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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37 Photos 9237 Markleys Grove Boulevard Summerville, SC 29485

9237 Markleys Grove Boulevard
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 20028575 / Active
5 br, 2 ba, 1 Half Bath, 2738 Sqft

From the safe, quiet streets to the friendly neighbors, you'll be hard pressed to find a better place to watch your family grow. The beautifully-la... 

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$319,900
Reduced -$5,100
Provided courtesy of Keller Williams Realty Charleston
84 Photos 3080 Marshgate Drive Seabrook Island, SC 29455

3080 Marshgate Drive
Seabrook Island, SC 29455
Seabrook Island
Residential

MLS# 20024494 / Active
5 br, 4 ba, 1 Half Bath, 3303 Sqft

Gorgeous marsh front location! Spacious five bedroom, four and a half bath home on desirable Marshgate Dr. Fantastic outdoor spaces, large wrap a... 

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$969,000
Provided courtesy of Seabrook Island Real Estate
7 Photos 124 Orchid Loop St George, SC 29477

124 Orchid Loop
St George, SC 29477
Residential

MLS# 20010783 / Active
4 br, 2 ba, 2240 Sqft

This is your opportunity to enjoy the country living experience on 2.5 acres of clear land with a 4 bedrooms 2 baths manufactured home that has gre... 

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$85,000
Provided courtesy of Claude & Associates Real Estate
1 Photos 11 Reid Street Charleston, SC 29403

11 Reid Street
Charleston, SC 29403
Eastside
Residential

MLS# 20000767 / Active
4 br, 1 ba, 1 Half Bath, 2108 Sqft

Possible Short Sale!! Ready for its next owner!! Great Downtown Charleston home just off Easy Bay St. Come See!!  

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$320,000
Reduced -$30,000
Provided courtesy of Keller Williams Realty Charleston
20 Photos 6125 Maybank Highway Wadmalaw Island, SC 29487

6125 Maybank Highway
Wadmalaw Island, SC 29487
Wadmalaw Island
Residential

MLS# 19001554 / Active
4 br, 3 ba, 3008 Sqft

Handy man special. Home is vacant and in need of updating and repairs. There is a separate mother-in-law suite at the far right end of the home. ... 

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$200,000
Reduced -$50,000
Provided courtesy of Carolina One Real Estate
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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 12-04-2020 6:01 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 2020 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2020 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 12-04-2020 6:01 PM EST est.

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