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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3292 Queensgate Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019699 / Active
Completely renovated and move-in ready! This beautifully updated 1,300 sq. ft. duplex offers modern finishes, low-maintenance living, and an unbeat...
1837 Sundancer Lane
Goose Creek, SC 29445
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Residential
MLS# 26019698 / Active
Welcome to 1837 Sundancer Lane, Goose Creek, SC 29445, an exceptional 4 bedroom, 2 bath residence nestled on a quiet cul de sac in the highly desir...
1667 Wading Heron Road
Charleston, SC 29412
Riverfront
Residential
MLS# 26019697 / Active
Welcome to your opportunity to own a beautifully designed new construction home overlooking a peaceful pond. This elevated Lowcountry residence off...
113 Grimball Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019696 / Active
Welcome to 113 Grimball Street, a beautifully appointed 2022 Toll Brothers Camelia floor plan that perfectly blends Lowcountry charm with modern lu...
4 Garth Drive
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26019694 / Active
Welcome to 4 Garth Drive, tucked away on a quiet cul-de-sac in the highly sought-after Shadowmoss Plantation, West Ashley`s only golf course commun...
106 Laurels Curve
Summerville, SC 29485
Irongate
Residential
MLS# 26019693 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Welcome to this inviting home in the established Irongate ...
266 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26019692 / Active
October Completion. Step into the Meriwether plan-- This spacious layout features 4 bedrooms + Loft, 3 bathrooms, a flexible loft, and an open-conc...
11 Captiva Row
Charleston, SC 29407
Ashley Hall Plantation
Residential
MLS# 26019691 / Active
Welcome to 11 Captiva Row! This beautifully maintained Colonial brick estate is a hidden gem nestled within the serene and highly sought-after Ashl...
3925 Lybrand Street
Edisto Island, SC 29438
Beach Walk
Residential
MLS# 26019690 / Active
Experience coastal living at its finest in this beautifully positioned 4-bedroom, 3.5-bath marsh front home, perfectly situated just moments from t...
165 Clydesdale Circle
Summerville, SC 29486
Mackey Farms
Residential
MLS# 26019689 / Active
Welcome to a premium corner lot in the desirable Mackey Farms community. Situated beside a peaceful pond, this property offers exceptional privacy ...
4990 Paddy Field Way
Ladson, SC 29456
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Residential
MLS# 26019687 / Active
Fantastic opportunity to own a 4 bedroom home with beautiful pond views from the kitchen, living room and master bedroom. This home offers a wide o...
2 McDonough Road UNIT Unit C-11
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 26019686 / Active
Welcome to Mariners Cay Marina! Located on the Folly River. Private and gated with easy access to Lighthouse inlet, Kiawah/Seabrook, Morris Island,...
3009 Doar Road
Awendaw, SC 29429
Residential
MLS# 26019685 / Active
Set within the serene location of Doar Creek, this thoughtfully designed Proposed Construction Julian floor plan offers refined living on a spaciou...
940 E Estates UNIT Unit 5l
Charleston, SC 29414
Longbranch
Residential
MLS# 26019684 / Active
Tucked away on a quiet cul-de-sac in the desirable LongBranch Point community, this townhome-style condo offers comfortable, low-maintenance living...
1574 Charming Nancy Road
Charleston, SC 29412
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Residential
MLS# 26019683 / Active
Experience the perfect blend of Lowcountry elegance and modern luxury in this exceptional custom home, built just three years ago and ideally situa...
677 Buckhall Court UNIT Unit C
Mount Pleasant, SC 29464
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Residential
MLS# 26019679 / Active
Welcome to BayTree, one of South Mount Pleasant`s best-kept secrets, where an unbeatable location meets exceptional flexibility. Tucked away on a q...
1019 Plantation Court
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26019677 / Active
Rare opportunity in the highly desirable Snee Farm Country Club! This Charleston Single-style home is ready for a complete transformation and offer...
361 Glide Slope Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26019675 / Active
ESTIMATED COMPLETION January 2027! Beautiful Wando floor plan with loft offering exceptional space and functionality. The first floor features a sp...
127 Cozy Nest Way
Summerville, SC 29483
Mallard Crossing
Residential
MLS# 26019673 / Active
Welcome to 127 Cozy Nest Way, located in the desirable Mallard Crossing community in Summerville. You`re just 8 minutes from Nexton Square, 12 minu...
8203 Jack Island
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26019672 / Active
Designed to flow as naturally as the tides that shape the Lowcountry, this thoughtfully crafted residence at Kiawah River offers a seamless connect...
106 Macy Circle
Goose Creek, SC 29445
Persimmon Hill Townhouses
Residential
MLS# 26019671 / Active
Beautifully updated 2 bedroom, 1.5 bath townhome in Persimmon Hill, ideally located in Goose Creek near shopping and dining. Step inside to fresh p...
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