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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8614 W Fairway Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26016802 / Active
Enjoy easy living in this beautifully maintained ranch home featuring three bedrooms, two baths, and a spacious bonus/flex room over the garage, al...
8815 E Fairway Woods Circle
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26016801 / Active
This stunning custom-built brick home in the prestigious gated community of Coosaw Creek Country Club offers exceptional craftsmanship, thoughtful ...
517 Spanish Wells Road
Summerville, SC 29486
Cane Bay Plantation
Residential
Looking for a 3-bed pond-view home in Cane Bay Plantation that combinesmodern finishes, energy efficiency, and resort-style amenities? 517 Spanish ...
Reduced -$20,000
112 Foxfire Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26016799 / Active
The Nexton Look Without the HOA Book! Fully Renovated & Move-In Ready! This beautifully updated home features fresh interior paint, NEW CARPET thro...
Reduced -$6,000
91 Indigo Lane
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26016798 / Active
Welcome to 91 Indigo Lane in Goose Creek, located in the desirable Crowfield subdivision. This well-maintained 2 bedroom townhome offers comfort, v...
Reduced -$3,000
2254 Beckenham Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016794 / Active
Situated on a breathtaking marshfront and waterfront homesite in the highly sought after Masonborough section of Park West, this extraordinary cust...
418 Carrara Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016791 / Active
Live the golf cart lifestyle at 418 Carrara Drive! Built in 2020 and located in the highly desirable Woodwinds section of Cane Bay Plantation, this...
2432 Valentine Way
Charleston, SC 29414
Melrose
Residential
MLS# 26016790 / Active
Nestled at the end of a quiet cul-de-sac in Valentine Cove, Melrose`s newest and rarely available subsection, this 2012-built home offers improved ...
Reduced -$5,000
235 Silk Oak Drive
Moncks Corner, SC 29461
Oakley Pointe
Residential
MLS# 26016788 / Active
Welcome to 235 Silk Oak Drive in desirable Oakley Pointe, where upgraded living meets timeless Southern style. Boasting 4 bedrooms, 2.5 bathrooms, ...
1026 Jervey Point Road
Wando, SC 29492
River Reach Pointe
Residential
MLS# 26016784 / Active
Nothing else in Charleston Market like this home, best price and rare waterfront.Discover a home that truly stands apart. Crafted as a builder`s pe...
1063 Barfield Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26016783 / Active
Welcome to this beautifully renovated Daniel Island home on the Southside. Designed with comfort, convenience, and easy living in mind, this home o...
619 Beaten Path
Charleston, SC 29412
Fox Hollow
Residential
MLS# 26016781 / Active
Welcome to Fox Hollow, one of James Island`s most coveted addresses, a quiet enclave of just nine craftsman-style homes tucked beneath a canopy of ...
2011 N Highway 17 UNIT 2200i
Mount Pleasant, SC 29466
The Meridian
Residential
MLS# 26016780 / Active
Welcome to The Meridian, where Lowcountry charm meets effortless, low-maintenance living! Ideally located in the heart of Mount Pleasant, this beau...
1561 Ashley Garden Boulevard
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26016778 / Active
Welcome to 1561 Ashley Garden Boulevard, a beautifully updated along with main systems (roof 2021) (HVAC 2026) (Mini split 2026) home located in th...
Reduced -$10,000
1430 Marsh Bluff Court
Edisto Island, SC 29438
Spartina Bay
Residential
MLS# 26016777 / Active
Searching For A Deep Water Boat Slip On Highly Desirable Store Creek? Your search ends here. This exceptional property offers the opportunity you`v...
272 Alexandra Drive UNIT Unit 16
Mount Pleasant, SC 29464
Residential
MLS# 26016776 / Active
Prime location in town and within the community! This second story end unit looks out to woods behind the building offering privacy with all the am...
914 Claussen House Drive
Edisto Island, SC 29438
Crawford Place
Residential
MLS# 26016772 / Active
The perfect Edisto Island Home, 3 BR, 2 BA, open floor plan with full front porch, screened porch and a 2 car garage. Located only 10 minutes from ...
415 Mary Scott Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26016771 / Active
SELLER OFFERING $5,000 IN CLOSING COST INCENTIVES -- NO HOA!Solid brick 3-bedroom home with hardwood floors throughout, a fully updated bathroom (2...
124 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26016770 / Active
4.99% FHA/VA interest rate or 5.5% conventional interest rate available with use or preferred lender! End Unit! Welcome to Rhetts Cove, a new commu...
Reduced -$10,000
1986 Raina Street
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26016767 / Active
Welcome to this charming 1960s ranch-style home located in the desirable Cedar Springs community on Johns Island. Full of character and unique wood...
2633 Dellwood Avenue
North Charleston, SC 29405
Brentwood
Residential
MLS# 26016766 / Active
Adorable, well maintained home with tons of upgrades and close to everything! During the sellers` ownership, they`ve enhanced the outdoor living sp...
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