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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563 Main Road
Johns Island, SC 29455
Residential
MLS# 23011354 / Active
Opportunity knocks once again! 2.17 acres zoned Rural Commercial! Mostly cleared, flat, high (no flood zone) w/ a 2,130 sqft 3br/1.5ba existing str...
714 Wilson Cemetery Road
Awendaw, SC 29429
Covenant Preserve
Residential
MLS# 23011031 / Active
Relax and escape to the natural paradise of Awendaw, a beautiful coastal town, just north of Charleston and Mt. Pleasant! Bordering the Francis Mar...
Reduced -$11,000
579 Faison Road UNIT #52
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 23010990 / Active
Charleston's FIRST and only Luxury 'Storage Condominium' Gated Community! Luxury Storage Suites that you OWN! Car Collectors, Motorcycle Enthusiast...
Increase +$20,000
579 Faison Road UNIT #53
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 23010989 / Active
Charleston's FIRST and only Luxury 'Storage Condominium' Gated Community! Luxury Storage Suites that you OWN! Car Collectors, Motorcycle Enthusiast...
Increase +$20,000
579 Faison Road UNIT #54
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 23010988 / Active
Charleston's FIRST and only Luxury 'Storage Condominium' Gated Community! Luxury Storage Suites that you OWN! Car Collectors, Motorcycle Enthusiast...
Increase +$20,000
579 Faison Road UNIT #56
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 23010985 / Active
Charleston's FIRST and only Luxury 'Storage Condominium' Gated Community! Luxury Storage Suites that you OWN! Car Collectors, Motorcycle Enthusiast...
Increase +$20,000
3002 Plow Ground Road
Johns Island, SC 29455
Residential
MLS# 23010779 / Active
Nestled on 81+ acres of lush land on Johns Island, this premiere equestrian estate is a dream come true for horse enthusiasts. Boasting two homes, ...
Reduced -$375,000
1880 Andell Bluff Boulevard UNIT D-16
Seabrook Island, SC 29455
Bohicket Marina
Residential
MLS# 23010686 / Active
This 30 ft boat slip allows up to 15% overage and is positioned on the downstream side of ''D'' dock for easy ingress and egress. It is located mid...
Reduced -$3,000
2303 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 23010577 / Active
Contemporary Lowcountry home one block from the beach on Cameron Blvd. House plans may be modified or exchanged for a new design until the foundati...
Reduced -$25,000
3115 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23010360 / Active
New co-ownership opportunity: Own one-eighth of this turnkey home, professionally managed by Pacaso. Casual elegance flows through this modern isla...
Increase +$24,000
3115 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23010359 / Active
New co-ownership opportunity: Own one-eighth of this turnkey home, professionally managed by Pacaso. Casual elegance flows through this modern isla...
Increase +$24,000
3115 Ion Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 23010357 / Active
New co-ownership opportunity: Own one-eighth of this turnkey home, professionally managed by Pacaso. Casual elegance flows through this modern isla...
Increase +$24,000
541 Chimney Bluff Drive
Mount Pleasant, SC 29464
Hobcaw Creek Plantation
Residential
MLS# 23009727 / Active
Elegant custom stucco home with panoramic marsh view to Hobcaw Creek. Some new appliances, new downstairs a/c, some new hardwood floors, and a new ...
1620 Home Farm Road
Mount Pleasant, SC 29464
Home Farm
Residential
MLS# 23009623 / Active
This Charleston Charmer is True Stunner and will ''Wow'' you with its Incredible Marshfront Views of Sullivan's Island and Magnificent 360 Degree R...
Reduced -$300,000
2026 Little Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 23009018 / Active
Great investment opportunity located in the area of North Charleston with continuous revitalization going on and property values is on the rise. Lo...
Reduced -$10,100
29 Nassau Street
Charleston, SC 29403
Residential
MLS# 23008993 / Active
Welcome to your dream home in historic Charleston, South Carolina! This stunning 1850s home is the perfect blend of historic charm and modern ameni...
Reduced -$100,000
1121 Euclid Drive
Charleston, SC 29492
Cain Crossing
Residential
MLS# 23008934 / Active
Beautiful largest floorplan on an end unit. Downstairs boast your open and inviting living/kitchen/breakfast nook combo with access to a screened i...
5147 S Hwy 17a
Ridgeville, SC 29472
Harts Bluff
Residential
MLS# 23008487 / Active
NEW PRICE on the EDISTO RIVER! Is Ridgeville going to be the New West Ashley? Invest now, things are moving that way! This property is empty & read...
Reduced -$20,000
154 Lake Timicau Lane
Dewees Island, SC 29451
Dewees Island
Residential
MLS# 23008266 / Active
This beautiful home has been recently updated and boasts four spacious bedrooms and three modern bathrooms. The home features breathtaking views of...
Reduced -$75,000
1000 Middleton Drive
Goose Creek, SC 29445
The Oaks
Residential
MLS# 23008230 / Active
Enjoy all the conveniences of ranch-style living in the single-story Beech home. Enter this inviting and spacious front entry with guest and second...
Increase +$6,000
308 N Live Oak Drive
Moncks Corner, SC 29461
Residential
Three bedroom home in Growing Town of Moncks Corner. Convenient Location with Great Schools. Several upgrades in progress, with New Kitchen and Bat...
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 05-22-2024 11:54 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.
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