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How does a short sale work in South Carolina?

If you're considering selling your home through a short sale, it's best to understand exactly what that means. Selling your home as a short sale means that you will be selling your home for less than the amount you currently owe on it. This sale can end up being a good deal for anyone looking to buy a home, because you can put it on the market at a lower price.

As the seller, this option keeps you from having to go into foreclosure, which can be good for your credit. Short sales aren't easy, though, and several things can go wrong. For instance, as a seller, you need to find someone interested in your home at the selling price.

After that, that person has to put in a bid, and you need to accept it. You also need to talk to the mortgage company and make sure they'll take the lower amount of money. They may reject the proposition, and then your sale will fall though.

A short sale is complex, which is why many people use attorneys to help them with paperwork and negotiating tactics. The sale itself may be slow due to having to wait for the mortgage company's response and for the final transaction to be approved. You may also need to prove a few things to a buyer to prove that you sale is candid. For instance, a hardship letter or proof of income and assets can help the buyer see that you're needing to sell the home to pay off debts or to get out of a burdensome situation.

Source: Bankrate, "How to navigate a short sale" Jennie Phipps, accessed Mar. 19, 2015

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