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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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
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2162 Bees Ferry Road UNIT G
Charleston, SC 29414
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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
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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
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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
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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...
130 Chandler Drive
Ladson, SC 29456
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MLS# 26019495 / Active
Opportunity is knocking! Nestled on a quiet street with no through traffic, this 3 bedroom, 2 bath home offers nice natural light, renovated bathro...
1507 Evergreen Street
Charleston, SC 29407
Ardmore
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MLS# 26019493 / Active
Rarely does a multifamily opportunity like this become available in West Ashley, 29407. This duplex with A HUGE LOT, is in good condition, and has ...
4318 Hugh Bennett Drive
Johns Island, SC 29455
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Residential
MLS# 26019492 / Active
Welcome to 4318 Hugh Bennett Drive, a stunning Southern Traditional residence completed in 2024 that offers the rare opportunity to own an almost-n...
439 Cadbury Loop
Summerville, SC 29486
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Residential
MLS# 26019488 / Active
Hidden in the middle of everything! Welcome home to Creekside at Andrews, where you are intimately tucked away yet the world is at your fingertips....
438 Cadbury Loop
Summerville, SC 29486
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Residential
MLS# 26019484 / Active
Welcome home to Creekside at Andrews, where you are intimately tucked away yet the world is at your fingertips. Embrace a lifestyle away from the h...
268 Torslanda Lane
Summerville, SC 29486
Petterson Meadows
Residential
MLS# 26019483 / Active
Beautiful IN-GROUND POOL. A fantastic 5-Bedroom home. just 5 minutes from I-26 at exit 194. There`s plenty of room for family and more, including 4...
113 Tunnel Road
Summerville, SC 29483
Residential
MLS# 26019478 / Active
SOUTHERN COMFORT AND COUNTRY LIVING at its finest!! Just minutes from the hustle bustle of big neighborhoods, this pleasant county oasis with over ...
7624 Indigo Palms Way
Johns Island, SC 29455
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Residential
Resale unit. Lightly used as a second home and impeccably maintained, this move-in ready residence is offered fully furnished--including the washer...
2401 Falcon Road
North Charleston, SC 29406
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MLS# 26019472 / Active
A full 2022 renovation, a big fenced yard, and a commute you can actually live with. This single-story 3-bedroom, 1-bath home in North Charleston p...
890 W Madison Avenue
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MLS# 26019471 / Active
Located in one of James Island`s most desirable neighborhoods, this beautiful 5-bedroom, 4-bathroom home is just 8 minutes to Downtown Charleston a...
115 Pebble Creek Road
Summerville, SC 29486
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Residential
MLS# 26019470 / Active
Welcome to this charming 2-bedroom, 2-bath home in the established Sangaree community, offering comfortable one-level living in an unbeatable locat...
229 N Shelmore Boulevard
Mount Pleasant, SC 29464
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Residential
MLS# 26019469 / Active
Welcome to 229 N. Shelmore Boulevard, a rare I`On gem under $2 million that has been remodeled top to bottom. This lovely four-bedroom home has jus...
Lot D-2 Hwy 165
Ravenel, SC 29470
Residential
MLS# 26019468 / Active
PROPOSED CONSTRUCTION on a 2+ acre, no HOA lot, only minutes from I-26, Summerville and all things Charleston! $20,000 builder incentive to spend o...
514 Tarleton Drive
Summerville, SC 29483
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Residential
MLS# 26019465 / Active
Welcome to 514 Tarleton Drive in Reminisce, a thoughtfully designed home situated within the Dorchester District Two school district. This spacious...
1081 Peridote Way
Ladson, SC 29456
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Residential
MLS# 26019463 / Active
Freshly painted to maintain its like-new feel, this home has been exceptionally well cared for and features a brand-new roof installed in 2025. And...
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