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.
16 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020225 / Active
Come build the Holland! This 5-6BR 305-4.5BA has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood treads on sta...
14 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020223 / Active
Come build the Lockwood! This 4-6BR 3.5-4BA has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood treads on stai...
12 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020215 / Active
Come build the Carson! This 4BR 2.5-3.5BA has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood treads on stairs...
8 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020204 / Active
Come build the Nolan! This 3-4BR 2.5BA has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood treads on stairs, 1...
Reduced -$24,000
6 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020203 / Active
Come build the Drayton w/Bonus! This 3BR 2BA Ranch has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood treads ...
Increase +$3,000
4 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020200 / Active
Come build the Woodbridge w/Bonus! This 3BR 2BA Ranch has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood trea...
Reduced -$24,000
2 Tidewater Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 23020197 / Active
Come build the Westin w/Bonus! This 3BR 2BA Ranch has it ALL! Standard features include: Laminate Wood Flooring in main living areas, Wood treads o...
Reduced -$21,000
4016 Crockett Court
Charleston, SC 29412
Residential
MLS# 23020033 / Active
CONSTRUCTION IS ALMOST DONE & the home is tracking for an OCTOBER completion date. The Elm floorplan has it all...the spacious first floor features...
Reduced -$24,600
4020 Crockett Court
Charleston, SC 29412
Residential
MLS# 23019993 / Active
Like the idea of walking to dinner & a movie? Then 4020 Crockett Court could be the home for you and it will be completed in OCTOBER. HIGHLIGHTS OF...
Reduced -$32,600
717 Central Avenue
Summerville, SC 29483
Residential
MLS# 23019810 / Active
Charming 2 bedroom apartment in the heart of Summerville with flex space below and over 60' of street frontage, on heavily traveled Central Avenue....
Increase +$50,000
3502 Waterway Boulevard
Isle of Palms, SC 29451
Forest Trail
Residential
MLS# 23019797 / Active
Contemporary Lowcountry home with amazing views of the Intracoastal Waterway. Estimated completion December 2024. StThis property is the perfect bl...
Reduced -$50,000
69 Morris Street UNIT #302
Charleston, SC 29403
Radcliffeborough
Residential
MLS# 23019539 / Active
Living in a popular and prominent city, it is rare for one to find an eloquent condo nestled in a downtown residential neighborhood. One level, fif...
354 King St Street UNIT B
Charleston, SC 29401
Residential
MLS# 23019459 / Active
This is a beautiful open space that can accommodate a number of design plans. Current floor plan has no structural obstacles. Large windows along w...
635 Faulkner Drive
Mount Pleasant, SC 29466
Alston Point
Residential
MLS# 23019435 / Active
Build your marshfront dream home on over an acre of Mount Pleasant land! This exquisite 2-acre homesite boasts an impressive 170 feet of coastline ...
214 Stark Drive
Walterboro, SC 29488
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Residential
MLS# 23019382 / Active
BACK ON THE MARKET!! TURN KEY CONDITION! Open Concept, Modern, Simplistic Style, Inspiring You to Customize & Design this Undefined Sprawling Space...
639 Faulkner Drive
Mount Pleasant, SC 29466
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Residential
MLS# 23019381 / Active
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615 Faulkner Drive
Mount Pleasant, SC 29466
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Residential
MLS# 23019370 / Active
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1091 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 23019329 / Active
September INCENTIVE: $10,000 IN CLOSING COST ASSISTANCE WITH THE USE OF SELLER'S PREFERRED LENDER/ATTORNEY. Find your slice of paradise at our Newe...
Increase +$47,918
264 Walters Road
Holly Hill, SC 29059
Evergreen
Residential
MLS# 23018672 / Active
Move In Ready! Welcome to Holly Hill, SC, with and abundance of historic and culturally significant places, as well as home to DR Horton's beautifu...
260 Walters Road
Holly Hill, SC 29059
Evergreen
Residential
MLS# 23018671 / Active
Move In Ready! Welcome to Holly Hill, SC, with and abundance of historic and culturally significant places, as well as home to some of DR Horton's ...
106 Broad River Drive
Santee, SC 29142
Santee Cooper Resort
Residential
PROPOSED CONSTRUCTION on DEEP WATER. ** Vacant Land/Lot also listed as MLS# 23018200.** Santee Cooper Resort affords a lifestyle enviable by most, ...
Reduced -$73,000
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