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.
8500 Palmetto Drive UNIT 101-H
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 24010091 / Active
END UNIT, FIRST FLOOR, GORGEOUS BEACH VIEW. This turn key Tidewater condo is your chance to own a piece of paradise in Wild Dunes. This two bedroom...
Reduced -$25,000
466 Cedarview Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24010071 / Active
Welcome home to 466 Cedarview Road. Like new construction this home was built in 2022 and boasts 4 bedrooms and 2.5 bathrooms. Upon entering home n...
1484 Old Rosebud Trail
Awendaw, SC 29429
Pepper Plantation
Residential
MLS# 24010056 / Active
Presenting Quattro Terre, a peerless estate boasting a variety of opulent living areas set across more than 4+ acres of pristine LowCountry terrain...
209 Pine Shadow Drive
Goose Creek, SC 29445
Pineland Heights
Residential
MLS# 24010055 / Active
Inviting 2-Story Condo with Fireplace, Fenced Yard, & More!Welcome to your new home, where convenience and comfort converge in this delightful 2-be...
Reduced -$4,000
3237 Cottonfield Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 24010049 / Active
Welcome to 3237 Cottonfield Drive. This stunning home is set back nicely on a private 1.46 acre beautifully landscaped tidal creek lot in the gated...
Reduced -$100,000
204 McClellan Way
Summerville, SC 29483
Hampton Woods
Residential
MLS# 24010046 / Active
This is an ''AS IS'' MODEL HOME!! There's a special incentive that's reflected in the price, and it's tied to using the preferred lender and closin...
Reduced -$5,000
5802 Palmetto Drive UNIT B-408
Isle of Palms, SC 29451
Wild Dunes Resort
Residential
MLS# 24010039 / Active
Don't miss this opportunity to own a condo here in the Residence at Sweetgrass in Wild Dunes Charleston's Island Resort! This condo has a lot to of...
762 Savage Road
Charleston, SC 29414
Essex Village
Residential
MLS# 24010033 / Active
You'll love this charming, newly renovated brick ranch home nested in West Ashley just 10 min away from downtown Charleston! This home has 3 Bedroo...
Reduced -$15,000
1019 Magnolia Warbler Way
Ravenel, SC 29470
Homecoming
Residential
MLS# 24010022 / Active
Why wait for a New Home to be built?! Come and Move in to this Move-in Turn Key Charleston Style home! Subdivision is just 5 minutes from The Ashle...
17 Locomotive Road
Cottageville, SC 29435
Cottageville Estates
Residential
MLS# 24010012 / Active
**Country Living**Welcome to this spacious 4 bedroom 2 bathroom home, situated on a 1 acre lot. The lot has plenty of room for a garden and pets.
Reduced -$11,000
149 Mitch Lane
Holly Hill, SC 29059
Residential
MLS# 24010007 / Active
Get ready to celebrate the holidays in style at 149 Mitch Lane in Holly Hill, SC! Construction is set to begin mid-August on this exceptional, bran...
21 Arrowhead Hall
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 24010002 / Active
This Kiawah Island residence is situated on a tranquil street behind a secondary security gate and provides panoramic views of the Turtle Point Gol...
114 Queen Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 24009998 / Active
This historic Harleston Village home is located in the heart of downtown Charleston and within walking distance of restaurants, shops, galleries, p...
1300 Park West Boulevard UNIT #810
Mount Pleasant, SC 29466
Park West
Residential
MLS# 24009996 / Active
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Reduced -$14,999
514 E Hudson Avenue
Folly Beach, SC 29439
Residential
MLS# 24009953 / Active
Welcome to your Folly dream home! Just a few blocks from the beach, this gorgeous 2023 new-build will not disappoint. Selling fully furnished, this...
192 Lyra Lane
Summerville, SC 29486
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Residential
MLS# 24009952 / Active
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74 Mariners Cay Drive
Folly Beach, SC 29439
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Residential
MLS# 24009944 / Active
Welcome to 74 Mariners Cay Drive. Second floor unit, two bedroom, two and a half baths. This charming residence offers you soft breezes, stunning s...
202 McClellan Way
Summerville, SC 29483
Hampton Woods
Residential
MLS# 24009940 / Active
AS IS MODEL HOME!! INCENTIVE IS REFLECTED IN PRICE AND TIED TO USING PREFERRED LENDER AND CLOSING ATTORNEY! The Windermere: Beautiful open concept ...
Increase +$15,000
3984 Gift Boulevard
Johns Island, SC 29455
Gift Plantation
Residential
Surely the elegance and lowcountry charm of this elevated brick home with its own private dock and boat lift would be enough to please even the mos...
607 Waterwood Drive
Goose Creek, SC 29445
Greenslake Condominiums
Residential
MLS# 24009917 / Active
Welcome to 607 Waterwood Dr - your gateway to comfortable living! This charming condo boasts 1148sqft of space, featuring 2 bedrooms and 2 full bat...
Reduced -$2,000
112 E Indian Avenue UNIT A
Folly Beach, SC 29439
Residential
MLS# 24009915 / Active
MOTIVATED SELLERS!!! Bring us an offer! New Construction, on the river, with a deep water dock. Just a few blocks from Center St. and the beach - 1...
Reduced -$10,000
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