Charleston, SC 29412
The Retreat At Riverland
Residential
MLS# 26016808 / Active
Enjoy coastal living in this spacious 3rd-floor condo featuring the largest floor plan in the community and a rare ONE-CAR GARAGE!! This well-appoi...
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