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
1437 Clancy Road
Mount Pleasant, SC 29466
Hamlin Plantation
Residential
MLS# 24012615 / Active
Nestled in the heart of Hamlin Plantation, this end unit town home exudes a refined elegance that is truly unmatched. Boasting an array of sophisti...
2441 Fulford Court
Mount Pleasant, SC 29466
Chadbury Village
Residential
MLS# 24012611 / Active
3 bedroom, 2.5 bath charmer available now in desirable Chadbury Village. Meticulously maintained by the owner, this one is truly move in ready. You...
162 Balfour Drive
Charleston, SC 29492
Daniel Island
Residential
MLS# 24012610 / Active
Nestled along the picturesque 18th fairway of the Beresford Creek Course at the esteemed Daniel Island Club, this magnificent custom-built estate i...
139 Stephanie
Summerville, SC 29483
Belmont
Residential
MLS# 24012608 / Active
This home is ready to find it's new owners! With some TLC, this home will be ready to go for years to come and still have some equity. This is AS-I...
127 Robin Street
Summerville, SC 29485
Meadowbrook
Residential
MLS# 24012607 / Active
Nestled just blocks away from Historic Downtown Summerville, this charming 4-bedroom, 2-bathroom home is situated in a established neighborhood wit...
169 King Street UNIT #102
Charleston, SC 29401
Downtown
Residential
MLS# 24012605 / Active
Step into history with this exquisite condo located in the heart of the Lower King Street antique district! Circa 1840's, 169 King St 102 is a char...
9089 Hadley Court
North Charleston, SC 29406
Elms Of Charleston
Residential
MLS# 24012604 / Active
This Remarkable fully detached ranch style home is located in an exclusive gated community and is situated on a quiet tree-lined street.This Immacu...
Increase +$18,000
402 Bright Leaf
Summerville, SC 29486
Nexton
Residential
MLS# 24012603 / Active
Welcome to Nexton's Brighton Park neighborhood! This Charleston single features everything that makes this neighborhood one of the most sought afte...
206 Yeamans Way
Summerville, SC 29483
Pine Forest
Residential
MLS# 24012601 / Active
Welcome to this stunning home you have to see located in DD2 district and minutes away from Pinewood Preparatory School! When you walk through the ...
164 Antebellum Way
Summerville, SC 29483
Southern Magnolias
Residential
MLS# 24012600 / Active
If you've been on the hunt for the perfect forever home, look no further! This gem of a home is waiting for you to make it your own. The sellers ha...
108 Holly Leaf Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24012599 / Active
Welcome to 108 Holly Leaf Lane, a charming 5-bedroom, 3-bathroom home nestled in the serene Pine Hills of Cane Bay Plantation. Built in 2022, this ...
105 Greenmeadow Drive
Goose Creek, SC 29445
Greenslake Condominiums
Residential
MLS# 24012594 / Active
Welcome to this beautiful second floor fully renovated 2 bedrooms / 2 bathrooms condominium right on the pond! This condo is a perfect home for any...
934 Clearspring Drive
Charleston, SC 29412
Ocean Neighbors
Residential
MLS# 24012593 / Active
Welcome to this spacious and beautifully maintained home located in the desirable Ocean Neighbors neighborhood, just a short drive to Folly Beach a...
1507 Cedar Avenue
Moncks Corner, SC 29461
Fairlawn Barony
Residential
MLS# 24012589 / Active
Welcome to Cedar Island of Moncks Corner, the premier riverfront living destination. With no HOA and a boat launch at your disposal, this exquisite...
2745 McFadden Way
Johns Island, SC 29455
Stonoview
Residential
MLS# 24012585 / Active
Nestled minutes from the sandy beaches of Folly & Kiawah, escape to Stonoview, Johns Island's premier waterfront community! Discover the convenienc...
509 Yellow Leaf Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 24012584 / Active
Discover the perfect blend of style and functionality in this 4-bed, 3.5-bath NEXT GEN home in Cane Bay Plantation!Inside, you are welcomed by an o...
700 Donnelly Corner Drive
Mount Pleasant, SC 29429
Residential
MLS# 24012582 / Active
Nestled in the serene town of Awendaw, this charming elevated cottage on over 3-acre deepwater lot, with covered dock on the intercoastal is a wond...
1207 Waterwood Drive
Goose Creek, SC 29445
Greenslake Condominiums
Residential
Located with close proximity to the Naval Weapons Station or 526. This spacious 3 Bedroom and 3 Bathroom unit is VA and FHA eligible and ready for ...
113 Fulmar Place
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 24012579 / Active
Welcome Home! This stunning Townhome boasts a main floor primary suite, adding convenience and luxury to your daily life. With soaring 2-story ceil...
24 Barre Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 24012578 / Active
In the heart of Harleston Village, 24 Barre Street offers the perfect blend of Luxury, convenience, location, and privacy, within walking distance ...
107 Dorchester Court
North Charleston, SC 29418
Archdale
Residential
MLS# 24012577 / Active
Great home located in very desirable Archdale Neighborhood!! 107 Dorchester Court is a 3 bed 2.5 bath home and offers a first floor master bedroom ...
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 05-19-2024 4:51 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.