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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18 Photos 5610 Chisolm Road Johns Island, SC 29455

5610 Chisolm Road
Johns Island, SC 29455

MLS# 19017760 / Active
4 br, 2 ba, 1 Half Bath, 3389 Sqft

Amazing opportunity to own a large estate on John's Island that boasts sweeping grand oaks and serene views of Church Creek. This home has been in... 

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Provided courtesy of Front Door Realty
42 Photos 107 Wynfield Forest Drive Summerville, SC 29485

107 Wynfield Forest Drive
Summerville, SC 29485

MLS# 19017570 / Active
5 br, 3 ba, 2600 Sqft

This beautiful home is located in Wynfield Forest, the new subsection of Buckshire. It was built in 2016 and loaded with upgrades. The kitchen has ... 

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Provided courtesy of Keller Williams Realty Charleston
22 Photos 488 Saint Andrews Boulevard Charleston, SC 29407

488 Saint Andrews Boulevard
Charleston, SC 29407

MLS# 19016840 / Active
3 br, 2 ba, 1492 Sqft

Perfect investor opportunity located a stone's throw from downtown Charleston. This property is graced with 2 beautiful Live Oaks and is essentiall... 

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Reduced -$10,000
Provided courtesy of Marshall Walker Real Estate
13 Photos 1295 White Tail Path Charleston, SC 29414

1295 White Tail Path
Charleston, SC 29414
Hunt Club Phase II

MLS# 19015773 / Active
4 br, 2 ba, 1 Half Bath, 2643 Sqft

Gorgeous home on a pond lot adjacent to a wooded area in the prestigious Hunt Club subdivision. The lot is configured to provide extra space from t... 

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Provided courtesy of Carolina One Real Estate
20 Photos 164 Balsam Circle Summerville, SC 29485

164 Balsam Circle
Summerville, SC 29485
Madison Ridge

MLS# 19014708 / Active
5 br, 2 ba, 1 Half Bath, 2310 Sqft

A 5-Bedroom Gem with spacious sought after Master Bedroom with separate shower/tub with dual vanities on the main level. Upgraded Kitchen with a w... 

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Provided courtesy of The Elite Realty Group of SC, LLC
32 Photos 453 Foxbank Plantation Boulevard Moncks Corner, SC 29461

453 Foxbank Plantation Boulevard
Moncks Corner, SC 29461
Foxbank Plantation

MLS# 19010000 / Active
3 br, 2 ba, 1 Half Bath, 2016 Sqft

Welcome to Foxbank Plantation. This two-story home features an open living space with fireplace and separate flex room/dining room. The kitchen boa... 

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Provided courtesy of RE/MAX Cornerstone Realty
60 Photos 1906 Park Rd Moncks Corner, SC 29461

1906 Park Rd
Moncks Corner, SC 29461

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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Provided courtesy of Jeff Cook Real Estate LLC
23 Photos 5886 Ryans Bluff Road North Charleston, SC 29418

5886 Ryans Bluff Road
North Charleston, SC 29418
Covington Hills

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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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

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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Reduced -$20,000
Provided courtesy of Coldwell Banker Residential Brokerage
35 Photos 1704 Hopeman Lane Mount Pleasant, SC 29466

1704 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National

MLS# 18022328 / Active
2 br, 2 ba, 1 Half Bath, 1920 Sqft

This is a Short Sale, subject to 3rd party approval and being sold ''As Is''. Home is no longer staged; however, it is a beautiful townhome tucked ... 

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Provided courtesy of Carolina One Real Estate
1 Photos 2465 The Haul Over Johns Island, SC 29455

2465 The Haul Over
Johns Island, SC 29455
Seabrook Island

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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Provided courtesy of Harbins Two, Inc
30 Photos 5804 Palmetto Drive Isle Of Palms, SC 29451

5804 Palmetto Drive
Isle Of Palms, SC 29451
Wild Dunes

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


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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 06-19-2019 6:05 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 06-19-2019 6:05 PM EST est.

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