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.
129 Boots Branch Road
Summerville, SC 29485
Drayton Oaks
Residential
MLS# 24009911 / Active
Looking for an open one-story living floor plan in the desirable Drayton Oaks community? This 4-year-old home with HARDWOODS THROUGHOUT is a must-s...
Reduced -$15,000
7000 Palmetto Drive UNIT 2b Mariners Walk
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 24009901 / Active
BEACHFRONT with a Unique 1 and 1 half bath condo. Enjoy a tranquil view of the dunes and ocean from your relaxing screened porch, and easy beach ac...
206 Greenling Street
Goose Creek, SC 29445
Windward Townes
Residential
MLS# 24009825 / Active
Brand new, END HOME available now- where luxury meets affordability! The Foster II home plan features 3 bedrooms, 2.5 baths, open concept kitchen a...
Reduced -$2,610
145 Hedera Court
Summerville, SC 29486
Nexton
Residential
MLS# 24009820 / Active
Meticulously maintained home with fenced- in yard. Enjoy resort amenities such as indoor & outdoor pools, pickleball, tennis courts & fitness cente...
Reduced -$10,000
612 E Ashley Avenue
Folly Beach, SC 29439
Folly Beach
Residential
MLS# 24009818 / Active
This 4Bed / 2Bath, 2542 sqft, street to street (full Folly lot) property boasts a spacious, inviting interior with multiple comfortable and relaxat...
Reduced -$100,000
33 Lockwood Drive UNIT Lu224
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 24009799 / Active
You won't find a better slip in all of Charleston. Slip T-17 is 90ft x 22ft yacht-sized wet slip at the end of the marina, in the premium Harborage...
201 W Arctic Avenue UNIT #302
Folly Beach, SC 29439
Charleston Oceanfront Villas
Residential
MLS# 24009790 / Active
Welcome to Charleston Oceanfront Villas, Folly Beach's only luxury condominium community. Inside this gated property, enjoy two private pools overl...
Reduced -$100,000
4586 Cape Island Drive
Awendaw, SC 29429
Paradise Island
Residential
MLS# 24009750 / Active
Welcome to 4586 Cape Island Drive, a spectacular custom-built property with a private deep-water dock and sweeping views of the Wando River and mar...
Reduced -$100,000
708 W Ashley Avenue
Folly Beach, SC 29439
Folly Beach
Residential
MLS# 24009742 / Active
Rarely does an opportunity like this come along on Folly Beach! This stunning property offers a versatile lifestyle--reside in the 2-bedroom, 2-bat...
Reduced -$100,000
2095 Blue Bayou Boulevard
Johns Island, SC 29455
Twin Lakes
Residential
MLS# 24009739 / Active
Exclusive Builder Offer: 2-1 Buydown Mortgage Rate - Save with 2.99% Year One, 3.99% Year Two, and 5.99% Years Three to Thirty.Discover the BRYCE F...
Increase +$297
1136 Ocean Forest Lane
Seabrook Island, SC 29455
Ocean Forest
Residential
MLS# 24009738 / Active
Located in the prestigious Ocean Pointe neighborhood, this beach home was sited to take advantage of incredible panoramic, 180 degree marsh and oce...
2590 Jenkins Point Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 24009737 / Active
Every home on Jenkins Pt. capitalizes on the view, but few can compare to this exquisite home situated on Horseshoe Creek with unparalleled and swe...
Reduced -$300,000
103 Pleasant Hill Drive
Goose Creek, SC 29445
Cokers Crossing
Residential
MLS# 24009733 / Active
Welcome to your dream home! Nestled in a serene neighborhood, this exquisite 5-bedroom, 3-full-bathroom residence boasts timeless elegance and comf...
Reduced -$2,000
572 Trotters Lane UNIT #151
Moncks Corner, SC 29461
Boykins Run
Residential
MLS# 24009732 / Active
READY TO CLOSE DECEMBER!Home also include complete appliance package [wash/dryer, fridge, oven range/stove, microwave, dishwasher, disposal]Blinds ...
Increase +$6,069
208 Greenling Street
Goose Creek, SC 29445
Windward Townes
Residential
MLS# 24009702 / Active
BRAND NEW HOME available now- where luxury meets affordability! The Foster II home plan features 3 bedrooms, 2.5 baths, open concept kitchen and li...
Increase +$17,460
3000 Southern Pines Lane UNIT #231
Kiawah Island, SC 29455
Residential
MLS# 24009697 / Active
Exciting opportunity to own a 1/9th interest at Timbers Kiawah Ocean Club & Residences. This luxury appointed 3 bedroom/3.5 bathroom residence offe...
1013 Orleans Road
Charleston, SC 29407
Orleans Woods
Residential
MLS# 24009692 / Active
Step into luxury and convenience with this meticulously renovated home in the heart of Orleans Woods. Enjoy the peace of mind that comes with a bra...
Reduced -$49,900
166 Wentworth Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 24009676 / Active
The historic Job Palmer House at 166 Wentworth Street is a stunning Charleston Single home that was built circa 1809 and previously restored in the...
Reduced -$302,500
34 Waterway Island Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 24009667 / Active
Luxury new construction, Carl McCants designed home on deepwater creek with a 120 foot dock just off the ICW.Welcome to unparalleled luxury living ...
137 Mitch Lane
Holly Hill, SC 29059
Residential
MLS# 24009660 / Active
Anticipate your dream home at 137 Mitch Lane in Holly Hill, SC! Construction on this stunning 2,607 square-foot home begins mid-August, with a comp...
Reduced -$5,000
3441 Forest Glen Drive
Charleston, SC 29414
Village Green
Residential
MLS# 24009656 / Active
Ensconced in mature landscaping that includes oak trees, this three-bedroom, two-bathroom home provides a perfect spot for respite. Upon entry, the...
Reduced -$5,000
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 09-19-2024 11:29 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.