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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Displaying results 1-21 of 3358
58 Photos 1068 Sago Palm Court Mount Pleasant, SC 29429

1068 Sago Palm Court
Mount Pleasant, SC 29429
Bees Crossing
Residential

MLS# 24015481 / Active
4 br, 2 ba, 1 Half Bath, 2666 Sqft

No need to wait for new construction with this nearly new home in the sought after area of Mount Pleasant. Lots of privacy as the neighborhood wate... 

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$725,000
Provided courtesy of Hayden Jennings Properties
19 Photos 1662 Pierpont Avenue Charleston, SC 29414

1662 Pierpont Avenue
Charleston, SC 29414
Pierpont
Residential

MLS# 24015480 / Active
3 br, 2 ba, 1270 Sqft

Discover the charm of 1662 Pierpont Avenue nestled in the heart of West Ashley! This delightful residence offers an inviting open floor plan with s... 

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$450,000
Provided courtesy of The Pulse Charleston
38 Photos 122 Diploma Drive Ladson, SC 29456

122 Diploma Drive
Ladson, SC 29456
Eagle Run
Residential

MLS# 24015479 / Active
3 br, 2 ba, 1218 Sqft

Unwind and embrace the ease of single-story living in this charming modern ranch home. Vaulted ceilings and expansive windows bathe the entire livi... 

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$318,000
Provided courtesy of Carolina One Real Estate
10 Photos 2494 Etiwan Avenue UNIT 11k Charleston, SC 29414

2494 Etiwan Avenue UNIT 11k
Charleston, SC 29414
Melrose Park Townhomes
Residential

MLS# 24015478 / Active
2 br, 1 ba, 1 Half Bath, 924 Sqft

This condo is in a prime location, just minutes from downtown, restaurants, shopping, and I-526. The downstairs features a galley kitchen, half bat... 

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$184,900
Provided courtesy of Brand Name Real Estate
48 Photos 1603 Dickens Street Charleston, SC 29407

1603 Dickens Street
Charleston, SC 29407
Charlestowne Estates III
Residential

MLS# 24015477 / Active
4 br, 2 ba, 2300 Sqft

Location, Location, Location AND a spacious well maintained house.Approximate Mileage to the following:6.4 miles to Downtown Charleston13.5 miles t... 

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$625,000
Provided courtesy of Brand Name Real Estate
43 Photos 1421 Roustabout Way Charleston, SC 29414

1421 Roustabout Way
Charleston, SC 29414
Boltons Landing
Residential

MLS# 24015476 / Active
4 br, 2 ba, 1 Half Bath, 2594 Sqft

Come live in a true Charleston Single-style home in a fabulous community in West Ashley!1421 Roustabout Way has amazing double front porches to wel... 

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$555,000
Provided courtesy of Keller Williams Realty Charleston West Ashley
50 Photos 6240 April Pine Circle UNIT B North Charleston, SC 29406

6240 April Pine Circle UNIT B
North Charleston, SC 29406
Woodhill Place
Residential

MLS# 24015475 / Active
2 br, 2 ba, 1 Half Bath, 1238 Sqft

This is a wonderful 2 story townhouse style condo. Only one of just a few in this neighborhood. This home has LVP flooring downstairs. The kitchen ... 

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$204,900
Provided courtesy of RE/MAX Coast & Island
27 Photos 4606 River Run Court North Charleston, SC 29420

4606 River Run Court
North Charleston, SC 29420
Appian Landing
Residential

MLS# 24015472 / Active
4 br, 2 ba, 1712 Sqft

A property at $310k in Appian Landing North Charleston! Come check out this 4 bedroom 2 bath 1712 sqft home. LARGE lot on a Cul-De-Sac with a deck ... 

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$310,000
Provided courtesy of EXP Realty LLC
43 Photos 1218 Michelle Lane Johns Island, SC 29455

1218 Michelle Lane
Johns Island, SC 29455
Johns Island
Residential

MLS# 24015470 / Active
3 br, 2 ba, 2163 Sqft

Welcome to The Heritage floorplan by Schumacher Homes on Johns Island, SC--a quintessential embodiment of single-story living designed for modern c... 

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$669,930
Provided courtesy of Three Real Estate LLC
26 Photos 171 Parkwood Circle Walterboro, SC 29488

171 Parkwood Circle
Walterboro, SC 29488
Residential

MLS# 24015466 / Active
4 br, 2 ba, 2388 Sqft

Experience the epitome of Lowcountry living under the majestic oak trees in beautiful South Carolina. This charming brick ranch home exudes classic... 

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$280,000
Provided courtesy of Keller Williams Realty Charleston
26 Photos 128 Wateree Drive Santee, SC 29142

128 Wateree Drive
Santee, SC 29142
Santee Cooper Resort
Residential

MLS# 24015465 / Active
3 br, 2 ba, 1910 Sqft

Beautiful brick home in Gated Community with Golf Course on Lake Marion. Home has plenty of room for a large family. First floor is Foyer, family r... 

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$419,000
Provided courtesy of Premier Properties of the Carolinas
37 Photos 102 Torry Pines Drive Summerville, SC 29483

102 Torry Pines Drive
Summerville, SC 29483
Pine Forest Country Club
Residential

MLS# 24015464 / Active
4 br, 2 ba, 2040 Sqft

WELCOME HOME TO THIS WELL MAINTAINED ONE STORY PROPERTY IN PINE FOREST COUNTY CLUB! NEW VYNAL PLANK FLOORING - MAY 2024 -NEW ROOF INSTALLED JUNE 20... 

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$429,999
Provided courtesy of Miler Properties, Inc.
44 Photos 106 Tortoise Street Summerville, SC 29483

106 Tortoise Street
Summerville, SC 29483
The Ponds
Residential

MLS# 24015463 / Active
4 br, 3 ba, 1 Half Bath, 3680 Sqft

At just under 3700 square feet and on a near quarter acre lot, this home is priced to move! Pristinely maintained, boat storage in its 3 car garage... 

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$590,000
Provided courtesy of Carolina Elite Real Estate
61 Photos 216 Darcy Avenue Goose Creek, SC 29445

216 Darcy Avenue
Goose Creek, SC 29445
Persimmon Hill Townhouses
Residential

MLS# 24015461 / Active
4 br, 3 ba, 1 Half Bath, 2583 Sqft

Double master bedrooms!! TWO living rooms, a loft, garage, deck, and plentiful storage!! This is one of the best deals on the market right now. End... 

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$325,000
Provided courtesy of Keller Williams Realty Charleston West Ashley
50 Photos 1203 Rivers Reach Drive Wando, SC 29492

1203 Rivers Reach Drive
Wando, SC 29492
River Reach Pointe
Residential

MLS# 24015460 / Active
4 br, 2 ba, 1 Half Bath, 2782 Sqft

If you are currently looking for your dream home that is literally steps from the Wando River with community dock access, look no further. There ar... 

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$875,000
Provided courtesy of Highgarden Real Estate
44 Photos 1004 Marsh Grass Way UNIT C Charleston, SC 29492

1004 Marsh Grass Way UNIT C
Charleston, SC 29492
The Peninsula
Residential

MLS# 24015459 / Active
4 br, 3 ba, 1 Half Bath, 1704 Sqft

Welcome to The Peninsula. This move-in ready condo offers an exceptional blend of modern elegance and comfortable living. Boasting 4 bedrooms, 3.5 ... 

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$419,000
Provided courtesy of Matt O'Neill Real Estate
66 Photos 402 Coastal Bluff Way Summerville, SC 29486

402 Coastal Bluff Way
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24015457 / Active
4 br, 4 ba, 3464 Sqft

Discover an unparalleled opportunity to own a stunning home in the prestigious 55+ community of Del Webb in Summerville. This beautifully appointed... 

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$639,000
Provided courtesy of Matt O'Neill Real Estate
44 Photos 426 Omaha Drive Moncks Corner, SC 29461

426 Omaha Drive
Moncks Corner, SC 29461
The Paddock At Fairmont South
Residential

MLS# 24015455 / Active
5 br, 3 ba, 1 Half Bath, 2500 Sqft

Welcome to The Paddocks at Fairmont South! This meticulously crafted 5 bedroom, 3.5 bath home is ready for you to move in! This spacious home offer... 

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$450,000
Provided courtesy of Carolina One Real Estate
57 Photos 102 Waterfront Plantation Drive Charleston, SC 29412

102 Waterfront Plantation Drive
Charleston, SC 29412
Waterfront Plantation
Residential

MLS# 24015454 / Active
3 br, 3 ba, 1 Half Bath, 2300 Sqft

Elegant waterfront living situated on a high James Island bluff (no flood insurance required). Waterfront Plantation is a luxurious deep-water comm... 

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$1,525,000
Provided courtesy of John Poston & Company, Inc.
36 Photos 7827 Expedition Drive North Charleston, SC 29420

7827 Expedition Drive
North Charleston, SC 29420
Colony North
Residential

MLS# 24015453 / Active
4 br, 3 ba, 2789 Sqft

Gorgeous 4-Bedroom Home - Perfect for Families and Entertainers! Welcome to your dream home! This beautiful 4-bedroom, 3-bathroom gem, located just... 

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$409,900
Provided courtesy of Coldwell Banker Realty
30 Photos 3509 Ashwycke Street Mount Pleasant, SC 29466

3509 Ashwycke Street
Mount Pleasant, SC 29466
Berkleigh At Park West
Residential

MLS# 24015451 / Active
3 br, 2 ba, 1 Half Bath, 1950 Sqft

Welcome to your new home at 3509 Ashwycke Street in the heart of Park West. This two story, 3 bedroom/2.5 bathroom home with 2 car garage is set on... 

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$650,000
Provided courtesy of Carolina One Real Estate
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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 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 06-18-2024 8:03 AM 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.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 06-18-2024 8:03 AM EST est.

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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
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Don’t worry... this is not set in stone :)
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Call: 914.771.1490
Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
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Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.300.7021