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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26 Photos 107 Hawthorne Landing Drive Goose Creek, SC 29445

107 Hawthorne Landing Drive
Goose Creek, SC 29445
Hawthorne Landing
Residential

MLS# 24004876 / Active
3 br, 2 ba, 1 Half Bath, 1987 Sqft

Welcome to this stunning, fully furnished model home that has been professionally designed with impeccable taste. Step inside and be greeted by an ... 

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$449,900
Provided courtesy of Toll Brothers Real Estate, Inc
6 Photos 350 Bering Lane Summerville, SC 29486

350 Bering Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24004871 / Active
4 br, 2 ba, 1339 Sqft

Located within desirable The Meridian of Cane Bay Plantation. Everything you're looking for is in this neighborhood. Meridian offers a neighborhood... 

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$380,000
Provided courtesy of Carolina Elite Real Estate
45 Photos 175 Darby Meadows Lane Ridgeville, SC 29472

175 Darby Meadows Lane
Ridgeville, SC 29472
Timothy Lakes
Residential

MLS# 24004868 / Active
3 br, 2 ba, 1 Half Bath, 2325 Sqft

This beautiful home nestled on .33 acres in Timothy Lakes featuring a stunning back yard complete with privacy fence is like new! Just purchased la... 

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$459,000
Provided courtesy of Carolina One Real Estate
75 Photos 383 Tupelo Lake Drive Summerville, SC 29486

383 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24004865 / Active
3 br, 3 ba, 1 Half Bath, 3463 Sqft

Heading into a cul-de-sac, and offering picturesque views of the community's 300-acre lake, this San Sebastian Loft provides a serene backdrop and ... 

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$925,000
Provided courtesy of Carolina Elite Real Estate
34 Photos 1602 Bernier Cmns Johns Island, SC 29455

1602 Bernier Cmns
Johns Island, SC 29455
Rushland Plantation
Residential

MLS# 24004860 / Active
4 br, 3 ba, 1 Half Bath, 3096 Sqft

Welcome to this custom built Stono River front home on the intracoastal waterway with a community deep water access dock! Located on a private lot ... 

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$2,450,000
Provided courtesy of ERA Wilder Realty
23 Photos 104 Ashdown Drive Summerville, SC 29483

104 Ashdown Drive
Summerville, SC 29483
Ashley Hills
Residential

MLS# 24004857 / Active
3 br, 1 ba, 1039 Sqft

Brick ranch home on large corner lot with huge back yard waiting your firepit and personal gardening touch. Inside you'll find 3 bedrooms, new luxu... 

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$239,000
Provided courtesy of Brand Name Real Estate
25 Photos 118 Five Iron Circle Summerville, SC 29483

118 Five Iron Circle
Summerville, SC 29483
Corey Woods
Residential

MLS# 24004854 / Active
3 br, 2 ba, 1441 Sqft

Well hello Gorgeous, this home is checking all the right boxes. You will immediately find that you are attracted to the curb appeal of this stunnin... 

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$360,000
Provided courtesy of A & A Realty & Co, LLC
34 Photos 407 Beverly Drive Summerville, SC 29485

407 Beverly Drive
Summerville, SC 29485
Bridges Of Summerville
Residential

MLS# 24004851 / Active
3 br, 2 ba, 1287 Sqft

Nestled in the desirable Bridges of Summerville community, this charming 3 bedroom, 2 bath home offers a perfect blend of comfort and style. Step t... 

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$290,000
Provided courtesy of Keller Williams Realty Charleston
46 Photos 2335 Vanderbilt Drive Charleston, SC 29414

2335 Vanderbilt Drive
Charleston, SC 29414
Drayton On The Ashley
Residential

MLS# 24004850 / Active
3 br, 2 ba, 1545 Sqft

Welcome to 2335 Vanderbilt Drive! This spacious 3-bed, 2-bath brick ranch in Drayton on the Ashley showcases an abundance of hardwood floors and is... 

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$475,000
Provided courtesy of Carolina One Real Estate
42 Photos 2171 Medway Road Charleston, SC 29412

2171 Medway Road
Charleston, SC 29412
Riverland Terrace
Residential

MLS# 24004846 / Active
3 br, 2 ba, 1560 Sqft

Absolutely stunning cottage in equally stunning Riverland Terrace. A Top to bottom renovation with a primary bath addition with all high end finish... 

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$935,000
Provided courtesy of Carolina One Real Estate
49 Photos 2401 Georgia Guard Drive Johns Island, SC 29455

2401 Georgia Guard Drive
Johns Island, SC 29455
Stonoview
Residential

MLS# 24004844 / Active
5 br, 4 ba, 1 Half Bath, 3200 Sqft

Welcome to the Stonoview neighborhood located on the Stono River. Hop on your golf cart for a short ride to the community's deep water dock. This h... 

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$1,050,000
Provided courtesy of Brand Name Real Estate
29 Photos 937 N Palmetto Street Summerville, SC 29483

937 N Palmetto Street
Summerville, SC 29483
Palmetto Park
Residential

MLS# 24004843 / Active
3 br, 1 ba, 1 Half Bath, 1281 Sqft

Welcome to your next Home Sweet Home!! Nestled within an established community with mature trees, this is your rare opportunity to own a home where... 

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$275,000
Provided courtesy of Carolina One Real Estate
33 Photos 2390 Cambridge Avenue North Charleston, SC 29405

2390 Cambridge Avenue
North Charleston, SC 29405
Dorchester Terrace
Residential

MLS# 24004833 / Active
3 br, 1 ba, 1 Half Bath, 998 Sqft

ATTENTION INVESTORS!! Unique opportunity to purchase two separate dwellings on the same property! Rent one out and live in the other. The main home... 

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$225,000
Provided courtesy of RE/MAX FullSail, LLC
27 Photos
Open House: Today 8:00am - 7:30pm
5588 Gallatin Lane North Charleston, SC 29420

5588 Gallatin Lane
North Charleston, SC 29420
Whitehall
Residential

MLS# 24004830 / Active
4 br, 3 ba, 1784 Sqft

Welcome home to this charming property with a natural color palette throughout, highlighting the beautiful backsplash in the kitchen. The home offe... 

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$411,000
Provided courtesy of Opendoor Brokerage, LLC
31 Photos 5 Cantona Drive Summerville, SC 29483

5 Cantona Drive
Summerville, SC 29483
Residential

MLS# 24004829 / Active
3 br, 2 ba, 1 Half Bath, 1906 Sqft

FEBRUARY INCENTIVE: $10,000 OFF $30,000 IN OPTIONS FOR 1ST 3 BUYERS!! also receive $5,000 in closing cost assistance with the use of Seller's Prefe... 

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$373,990
Provided courtesy of Crescent Homes Realty LLC
14 Photos 9 Cantona Drive Summerville, SC 29483

9 Cantona Drive
Summerville, SC 29483
Residential

MLS# 24004826 / Active
4 br, 3 ba, 1 Half Bath, 2474 Sqft

FEBRUARY INCENTIVES: $10,000 off $30,000 in options for the first 3 buyers. Also, receive $5000 in closing cost assistance. See sales consultant fo... 

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$398,990
Provided courtesy of Crescent Homes Realty LLC
42 Photos 1620 Eider Down Drive Summerville, SC 29483

1620 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential

MLS# 24004825 / Active
3 br, 2 ba, 1 Half Bath, 2043 Sqft

One of the least expensive options in this part of Summerville! Discover your dream home in this stunning two-story gem nestled within the highly s... 

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$329,900
Provided courtesy of Keller Williams Realty Charleston West Ashley
1 Photos 108 Atlanta Road Ladson, SC 29456

108 Atlanta Road
Ladson, SC 29456
College Park
Residential

MLS# 24004823 / Active
3 br, 1 ba, 1175 Sqft

This is a PHENOMENAL opportunity. No HOA, NEW ROOF, new shower, large lot, and a cozy brick ranch, and under 270,000? what more could you want! Com... 

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$265,000
Provided courtesy of Carolina One Real Estate
15 Photos 250 Spectrum Road Summerville, SC 29486

250 Spectrum Road
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24004820 / Active
4 br, 2 ba, 1 Half Bath, 2976 Sqft

Located in a desirable neighborhood, this home offers easy access to schools, parks, shopping, dining, and major transportation routes. With meticu... 

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$475,000
Provided courtesy of Entera Realty LLC
54 Photos 112 Ponderosa Rd Summerville, SC 29483

112 Ponderosa Rd
Summerville, SC 29483
Greenwood Ranches
Residential

MLS# 24004818 / Active
4 br, 2 ba, 1900 Sqft

This inviting ranch home is nestled on a large 1.41-acre lot in a quiet neighborhood, with no HOA! It's also located in the desirable Dorchester II... 

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$610,000
Provided courtesy of Jeff Cook Real Estate LPT Realty
44 Photos 1 King Street UNIT #104 Charleston, SC 29401

1 King Street UNIT #104
Charleston, SC 29401
Fort Sumter House
Residential

MLS# 24004816 / Active
1 br, 2 ba, 1124 Sqft

Welcome to 1 King St~ The Fort Sumter House~ which was formerly Charleston's First Waterfront Hotel. Step into Unit 104 and you will quickly discov... 

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$1,150,000
Provided courtesy of Carolina One Real Estate
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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 02-27-2024 11:53 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 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 02-27-2024 11:53 AM EST est.

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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
Your general price point?
Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.708.4488