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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110 Conquerors Lane
Moncks Corner, SC 29461
Highways 17-a / Old 52 / New 52
Residential

MLS# 18014515 / Active Contingent
4 br, 2 ba, 1432 sqft

Outstanding Opportunity to Own a SHORT SALE 4BR/2BA on .78 Acres in Moncks Corner with Easy Access to S Live Oak & Old Whitesville Road. Priced to ... 

More Details

$110,000
Provided courtesy of Keller Williams Realty Charleston

34 Burnt Mills Road
Goose Creek, SC 29445
Willowbrook
Residential

MLS# 18014024 / Active
3 br, 2 ba, 1066 sqft

THIS IS A SHORT SALE WITH AN APPROVED LIST PRICE. Nice 3 bedroom, 2 bath home. Ranch style. Ceramic and hardwood flooring. Needs a little TLC. P... 

More Details

$119,900
Provided courtesy of Stepping Stone Realty, Inc

7210 Mossy Creek Lane
Hanahan, SC 29410
Tanner Plantation
Residential

MLS# 18014018 / Active
4 br, 2 ba, 2 half bath, 2420 sqft

This is a special home with wonderful Charleston curb appeal. Three covered porches, 10 foot ceilings downstairs, 9 ft upstairs, open floor plan, b... 

More Details

$399,900
Provided courtesy of AgentOwned Preferred Group

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... 

More Details

$195,000
Provided courtesy of Harbins Two, Inc

4293 Club Course Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential

MLS# 18013491 / Active Contingent
5 br, 3 ba, 1 half bath, 3972 sqft

Home priced to sell. This is a Wonderful Opportunity, a Great Deal, Great Neighborhood and its ready for your family's touch. The home is priced ac... 

More Details

$339,000
Provided courtesy of Brand Name Real Estate

181 Blackwater Way
Moncks Corner, SC 29461
Fairmont South
Residential

MLS# 18013031 / Active
4 br, 2 ba, 1 half bath, 2891 sqft

Located in the heart of Moncks Corner, you will be close to schools, shopping, and restaurants! Walking in you are greeted by smooth ceilings, crow... 

More Details

$255,000
Provided courtesy of RE/MAX Alliance

4437 Clovewood Street
Ladson, SC 29456
Woodside Manor
Residential

MLS# 18012640 / Active
4 br, 2 ba, 1 half bath, 1480 sqft

Great opportunity for investor or owner with some vision. Home is HANDY MAN special, but with a little sweat equity, can easily be turned into a re... 

More Details

$79,900
Provided courtesy of BHHS Southern Coast Real Estate

193 Golf View Lane
Summerville, SC 29485
Highlands Of Legend Oaks
Residential

MLS# 18012628 / Active Contingent
2 br, 2 ba, 1550 sqft

Make this beautiful, like new construction your home! Everything throughout the entire townhome is new; flooring, paint, fixtures, appliances, and ... 

More Details

$165,000
Provided courtesy of CRP Real Estate LLC

2068 Ashburton Way
Mount Pleasant, SC 29466
Park West
Residential

MLS# 18012078 / Active
6 br, 4 ba, 1 half bath, 4859 sqft

Gorgeous Waterfront property on Toomer Creek with beautiful views. Golf course across the creek enhances the view and privacy in this serene locati... 

More Details

$1,250,000
Provided courtesy of Carolina One Real Estate

6231 Rolling Fork Road
North Charleston, SC 29406
Woodhill Place
Residential

MLS# 18011968 / Active
2 br, 2 ba, 922 sqft

Not far from Boeing, Navy Weapons Station, and Trident college. Screened in porch, fireplace, and high ceilings. Great opportunity. Needs carpet ... 

More Details

$75,000
Provided courtesy of BIG Realty, LLC

206 Oxford Way
Summerville, SC 29486
Sangaree
Residential

MLS# 18010733 / Active Contingent
3 br, 2 ba, 1056 sqft

This 3 bedroom, 2 bathroom home is located in Sangaree, close to I-26 and the new Nexton Square development, great location! The living areas have ... 

More Details

$120,000
Provided courtesy of Palm Realty Group, llc

328 Whispering Breeze Lane
Summerville, SC 29483
Cane Bay Plantation
Residential

MLS# 18010261 / Active
4 br, 2 ba, 1 half bath, 2744 sqft

Don't wait for new construction!!! Welcome Home!!! This beautiful four bedroom two and a half bath home sits on a corner lot with scenic views. Thi... 

More Details

$309,900
Reduced -$10,000
Provided courtesy of Carolina One Cane Bay/ Nexton

287 Decatur Drive
Summerville, SC 29483
Cane Bay Plantation
Residential

MLS# 18009781 / Active
4 br, 3 ba, 1 half bath, 2379 sqft

This is a short sale with tenants in place until July 29 2018. 

More Details

$229,000
Provided courtesy of Carolina One Real Estate

406 Clarine Drive
Goose Creek, SC 29445
Boulder Bluff
Residential

MLS# 18009293 / Active Contingent
3 br, 1 ba, 1 half bath, 1037 sqft

This is a short sale. Home needs extensive work. Lots of items in back yard that need to be removed. It has a 3br/1.5 bath. 

More Details

$80,000
Provided courtesy of Brand Name Real Estate

7144 Sweet Grass Boulevard
Hanahan, SC 29410
Tanner Plantation
Residential

MLS# 18005062 / Active
3 br, 2 ba, 1 half bath, 1577 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... 

More Details

$244,100
Reduced -$100
Provided courtesy of AgentOwned Premiere Group

2152 Summerwood Drive
Mount Pleasant, SC 29466
Planters Pointe
Residential

MLS# 18004970 / Active Contingent
4 br, 3 ba, 2435 sqft

Fantastic value in one of Mt. Pleasant's most sought-after neighborhoods. This is an approved short sale. This 4-bedroom, 3 full bath home has 243... 

More Details

$385,000
Reduced -$4,000
Provided courtesy of Carolina One Real Estate

4210 Club Course Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential

MLS# 18003617 / Active
4 br, 4 ba, 3761 sqft

Quality-built ONE-STORY home with large bonus room over the 3-CAR GARAGE! A fabulous lot on the pond and 7th fairway of the award-winning Coosaw Cr... 

More Details

$515,000
Provided courtesy of Carolina Elite Real Estate

8732 E Fairway Woods Circle
North Charleston, SC 29420
Coosaw Creek Country Club
Residential

MLS# 18002627 / Active Contingent
4 br, 3 ba, 1 half bath, 3294 sqft

4 bedroom & 3.5 Bedroom home w/Pool in gated Coosaw Creek Country Club. Great floor plan. Featuring Hardwood Floors thru out the downstairs and har... 

More Details

$315,000
Provided courtesy of Carolina One Real Estate

103 River Oak Court
Moncks Corner, SC 29461
Durham Landing
Residential

MLS# 18001915 / Active Contingent
4 br, 3 ba, 1 half bath, 2648 sqft

Approved Short Sale! Absolute Bargain! Unbelievable price! This beautiful custom brick home is priced low and firm for your pre-approved buyer who ... 

More Details

$374,900
Provided courtesy of Keller Williams Realty Charleston

108 Alan Court
Summerville, SC 29485
Greenhurst
Residential

MLS# 18000395 / Active Contingent
4 br, 1 ba, 1 half bath, 1138 sqft

Ton of potential with this 4 bedroom 2 bath home. Located in DD 2 school zone on a quite cul-de-sac. Large eat-in kitchen, huge fenced backyard, an... 

More Details

$100,000
Provided courtesy of AgentOwned Premiere Group

7660 Blue House Lane
Edisto Island, SC 29438
Deepwater
Residential

MLS# 17033608 / 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... 

More Details

$850,000
Provided courtesy of Edisto Sales & Rentals 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 05-26-2018 10:00pm 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 2018 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2018 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 05-26-2018 10:00pm 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.


This real estate website and IDX data is hosted by Dynamic IDX, LLC

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