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.
Modify Search Criteria
184 Orchid Bloom Circle
Moncks Corner, SC 29461
Townes at Merrimack
Residential
MLS# 24010351 / Active
Welcome to the Townes at Merrimack, nestled in the charming town of Moncks Corner. Developed by D.R Horton, this new construction community offers ...
254 Blue Haw Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 24010350 / Active
Welcome to Carolina Groves, located in tranquil Moncks Corner, SC. Developed by D.R Horton, this new construction community offers affordable livin...
416 Jean Wells Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 24010349 / Active
This 3 bedroom, 1 bath house is a fantastic ReHab project! With a newer roof and some hardwood floors already in place, this property has great pot...
6241 Rolling Fork Road UNIT C
North Charleston, SC 29406
Woodhill Place
Residential
MLS# 24010348 / Active
Check out this first floor and remodeled condo. Sellers have upgraded this condo with new floor wide plank flooring throughout, new vanities, new f...
1333 North and South Road
Charleston, SC 29412
Oceanview
Residential
MLS# 24010347 / Active
Property being sold AS IS WHERE IS. A 2 Bedroom 1 bathroom bungalow right off the Clark Sound in James Island. This lot would be perfect for a new ...
2754 Stamby Place
Mount Pleasant, SC 29466
Brickyard Plantation
Residential
MLS# 24010346 / Active
Nicely situated on a .43 acre lot backing up to a private lagoon, this 4 bedroom Brickyard home is ready for a new set of keyholders! Enjoy a spaci...
565 Estates Drive
Walterboro, SC 29488
Palmetto Estate
Residential
MLS# 24010344 / Active
Welcome Home to this 2 bedroom 2 1/2 Bath Brick home in the Palmetto Estate Community. This spacious floor plan has it all with a great flow for en...
4508 Finn Boulevard
North Charleston, SC 29405
Mixson
Residential
MLS# 24010342 / Active
Step into this lovely two-story home and be greeted by an inviting open floor plan, seamlessly integrating the living room and eat-in kitchen, perf...
1534 Battery Island Drive
Charleston, SC 29412
James Island
Residential
MLS# 24010337 / Active
5 bed 5 bath 2017 Renovated brick ranch home overlooking Secessionville Creek and less than 3 miles to Folly Beach! Includes updated windows, roof,...
302 Sunnyside Way
Summerville, SC 29485
Paradise Lakes
Residential
MLS# 24010336 / Active
Kickstart your new chapter in this beautiful property that boasts a well-appointed kitchen with great cabinet storage and all stainless steel appli...
589 Oyster Rake Drive
Kiawah Island, SC 29455
Residential
MLS# 24010335 / Active
Introducing an exceptional opportunity to own a captivating home nestled within the picturesque landscapes of Kiawah Island's West Beach. Situated ...
207 Angora Way
Summerville, SC 29485
Pines At Gahagan
Residential
MLS# 24010334 / Active
Welcome home to this 3bed/2bath Parkwood plan nestled within the serene enclave of The Pines at Gahagan, boasting a prime wooded lot! Situated in a...
Increase +$100,000
307 Greens Court
Goose Creek, SC 29445
Brickhope Greens
Residential
MLS# 24010333 / Active
CHARMING single story home located on a CUL-DE-SAC with an OPEN floor plan in popular BRICKHOPE GREENS neighborhood. This home which was built in 2...
2041 Ashburton Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 24010332 / Active
Welcome to your dream home in the desirable Park West neighborhood of Mount Pleasant, SC! This stunning elevated construction residence offers both...
4833 Oak Leaf Road
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 24010331 / Active
Welcome home to 4833 Oak Leaf Rd. This beautiful home sits on a georgiou's tree lined street and features 4 bedroom's and 2 full baths. As you walk...
130 River Landing Drive UNIT #7104
Charleston, SC 29492
Daniel Island
Residential
MLS# 24010329 / Active
FIRST Floor 2 bed/2 bath Daniel Island Corner unit condo steps from the Wando River. Great floorplan with Vinyl Plank flooring throughout--no carpe...
3292 Seaborn Drive
Mount Pleasant, SC 29466
Ivy Hall
Residential
MLS# 24010328 / Active
Welcome to this amazing well kept Colonial Home in Ivy Hall! This home has so much to offer. Location location, location is one of them. Walking in...
1062 Dominion Drive
Hanahan, SC 29410
Dominion Hills
Residential
MLS# 24010327 / Active
A Rare find, this Cooper River Tidal Creek Home in sought after Dominion Hills is your Paradise found! NO HOA! The 4 BR, 2.5 BA home has been many ...
5 Carondolet Street
Charleston, SC 29403
Westside
Residential
MLS# 24010324 / Active
NEW plumbing, HVAC, roof, plumbing & lighting fixtures, and in an X flood zone on the West Side neighborhood. Welcome to 5 Carondolet Street! This ...
2990 New England Court
North Charleston, SC 29420
Colony North
Residential
MLS# 24010323 / Active
Welcome to this delightful 1-story, lovingly transformed home, nestled in the heart of Colony North. Step inside to discover a spacious haven, thou...
2139 Parkway Drive
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 24010322 / Active
Welcome to 2139 Parkway Drive located in one of James Island's favorite neighborhoods, Riverland Terrace! This classic four bedroom, three-and-a-ha...
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 EXP Realty LLC 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 04-25-2024 2:00 PM 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 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.