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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8860 Shovelnose Court
North Charleston, SC 29406
Settlement at Salamander
Residential
MLS# 26019380 / Active
New Homes for Sale at Salamander Road | Charleston, SCWelcome to 8860 Shovelnose in North Charleston, South Carolina, located in The Settlement at ...
633 Gate Post Drive
Mount Pleasant, SC 29464
Old Village Landing
Residential
MLS# 26019379 / Active
Looking for a true neighborhood lifestyle in the heart of Mount Pleasant`s Old Village? Nestled in the highly sought-after Old Village Landing (OVL...
600 Scholar Way
Summerville, SC 29486
Nexton
Residential
MLS# 26019378 / Active
*$4.99% FIXED RATE + $10K IN CC ASST -Certain terms apply* Welcome to your dream home by Stanley Martin in the heart of Nexton, SC! Say goodbye to ...
1051 Oyster Drill Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019375 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. This stunning Lily home features a gourmet kitche...
9029 Salamander Road
North Charleston, SC 29406
Settlement at Salamander
Residential
MLS# 26019372 / Active
New Homes for Sale at Salamander Road | Charleston, SCWelcome to 9029 Salamander Road in North Charleston, South Carolina, located in The Settlemen...
1645 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019365 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. This stunning Lily home features a gourmet kitche...
107 Hill Court
Moncks Corner, SC 29461
Mitten Park & Terrace
Residential
MLS# 26019361 / Active
Welcome to 107 Hill Court. Freedom of no HOA and so much opportunity. This home puts you close to everything that makes Lowcountry living, so speci...
645 Coral Bells Lane
Summerville, SC 29483
Nexton
Residential
MLS# 26019360 / Active
Discover the Palmary floor plan in Del Webb Nexton, a 55+ active adult community. This home offers 1858+ square feet with 2 BRs and 2 BAs. The spac...
Reduced -$6,475
209 Blue Bonnet Street
Summerville, SC 29483
White Gables
Residential
MLS# 26019358 / Active
Welcome home to 209 Blue Bonnet Street, nestled on a quiet street in the highly desirable White Gables community. This charming 3-bedroom, 2-bath r...
465 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26019354 / Active
Move-In Ready and Backing to Protected Wetlands! For a limited time, qualify for a fixed interest rate as low as 4.99% PLUS closing cost assistance...
101 Rowans Creek Drive
Charleston, SC 29492
The Marshes At Cooper River
Residential
MLS# 26019350 / Active
Welcome to effortless Lowcountry living in The Marshes at Cooper River, where scenic beauty, modern comfort, and everyday convenience come together...
1025 Laurel Oaks Drive
Summerville, SC 29483
Pineview North
Residential
MLS# 26019349 / Active
New Construction Homes Near Top-Rated DD2 SchoolsWelcome to 1025 Laurel Oaks Drive, situated on a private conservation lot, located in the Pineview...
1044 Pigeon Point
Johns Island, SC 29455
St. Johns Lake
Residential
MLS# 26019346 / Active
Move-in ready and shows like a model! This beautifully maintained home offers a coastal vibe and an inviting layout that`s perfect for entertaining...
5911 Ryans Bluff Road
North Charleston, SC 29418
Covington Hills
Residential
MLS# 26019344 / Active
Experience the pinnacle of deep-water living. This stunning raised home offers immediate access to the Ashley River with a private floating dock an...
3091 Vincent Astor Drive
Johns Island, SC 29455
Oakfield
Residential
MLS# 26019343 / Active
Welcome to the Oakfield neighborhood on Johns Island. Located down a tree-lined street, yet just 5 minutes from River Road, it showcases family-fri...
147 Darcy Avenue
Goose Creek, SC 29445
Persimmon Hill Townhouses
Residential
MLS# 26019342 / Active
Welcome home to 147 Darcy Ave. Located in highly desirable Persimmon Hill Townhouses. Conveniently located in the heart of Goose Creek. This Tradit...
105 Edisto Crossing Court
Ridgeville, SC 29472
Timothy Lakes
Residential
MLS# 26019340 / Active
Welcome to the farmhouse you`ve been waiting for--where timeless charm, thoughtful design, and everyday functionality come together on nearly half ...
1466 Hollenberg Lane
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26019337 / Active
Welcome to 1466 Hollenberg Lane, an exceptional residence nestled in the heart of the highly sought-after Carolina Park community. Perfectly positi...
232 Summer Tanager Drive
Ravenel, SC 29470
Homecoming
Residential
MLS# 26019336 / Active
The Devin - 3BR / 3.5BA - features open main living areas and owner`s suite on main! Well-appointed kitchen, and dingin, large owner`s suite with e...
1543 Terns Nest Road
Charleston, SC 29412
Riverfront
Residential
MLS# 26019333 / Active
Rare deepwater opportunity in the heart of James Island! Perfectly positioned on true deep water, 1543 Terns Nest Road offers the coastal Charlesto...
2110 Longhorn Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019331 / Active
Why wait for new construction when you can move right into this beautifully updated home in Sweetgrass at Summers Corner? Offering the look and fee...
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