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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8063 Jack Island Drive
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26018345 / Active
Quinessential Lowcountry home in Kiawah River, built by renowned Delpino Custom Homes. This home is perfectly situated beside dedicated green space...
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MLS# 26018344 / Active
Lowcountry living at its finest! Literally minutes from Sullivan`s Island, Old Village, Shem Creek & only a year NEW, this thoughtfully designed st...
5817 Chaucer Drive
Hanahan, SC 29410
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MLS# 26018342 / Active
Motivated Seller! Exceptional redesigned and recently rebuilt home (2022) in desirable City of Hanahan, SC. Beautiful bright open floor plan, and n...
Reduced -$20,000
449 White Magnolia Street
Moncks Corner, SC 29461
The Groves of Berkeley
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MLS# 26018341 / Active
READY SEPTEMBER 2026-Welcome to the Georgetown, a beautiful single-story home located in the heart of Moncks Corner. This stunning new construction...
Reduced -$8,175
102 Dream Street
Summerville, SC 29483
Braeland
Residential
MLS# 26018339 / Active
Fully renovated 3 bedroom, full 3 bathroom home. This home is in a great location, convenient to all that Summerville has to offer. Downstairs you`...
561 Pointe of Oaks Road
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26018337 / Active
Welcome to 561 Pointe of Oaks! Located in a sought-after golf course community and within the highly desirable DD2 school district, this beautifull...
124 Walnut Creek Road
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26018336 / Active
Welcome to 124 Walnut Creek Road in the desirable Grand Oaks Plantation neighborhood. Offering 1665 square feet, this 3 bedroom 2.5 bath home is mo...
200 Equinox Circle
Ladson, SC 29456
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Residential
MLS# 26018335 / Active
Thoughtfully updated and ideally positioned for both convenience and lifestyle, this exceptional 3-bedroom, 2.5-bath residence offers refined livin...
1056 Keats Road
Charleston, SC 29407
East Oak Forest
Residential
MLS# 26018333 / Active
Welcome to 1056 Keats Road, a charming brick home nestled in the heart of East Oak Forest. This inviting residence perfectly blends classic charact...
Reduced -$4,000
3512 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018331 / Active
Welcome to 3512 Henrietta Hartford Road, a beautifully maintained elevated home nestled in one of Mount Pleasant`s most desirable waterfront commun...
300 Blue Shadows Court
Summerville, SC 29486
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Residential
MLS# 26018330 / Active
Welcome to 300 Blue Shadows Court, a beautifully maintained home situated on a large, fully fenced corner lot in Summerville. From the inviting fro...
Reduced -$25,100
305 Elliott Drive
Ladson, SC 29456
Fairlawn
Residential
MLS# 26018328 / Active
Welcome home to this beautifully renovated 4 bedroom, 2 bath ranch-style home with NO HOA! Conveniently located just a few minutes away from shoppi...
269 Cooper River Drive
Mount Pleasant, SC 29464
Tides Condominiums
Residential
MLS# 26018327 / Active
Enjoy the panoramic views & sunsets overlooking the Wando River, Charleston Harbor, & Downtown Charleston from the private rooftop & balcony of thi...
504 Purple Finch Road
Summerville, SC 29486
Nexton
Residential
MLS# 26018326 / Active
Welcome to 504 Purple Finch Rd, a charming house in North Creek, NEXTON , Summerville, SC. The property features an open floor plan with spacious k...
639 Silver Spruce Street
Summerville, SC 29486
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Residential
MLS# 26018322 / Active
Welcome to Cane Bay`s highly sought after Pine Hills community! Built in 2022, this thoughtfully designed 5 bedroom, 2.5 bath home offers the perfe...
120 Evesham Drive
Summerville, SC 29485
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Residential
MLS# 26018321 / Active
Completely renovated and perfectly located, this stunning home offers the best of Lowcountry living in the heart of Summerville. Just minutes from ...
7526 Indigo Palms Way
Johns Island, SC 29455
Indigo Hall At Hope Plantation
Residential
Welcome to your Dream Home in Indigo Hall! Experience modern living at its finest in this brand new 3-bedroom, 2-bathroom condo home in the newly c...
114 Northpark Avenue
Summerville, SC 29485
Summer Ridge
Residential
Welcome to 114 Northpark Avenue, your turn-key home where thoughtful updates, spacious living, and a private wooded backyard come together in one o...
198 Greenwich Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018314 / Active
Introducing the Macon floorplan, perfectly positioned on a private, wooded homesite where thoughtful design meets effortless Lowcountry living. Thi...
2200 Belle Isle Avenue UNIT #303
Mount Pleasant, SC 29464
One Belle Hall
Residential
MLS# 26018313 / Active
Recently renovated and completely turnkey, this top-floor corner residence offers 3 bedrooms, 2 bathrooms, and a one-car garage in one of Mount Ple...
110 Franklin Retreat Court
Charleston, SC 29492
Retreat At Beresford
Residential
MLS# 26018311 / Active
Welcome to the perfect blend of classic Charleston charm and modern updates, just minutes from Daniel Island. Tucked away at the end of a quiet cul...
Reduced -$5,000
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