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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907 Reserve Way
Summerville, SC 29485
Regents Green
Residential
MLS# 26019305 / Active
Don`t miss this beautifully renovated pond lot townhome in the highly sought-after Kings Grant community! Move-in ready and updated from top to bot...
Reduced -$500
2 Laurens Street UNIT Unit 1d
Charleston, SC 29401
Gadsdenboro
Residential
MLS# 26019304 / Active
Set within one of downtown Charleston`s most desirable concierge buildings, Unit 1-D at 2 Laurens Street offers a rare combination of refined inter...
2335 Eades Lane
Charleston, SC 29414
Sylvan Shores
Residential
MLS# 26019303 / Active
Welcome to 2335 Eades Lane, nestled in the beautiful Sylvan Shores neighborhood. Situated on a quiet cul-de-sac, this stately brick home is approac...
405 Principal Court
Ladson, SC 29456
Eagle Run
Residential
405 Principal Court lives up to its namesake - earning top marks from the moment you turn onto the cul-de-sac. Set on a spacious .29-acre lot with ...
215 Colleton Loop
Walterboro, SC 29488
Forest Park
Residential
MLS# 26019299 / Active
THIS 1062 SQFT THREE BEDROOM ONE AND A HALF BATH HOME IS LOCATED IN WALTERBORO. IT IS LIVABLE BUT IT IS A HANDYMAN SPECIAL.
102 Harper Street
Walterboro, SC 29488
Residential
MLS# 26019298 / Active
THIS 1376 SQFT HOME HAS THREE BEDROOMS ONE AND HALF BATHROOMS THIS HOME IS LOCATED AT 102 HARPER STREET IN WALTERBORO. A HANDYMAN SPECIAL WITH SO M...
428 Watergrass Way
Summerville, SC 29485
Summers Corner
Residential
Every Great Story Starts Somewhere. Yours Starts Here Picture it: a tree-lined street, crepe myrtles in full bloom, a white picket fence, and a fro...
1171 Braddock Avenue
North Charleston, SC 29405
North Charleston
Residential
MLS# 26019295 / Active
SELLER SAYS SELL!! NEW ROOF, NEW HVAC with NEW DUCTWORK-- heavy updates done!! Now it`s time to add your personal updates. Priced relive of updates...
171 Highwoods Plantation Avenue
Summerville, SC 29485
Highwoods Plantation
Residential
MLS# 26019293 / Active
Welcome home to this charming 3-bedroom, 2-bath home located in the highly desirable Highwoods Plantation of Summerville. This well-maintained home...
203 Plowden Mill Court
Summerville, SC 29485
Drayton Oaks
Residential
MLS# 26019291 / Active
Come see 203 Plowden Mill Ct, arranged for everyday comfort and practical living. A welcoming fireplace enhances the interior, while the kitchen fe...
106 Maplewood Court
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26019287 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***With standout curb appeal, a functional layout, and a prim...
19 Grand Pavilion Boulevard
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26019285 / Active
Experience effortless beachfront living in the heart of Wild Dunes Resort, where sweeping Atlantic views, direct beach access, and exceptional reso...
2809 Parkers Landing Road
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
MLS# 26019284 / Active
DEEP WATER PRIVATE DOCK with 7,000 lb boat lift and massive floater for 40`+ boats overlooking Horlbeck Creek! 2809 Parkers Landing in Rivertowne C...
123 Benton Street
Goose Creek, SC 29445
Camelot Village
Residential
MLS# 26019283 / Active
New, New, New!!! This fully renovated one story ranch in desired Camelot Village is move in ready. Home interior features all new flooring (NO CARP...
441 Radiant Blue Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019282 / Active
Brand NEW energy-efficient home! Designer Package Bold Sophistication. The Hurley`s welcoming foyer gives way to the spacious kitchen and open-conc...
Reduced -$10,000
619 Piedmont Lane
Ladson, SC 29456
College Park
Residential
MLS# 26019280 / Active
619 Piedmont Ln is a 1-story Ladson single- home built in 1979 on a cul-de-sac lot. The kitchen is equipped with white cabinetry, stainless steel a...
23 Stocker Drive
Charleston, SC 29407
Windermere
Residential
MLS# 26019279 / Active
23 Stocker Drive is the sort of tasteful gem you might find in the pages of Architectural Digest. Set on high ground along one of Old Windermere`s ...
3176 Hagerty Drive
Charleston, SC 29414
Maclaura Hall
Residential
MLS# 26019277 / Active
Explore 3176 Hagerty Dr, designed for everyday comfort with functional spaces throughout. The kitchen is equipped with all stainless steel applianc...
5033 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26019276 / Active
Don`t wait for new construction. This immaculate home with tons of upgrades is truly move-in ready. Upon entering, you will notice the beautiful ha...
1046 Bee Hive Road
Awendaw, SC 29429
Beehive
Residential
MLS# 26019275 / Active
Beautiful, cleared and fenced 1 acre parcel on Beehive Road just steps off Hwy. 17N and minutes from all services and amenities Mt. Pleasant provid...
2592 Jenkins Point Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26019273 / Active
Discover Waterfront Elegance. Step inside this rare marsh-front sanctuary and feel the stress of everyday life melt away as you take in sweeping, e...
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