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.
396 Bridgetown Pass
Mount Pleasant, SC 29464
Belle Hall
Residential
MLS# 24011435 / Active
Discover a sanctuary of luxury and tranquility in this custom-built, Charleston-style residence located in the prestigious Hibben at Belle Hall nei...
742 Certificate Court
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 24011434 / Active
Welcome home to 742 Certificate Court in the beloved community of Grand Oaks Plantation in West Ashley. This upgraded brick townhome has been lovin...
5638 Meadow Avenue
North Charleston, SC 29406
Charleston Farms
Residential
MLS# 24011432 / Active
Renovated spacious home in a great location. Close to everything! Upgrades include refinished hardwood floors, new cabinets and granite counter top...
100 Shuler Street
Santee, SC 29142
Bluff
Residential
MLS# 24011429 / Active
Welcome to the Blue Cat Cottage. This charming second row lakeside retreat is situated on a quiet corner lot and dead end street in Santee. The nei...
1513 Clarendon Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 24011428 / Active
Welcome home to 1513 Clarendon Way! This beautiful brick home, located in the highly desired Foxmor section of Park West boasts 4-bedrooms, 2.5-bat...
2112 Ashley Cooper Lane
Charleston, SC 29414
Woodlands
Residential
MLS# 24011425 / Active
Location Location Location, This home is located just 1.6mi to I526 and 7.6 Mi to downtown Charleston. The first floor offers a wonderful open floo...
150 Orchid Bloom Circle
Moncks Corner, SC 29461
Townes at Merrimack
Residential
MLS# 24011422 / Active
Welcome to the Townes at Merrimack, nestled in the charming town of Moncks Corner. Developed by D.R Horton, this new construction community offers ...
1803 Twin Rivers Drive
Wando, SC 29492
Twin Rivers Towns
Residential
MLS# 24011419 / Active
READY FOR MAY CLOSING! This townhome boasts an open interior design offering easy living. The eat-in kitchen has granite topped counters, 42'' uppe...
202 Tram Boulevard
Summerville, SC 29486
Tramway
Residential
MLS# 24011417 / Active
Welcome to 202 Tram BLVD, an exceptional residence where location is paramount! Situated in the esteemed community of Tramway, this contemporary ra...
506 Tram Boulevard
Summerville, SC 29486
Tramway
Residential
MLS# 24011412 / Active
Welcome to 506 Tram Blvd, where you'll find a charming two-story home nestled in a a well established HOA-free neighborhood. Positioned just moment...
1324 Legends Club Drive UNIT #1324
Mount Pleasant, SC 29466
The Legends At Mt Pleasant
Residential
MLS# 24011411 / Active
This 2nd floor one bedroom condo is located on the back of the building overlooking a pond with a fountain and private wooded area... Nice View - Q...
1448 Lieben Road
Mount Pleasant, SC 29466
Copahee View
Residential
MLS# 24011409 / Active
Nestled in the nostalgic charm of Copahee View, this 4 bedroom, 3.5 bathroom custom-built home offers a serene retreat adjacent to the beauty of th...
713 Willow Bark Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24011407 / Active
Phase 6 JUST RELEASED! Welcome to Sanctuary Cove...one of Cane Bay's most sought-after communities! Surrounded by miles of trails and close proximi...
5319 Natures Color Lane
North Charleston, SC 29418
Indigo Fields
Residential
MLS# 24011406 / Active
This fabulous 4 bedroom home is a MUST-SEE! First-Floor Owners' suite and an open floor plan that lives large is what you'll find here. Located in ...
515 Tayrn Drive
Charleston, SC 29492
Beresford Commons
Residential
MLS# 24011405 / Active
This townhome nestled in the wonderful location of Beresford Commons is not something to miss!! This unit has been well maintained and upgraded wit...
6428 Pepper Grass Trail
Ravenel, SC 29470
The Refuge At Ravenel
Residential
MLS# 24011404 / Active
Your opportunity to call 6428 Pepper Grass Trail, Ravenel home is now! One story living - enjoy the easy interior living and the gracious screened ...
281 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24011403 / Active
This super popular Starling floorplan has Pond Views! The primary suite is downstairs with an additional bedroom and bath. Upstairs there are three...
279 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24011402 / Active
Beautiful pond views from your covered lanai in this four bedroom two and a half bath Rosella Floorplan. This home has a large entertaining kitchen...
276 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24011401 / Active
Beautiful tree lined Pond Views from this Rosella Floorplan. A large inviting front porch greets you at the entrance of this four bedroom two and a...
111 Pickett Court
Summerville, SC 29483
Sangaree
Residential
MLS# 24011400 / Active
TOTALLY RENOVATED home in a great location in Sangaree/Summerville! 3 Bedrooms and 2 Full Baths! This is practically a BRAND NEW home featuring NEW...
911 S Shem Drive
Mount Pleasant, SC 29464
Shemwood
Residential
MLS# 24011399 / Active
FANTASTIC LOCATION! Newly renovated home in the heart of Mt. Pleasant, very close to Shem Creek! This home is less than 4 miles to the beach and 5 ...
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 05-06-2024 7:31 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 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.