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.
104 Claremont Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24009647 / Active
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Summerville, SC 29486
Sangaree
Residential
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4304 River Road
Johns Island, SC 29455
Residential
MLS# 24009604 / Active
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3264 Stonehaven Drive
North Charleston, SC 29420
Pepperhill
Residential
Newly Renovated Brick Ranch in a central Charleston location! Nice big yard with wooden privacy fence. Large shed for all your lawn & gardening sup...
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301 Broad Street UNIT #1
Charleston, SC 29401
South Of Broad
Residential
MLS# 24009535 / Active
With the guidance of San Francisco-based designer Vincent Leger of EAG Studio and the owner's refined minimalist flair, the pair reimagined this vi...
Reduced -$155,000
3301 Palm Boulevard
Isle of Palms, SC 29451
Residential
MLS# 24009468 / Active
Live your best life in this spectacular, custom built beach house by esteemed builder, Sheppard Construction. Located right across the street from ...
Reduced -$15,000
3256 Vinewood
North Charleston, SC 29420
Pepperhill
Residential
MLS# 24009414 / Active
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Reduced -$2,000
169 W Mariners Cay Drive
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 24009385 / Active
Spacious 3rd floor condominium with panoramic views. 2 covered concrete parking pads and storage room are included. Elevator from parking area to 3...
612 Ravensridge Lane
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24009367 / Active
Welcome to 612 Ravensridge located in Foxbank Plantation! This end unit townhome has 3 Bedrooms, 2.5 Baths, a large kitchen open to the family room...
Reduced -$500
396 Green Fern Drive
Summerville, SC 29483
Hampton Woods
Residential
MLS# 24009336 / Active
INCENTIVE FOR THE MONTH$20,000 OFF PURCHASE PRICE!!!(Current incentive reflected in List Price) AUGUST ONLY, AN EXTRA $5000 TOWARDS CLOSING COSTS F...
Reduced -$2,329
388 Green Fern Drive
Summerville, SC 29483
Hampton Woods
Residential
MLS# 24009329 / Active
INCENTIVE FOR THE MONTH $20,000 OFF PURCHASE PRICE!(Current incentive reflected in List Price) AUG ONLY, AN EXTRA $5000 TOWARDS CLOSING COSTS FOR A...
Reduced -$5,000
1934 Marsh Oak Lane
Seabrook Island, SC 29455
Bohicket Marina Village
Residential
MLS# 24009324 / Active
1934 Marsh Oak Lane is a GORGEOUS, COMPLETELY renovated one bedroom, two full bath condo. Located on the ground floor for easy access, this stunnin...
329 Herty Park Drive UNIT #248
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 24009320 / Active
UNDER CONSTUCTION Ibis Floorplan! Estimated Completion NOV 2024. Enjoy this brand-new Tri Level Townhome with Rear Entry 2 Car Garages. First level...
Increase +$2,530
11 44th Avenue
Isle of Palms, SC 29451
Residential
MLS# 24009313 / Active
Located on a prime, X flood zone corner lot in beautiful Isle of Palms, 11 44th Avenue is a fully furnished turnkey property featuring 4 bedrooms a...
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437 Zenith Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24009310 / Active
Welcome to 437 Zenith Blvd, a fabulous two-story home located in the desirable Meridian of Cane Bay Plantation. This home features an inviting open...
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210 Greenling Street
Goose Creek, SC 29445
Windward Townes
Residential
MLS# 24009289 / 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...
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212 Greenling Street
Goose Creek, SC 29445
Windward Townes
Residential
MLS# 24009286 / Active
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Reduced -$2,600
382 Green Fern Drive
Summerville, SC 29483
Hampton Woods
Residential
MLS# 24009285 / Active
INCENTIVE!!!!!$20,000 off Purchase prince!(Current incentive reflected in List Price) AUG ONLY, AN EXTRA $5000 TOWARDS CLOSING COSTS FOR A TOTAL OF...
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376 Green Fern Drive
Summerville, SC 29483
Hampton Woods
Residential
MLS# 24009278 / Active
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Reduced -$1,734
623 Island Park Drive
Charleston, SC 29492
Daniel Island Park
Residential
MLS# 24009234 / Active
''Southern Charm stunner'' is an understatement and why wait 9 years to golf...DANIEL ISLAND FULL GOLF MEMBERSHIP opportunity comes with this 5,700...
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1343 Fifteen Mile Landing Road
Awendaw, SC 29429
Residential
MLS# 24009231 / Active
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Reduced -$75,000
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