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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1704 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National

MLS# 18022328 / Active
2 br, 2 ba, 1 half bath, 1920 sqft

Beautiful, low maintenance townhome tucked into a serene Lowcountry setting in a sought-after golf course neighborhood! Entering the neighborhood ... 

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Provided courtesy of Carolina One Real Estate

1522 Mandarin Court
Summerville, SC 29483

MLS# 18021507 / Active Contingent
4 br, 2 ba, 1 half bath, 2700 sqft

AMAZING price for this size home! Bank approved short sale! Great family home on a quiet cul-de-sac! 4 bed/2.5 bath with double porches. Laminate w... 

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Reduced -$2,300
Provided courtesy of Carolina One Cane Bay/ Nexton

1100 Legends Club Drive
Mount Pleasant, SC 29466
The Legends At Mt Pleasant

MLS# 18020090 / Active Contingent
1 br, 1 ba, 836 sqft

This 1bd 1ba condo is located conveniently in the Legends at Mt. Pleasant. It is an exclusive, gated community close to Charleston National Golf Co... 

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Reduced -$22,000
Provided courtesy of Brand Name Real Estate

2465 The Haul Over
Johns Island, SC 29455
Seabrook Island

MLS# 18018610 / Active
3 br, 2 ba, 1 half bath, 2514 sqft

Easy to show! Home needs updates, but in a great location in Seabrook Island. Back porch looks over an Egret estuary and has views of the golf cour... 

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Provided courtesy of Harbins Two, Inc

212-A Village At Wild Dunes
Isle Of Palms, SC 29451
Wild Dunes

MLS# 18018330 / Active
2 br, 2 ba, 1229 sqft

Beautiful Two bedroom end-unit in The Village of Wild Dunes, a Four Diamond Award winning property. The Village Complex is the latest addition to W... 

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Reduced -$10,000
Provided courtesy of Wild Dunes Real Estate, LLC

5208 Mulholland Drive
Summerville, SC 29485
Wescott Plantation

MLS# 18017321 / Active
4 br, 2 ba, 1 half bath, 2370 sqft

Great home in the desirable Birkdale subsection of Wescott Plantation. As you enter into the first floor, you are greeted with a grand foyer and wo... 

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Reduced -$6,000
Provided courtesy of Keller Williams Realty Charleston

619 Double Eagle Trace
Seabrook Island, SC 29455
Seabrook Island

MLS# 18016763 / Active
1 br, 1 ba, 1 half bath, 817 sqft

SHORT SALE OPPORTUNITY! Enjoy the views of the golf course while sitting on the back deck of this 2-story townhome. 1 Bedroom/1.5 bathrooms with... 

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Reduced -$4,000
Provided courtesy of Carolina One Real Estate

2583 Otranto Road
North Charleston, SC 29406
Northwood Estates

MLS# 18016282 / Active Contingent
3 br, 2 ba, 1606 sqft

Handyman Special - 3 bedrooms 2 bath brick ranch with converted garage. (if exact square footage is important, buyer should measure; According to t... 

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Provided courtesy of Carolina One Real Estate

412 Sparkleberry Lane
Ladson, SC 29456

MLS# 18015792 / Active Contingent
4 br, 2 ba, 2173 sqft

Lots of potential with this 1 story home in Dorchester 2 School District with 4th bedroom over the garage. Fenced in yard, 2 car garage, fireplace,... 

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Provided courtesy of ChuckTown Homes, LLC

108 Lisa Drive
Summerville, SC 29485

MLS# 18015461 / Active Contingent
3 br, 2 ba, 1025 sqft

Cute 1 story brick ranch on large lot with 1 car garage. This would be a great house for an investor! Lots of potential. 

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Provided courtesy of Carolina One Cane Bay/ Nexton

110 Conquerors Lane
Moncks Corner, SC 29461
Highways 17-a / Old 52 / New 52

MLS# 18014515 / Active Contingent
4 br, 2 ba, 1432 sqft

Outstanding Opportunity to Own a SHORT SALE 4BR/2BA on .78 Acres in Moncks Corner with Easy Access to S Live Oak & Old Whitesville Road. Priced to ... 

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Provided courtesy of Keller Williams Realty Charleston

718 Royall Avenue
Mount Pleasant, SC 29464
Old Village

MLS# 18014472 / Active
4 br, 3 ba, 1 half bath, 3959 sqft

One of the most secluded settings in the Old Village. Beautiful mature landscaping surrounds this spacious home. Versatile floor plan allows for fi... 

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Reduced -$100,000
Provided courtesy of The Cassina Group

7210 Mossy Creek Lane
Hanahan, SC 29410
Tanner Plantation

MLS# 18014018 / Active Contingent
4 br, 2 ba, 2 half bath, 2420 sqft

This is a special home with wonderful Charleston curb appeal. Three covered porches, 10 foot ceilings downstairs, 9 ft upstairs, open floor plan, b... 

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Provided courtesy of AgentOwned Preferred Group

2945 Cathedral Lane
Charleston, SC 29414
Old Towne Villas

MLS# 18013825 / Active
3 br, 2 ba, 1 half bath, 2089 sqft

End unit Townhome located just off of the golf course. Home is conveniently located near hospitals, West Ashley High School, restaurants, grocery s... 

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Provided courtesy of Harbins Two, Inc

4293 Club Course Drive
North Charleston, SC 29420
Coosaw Creek Country Club

MLS# 18013491 / Active Contingent
5 br, 3 ba, 1 half bath, 3972 sqft

Home priced to sell. This is a Wonderful Opportunity, a Great Deal, Great Neighborhood and its ready for your family's touch. The home is priced ac... 

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Provided courtesy of Brand Name Real Estate

181 Blackwater Way
Moncks Corner, SC 29461
Fairmont South

MLS# 18013031 / Active Contingent
4 br, 2 ba, 1 half bath, 2891 sqft

Located in the heart of Moncks Corner, you will be close to schools, shopping, and restaurants! Walking in you are greeted by smooth ceilings, crow... 

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Provided courtesy of RE/MAX Alliance

4437 Clovewood Street
Ladson, SC 29456
Woodside Manor

MLS# 18012640 / Active
4 br, 2 ba, 1 half bath, 1480 sqft

Great opportunity for investor or owner with some vision. Home is HANDY MAN special, but with a little sweat equity, can easily be turned into a re... 

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Provided courtesy of BHHS Southern Coast Real Estate

193 Golf View Lane
Summerville, SC 29485
Highlands Of Legend Oaks

MLS# 18012628 / Active Contingent
2 br, 2 ba, 1550 sqft

Make this beautiful, like new construction your home! Everything throughout the entire townhome is new; flooring, paint, fixtures, appliances, and ... 

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Provided courtesy of CRP Real Estate LLC

2068 Ashburton Way
Mount Pleasant, SC 29466
Park West

MLS# 18012078 / Active
6 br, 4 ba, 1 half bath, 4859 sqft

Gorgeous Waterfront property on Toomer Creek with beautiful views. Golf course across the creek enhances the view and privacy in this serene locati... 

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Reduced -$51,000
Provided courtesy of Carolina One Real Estate

6231 Rolling Fork Road
North Charleston, SC 29406
Woodhill Place

MLS# 18011968 / Active Contingent
2 br, 2 ba, 922 sqft

Not far from Boeing, Navy Weapons Station, and Trident college. Screened in porch, fireplace, and high ceilings. Great opportunity. Needs carpet ... 

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Reduced -$5,000
Provided courtesy of BIG Realty, LLC

328 Whispering Breeze Lane
Summerville, SC 29486
Cane Bay Plantation

MLS# 18010261 / Active
4 br, 2 ba, 1 half bath, 2744 sqft

Don't wait for new construction!!! Welcome Home!!! This beautiful four bedroom two and a half bath home sits on a corner lot with scenic views. Thi... 

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Reduced -$9,900
Provided courtesy of Carolina One Cane Bay/ Nexton
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 08-18-2018 7:01pm 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 2018 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2018 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 08-18-2018 7:01pm 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.

This real estate website and IDX data is hosted by Dynamic IDX, LLC

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