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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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...
122 Bramwell Drive
Summerville, SC 29485
Briarwood
Residential
MLS# 26019330 / Active
New Construction Home in Beautiful Summerville, SC in Dorchester District Two School Zone! Nestled on a spacious .31 acre lot in the Briarwood subd...
1736 Sulgrave Road
Charleston, SC 29414
Forest Lakes
Residential
MLS# 26019329 / Active
NO HOA! Located in the well established Forest Lakes subdivision. This home has had extensive renovations over the past few years. Close to 1/2 an ...
1203 Valley Drive
Hanahan, SC 29410
Berkeley Hills
Residential
MLS# 26019328 / Active
Welcome to 1203 Valley Drive, a beautifully renovated brick ranch in the heart of Hanahan offering the perfect blend of timeless Lowcountry charm a...
40 41st Avenue UNIT E15
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019327 / Active
Own a premier boat slip in the desirable Wild Dunes Yacht Harbor on the Isle of Palms. Dock E15 is a 40-foot slip with a 5-foot overhang, accommoda...
93 Romney Street
Charleston, SC 29403
Romney Village
Residential
MLS# 26019324 / Active
Cottage in the upcoming ``Lowline`` corridor; one of the upper peninsula`s sought after neighborhoods with nearby restaurants and the future planne...
3 Barnacle Row
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019323 / Active
Embrace the ultimate Lowcountry coastal lifestyle with this classic beach cottage tucked away in the prestigious, gated resort community of Wild Du...
203 Whitesville Road
Moncks Corner, SC 29461
Residential
MLS# 26019321 / Active
Welcome home to 203 Whitesville Road, Moncks Corner, SC! This beautiful 4-bedroom, 2-bath home offers the perfect blend of comfort, space, and priv...
102 Helen Court
Ladson, SC 29456
Jamison Terrace
Residential
MLS# 26019318 / Active
New Roof. New HVAC. This handyman special has the expensive work already done. Home needs updating as well as some subfloor work. Home has large fe...
148 Rosefield Court
Summerville, SC 29485
Palmetto Reach
Residential
Welcome home to this beautifully designed townhome, where an open-concept floor plan creates a spacious and inviting atmosphere that`s perfect for ...
407 Thoroughbred Drive
Moncks Corner, SC 29461
Steeplechase
Residential
MLS# 26019314 / Active
Room to spread out at 407 Thoroughbred Dr! With 2,834 square feet, this two-story home offers one of the most flexible layouts you`ll find at this ...
974 Arrowwood Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019313 / Active
Welcome to 974 Arrowwood Way, a beautifully crafted home in the highly sought-after Summers Corner community, where Lowcountry charm meets modern, ...
115 Wateree Drive
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 26019310 / Active
Luxury meets lakeside living in this fully custom new construction home located in the prestigious Santee Cooper Resort, a gated golf and lake comm...
240 Ole Sunshines Trail
Huger, SC 29450
Huger
Residential
MLS# 26019309 / Active
Welcome to 240 Ole Sunshines Trail, a 5-bed, 4.5-bath home (Plus a full 1 bed/1 bath over garage) A welcoming front porch leads into the foyer, for...
117 Pocket Bend Circle
Summerville, SC 29486
Nexton
Residential
MLS# 26019308 / Active
Experience low-maintenance living with one of the best locations in Midtown at Nexton. Overlooking a beautiful park and just a short walk or golf c...
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