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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209 Red Leaf Boulevard
Moncks Corner, SC 29461
Foxbank Plantation
Residential

MLS# 17029988 / Active
4 br, 3 ba, 1 half bath, 2872 sqft

*** JUST LISTED *** WELCOME TO AN OPPORTUNITY KNOCKING...GORGEOUS HOME IN A GORGEOUS LOCATION AT A GORGEOUS PRICE *** Meet 209 Red Leaf Blvd, a (4)... 

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$269,900
Provided courtesy of Fred Holland Realty

111 Red Rooster Circle
Moncks Corner, SC 29461
Residential

MLS# 17029182 / Active Contingent
4 br, 2 ba, 2112 sqft

Are you ready for a home in country that's still close to shopping, dining, entertainment, and the new Volvo site? Then this 4 bedroom, 2 bathroom ... 

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$70,000
Provided courtesy of Matt O'Neill Real Estate

14 Sandpiper Court
Isle Of Palms, SC 29451
Wild Dunes
Residential

MLS# 17029140 / Active
3 br, 2 ba, 1256 sqft

Located in the heart of Wild Dunes, you will be close to shopping, schools, restaurants, and minutes from the gorgeous IOP Beach. This is perfect f... 

More Details

$599,000
Provided courtesy of RE/MAX Alliance

3094 Linksland Road
Mount Pleasant, SC 29466
Charleston National
Residential

MLS# 17029058 / Active Contingent
4 br, 2 ba, 1 half bath, 2398 sqft

MOTIVATED SELLERS - CHARLESTON NATIONAL GOLF COURSE VIEW!! This home is situated on the 9th tee box of the prestigious golf course of Charleston Na... 

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$370,000
Provided courtesy of Carolina One Real Estate

5150 Trump Street
North Charleston, SC 29420
Charleston Park
Residential

MLS# 17028434 / Active Contingent
3 br, 2 ba, 1 half bath, 1573 sqft

Everyone's favorite thing is yard work. Unless you get home from work exhausted and would rather work on your motorcycle or practice guitar. Then y... 

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$165,375
Reduced -$3,625
Provided courtesy of LIve Oak Real Estate

1930 Tropicana Road
North Charleston, SC 29406
The Riverway
Residential

MLS# 17028312 / Active
2 br, 1 ba, 1 half bath, 1066 sqft

Nice condo in great location. Walking distance to Trident Technical College and nearby restaurants. This lovely unit has ceramic tile downstairs. S... 

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$75,000
Provided courtesy of AgentOwned Premiere Group

415 Parkdale Drive
Charleston, SC 29414
Carolina Cove
Residential

MLS# 17028171 / Active Contingent
2 br, 1 ba, 1 half bath, 868 sqft

Best deal in Carolina Cove. Great amenitites and location under $100k. Downstairs den, and kitchen with small courtyard and half bath. Upstairs are... 

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$94,500
Provided courtesy of John Poston & Company, Inc.

1162 Old Ivy Way
Mount Pleasant, SC 29466
Brickyard Plantation
Residential

MLS# 17027352 / Active Contingent
3 br, 2 ba, 1 half bath, 1717 sqft

Great opportunity to own this 3 bedroom and 2.5 bath house located in Brickyard Plantation.Nice floor plan with a lot of potential BUT NEEDS WORK!!... 

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$309,000
Provided courtesy of Golden Bear Realty, LLC

108 Alan Court
Summerville, SC 29485
Greenhurst
Residential

MLS# 17027261 / Active
4 br, 1 ba, 1 half bath, 1138 sqft

Lots of potential with this 4 bedroom 1 1/2 bath ranch style home. Located in the sought after DD 2 school district. Large, eat-in kitchen. Huge ba... 

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$100,000
Reduced -$15,000
Provided courtesy of AgentOwned Premiere Group

8111 S Split Oak
North Charleston, SC 29420
Pepperidge
Residential

MLS# 17026131 / Active Contingent
3 br, 2 ba, 1319 sqft

HANDY MAN SPECIAL with lots of potential! Very popular, traditional floor plan with a large family room and open to the kitchen and dining area. ... 

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$115,000
Provided courtesy of Home Solution Real Estate Services

8433 Taylor Plantation Road
North Charleston, SC 29420
Taylor Plantation
Residential

MLS# 17026055 / Active Contingent
5 br, 2 ba, 1 half bath, 2172 sqft

Welcome to Taylor Plantation! This neighborhood is conveniently located off Dorchester and Ashley Phosphate Roads and within the desirable Dorchest... 

More Details

$216,000
Increase +$6,000
Provided courtesy of AgentOwned Premiere Group

447 Truman Drive
Goose Creek, SC 29445
Lakeview Commons
Residential

MLS# 17025716 / Active Contingent
4 br, 3 ba, 1 half bath, 1421 sqft

Welcome home to your beautiful like new home. This 2story town home has plenty to offer with dual Master Bedrooms. On the first floor the downstair... 

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$134,900
Provided courtesy of Carolina One Real Estate

290 Village Stone Circle
Summerville, SC 29483
Marrington Villas At Cobblestone
Residential

MLS# 17025573 / Active
2 br, 2 ba, 1513 sqft

LAVISH upgrades are in abundance in this immaculate, well maintained home. The Palazzo is a beautifully designed, detached, free-standing home on a... 

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$245,000
Reduced -$4,500
Provided courtesy of Coldwell Banker Residential Brokerage

530 Barfield Drive
Summerville, SC 29485
Walnut Farms
Residential

MLS# 17023456 / Active Contingent
5 br, 3 ba, 3545 sqft

Motivated Seller!!!!! Make an offer QUICK on this Wonderful home in a very desirable neighborhood with large wooded lot. Fantastic 5 bedrooms and 3... 

More Details

$395,000
Reduced -$84,000
Provided courtesy of Miler Properties, Inc.

2603 Stith Avenue
North Charleston, SC 29405
Waylyn
Residential

MLS# 17022117 / Active Contingent
3 br, 1 ba, 1 half bath, 1503 sqft

**Calling All Investors! Income-Producing Short Sale Opportunity!** This is One of the Largest Homes in the Neighborhood.**It Includes Two Outbuild... 

More Details

$84,900
Provided courtesy of Keller Williams Realty Charleston

450 Doane Way
Charleston, SC 29492
Beresford Commons
Residential

MLS# 17020666 / Active Contingent
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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$165,000
Reduced -$5,000
Provided courtesy of Charleston Homes

25 Kenilworth Road
Goose Creek, SC 29445
Willowbrook
Residential

MLS# 17019471 / Active Contingent
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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$110,000
Provided courtesy of Exit Realty Lowcountry Group

104 Stratford Drive
Summerville, SC 29485
Kings Grant
Residential

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

THIS BRICK COLONIAL IN KINGS GRANT IS GREAT FOR A LARGE FAMILY LOOKING FOR SPACE.OPEN BRIGHT FLOORPLAN WITH HARDWOOD FLOORS AND CERAMIC TILE HAS A ... 

More Details

$259,900
Provided courtesy of Harbins Two, Inc

206 Oxford Way
Summerville, SC 29486
Sangaree
Residential

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... 

More Details

$120,000
Reduced -$10,000
Provided courtesy of Jeff Cook Real Estate, LLC

117 Pine Valley Drive
Summerville, SC 29483
Pine Forest Country Club
Residential

MLS# 17016050 / Active Contingent
5 br, 4 ba, 1 half bath, 3800 sqft

 

More Details

$479,900
Provided courtesy of Horne Realty, LLC

518 Brick Barn Lane
Goose Creek, SC 29445
Brickhope Greens
Residential

MLS# 17015492 / Active Contingent
4 br, 3 ba, 2182 sqft

POSSIBLE SHORT SALE! Great home! Awesome floor plan with four bedrooms and 3 full baths. All bedrooms upstairs with a space for an office downstair... 

More Details

$215,000
Reduced -$10,000
Provided courtesy of Carolina One Real Estate
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 11-19-2017 6:02pm 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 11-19-2017 6:02pm est.

Any images related to data from the MLS is the sole property of the MLS and not the responsibility of the owner of this website.


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