Charleston Short Sales: What is a Short Sale and How Does It Work?

Charleston SC - I am often asked, "What is a Short Sale and how does it work? Because short sales are a recent phenomenon people don't really understand them.

Discover how other sellers successfully did a short sale and request a free consultation by clicking here.

A short sale is when someone is selling their house, but the sale will not bring enough money to pay off their mortgage. Many sellers are experiencing this problem due to the recent drop in home prices.

Here is why a lender will accept a short sale. If you can no longer afford your home, then the lender will have to sell it one way or another.

They would rather have you sell it today versus selling it later after foreclosure. They have learned from experience that a short sale nets them more money.

A foreclosure can take 12-18 months to complete. Many homeowners move out before the foreclosure is complete. The home sits empty for six months, a year, and sometimes even two years.

As a result, many homes have problems with mold, rot, and other repairs. This is why everyone knows that bank owned homes often represent a bargain.

The buyer of a bank owned home often has to make some repairs. New paint, carpet, and miscellaneous items add up fast. In addition, a bank owned home that needs repairs won't qualify for the most popular financing programs.

As a result, bank owned homes usually sell at a substantial discount. The lenders have realized this after years of processing foreclosures. That is why they approve short sales.

However, they don't approve every short sale. They have a process in place to reject the short sales that will lose more money than a bank owned sale.

We will submit all the paperwork to the lender and work the file thru their short sale process. You simply allow us to show the house and provide us with any needed documentation.


Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at jeffcook@JeffCookRealEstate.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (843) 608-9520.

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Charleston Loan Modification Kit has the instructions you will need to get a loan modification approved with your lender. Click here to request a copy.

Thanks for reading this, Jeff Cook.

Jeff is a Real Estate Agent at AgentOwned Realty Co.

Phone: (843) 608-9520. jeffcook@JeffCookRealEstate.com.



View My homes for sale at www.JeffCookRealEstate.com.

Jeff Cook specializes in loan modification assistance and short sales in Charleston South Carolina. Charleston Loan Modification Help, Charleston short sales. Charleston short sale realtor. Short Sale Realtor. Charleston SC Short Sales. Charleston Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are Cook's personal views and do not reflect the views of AgentOwned Realty Co. This information on What is a Short Sale and how does it work is provided as a courtesy to our viewers to help them make informed decisions.