What is a Charleston SC short sale?

A Charleston SC short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers mortgage obligations and closing costs, such as property taxes, transfer taxes, and the real estate practitioners commission. The Charleston SC seller is unwilling or unable to cover the difference.

Some although by no means all Charleston SC short sellers may also be in default on their mortgage loans and be headed for foreclosure. However, Charleston SC home owners who bought at the top of the market or who took out large amounts of equity with a refinance and who now need to sell because of divorce or job transfer may also find themselves upside down, owing more than the home is currently worth when closing costs are factored in.

In general, most Charleston SC short sale experts say to price the property at or near fair market value, although a few will begin with the total payoff amount owned by the seller. How frequently prices are dropped will depend in part on whether the property is in preforeclosure. Most Charleston SC banks have a formula for what percentage under market value they will accept, say interviewees. Figures cited vary from 8 percent under to almost 20 percent under.

Although response times vary from lender to lender, it can take two weeks or as long as 60 days to receive an approval of a short sale from a lender. Thats why its critical that Charleston SC Buyers and their representative understand and accept that time frame before they make an offer. And that is why it is critical for Charleston Short Sale Owners to complete all required case applications to their lender in a timely manner.

Click Here for a Wells Fargo Short Sale Guide that outlines the short sale process for this particular lender and their investors.