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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41 Photos 5093 Cranesbill Way Johns Island, SC 29455

5093 Cranesbill Way
Johns Island, SC 29455
Sea Island Preserve
Residential

MLS# 23021697 / Active
4 br, 2 ba, 1 Half Bath, 2843 Sqft

Your dog called! She said you needed to check out this gorgeous Sea island Preserve, still-like-new, home. She's in love with the HUGE fully fenced... 

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$600,000
Provided courtesy of Infinity Realty
43 Photos
Open House: Sun Sep 24th, 12:00pm - 2:00pm
2007 Codorus Lane Hanahan, SC 29410

2007 Codorus Lane
Hanahan, SC 29410
Bowen
Residential

MLS# 23021693 / Active
3 br, 2 ba, 1 Half Bath, 2310 Sqft

It takes a village ...Bowens Village ! The Estuary is a unique upscale community tucked away in Hanahan's Tanner Plantation, no flood ins req. The ... 

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$569,900
Provided courtesy of ERA Wilder Realty
31 Photos 611 Silver Spruce Street Summerville, SC 29486

611 Silver Spruce Street
Summerville, SC 29486
Pine Hills
Residential

MLS# 23021690 / Active
5 br, 3 ba, 2556 Sqft

Welcome Home! Beautiful 2 story home offering 5 bedrooms and 3 full baths. Open concept floor plan on the first floor hosts an abundance of space f... 

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$440,000
Provided courtesy of Carolina One Real Estate
11 Photos 5105 St George Lane Hollywood, SC 29449

5105 St George Lane
Hollywood, SC 29449
Plantation At Stono Ferry
Residential

MLS# 23021689 / Active
4 br, 3 ba, 3358 Sqft

 

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$1,100,000
Provided courtesy of The Boulevard Company, LLC
26 Photos 4478 Kindlewood Drive Ladson, SC 29456

4478 Kindlewood Drive
Ladson, SC 29456
Woodside Manor
Residential

MLS# 23021688 / Active
4 br, 2 ba, 1149 Sqft

Welcome to 4478 Kindlewood Drive, a stunning single-story ranch home that has undergone a complete renovation, resulting in a modern and inviting l... 

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$299,500
Provided courtesy of RE/MAX Cornerstone Realty
59 Photos 734 Collette Street Charleston, SC 29412

734 Collette Street
Charleston, SC 29412
Clearview
Residential

MLS# 23021687 / Active
4 br, 3 ba, 2010 Sqft

Step into this fully renovated, move-in-ready gem with an inground pool that offers an open floor plan designed for seamless entertainment. This lo... 

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$889,900
Provided courtesy of Three Real Estate LLC
20 Photos 204 Pete Ewers Drive Summerville, SC 29483

204 Pete Ewers Drive
Summerville, SC 29483
Pinehill Acres
Residential

MLS# 23021685 / Active
4 br, 2 ba, 2700 Sqft

Welcome to this charming 2001 Merit Manufactured Home nestled in the heart of Summerville, SC, within the highly sought-after Dorchester II School ... 

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$289,500
Provided courtesy of Carolina One Real Estate
45 Photos 125 Daniels Ridge Drive Summerville, SC 29485

125 Daniels Ridge Drive
Summerville, SC 29485
The Bluffs At Ashley River
Residential

MLS# 23021684 / Active
4 br, 2 ba, 2488 Sqft

This gorgeous 1-Story home with a Bonus Room/4th Bedroom Upstairs is a must see! This home has too many upgrades to mention them all, be sure to r... 

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$460,000
Provided courtesy of Brand Name Real Estate
30 Photos
Open House: Sat Sep 30th, 8:00am - 7:30pm
402 Mountain Laurel Circle Goose Creek, SC 29445

402 Mountain Laurel Circle
Goose Creek, SC 29445
Liberty Village
Residential

MLS# 23021683 / Active
5 br, 3 ba, 2701 Sqft

This charming three-bedroom home is sure to please with its natural color palette, fresh interior paint, and partial flooring replacement in some a... 

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$457,000
Provided courtesy of Opendoor Brokerage, LLC
12 Photos 235 Shadybrook Drive Summerville, SC 29486

235 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021682 / Active
4 br, 2 ba, 1775 Sqft

Popular Ibis Model - our Single Story features 4 bdrms, 2 baths and showcases 9 ft smooth ceilings, Luxury Vinyl Plank Floors and with white cabine... 

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$375,465
Provided courtesy of CENTEX Homes
45 Photos 241 Sea Lavender Lane Summerville, SC 29486

241 Sea Lavender Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021681 / Active
2 br, 2 ba, 1550 Sqft

Welcome to your dream retirement home in the vibrant Cane Bay Del Webb 55+ gated community in Summerville! This meticulously maintained Pine Spring... 

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$385,000
Provided courtesy of Carolina Elite Real Estate
12 Photos 247 Shadybrook Drive Summerville, SC 29486

247 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021680 / Active
4 br, 2 ba, 1775 Sqft

Popular Ibis Model - our Single Story features 4 bdrms, 2 baths and showcases 9 ft smooth ceilings, Luxury Vinyl Plank Floors and a Bright, White-O... 

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$373,040
Provided courtesy of CENTEX Homes
19 Photos 60 Fenwick Hall Alley UNIT #2310 Johns Island, SC 29455

60 Fenwick Hall Alley UNIT #2310
Johns Island, SC 29455
Twelve Oaks
Residential

MLS# 23021678 / Active
1 br, 1 ba, 816 Sqft

Nestled among the oaks describes this conveniently located condo just over the Johns Island bridge, and just minutes to downtown and the beaches. ... 

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$250,000
Provided courtesy of The Boulevard Company, LLC
36 Photos 6137 Fieldstone Circle Charleston, SC 29414

6137 Fieldstone Circle
Charleston, SC 29414
Village Green
Residential

MLS# 23021676 / Active
4 br, 2 ba, 1 Half Bath, 2482 Sqft

A rare find in today's market, this home is pristine and perfectly poised for its next owner. Including 4 bedrooms and 2.5 bathrooms, everything ha... 

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$535,000
Provided courtesy of Carolina One Real Estate
27 Photos 102 Water Oak Drive Goose Creek, SC 29445

102 Water Oak Drive
Goose Creek, SC 29445
Woodland Heights
Residential

MLS# 23021674 / Active
4 br, 2 ba, 1262 Sqft

Welcome to this charming, single-story gem that has been meticulously renovated to offer you the epitome of modern comfort and style. With 4 bedroo... 

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$279,900
Provided courtesy of Brand Name Real Estate
25 Photos
Open House: Tomorrow 4:00pm - 6:00pm
166 Hidden Palms Boulevard Summerville, SC 29485

166 Hidden Palms Boulevard
Summerville, SC 29485
Hidden Palms
Residential

MLS# 23021673 / Active
3 br, 2 ba, 1 Half Bath, 1340 Sqft

Charming townhome available in the Hidden Palms community of Summerville, conveniently located behind Harris Teeter! The main floor boasts an open... 

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$229,987
Provided courtesy of Carolina One Real Estate
40 Photos 647 Ladywood Drive Summerville, SC 29486

647 Ladywood Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021672 / Active
3 br, 2 ba, 1616 Sqft

Pine Hills in Cane Bay, Summerville, South Carolina, offers a serene suburban lifestyle. Nestled amidst lush landscapes, it features elegant homes,... 

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$377,900
Provided courtesy of D R Horton Inc
40 Photos 673 Ladywood Drive Summerville, SC 29486

673 Ladywood Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021671 / Active
3 br, 2 ba, 1616 Sqft

Pine Hills in Cane Bay, Summerville, South Carolina, offers a serene suburban lifestyle. Nestled amidst lush landscapes, it features elegant homes,... 

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$380,900
Provided courtesy of D R Horton Inc
17 Photos 248 Shadybrook Drive Summerville, SC 29486

248 Shadybrook Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021670 / Active
4 br, 2 ba, 1 Half Bath, 2322 Sqft

Coastal living at it's BEST! Beautiful Rosella floorplan set on a tranquil POND homesite, offers 4 bedrooms 2.5 baths with flex space and a loft u... 

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$411,190
Provided courtesy of CENTEX Homes
40 Photos 907 Woodside Creek Lane Summerville, SC 29486

907 Woodside Creek Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 23021669 / Active
3 br, 2 ba, 1616 Sqft

Pine Hills in Cane Bay, Summerville, South Carolina, offers a serene suburban lifestyle. Nestled amidst lush landscapes, it features elegant homes,... 

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$378,900
Provided courtesy of D R Horton Inc
1 Photos 7736 Nellview Drive North Charleston, SC 29418

7736 Nellview Drive
North Charleston, SC 29418
Forest Hills
Residential

MLS# 23021668 / Active
3 br, 2 ba, 1032 Sqft

This charming ranch home is situated in the neighborhood of Forest Hills. When you walk through the front door, you are greeted with new luxury vin... 

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$249,900
Provided courtesy of Jeff Cook Real Estate
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 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 09-21-2023 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 2023 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2023 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 09-21-2023 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 :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.708.4488