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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274 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26016763 / Active
FIRST FLOOR PRIMARY - The Rutherford floorplan offers spacious, main-level living with the primary suite conveniently located downstairs. Estimated...
5119 Parkside Drive
North Charleston, SC 29405
Park Circle
Residential
Welcome to 5119 Parkside Drive, a beautifully reimagined home in the heart of Park Circle where timeless character meets modern sophistication. Tho...
1082 Old Battery Circle
Charleston, SC 29412
Seaside Plantation
Residential
MLS# 26016758 / Active
Welcome to Coastal Living at its Finest! Located just minutes from the sandy shores of Folly Beach and a short drive to historic downtown Charlesto...
441 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016754 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
Reduced -$8,000
425 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016753 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
420 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016748 / Active
Welcome to the St. Helena Plan. This 2 story home has a Pocket Office with glass door at the front of the home. Opening up to your open kitchen wit...
905 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016746 / Active
Welcome to 905 Hemingway Circle -- a beautifully maintained 2-bedroom, 2.5-bath townhome tucked inside the sought-after gated community of Central ...
213 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016742 / Active
Welcome to effortless Lowcountry living in a gated community in one of Summerville`s most desirable and convenient locations! This nicely maintaine...
1045 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016736 / Active
North Shore Homes Near Charleston SCWelcome to 1045 Refuge Way, located in the North Shore Community. North Shore is located in the charming town o...
1301 Basildon Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016734 / Active
Welcome to easy living in the heart of Mount Pleasant`s highly sought-after Park West community. This inviting FIRST FLOOR 1BR/1BA condo offers a l...
248 Forest Trail
Isle of Palms, SC 29451
Forest Trail
Residential
MLS# 26016730 / Active
Nestled on a quiet street in the heart of the Isle of Palms, 248 Forest Trail sits on nearly half an acre lot that is shaded by five majestic live ...
1038 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016727 / Active
North Shore Homes Near Charleston SCWelcome to 1038 Refuge Way, located in the North Shore community in Summerton, South Carolina. Set along the sh...
Reduced -$135
1130 Silent Harbor Court UNIT K
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26016723 / Active
Welcome to 1130 Silent Harbor Court, Unit K, a beautifully renovated two-bedroom, two-and-a-half-bathroom condo in the heart of Mount Pleasant. Con...
Reduced -$40,000
958 Foliage Lane
Charleston, SC 29412
The Village At Stiles Point
Residential
MLS# 26016721 / Active
Welcome to 958 Foliage, an exceptional 3,315-sq-ft coastal home located in The Village at Stiles Point, one of James Island`s most sought-after com...
483 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016717 / Active
CAROLINA GROVES BY DR HORTONWelcome to 483 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quie...
Reduced -$3,157
300 Yellow Hawthorn Circle
Summerville, SC 29483
Summer Wood
Residential
MLS# 26016714 / Active
PRIMARY BEDROOM DOWNSTAIRS + END UNIT TOWNHOUSE featuring a highly desirable stylish and modern updates throughout. As you enter you will immediate...
2260 Forest Lakes Boulevard
Charleston, SC 29414
Forest Lakes
Residential
MLS# 26016709 / Active
Tucked away at the end of a quiet cul-de-sac on one of the largest waterfront lots in Forrest Lakes, 2260 Forrest Lakes Boulevard offers a rare ble...
188 Midland Parkway UNIT #222
Summerville, SC 29485
Midland Terrace
Residential
MLS# 26016708 / Active
Midland Terrace is located in the Trolley Road corridor and is within walking distance from grocery stores, banks, hospitals, and many local restau...
303 Clayburne Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26016707 / Active
Welcome home to 303 Clayburne Drive, where space, convenience, and value come together in the sought-after community of Liberty Hall Plantation.Fre...
16 Logan Street UNIT B
Charleston, SC 29401
South Of Broad
Residential
MLS# 26016706 / Active
Nestled within Logan Place, an intimate enclave south of Broad, this charming townhome offers a rare combination of privacy, character, and conveni...
1178 Yough Hall Road
Mount Pleasant, SC 29466
Yaugh Hall
Residential
MLS# 26016705 / Active
NEW PRICE! New Construction Home on nearly 1 Acre in Mt. Pleasant with No HOA! Builder warranty included!Welcome to 1178 Yough Hall Rd - an excepti...
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