Your mortgage lender will be considering a number of factors in deciding whether to approve a short sale. A review of your circumstance, whether you deserve a break due to financial hardship caused by uncontrollable circumstances such as death, divorce, layoffs or illness. They will also take a hard look at whether it would be cheaper (or more profitable to them) to simply proceed with the foreclosure process on the house, make any necessary repairs and sell it through an agent. How many other real estate owned (REO) properties they have in their portfolio would affect their decisions as well.


The Process
 when a borrower falls behind on their payments the loan is usually sent to the lender’s loan loss mitigation department. Most lenders also consider short loan payoff sale requests in their loss mitigation departments. 

Your chances of success with your lender improve if your communications with them is organized and complete. Your contact with your mortgage lender’s loss mitigation department should be professional. You’ll want to send them the appropriate documentation and provide them with any additional information that they may require.

Keep in mind that lenders will approve a short sale as a last resort to avoid foreclosure.

If a home was purchased at the height of the market and has depreciated considerably, the home may be “upside down”, or is worth less than is owed. The lender may consider a short sale. 

The same is true for a property was recently refinanced at 100% or on an option arm leaving the property without equity. 

Keep in mind that lender is not in a position to manage property they are in the lending business. A home, while it’s sitting vacant waiting for sale, is accruing costly insurance premiums, taxes, repairs and bringing in nothing. The lender is losing even more because the lost interest they could be receiving on their asset. They have their money invested, but are making nothing from the investment until the property sells.

If a short sale can be accomplished, their money is returned and they are no longer losing money on the investment. In a short sale the bank may even be willing to finance a new owner, making it a win/win for all parties.


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15 Photos 247 Stefan Drive Charleston, SC 29412

247 Stefan Drive
Charleston, SC 29412
Riverland Place
Residential

MLS# 19032868 / Active
2 br, 1 ba, 1 Half Bath, 1020 Sqft

 

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$185,000
Provided courtesy of Marshland Realty
15 Photos 120 Longford Drive Summerville, SC 29483

120 Longford Drive
Summerville, SC 29483
Wentworth Hall
Residential

MLS# 19032400 / Active
3 br, 2 ba, 1 Half Bath, 1720 Sqft

This charming gem is nestled in Wentworth Hall and waiting for you to call home if you are looking for an affordable home located in Dorchester Dis... 

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$220,000
Provided courtesy of Keller Williams Realty Charleston
24 Photos 201 Green Oak Court Goose Creek, SC 29445

201 Green Oak Court
Goose Creek, SC 29445
Brickhope Greens
Residential

MLS# 19031820 / Active
3 br, 2 ba, 1 Half Bath, 2214 Sqft

Amazing Opportunity to own this COLONIAL Inspired home which sits on a small pond and has lovely curb appeal in GOOSE CREEK!!! GRAND Collumns welco... 

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$199,900
Reduced -$10,000
Provided courtesy of Brand Name Real Estate
10 Photos 1232 Chicorie Way Charleston, SC 29412

1232 Chicorie Way
Charleston, SC 29412
Quail Run
Residential

MLS# 19028785 / Active
3 br, 2 ba, 1236 Sqft

Own a home in Quail Run in James Island! Lots of potential in this 3 bedroom home with separate dining, kitchen and family room. New roof 2015. T... 

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$275,000
Reduced -$12,000
Provided courtesy of Charleston Homes
14 Photos 1155 Braddock Avenue North Charleston, SC 29405

1155 Braddock Avenue
North Charleston, SC 29405
North Charleston
Residential

MLS# 19026349 / Active
4 br, 3 ba, 1908 Sqft

***Pre-Approved Short Sale***Price is reflective of immediate need for roof repair and confirmed electrical, plumbing and HVAC needs. Property wil... 

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$245,000
Reduced -$5,000
Provided courtesy of Coldwell Banker Residential Brokerage
32 Photos 163 Hickory Ridge Way Summerville, SC 29483

163 Hickory Ridge Way
Summerville, SC 29483
Hickory Ridge
Residential

MLS# 19022904 / Active
5 br, 2 ba, 1 Half Bath, 2658 Sqft

** NOW AVAILABLE *** GORGEOUS TURNKEY ONE OWNER HOME IN A HIGH DEMAND AREA AND PRICED TO SELL! OPPORTUNITIES LIKE THIS DONT COME AROUND OFTEN! *** ... 

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$250,000
Reduced -$10,000
Provided courtesy of Fred Holland Realty
106 Photos 2356 Darts Cove Way Mount Pleasant, SC 29466

2356 Darts Cove Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 19022737 / Active
6 br, 5 ba, 2 Half Bath, 6417 Sqft

** LUXURIOUS HOME DESIGNED FOR INDOOR/OUTDOOR ENTERTAINMENT ON PRIME LOT IN DUNES WEST. ** WATER VIEWS OF WAGNER CREEK FROM NEARLY EVERY ROOM WITH ... 

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$1,295,000
Reduced -$100,000
Provided courtesy of Carolina One Real Estate
25 Photos 8750 Pitchfork Lane Summerville, SC 29485

8750 Pitchfork Lane
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 19016332 / Active
3 br, 2 ba, 1 Half Bath, 1960 Sqft

Located in charming Wescott Plantation, you will be close to schools, shopping, and restaurants! Walking in you are greeted by smooth ceilings, a c... 

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$199,900
Reduced -$12,100
Provided courtesy of RE/MAX Alliance
1 Photos 710 Rutledge Avenue Charleston, SC 29403

710 Rutledge Avenue
Charleston, SC 29403
Residential

MLS# 18028655 / Active
4 br, 1 ba, 1 Half Bath, 1800 Sqft

Prime Location! Dowtown Charleston minutes from MUSC, Roper,The Citadel, Hampton Park, shopping, and the beaches. Home needs some work but has a l... 

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$380,000
Provided courtesy of AgentOwned Premiere Group
17 Photos 164 Palm Cove Way Mount Pleasant, SC 29466

164 Palm Cove Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 18027640 / Active
2 br, 2 ba, 1 Half Bath, 2175 Sqft

This exquisitely upgraded townhome, located in the exclusive Dunes West gated community has MARSH VIEWS from nearly every window making it a privat... 

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$320,500
Reduced -$8,500
Provided courtesy of Coldwell Banker Residential Brokerage
35 Photos 1704 Hopeman Lane Mount Pleasant, SC 29466

1704 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential

MLS# 18022328 / Active
2 br, 2 ba, 1 Half Bath, 1920 Sqft

This is a Short Sale, subject to 3rd party approval and being sold ''As Is''. Home is no longer staged; however, it is a beautiful townhome tucked... 

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$295,000
Reduced -$15,000
Provided courtesy of Carolina One Real Estate
30 Photos 5804 Palmetto Drive Isle Of Palms, SC 29451

5804 Palmetto Drive
Isle Of Palms, SC 29451
Wild Dunes
Residential

MLS# 16012207 / Active
2 br, 2 ba, 1231 Sqft

PREAPPROVED SHORT SALE--QUICK CLOSING POSSIBLE !!! FURNISHED END UNIT WITH GREAT RENTAL HISTORY. THERE IS A WRAP AROUND PRIVATE BALCONY THAT HAS V... 

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$473,000
Increase +$24,000
Provided courtesy of Carroll Realty
Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Carolina One Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 12-08-2019 11:01 PM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2019 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2019 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 12-08-2019 11:01 PM EST est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.


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Your home will be shared through various social networking portals. Nat controls several Facebook pages and groups. Your property will be shared on pages like “Charleston, SC” - “Fans of Charleston” - “Fans of MUSC” - “Mt. Pleasant SC”- “The Nat Wallen Team” - ”Nat Wallen Real Estate” and “The Best of Charleston.”


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