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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1 Photos 4696 Sidneys Road Walterboro, SC 29488

4696 Sidneys Road
Walterboro, SC 29488
Residential

MLS# 19033660 / Active
3 br, 2 ba, 1440 Sqft

Home is sold as a short sale, any offer on this property is contingent upon approval from the Lien Holder. No property disclosure will be provid... 

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$68,150
Provided courtesy of RE/MAX All Country
1 Photos 213 Rifle Lane Moncks Corner, SC 29461

213 Rifle Lane
Moncks Corner, SC 29461
Kitfield Westend Mitton Road
Residential

MLS# 19033438 / Active
4 br, 2 ba, 2280 Sqft

This is amazing home located in the town of Moncks Corner. Nice spacious yard with wooded buffers from your neighbors. 4 bedrooms 2 bathroom home w... 

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$229,980
Provided courtesy of The Group, LLC
15 Photos 247 Stefan Drive Charleston, SC 29412

247 Stefan Drive
Charleston, SC 29412
Riverland Place
Residential

MLS# 19032868 / Active
2 br, 1 ba, 1 Half Bath, 1020 Sqft

 

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$185,000
Provided courtesy of Marshland Realty
15 Photos 120 Longford Drive Summerville, SC 29483

120 Longford Drive
Summerville, SC 29483
Wentworth Hall
Residential

MLS# 19032400 / Active
3 br, 2 ba, 1 Half Bath, 1720 Sqft

This charming gem is nestled in Wentworth Hall and waiting for you to call home if you are looking for an affordable home located in Dorchester Dis... 

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$220,000
Provided courtesy of Keller Williams Realty Charleston
10 Photos 1232 Chicorie Way Charleston, SC 29412

1232 Chicorie Way
Charleston, SC 29412
Quail Run
Residential

MLS# 19028785 / Active
3 br, 2 ba, 1236 Sqft

Own a home in Quail Run in James Island! Lots of potential in this 3 bedroom home with separate dining, kitchen and family room. New roof 2015. T... 

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$275,000
Reduced -$12,000
Provided courtesy of Charleston Homes
11 Photos 1155 Braddock Avenue North Charleston, SC 29405

1155 Braddock Avenue
North Charleston, SC 29405
North Charleston
Residential

MLS# 19026349 / Active
4 br, 3 ba, 1908 Sqft

***Pre-Approved Short Sale***Price is reflective of need for roof, electrical, plumbing and HVAC repairs. Property will be SOLD AS IS. Cash or re... 

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$245,000
Reduced -$5,000
Provided courtesy of Coldwell Banker Residential Brokerage
32 Photos 163 Hickory Ridge Way Summerville, SC 29483

163 Hickory Ridge Way
Summerville, SC 29483
Hickory Ridge
Residential

MLS# 19022904 / Active
5 br, 2 ba, 1 Half Bath, 2658 Sqft

** NOW AVAILABLE *** GORGEOUS TURNKEY ONE OWNER HOME IN A HIGH DEMAND AREA AND PRICED TO SELL! OPPORTUNITIES LIKE THIS DONT COME AROUND OFTEN! *** ... 

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$250,000
Reduced -$10,000
Provided courtesy of Fred Holland Realty
25 Photos 8750 Pitchfork Lane Summerville, SC 29485

8750 Pitchfork Lane
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 19016332 / Active
3 br, 2 ba, 1 Half Bath, 1960 Sqft

Located in charming Wescott Plantation, you will be close to schools, shopping, and restaurants! Walking in you are greeted by smooth ceilings, a c... 

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$199,900
Reduced -$12,100
Provided courtesy of RE/MAX Alliance
1 Photos 710 Rutledge Avenue Charleston, SC 29403

710 Rutledge Avenue
Charleston, SC 29403
Residential

MLS# 18028655 / Active
4 br, 1 ba, 1 Half Bath, 1800 Sqft

Prime Location! Dowtown Charleston minutes from MUSC, Roper,The Citadel, Hampton Park, shopping, and the beaches. Home needs some work but has a l... 

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$380,000
Provided courtesy of AgentOwned Premiere Group
17 Photos 164 Palm Cove Way Mount Pleasant, SC 29466

164 Palm Cove Way
Mount Pleasant, SC 29466
Dunes West
Residential

MLS# 18027640 / Active
2 br, 2 ba, 1 Half Bath, 2175 Sqft

This exquisitely upgraded townhome, located in the exclusive Dunes West gated community has MARSH VIEWS from nearly every window making it a privat... 

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$320,500
Reduced -$8,500
Provided courtesy of Coldwell Banker Residential Brokerage
30 Photos 5804 Palmetto Drive Isle Of Palms, SC 29451

5804 Palmetto Drive
Isle Of Palms, SC 29451
Wild Dunes
Residential

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

PREAPPROVED SHORT SALE--QUICK CLOSING POSSIBLE !!! FURNISHED END UNIT WITH GREAT RENTAL HISTORY. THERE IS A WRAP AROUND PRIVATE BALCONY THAT HAS V... 

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$473,000
Increase +$24,000
Provided courtesy of Carroll Realty
Residential, Land, Other Disclaimer:

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 12-13-2019 6:04 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 2019 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2019 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 12-13-2019 6:04 PM EST 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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