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.
171 Rosefield Court
Summerville, SC 29485
Palmetto Reach
Residential
MLS# 24010429 / Active
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Reduced -$4,999
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Edisto Island, SC 29438
Cowpens
Residential
MLS# 24010393 / Active
KING'S GRANT HOUSE- GLORIOUS CREEKSIDE & DIRECT OCEAN VIEWS w/ pedestrian access to Edingsville Beach. Almost total renovations in 2019 (See Featur...
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1880 Andell Bluff Boulevard UNIT H5
Seabrook Island, SC 29455
Bohicket Marina
Residential
MLS# 24010361 / Active
Absolutely gorgeous location nestled between Kiawah and Seabrook Islands. Come be wowed by the spectacular sunsets on H dock. This location on the ...
Reduced -$6,000
1331 Orange Grove Road
Charleston, SC 29407
Charlestowne Est
Residential
MLS# 24010358 / Active
Seller may consider buyer concessions if made in an offer. Welcome to a delightful home that boasts a plethora of appealing attributes. Step in to ...
Reduced -$7,000
565 Estates Drive
Walterboro, SC 29488
Palmetto Estate
Residential
MLS# 24010344 / Active
Bring all Offers! Backup Offers will be considered. Welcome Home to this 2 bedroom 2 1/2 Bath Brick home in the Palmetto Estate Community. This spa...
Reduced -$2,000
302 Sunnyside Way
Summerville, SC 29485
Paradise Lakes
Residential
MLS# 24010336 / Active
Seller may consider buyer concessions if made in an offer. Kickstart your new chapter in this beautiful property that boasts a well-appointed kitch...
Reduced -$1,000
3292 Seaborn Drive
Mount Pleasant, SC 29466
Ivy Hall
Residential
MLS# 24010328 / Active
This charming well kept home located in IVY HALL. The home features lots of natural sun light, nice bay windows. hardwood floors throughout downsta...
Reduced -$10,000
314 Cypress Branch Road
Huger, SC 29450
French Quarter Creek
Residential
MLS# 24010286 / Active
Best Priced 4-bedroom,3.5 bath home You'll feel right at home as you enter this ''Like New'' Open Concept, Two Story Floor Plan w/$1000's in upgrad...
692 King Street
Charleston, SC 29403
Residential
1444 Madison Court
Mount Pleasant, SC 29466
Brickyard Plantation
Residential
MLS# 24010260 / Active
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Reduced -$150,000
4200 Mariners Watch
Kiawah Island, SC 29455
Mariners Watch
Residential
MLS# 24010241 / Active
With Panoramic Atlantic Ocean views, this turnkey, unique three-bedroom, three-bathroom Mariners Watch villa comes fully furnished and is sure to b...
1452 Joy Avenue
Charleston, SC 29407
Orange Grove Estates
Residential
MLS# 24010191 / Active
Welcome to your new home in the heart of West Ashley! Situated on a large .23 acre lot, with no HOA and in an X flood zone, this charming updated h...
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110 Palfrey Drive
Ridgeville, SC 29472
Parker's Preserve
Residential
MLS# 24010169 / Active
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Increase +$2,160
935 Royall Avenue
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 24010162 / Active
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Reduced -$300,000
766 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24010154 / Active
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Increase +$1,500
352 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24010145 / Active
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Increase +$1,500
738 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24010141 / Active
PRICE REFLECTS DISCOUNT INCENTIVE PLUS ADDITIONAL CLOSING COSTS AVAILABLE MUST USE PREFERRED LENDER/ATTORNEY FOR INCENTIVES. ESTIMATED COMPLETION O...
Increase +$1,500
716 Opal Wing Street
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24010137 / Active
PRICE REFLECTS INCENTIVE PLUS ADDITIONAL CLOSING COSTS AVAILABLE. MUST USE PREFERRED LENDER/ATTORNEY FOR ALL INCENTIVE. ESTIMATED COMPLETION OCT/NO...
Reduced -$3,231
370 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24010136 / Active
ESTIMATED COMPLETION OCT 20241 LIST PRICE REFLECTS INCENTIVE WITH USE OF PREFERRED LENDER/ATTORNEY PLUS ADDITIONAL CLOSING COSTS AVAILABLE. MUST US...
Reduced -$14,293
364 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24010134 / Active
ESTIMATED COMPLETION OCT/NOV 2024! LIST PRICE REFLECTS INCENTIVE WITH USE OF PREFERRED LENDER PLUS ADDITIONAL CLOSING COSTS AVAILABLE. MUST USE PRE...
Reduced -$581
18 Wappoo Creek Place
Charleston, SC 29412
Wappoo Creek Place
Residential
MLS# 24010124 / Active
Located just 10 minutes from historic Charleston, 20 minutes from Folly Beach and minutes to James Island Shopping Center. This end unit townhome h...
Reduced -$45,100
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