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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200 Cache Court
Charleston, SC 29414
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Residential
MLS# 26019255 / Active
This beautiful townhome, currently the builder`s model for the community, has never been lived in and is immaculate! With the upgraded features tha...
2363 Eades Lane
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305 Northam Court
Goose Creek, SC 29445
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MLS# 26019250 / Active
Beautifully maintained and truly move-in ready, this exceptional home is located in a quiet cul-de-sac and offers the perfect combination of comfor...
3728 Abercrombie Court
Mount Pleasant, SC 29466
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MLS# 26019249 / Active
With 4 bedrooms, 3 full bathrooms, a dedicated home office, and a spacious loft, this Carolina Park home checks all the boxes! Tucked away on a pri...
2453 Sorrell Avenue
North Charleston, SC 29406
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MLS# 26019245 / Active
Welcome to 2453 Sorrel Avenue in North Charleston--a charming end-unit townhouse offering a LOW HOA FEE of $95/mo with fee simple ownership, deeded...
5557 Green Dolphin Way
Kiawah Island, SC 29455
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Residential
MLS# 26019243 / Active
Welcome to 5557 Green Dolphin Way, a beautifully positioned Kiawah Island villa offering the perfect blend of relaxation, convenience, and investme...
1618 Patterson Avenue
Charleston, SC 29412
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MLS# 26019242 / Active
Perfectly positioned between the historic charm of Downtown Charleston and the laid-back beauty of Folly Beach, 1618 Patterson Avenue offers an exc...
204 Buttercup Lane
Summerville, SC 29486
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Welcome home to this beautifully kept 5 bedroom and 4 bath home in The Oaks of Cane Bay Plantation! Upon entering, you are greeted by the perfect o...
2455 Deer Ridge Lane UNIT Unit C
North Charleston, SC 29406
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Residential
MLS# 26019238 / Active
Enjoy low-maintenance living in this inviting single-story condo in a gated 55+ community. The freshly painted home features 2 bedrooms, 1.5 baths,...
313 Lucca Drive
Summerville, SC 29486
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Residential
MLS# 26019236 / Active
Hard-to-find 5 bedroom home in Cane Bay with pond views, added privacy, and room for everyone -- all under $460k. Built in 2023, this move-in ready...
7880 Champion Way UNIT D
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MLS# 26019234 / Active
Why settle for someone else`s outdated finishes when you can move into a home where the major updates are already complete? This beautifully update...
152 W Mariners Cay Drive UNIT #152
Folly Beach, SC 29439
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Residential
MLS# 26019231 / Active
Welcome to Marshview Villas, where Lowcountry living meets convenience, recreation and coastal charm. This gated waterfront community offers one of...
5126 Celtic Drive
North Charleston, SC 29405
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MLS# 26019227 / Active
Welcome home to 5126 Celtic Drive, a well-maintained 3 bedroom, 2.5 bathroom home that perfectly captures the essence of southern living in North C...
1190 Gin Pond Drive
Summerton, SC 29148
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Residential
MLS# 26019226 / Active
Discover peaceful lakefront living in this beautifully updated 3 bedroom, 2 bath home on the shores of Lake Marion. Located on a quiet dead-end str...
130 River Landing Drive UNIT #9102
Charleston, SC 29492
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MLS# 26019224 / Active
The living is easy at this bright & sunny first-floor Daniel Island condo! Enjoy low-maintenance living with no stairs to navigate and a quick walk...
632 Silver Moss Drive
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MLS# 26019223 / Active
Welcome home to classic Southern charm and exceptional space! Featuring stunning double front porches, this beautifully updated 5-bedroom, 3.5-bath...
167 Lucca Drive
Summerville, SC 29486
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Residential
MLS# 26019222 / Active
This stunning home in the highly sought-after Woodwinds at Cane Bay! From the moment you step inside, you`ll love the bright, open layout designed ...
4425 Lambert Street
North Charleston, SC 29405
Park Circle
Residential
MLS# 26019221 / Active
Wanna start your morning with an amazing view filled walk and end it with a little coffee house coffee? This amazing home, located in the inclusive...
1736 Central Avenue
Summerville, SC 29483
Knightsville
Residential
MLS# 26019220 / Active
Opportunity awaits with this 2-bedroom, 1-bath home situated on an expansive 1.94-acre lot just minutes from the heart of Historic Downtown Summerv...
204 Cane Break Lane
Goose Creek, SC 29445
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MLS# 26019217 / Active
Welcome Home! This updated 4-bedroom, 2-bath home offers the perfect blend of comfort and modern upgrades--with no HOA! Step inside to find a gorge...
305 Palm Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019214 / Active
Owner/Agent Designed by award-winning local architects Clancy Wells and masterfully built by Allen Construction, this extraordinary custom waterfro...
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