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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1171 Braddock Avenue
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MLS# 26019295 / Active
SELLER SAYS SELL!! NEW ROOF, NEW HVAC with NEW DUCTWORK-- heavy updates done!! Now it`s time to add your personal updates. Priced relive of updates...
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Experience effortless beachfront living in the heart of Wild Dunes Resort, where sweeping Atlantic views, direct beach access, and exceptional reso...
2809 Parkers Landing Road
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DEEP WATER PRIVATE DOCK with 7,000 lb boat lift and massive floater for 40`+ boats overlooking Horlbeck Creek! 2809 Parkers Landing in Rivertowne C...
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123 Benton Street
Goose Creek, SC 29445
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MLS# 26019283 / Active
New, New, New!!! This fully renovated one story ranch in desired Camelot Village is move in ready. Home interior features all new flooring (NO CARP...
441 Radiant Blue Way
Summerville, SC 29486
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Brand NEW energy-efficient home! Designer Package Bold Sophistication. The Hurley`s welcoming foyer gives way to the spacious kitchen and open-conc...
Reduced -$10,000
619 Piedmont Lane
Ladson, SC 29456
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Residential
MLS# 26019280 / Active
619 Piedmont Ln is a 1-story Ladson single- home built in 1979 on a cul-de-sac lot. The kitchen is equipped with white cabinetry, stainless steel a...
3176 Hagerty Drive
Charleston, SC 29414
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MLS# 26019277 / Active
Explore 3176 Hagerty Dr, designed for everyday comfort with functional spaces throughout. The kitchen is equipped with all stainless steel applianc...
5033 Song Sparrow Way
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MLS# 26019276 / Active
Don`t wait for new construction. This immaculate home with tons of upgrades is truly move-in ready. Upon entering, you will notice the beautiful ha...
1046 Bee Hive Road
Awendaw, SC 29429
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Residential
MLS# 26019275 / Active
Beautiful, cleared and fenced 1 acre parcel on Beehive Road just steps off Hwy. 17N and minutes from all services and amenities Mt. Pleasant provid...
2592 Jenkins Point Road
Seabrook Island, SC 29455
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Residential
MLS# 26019273 / Active
Discover Waterfront Elegance. Step inside this rare marsh-front sanctuary and feel the stress of everyday life melt away as you take in sweeping, e...
95 Branch Creek Trail
Summerville, SC 29483
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Residential
MLS# 26019270 / Active
Far from the typical builder-grade townhome, this thoughtfully upgraded residence showcases a level of craftsmanship, design and finish rarely foun...
1852 Mepkin Road UNIT Unit F4
Charleston, SC 29407
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MLS# 26019269 / Active
Welcome home to 1852 Mepkin Rd Unit F4 this beautifully updated 2-bedroom, 1.5-bath Condominium in the desirable Mepkin Place community in the hear...
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Move in ready, 4 BEDROOM ranch in Sangaree with HUGE TWO STORY storage shed is available for new ownership!!! This home has it all: Updated fixture...
763 Bent Hickory Road
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Residential
MLS# 26019267 / Active
Welcome to Grand Oaks, where thoughtful updates, flexible living spaces, and an unbeatable location come together to create the perfect place to ca...
146 Broadstone Drive
Summerville, SC 29486
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Residential
MLS# 26019266 / Active
New construction home with conservation views - just minutes from Nexton!Welcome to 104 Broadstone, a thoughtfully designed new construction home i...
Reduced -$4,362
1129 Lands End Drive
Hanahan, SC 29410
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Residential
MLS# 26019265 / Active
Welcome to this stunning custom Charleston Single-style home nestled in Tanner Hall, one of Hanahan`s most desirable neighborhoods. Combining timel...
600 Waterman Street UNIT Unit 732
Charleston, SC 29492
Residential
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Wake up to sweeping Wando River views, breathtaking Lowcountry sunrises, and the ease of maintenance-free waterfront living. Recently taken off the...
413 Cedarview Road
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Welcome home to this beautifully maintained 3-bedroom, 2.5 bath, two story home located in a highly desirable community packed with resort style am...
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