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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177 Winding Rock Road
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26016704 / Active
Welcome to 177 Winding Rock Rd. in sought-after Crowfield Plantation`s Piedmonte Place subsection. This beautifully updated 4-bedroom, 2.5-bath hom...
116 Sparrow Street
Bonneau, SC 29431
Lake Moultrie Shores
Residential
MLS# 26016702 / Active
``Boat from your backyard to Lake Moultrie!``Welcome to 116 Sparrow Street, where waterfront living meets small-town Southern charm! Nestled along ...
110 Bee Street
Summerville, SC 29483
Flowertown
Residential
MLS# 26016698 / Active
Opportunity is Knocking!Whether you`re a first-time homebuyer seeking the privacy and freedom of single-family living, an investor searching for a ...
1351 Winterberry Avenue
Goose Creek, SC 29445
St. James Estataes IV
Residential
MLS# 26016696 / Active
Welcome to this spacious custom-built home in the desirable St. James Estates community! Offering approximately 2,360 square feet, this home featur...
2678 Egrets Landing Court
Mount Pleasant, SC 29466
Brickyard Plantation
Residential
MLS# 26016694 / Active
Magnificent waterfront estate on 2.26 acres in Brickyard Plantation, where sunsets over Horlbeck Creek become a nightly ritual from your private de...
2049 Syreford Court
Charleston, SC 29414
Hunt Club
Residential
MLS# 26016691 / Active
Much larger than it appears! This deceptively spacious home combines the ease of main-level living with the flexibility of a second floor. Inside, ...
184 Whaler Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016688 / Active
Welcome to 184 Whaler Avenue in the desirable West Lake community! Enjoy resort-style amenities, miles of walking and golf cart trails, and a conve...
334 Shoptaw Road
Holly Hill, SC 29059
Residential
MLS# 26016684 / Active
Traditional custom-built 4-bedroom, 2.5-bath home situated on 14.2 acres of mature forest along Briner Branch. This beautifully maintained property...
50 Elmwood Place
Goose Creek, SC 29445
Holly Court
Residential
MLS# 26016683 / Active
Charming 3-Bedroom Brick Home !Welcome home to this well-maintained 3-bedroom, 1.5-bath brick ranch nestled on a peaceful cul-de-sac. Inside, you`l...
Reduced -$10,000
1224 Old Course Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26016678 / Active
Tucked into the established Charleston National community, this 4-bedroom, 2.5-bath home offers the kind of outdoor living that makes Mount Pleasan...
301 Black Birch Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016676 / Active
Move-in ready Robie model built in 2022 in the Pine Hills community of Cane Bay Plantation. Situated on an oversized corner homesite with privacy f...
490 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26016672 / Active
Better than new and move-in ready!Welcome to 490 Eagleview Drive, a beautifully maintained home in the highly sought-after Foxbank Plantation commu...
Reduced -$5,001
336 Coinbow Drive
Mount Pleasant, SC 29464
Hobcaw Point
Residential
MLS# 26016670 / Active
Situated on more than an acre in the coveted Hobcaw Point community, and just minutes from downtown Charleston, this exceptional custom residence o...
2608 Bayonne Street
Sullivans Island, SC 29482
Residential
MLS# 26016668 / Active
Nestled just steps from the Atlantic Ocean, this exceptional second-row contemporary residence seamlessly blends modern luxury with effortless coas...
1304 Pelican Watch Villas UNIT #1304
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26016663 / Active
Investment & Lifestyle Opportunity. Start and end everyday to panoramic ocean-river views, unforgettable sunsets, and a private boardwalk to your o...
9127 Parlor Drive
Ladson, SC 29456
Tranquil Hill Plantation
Residential
Some end units are just end units. This one is different. 9127 Parlor Drive sits on perhaps the BEST lot in all of Tranquil Hill Plantation: lush g...
3021 Robeson Trace
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26016648 / Active
This brand-new Stanley Martin home is on a gorgeous lot backing to woods with a large wrap around porch to take in the views! NEED A LARGE GARAGE??...
4764 Holbird Street
North Charleston, SC 29405
Wando Woods
Residential
MLS# 26016643 / Active
1984 brick ranch is located in the central Charleston area neighborhood of Wando Woods and offers abundant garage space. At 1617sqft, this home has...
125 Crooked Creek Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26016641 / Active
Welcome to 125 Crooked Creek Court! This charming 3 bedroom, 2 bathroom home is nestled on a cul-de-sac in the Sangaree neighborhood, conveniently ...
2848 Cavalcade Circle
Johns Island, SC 29455
River Glen
Residential
MLS# 26016640 / Active
Rare opportunity to own River Glen`s largest home! A stunning 4,302 sq ft retreat on a premium private wooded lot. This 5BR/4BA gem is move-in read...
411 Talbot Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26016636 / Active
*$4.99 FIXED RATE & $10K IN CLOSING COST ASSISTANCE! Certain terms apply* Welcome to your dream home by Stanley Martin in the heart of Nexton, SC! ...
Reduced -$4,562
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