Short sales allow a homeowner to close on the sale of property when it is worth less than the debts secured by it. Typically, the lender agrees to accept the net proceeds from a closing in exchange for releasing its lien. Lenders are not agreeing to a short sale to be generous, they are convinced that it will come out better than it would by foreclosing on the home and pursuing the borrower for its losses.
While the procedures for a short sale will vary from lender to lender, most lenders need to be convinced of the following:
The Sales Price Is Not Too Low
The sales price of contract is equal to what they would be able to sell the property for after a foreclosure. While the lender may review the market analysis provided by the agent, they will often confirm the market analysis by contacting its own sources, such as an appraiser.
All Costs Associated With The Sale
The commission for the transaction is equal to the commission it would pay its agent for selling the home after foreclosure. The lender will need to know as precisely as possible the amount of proceeds it can expect to receive from the sale.
A Good Reason They Should Accept It
The lender will want an explanation of the circumstances, which caused short sale in the first place. These usually include death, medical problems, divorce, loss of a job, or a job displacement requiring a move.
A Financial Package On The Seller
The seller doesn't have the resources to make up the mortgage shortfall on their own. The lender will require a full assessment of the financial condition of the seller. Financial statements, income and expenses, tax returns and the seller's paycheck stubs should be provided. The seller's financial condition is a tricky proposition. While the lender will be reluctant to approve a compromise without reviewing strength of the seller, this information will help the lender in pursuing the seller for a post-foreclosure deficiency if the short sale does not take place.
So What Is The Risk?
A seller with few assets, little or no income, and a willingness to file bankruptcy has little to lose by providing this information. Those with other assets, a good job with garnishable wages, or a desire to avoid bankruptcy will put themselves at risk in the process. Those considering a short sale need expert legal advice regarding the wisdom of submitting financial information to the lender.
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3 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023014 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
2 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023012 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
1 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023008 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
14 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023006 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
13 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023005 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
12 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023002 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
11 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23023001 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS! SEE ON SITE AGENT...
Increase +$1,500
8 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23022996 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. SEE ON SITE AGENT...
Increase +$1,500
1 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 23022995 / Active
INCENTIVE!!! (TIED TO PREFERRED LENDER / ATTORNEY) SPEND $35,000 IN UPGRADED OPTIONS: RECEIVE $20,000 OFF & $5K IN CLOSING COSTS. SEE ON SITE AGENT...
Increase +$1,500
4385 Ten Shillings Way
Ravenel, SC 29470
Poplar Grove
Residential
MLS# 23022840 / Active
Discover a lifestyle where your home becomes your personal retreat, presenting a distinguished opportunity to own a remarkable residence set upon 1...
Reduced -$40,000
3213 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23022835 / Active
Ultra high-end collaboration between Phillip Smith Contractors and Steve Herlong Architects. The property is ideally situated to capture the stunni...
111 Carolina Groves Boulevard
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 23022609 / Active
READY NOW! Welcome to The Robie, a stunning two-story home located in the heart of our picturesque Carolina Groves community. This spacious residen...
Increase +$15,000
115 Carolina Groves Boulevard
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 23022606 / Active
READY NOW! Come take a look at the Helena! The Helena is a 1,482 square-foot, one story floor plan, with 4-bedrooms, 2-bathrooms, and a 1 car garag...
Increase +$10,000
312 Pelican Flight Drive
Dewees Island, SC 29451
Dewees Island
Residential
MLS# 23022568 / Active
Nestled within the serene beauty of Dewees Island, 312 Pelican Flight Drive beckons as the ultimate beach house getaway. This charming retreat boas...
Reduced -$100,000
198 Dove Lane
Walterboro, SC 29488
Residential
MLS# 23022520 / Active
An Abundance of Updating has been completed, Giving this 1960 sqft HOME, a Fresh New Inviting Look! Beyond the Front Entryway, Leads You Directly i...
5 Addison Street UNIT A&B
Charleston, SC 29403
North Central
Residential
MLS# 23022218 / Active
5 Addison A+B underwent a full renovation from the floor system up in 2021. The property consists of 2 individual houses; the front house is a 1184...
Reduced -$45,000
5810 Beverly Drive
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 23022151 / Active
Brand New Home fully permitted for construction located in the heart of Hanahan! This is ONE of TWO homes to be built in the area both which will c...
Increase +$14,000
138 High Hammock Villas Road
Seabrook Island, SC 29455
Residential
MLS# 23022031 / Active
Renovated and ready-to-roll!! This 2 bed/2 bath villa is the perfect little bungalow for a getaway or a great investment property. Rental income an...
Reduced -$14,000
1879 Richmond Street
Charleston, SC 29407
Residential
MLS# 23021895 / Active
Incredible opportunity for almost one full acre in a prime West Ashley location with easy and almost immediate access to Highway I 526 and Paul Can...
Reduced -$40,000
1259 Bells Highway
Walterboro, SC 29488
Residential
MLS# 23021221 / Active
***Motivated Seller is offering 5,000 credit towards interest rate buy down with preferred lender!*** Newly updated move in ready home! New Roof, n...
5625 Crystal Harbor Lane
Hollywood, SC 29449
Crystal Harbor
Residential
MLS# 23020860 / Active
STUNNING DEEPWATER HOME ON THE STONO RIVER WITH PRIVATE DOCK! This beautiful elevated home is located on a 1-Acre homesite in the quiet subdivision...
Reduced -$525,000
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