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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45 Photos 130 River Landing Drive Charleston, SC 29492

130 River Landing Drive
Charleston, SC 29492
Daniels Landing
Residential

MLS# 19011145 / Active
3 br, 2 ba, 1440 Sqft

This is an Outstanding SHORT SALE Opportunity to Purchase a Move-in Ready 3BR/2BA End Unit Condo in the Popular Community of Daniels Landing on Dan... 

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$249,900
Provided courtesy of Keller Williams Realty Charleston
22 Photos 136 Netherfield Drive Summerville, SC 29486

136 Netherfield Drive
Summerville, SC 29486
Carriage Lane
Residential

MLS# 19008643 / Active
4 br, 2 ba, 1 Half Bath, 2271 Sqft

*** SHORTSALE***This home is on QUIET CUL-DE-SAC with HUGE Corner lot and fully FENCED back yard in SUMMERVILLE. The the home boasts 4 bedrooms an... 

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$239,999
Provided courtesy of Brand Name Real Estate
23 Photos 130 River Landing Drive Charleston, SC 29492

130 River Landing Drive
Charleston, SC 29492
Daniels Landing
Residential

MLS# 19008124 / Active
2 br, 2 ba, 1291 Sqft

** NEW PRICING ** THIS UNIT/BUILDING HAS MARSH VIEWS SO MAKE SURE TO PAY ATTENTION CLOSELY! ESPECIALLY WITH OUR ATTRACTIVE ASKING PRICE! IT'S AN ... 

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$240,000
Reduced -$10,000
Provided courtesy of Fred Holland Realty
30 Photos 2435 Woodstock Avenue North Charleston, SC 29406

2435 Woodstock Avenue
North Charleston, SC 29406
Northwoods Villas
Residential

MLS# 19006779 / Active
2 br, 1 ba, 1 Half Bath, 1250 Sqft

This beautiful 2 bedroom, 1 Full and 1 Half bath END-UNIT townhouse on a cul-de-sac in Northwoods Villas is conveniently located to shopping, resta... 

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$89,900
Provided courtesy of Johnson & Wilson Real Estate Co LLC
60 Photos 1906 Park Rd Moncks Corner, SC 29461

1906 Park Rd
Moncks Corner, SC 29461
Pimlico
Residential

MLS# 19005531 / Active
6 br, 4 ba, 4695 Sqft

**Amazing opportunity** This unique 6 bedroom, 4 bathroom home is nestled on a large 0.76-acre lot in the quiet and historic neighborhood of Pimli... 

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$500,000
Provided courtesy of Jeff Cook Real Estate LLC
1 Photos 113 Bradd Street Summerville, SC 29483

113 Bradd Street
Summerville, SC 29483
Corey Woods
Residential

MLS# 19004995 / Active
4 br, 3 ba, 1938 Sqft

This home is in a great location! Close to Dorchester 2 schools, shopping and more! It is an as is sale, short sale so it will take some time to cl... 

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$175,000
Provided courtesy of AgentOwned Premiere Group
23 Photos 2229 Asheford Drive Charleston, SC 29414

2229 Asheford Drive
Charleston, SC 29414
Asheford Place At Canterbury Woods
Residential

MLS# 19000986 / Active
3 br, 2 ba, 1282 Sqft

Located in Canterbury Woods, you will be close to schools, shopping, and restaurants! Walking in you are greeted by hardwood floors, vaulted ceilin... 

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$210,000
Reduced -$20,000
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
Reduced -$20,000
Provided courtesy of AgentOwned Premiere Group
23 Photos 5886 Ryans Bluff Road North Charleston, SC 29418

5886 Ryans Bluff Road
North Charleston, SC 29418
Covington Hills
Residential

MLS# 18027738 / Active
3 br, 3 ba, 3312 Sqft

3 bedroom, 3 bathroom, 1 story home. Spacious eat-in kitchen with breakfast bar, walk-in pantry and wet bar. LARGE formal dining room and family... 

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$250,000
Reduced -$15,000
Provided courtesy of Carolina One Real Estate
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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$359,000
Reduced -$10,000
Provided courtesy of Coldwell Banker Residential Brokerage
56 Photos 7660 Blue House Lane Edisto Island, SC 29438

7660 Blue House Lane
Edisto Island, SC 29438
Blue House Plantation
Residential

MLS# 18025471 / Active
6 br, 3 ba, 2901 Sqft

The Islands at Blue House - exquisite, ever changing views of wildlife, the creek, marsh,& N. Edisto from your classic lowcountry home nestled in a... 

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$699,000
Reduced -$20,000
Provided courtesy of Edisto Sales & Rentals Realty
1 Photos 2465 The Haul Over Johns Island, SC 29455

2465 The Haul Over
Johns Island, SC 29455
Seabrook Island
Residential

MLS# 18018610 / Active
3 br, 2 ba, 1 Half Bath, 2514 Sqft

Easy to show! Home needs updates, but in a great location in Seabrook Island. Back porch looks over an Egret estuary and has views of the golf cour... 

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$465,000
Reduced -$30,000
Provided courtesy of Harbins Two, Inc
31 Photos 5208 Mulholland Drive Summerville, SC 29485

5208 Mulholland Drive
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 18017321 / Active
4 br, 2 ba, 1 Half Bath, 2370 Sqft

***APPROVED SHORT SALE PRICE***Priced $20k under recent appraisal!! Great home in the desirable Birkdale subsection of Wescott Plantation. As you e... 

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$255,000
Increase +$10,000
Provided courtesy of Keller Williams Realty Charleston
4 Photos 2945 Cathedral Lane Charleston, SC 29414

2945 Cathedral Lane
Charleston, SC 29414
Old Towne Villas
Residential

MLS# 18013825 / Active
3 br, 2 ba, 1 Half Bath, 2089 Sqft

End unit Townhome located just off of the golf course. Home is conveniently located near hospitals, West Ashley High School, restaurants, grocery s... 

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$185,000
Reduced -$10,000
Provided courtesy of Harbins Two, Inc
17 Photos 7144 Sweet Grass Boulevard Hanahan, SC 29410

7144 Sweet Grass Boulevard
Hanahan, SC 29410
Tanner Plantation
Residential

MLS# 18005062 / Active
3 br, 2 ba, 1 Half Bath, 1626 Sqft

Very nice 3 BR 2.5 bath home in the highly sought after Hanahan area. Larger open floorplan perfect for the growing family. Large MBR with separa... 

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$226,000
Provided courtesy of AgentOwned Premiere Group
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

PRE-APPROVED SHORT SALE! !!!FURNISHED END UNIT WITH GREAT RENTAL HISTORY. THERE IS A WRAP AROUND PRIVATE BALCONY THAT HAS VIEWS OF THE POND AND CO... 

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$550,000
Reduced -$12,000
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 04-19-2019 8:00 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 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 04-19-2019 8:00 AM 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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With nearly 1000 agents, I will share your homes as a "coming soon" offering in our private Facebook group. Your home will be exposed to all of the buyers Carolina One agents are working with and will sell your home faster, and for more money... and this may even happen before it is placed on the market.

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Multiple Listing Service

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