While many lenders will have varying requirements and may demand that a borrower submit different types of documentation, the following should be treated as a guideline of what is required in a pursuing a short sale.

Contact Your Lender Immediately: 

You need to make the effort to find the right person responsible for handling a potential short sale. You want to talk to person in charge of loss mitigation for the lender, you want a supervisor's name, the name of the individual capable of making these kinds of decisions.

Submit a Letter of Authorization: 

Your lenders will not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, Title Company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. You should include the following information: name, address, loan number, third party agents involved and contact information on both the agents and yourself.

A Preliminary Estimate of Your Lenders Proceeds: 

A preliminary HUD-1 settlement statement that indicates the sales price you are under contract for and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your third party agent (realtor, title company or lawyer) should be able to prepare this for you. The bottom line should not indicate any net proceed to the seller.

Your Circumstances, In The Form of a Hardship Letter: 

A complete description of the facts that brought you to financially challenging situation and why you have a valid reason for the lender to accept less than full payment. Lenders can understand many circumstances are unavoidable, loss of job, death, divorce, etc., but they are not very compassionate to situations involving dishonesty, misrepresentation or criminal (or criminally negligent) behavior.

A Complete Financial Statement: 

Be truthful about your current financial situation and disclose your assets and liabilities. Provide information on savings accounts, money market accounts, stocks or bonds, cash, real estate or anything of tangible value. Your lender will need to be assured that you cannot pay back any shortfall in the short sale transaction.

Proof of Valuation: 

Many homeowners caught by the current downturn of the real estate market have lost significant equity in their home. This should be part and parcel as to why you cannot sell your home for enough to pay off the existing lien. You need to substantiate this value to the lender through a proof of valuation. In declining value to the lender you could present a fully completed appraisal, a comparative market analysis (CMA) or a broker’s opinion of value.

Your Purchase Agreement and Listing Agreement: 

The lender should want a copy of the executed offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to allow payment of certain items such as home protection plans or seller concessions inspections.

If your package is complete, the facts are accurate and the circumstances speak for themselves, the lender will approve your short sale. Within the ongoing communications and negotiations, you should ask that the lender not report any adverse credit references to the credit reporting agencies, although they would be under no obligation to accommodate this request.


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188 Carolinian Drive
Summerville, SC 29485
Legend Oaks Plantation

MLS# 17020919 / Active
4 br, 3 ba, 1 half bath, 2674 sqft

This is a wonderful home with a couple of extra rooms to use for your creative or functional desires: i.e., exercise, office, design work space, et... 

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Provided courtesy of Luxury Simplified - The Montez Team

450 Doane Way
Charleston, SC 29492
Beresford Commons

MLS# 17020666 / Active
3 br, 2 ba, 1 half bath, 1314 sqft

Spectacular 3 bedroom town home, end unit on the pond! Spacious town home and a large screened porch over looking the pond make this a great choice... 

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Provided courtesy of Charleston Homes

452 Brick Kiln Drive
Summerville, SC 29483
Branch Creek

MLS# 17020037 / Active
4 br, 2 ba, 1 half bath, 2368 sqft

Welcome to this newly built 4 bedroom, 2.5 bath well appointed home on a quiet street backing up to a wooded lot. A two car attached garage welcom... 

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Provided courtesy of Brand Name Real Estate

25 Kenilworth Road
Goose Creek, SC 29445

MLS# 17019471 / Active
3 br, 2 ba, 1750 sqft

This one is full of potential. Spacious well laid out home in Goose Creek that is ready for your touch. Home features a large family room just of... 

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Provided courtesy of Exit Realty Lowcountry Group

104 Stratford Drive
Summerville, SC 29485
Kings Grant

MLS# 17018806 / Active
4 br, 3 ba, 2745 sqft


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Provided courtesy of Harbins Two, Inc

206 Oxford Way
Summerville, SC 29486

MLS# 17018584 / Active
3 br, 2 ba, 1056 sqft

This charming ranch home is nestled on a quiet cul-de-sac in an established community. It would make a great starter home or investment property! T... 

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Provided courtesy of Jeff Cook Real Estate, LLC

8871 E Fairway Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club

MLS# 17018307 / Active
5 br, 3 ba, 1 half bath, 4174 sqft

This incredible home sits on over 1/3 acre beautifully landscaped lot with a ''low maintenance'' in ground pool along with fabulous views of the 12... 

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Provided courtesy of Brand Name Real Estate

2390 Seabrook Island Road
Johns Island, SC 29455
Seabrook Island

MLS# 17015137 / Active
3 br, 2 ba, 1 half bath, 4629 sqft


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Reduced -$245,000
Provided courtesy of Harbins Two, Inc

1945 N Creek Drive
Mount Pleasant, SC 29466
Rivertowne Country Club

MLS# 17014372 / Active
4 br, 3 ba, 3340 sqft

SHORT SALE OPPORTUNITY! This Classic Charleston single sits on a beautiful tidal creek with a shared dock, providing easy access to the Wando Rive... 

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Reduced -$40,000
Provided courtesy of Carolina One Real Estate

110 Conquerors Lane
Moncks Corner, SC 29461
Highways 17-a / Old 52 / New 52

MLS# 17012643 / Active
4 br, 2 ba, 1432 sqft

Come see this this unique home. This home has several possibilities. Would be great for a first time home buyer, retirement home buyer, investor. I... 

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Provided courtesy of AgentOwned Premiere Group

1851 Woodland Road
Charleston, SC 29414
Pier Point

MLS# 17012449 / Active
2 br, 1 ba, 1041 sqft

Great first home, 2 bedroom and 1 bath located in West Ashley. Inside is recently renovated top to bottom with new hardwood floors, cabinets, appli... 

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Provided courtesy of Sadler Group of Charleston LLC

1138 Quick Rabbit Loop
Charleston, SC 29414
Hunt Club

MLS# 17011787 / Active
4 br, 3 ba, 1 half bath, 3060 sqft

Short Sale Opportunity in the Well-Established & Popular Neighborhood of Hunt Club in West Ashley! ** Enter this Large 4BR/3.5BA Home from the Invi... 

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Reduced -$5,400
Provided courtesy of Keller Williams Realty Charleston

8483 Yadkin Circle
North Charleston, SC 29406
The Lakes At Northwoods

MLS# 17007404 / Active
2 br, 1 ba, 1 half bath, 1096 sqft

Great location and price on this potential short sale. Close and convenient to I-26. Unit backs up to the pond with a deck off of the living room. ... 

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Provided courtesy of ChuckTown Homes, LLC

3643 Hilton Drive
Johns Island, SC 29455

MLS# 17006259 / Active
3 br, 2 ba, 1711 sqft

HANDYMAN SPECIAL! Roomy ranch in desirable subdivision*Hrdwd flrs,200amp box,almost-new ROOF,f'place in one of two dens & wood-stove in other,well-... 

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Provided courtesy of Owen G Meislin Real Estate

48 Burroughs Hall
Kiawah Island, SC 29455
Kiawah Island

MLS# 17003410 / Active
3 br, 3 ba, 1 half bath, 2123 sqft

Short Sale. Bring All Offers!! An excellent value in Kiawah Island, on a quiet cup-de-sac in the much sought area behind the Second Gate. Make th... 

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Reduced -$146,000
Provided courtesy of Golden Bear Realty

335 Estates Drive
Walterboro, SC 29488
Sweetbriar I

MLS# 17003268 / Active
3 br, 2 ba, 1 half bath, 2200 sqft

APPRAISED FOR $156k IN JULY 2017! Let's make a deal!Welcome home to this gorgeous 3 bedroom 2.5 bath home located in the quaint neighborhood of Swe... 

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Provided courtesy of Oswald-Cole & Associates Inc.

106 Ayers Circle
Summerville, SC 29485
Salisbury Acres

MLS# 17002199 / Active
6 br, 4 ba, 4082 sqft

Rare find in Summerville. This home was completely remodeled in 2011 to include new electrical and plumbing.This is no cookie cutter home! The ext... 

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Provided courtesy of AgentOwned Premiere Group

127 Meadowvale Lane
Moncks Corner, SC 29461
Spring Grove Place

MLS# 16031581 / Active
3 br, 2 ba, 1 half bath, 1694 sqft

SHORT SALE SUPER BARGAIN! You have found a great 3 br. 2 1/2 ba. perfect family-friendly subdivision. This house has everything a family would wan... 

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Reduced -$10,000
Provided courtesy of The Boulevard Company, LLC

5804 Palmetto Drive
Isle Of Palms, SC 29451
Wild Dunes

MLS# 16012207 / Active
2 br, 2 ba, 1231 sqft


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Provided courtesy of Carroll Realty
Residential, Land, Other Disclaimer: p>Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than Carolina One Real Estate are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-28-2017 2:02pm est. The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2017 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2017 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 07-28-2017 2:02pm est.

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