Charleston Short Sales

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth. In the past, it was rare for a bank or lender to accept a short sale. Today, however, due to overwhelming market changes, banks and lenders have become much more negotiable when it comes to these transactions.

What is a short sale?
A short sale is when a borrower sells their home for less than what they owe on it and a short sale is used when a borrower owes more on their home than it’s worth. The borrower is coming up ‘short’ on loan repayment. This requires negotiations with the borrower’s mortgage company (companies) to accept less than what is owed. This can be a complicated process and requires the knowledge of a real estate expert.

Who qualifies for a short sale?
A homeowner who can no longer afford their home due to a financial hardship, may qualify for a short sale. The homeowner will also need to demonstrate a monthly income shortfall as well as insolvency.

Financial Hardships: A situation or situations have caused a homeowner to no longer be able to afford their mortgage.

Financial Hardships include but are not limited to:
1. Loss of Employment
2. Reduced Income
3. Business Failure
4. Damage to Property
5. Death of a Spouse or Wage Earner
6. Death of a non-Wage Earner
7. Severe Illness
8. Inheritance (inherit house that has large mortgage that you can't afford)
9. Divorce
10. Relocation (out of town)
11. Military Service
12. Payment Increase or Mortgage Adjustment
13. Insurance or Tax Increase
14. Separation
15. Too Much Debt
16. Incarceration

Monthly Income Shortfall
The lender will want a borrower to demonstrate that they cannot afford or soon will no longer be able to afford their mortgage.

Insolvency
The lender will want a borrower to demonstrate that they do not have other resources to pay down their mortgage.

Please contact us if you wish to discuss the possibility of a short sale.

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"Never have we had a real estate experience as good as this one!  As an out of state buyer we had so much to learn and Shannon stayed with us daily. NEVER have we had such a hard working agent. We will be back and Shannon will always be our choice!" - Benny and Janet

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Buying A Home

Buying A Home

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Selling Your Home

Selling Your Home

If you are considering selling your home in Charleston, SC please feel free to contact us to see how we can help you get the most for your home.

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Short Sales

Short Sales

A short sale can be an excellent solution for homeowners who need to sell, and who owe more on their homes than they are worth.

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Get In Touch

Get In Touch

P.O Box 13612
Charleston, SC 29422
p: 843-814-9545
f: 866-265-1567
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