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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27 Photos 1222 Marsh Royal Street Summerville, SC 29485

1222 Marsh Royal Street
Summerville, SC 29485
Summers Corner
Residential

MLS# 24015483 / Active
4 br, 3 ba, 2395 Sqft

The Litchfield is one of Lennar's most popular floorplans and it's not hard to see why! This home features a formal dining room and an open-concept... 

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$406,662
Provided courtesy of Lennar Carolinas, LLC
27 Photos
Open House: Sat Jun 22nd, 1:00pm - 4:00pm
4809 Morning Dew Court Summerville, SC 29485

4809 Morning Dew Court
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 24015482 / Active
4 br, 2 ba, 1 Half Bath, 1742 Sqft

Discover convenience at Wescott Plantation in this beautifully maintained 4-bed, 2.5-bath home. Features include a brand new roof, first-floor prim... 

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$365,000
Provided courtesy of Real Broker, LLC
58 Photos 1068 Sago Palm Court Mount Pleasant, SC 29429

1068 Sago Palm Court
Mount Pleasant, SC 29429
Bees Crossing
Residential

MLS# 24015481 / Active
4 br, 2 ba, 1 Half Bath, 2666 Sqft

No need to wait for new construction with this nearly new home in the sought after area of Mount Pleasant. Lots of privacy as the neighborhood wate... 

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$725,000
Provided courtesy of Hayden Jennings Properties
19 Photos 1662 Pierpont Avenue Charleston, SC 29414

1662 Pierpont Avenue
Charleston, SC 29414
Pierpont
Residential

MLS# 24015480 / Active
3 br, 2 ba, 1270 Sqft

Discover the charm of 1662 Pierpont Avenue nestled in the heart of West Ashley! This delightful residence offers an inviting open floor plan with s... 

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$450,000
Provided courtesy of The Pulse Charleston
38 Photos 122 Diploma Drive Ladson, SC 29456

122 Diploma Drive
Ladson, SC 29456
Eagle Run
Residential

MLS# 24015479 / Active
3 br, 2 ba, 1218 Sqft

Unwind and embrace the ease of single-story living in this charming modern ranch home. Vaulted ceilings and expansive windows bathe the entire livi... 

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$318,000
Provided courtesy of Carolina One Real Estate
10 Photos 2494 Etiwan Avenue UNIT 11k Charleston, SC 29414

2494 Etiwan Avenue UNIT 11k
Charleston, SC 29414
Melrose Park Townhomes
Residential

MLS# 24015478 / Active
2 br, 1 ba, 1 Half Bath, 924 Sqft

This condo is in a prime location, just minutes from downtown, restaurants, shopping, and I-526. The downstairs features a galley kitchen, half bat... 

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$184,900
Provided courtesy of Brand Name Real Estate
48 Photos 1603 Dickens Street Charleston, SC 29407

1603 Dickens Street
Charleston, SC 29407
Charlestowne Estates III
Residential

MLS# 24015477 / Active
4 br, 2 ba, 2300 Sqft

Location, Location, Location AND a spacious well maintained house.Approximate Mileage to the following:6.4 miles to Downtown Charleston13.5 miles t... 

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$625,000
Provided courtesy of Brand Name Real Estate
43 Photos 1421 Roustabout Way Charleston, SC 29414

1421 Roustabout Way
Charleston, SC 29414
Boltons Landing
Residential

MLS# 24015476 / Active
4 br, 2 ba, 1 Half Bath, 2594 Sqft

Come live in a true Charleston Single-style home in a fabulous community in West Ashley!1421 Roustabout Way has amazing double front porches to wel... 

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$555,000
Provided courtesy of Keller Williams Realty Charleston West Ashley
50 Photos 6240 April Pine Circle UNIT B North Charleston, SC 29406

6240 April Pine Circle UNIT B
North Charleston, SC 29406
Woodhill Place
Residential

MLS# 24015475 / Active
2 br, 2 ba, 1 Half Bath, 1238 Sqft

This is a wonderful 2 story townhouse style condo. Only one of just a few in this neighborhood. This home has LVP flooring downstairs. The kitchen ... 

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$204,900
Provided courtesy of RE/MAX Coast & Island
27 Photos 4606 River Run Court North Charleston, SC 29420

4606 River Run Court
North Charleston, SC 29420
Appian Landing
Residential

MLS# 24015472 / Active
4 br, 2 ba, 1712 Sqft

A property at $310k in Appian Landing North Charleston! Come check out this 4 bedroom 2 bath 1712 sqft home. LARGE lot on a Cul-De-Sac with a deck ... 

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$310,000
Provided courtesy of EXP Realty LLC
43 Photos 1218 Michelle Lane Johns Island, SC 29455

1218 Michelle Lane
Johns Island, SC 29455
Johns Island
Residential

MLS# 24015470 / Active
3 br, 2 ba, 2163 Sqft

Welcome to The Heritage floorplan by Schumacher Homes on Johns Island, SC--a quintessential embodiment of single-story living designed for modern c... 

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$669,930
Provided courtesy of Three Real Estate LLC
25 Photos 171 Parkwood Circle Walterboro, SC 29488

171 Parkwood Circle
Walterboro, SC 29488
Residential

MLS# 24015466 / Active
4 br, 2 ba, 2388 Sqft

Experience the epitome of Lowcountry living under the majestic oak trees in beautiful South Carolina. This charming brick ranch home exudes classic... 

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$280,000
Provided courtesy of Keller Williams Realty Charleston
26 Photos 128 Wateree Drive Santee, SC 29142

128 Wateree Drive
Santee, SC 29142
Santee Cooper Resort
Residential

MLS# 24015465 / Active
3 br, 2 ba, 1910 Sqft

Beautiful brick home in Gated Community with Golf Course on Lake Marion. Home has plenty of room for a large family. First floor is Foyer, family r... 

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$419,000
Provided courtesy of Premier Properties of the Carolinas
37 Photos 102 Torry Pines Drive Summerville, SC 29483

102 Torry Pines Drive
Summerville, SC 29483
Pine Forest Country Club
Residential

MLS# 24015464 / Active
4 br, 2 ba, 2040 Sqft

WELCOME HOME TO THIS WELL MAINTAINED ONE STORY PROPERTY IN PINE FOREST COUNTY CLUB! NEW VYNAL PLANK FLOORING - MAY 2024 -NEW ROOF INSTALLED JUNE 20... 

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$429,999
Provided courtesy of Miler Properties, Inc.
44 Photos 106 Tortoise Street Summerville, SC 29483

106 Tortoise Street
Summerville, SC 29483
The Ponds
Residential

MLS# 24015463 / Active
4 br, 3 ba, 1 Half Bath, 3680 Sqft

At just under 3700 square feet and on a near quarter acre lot, this home is priced to move! Pristinely maintained, boat storage in its 3 car garage... 

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$590,000
Provided courtesy of Carolina Elite Real Estate
61 Photos 216 Darcy Avenue Goose Creek, SC 29445

216 Darcy Avenue
Goose Creek, SC 29445
Persimmon Hill Townhouses
Residential

MLS# 24015461 / Active
4 br, 3 ba, 1 Half Bath, 2583 Sqft

Double master bedrooms!! TWO living rooms, a loft, garage, deck, and plentiful storage!! This is one of the best deals on the market right now. End... 

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$325,000
Provided courtesy of Keller Williams Realty Charleston West Ashley
50 Photos 1203 Rivers Reach Drive Wando, SC 29492

1203 Rivers Reach Drive
Wando, SC 29492
River Reach Pointe
Residential

MLS# 24015460 / Active
4 br, 2 ba, 1 Half Bath, 2782 Sqft

If you are currently looking for your dream home that is literally steps from the Wando River with community dock access, look no further. There ar... 

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$875,000
Provided courtesy of Highgarden Real Estate
44 Photos 1004 Marsh Grass Way UNIT C Charleston, SC 29492

1004 Marsh Grass Way UNIT C
Charleston, SC 29492
The Peninsula
Residential

MLS# 24015459 / Active
4 br, 3 ba, 1 Half Bath, 1704 Sqft

Welcome to The Peninsula. This move-in ready condo offers an exceptional blend of modern elegance and comfortable living. Boasting 4 bedrooms, 3.5 ... 

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$419,000
Provided courtesy of Matt O'Neill Real Estate
66 Photos 402 Coastal Bluff Way Summerville, SC 29486

402 Coastal Bluff Way
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24015457 / Active
4 br, 4 ba, 3464 Sqft

Discover an unparalleled opportunity to own a stunning home in the prestigious 55+ community of Del Webb in Summerville. This beautifully appointed... 

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$639,000
Provided courtesy of Matt O'Neill Real Estate
44 Photos 426 Omaha Drive Moncks Corner, SC 29461

426 Omaha Drive
Moncks Corner, SC 29461
The Paddock At Fairmont South
Residential

MLS# 24015455 / Active
5 br, 3 ba, 1 Half Bath, 2500 Sqft

Welcome to The Paddocks at Fairmont South! This meticulously crafted 5 bedroom, 3.5 bath home is ready for you to move in! This spacious home offer... 

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$450,000
Provided courtesy of Carolina One Real Estate
57 Photos 102 Waterfront Plantation Drive Charleston, SC 29412

102 Waterfront Plantation Drive
Charleston, SC 29412
Waterfront Plantation
Residential

MLS# 24015454 / Active
3 br, 3 ba, 1 Half Bath, 2300 Sqft

Elegant waterfront living situated on a high James Island bluff (no flood insurance required). Waterfront Plantation is a luxurious deep-water comm... 

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$1,525,000
Provided courtesy of John Poston & Company, Inc.
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 EXP Realty LLC 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 06-18-2024 8:28 AM 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 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 06-18-2024 8:28 AM EST est.

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Hey there, thanks for reaching out!
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EXPLORE CHARLESTON ON YOUR OWN
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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
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Don’t worry... this is not set in stone :)
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EXPLORE CHARLESTON ON YOUR OWN
Call: 914.771.1490
Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
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Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.300.7021