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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320 Long Pier Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019528 / Active
SUBJECT TO LENDER APPROVALThis incredible 6-bedroom, 4-bath home listed UNDER MARKET VALUE offers over 4,000 square feet of open, airy and truly ma...
1026 Adirondack Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019527 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owners suite on the first floor, large loft and covered porch. All main living areas ...
1037 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019526 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owners suite on the first floor, large loft and covered porch. All main living areas ...
1722 Waterbrook Drive
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019525 / Active
Welcome to this beautifully maintained 4-bedroom, 2.5-bath home in the highly sought-after Cypress section of Carolina Bay. Situated on one of the ...
9004 Hema Lane
Summerville, SC 29483
Myers Mill
Residential
MLS# 26019524 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** With a spacious floor plan, thoughtful updates, and a con...
128 Midmills Lane
Summerville, SC 29486
Sheep Island
Residential
MLS# 26019522 / Active
The Tillman | 5 Bedrooms, Loft & Conservation Views Just Minutes from NextonWelcome to 128 Midmills Lane, a stunning new construction home in the s...
1004 Tea Time Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019521 / Active
The Sweetgrass is a great four bedroom home with loft and covered, back porch. Estimated for May move-in. Two story foyer, LVP flooring throughout ...
7747 Ovaldale Drive
North Charleston, SC 29418
Forest Hills
Residential
MLS# 26019519 / Active
Completely renovated from top to bottom, this move-in ready 4-bedroom, 2-bath brick ranch offers stylish updates, functional living, and the ease o...
101 Duck Pond Court
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26019518 / Active
Located in the desirable Legend Oaks Plantation, this beautiful home offers space, comfort, and an ideal layout for modern living. Situated on a co...
149 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019514 / Active
Welcome to the Kingston! This new two-story home exudes elegance from the moment of entry. A formal dining room greets guests at the front, followe...
305 Forest Circle
Walterboro, SC 29488
Forest Hills
Residential
MLS# 26019511 / Active
Nestled beneath mature pine trees, this inviting 3BR/2BA brick ranch blends classic character with thoughtful updates. A cheerful teal door welcome...
223 Waterfront Park Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019510 / Active
Welcome to 223 Waterfront Park, where resort-style living meets the comfort of home in the highly sought-after Del Webb at Cane Bay, one of the Low...
324 Trailmore Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26019509 / Active
Move right into this beautifully designed home that offers the perfect blend of convenience, comfort, and flexibility. Ideal for a lock-and-leave l...
3269 Conservancy Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019508 / Active
Welcome to this beautifully maintained traditional home in the highly sought-after Carolina Bay community. Featuring an open-concept floor plan wit...
414 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019507 / Active
Welcome to our new Villa Collection; introducing the Camden A! At the heart of this new almost 1,900 sq. ft. two-story home is a designated living ...
353 Dunlin Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26019506 / Active
Welcome to 353 Dunlin Drive, a beautifully updated 4-bedroom, 2.5-bath home offering 2,764 square feet of thoughtfully designed living space. Fresh...
Reduced -$10,000
416 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019504 / Active
Welcome to our new Villa Collection; introducing the Bennett-A! At the heart of this new almost 2,100 sq. ft. two-story home is a designated living...
2162 Bees Ferry Road UNIT G
Charleston, SC 29414
Dovefield
Residential
MLS# 26019502 / Active
Welcome home to 2162 Bees Ferry Road! This beautifully renovated second-floor condo overlooks the scenic Shadowmoss Golf Course and offers stylish,...
1572 Wellesley Circle
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019501 / Active
Welcome to 1572 Wellesley Circle in the highly desirable Park West community of Mount Pleasant!Step inside to discover a bright, open-concept floor...
928 Leonard Drive
Johns Island, SC 29455
Morris Acres
Residential
MLS# 26019500 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located on nearly half an acre in the heart of Johns Islan...
1074 Trotters Boulevard
Summerville, SC 29483
Trotters Ridge
Residential
MLS# 26019499 / Active
If you are looking for an established neighborhood in Summerville, Trotters Ridge should be on your list. Come check out this lovely home on a larg...
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