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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2453 Sorrell Avenue
North Charleston, SC 29406
Northwoods Villas
Residential
MLS# 26019245 / Active
Welcome to 2453 Sorrel Avenue in North Charleston--a charming end-unit townhouse offering a LOW HOA FEE of $95/mo with fee simple ownership, deeded...
5557 Green Dolphin Way
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 26019243 / Active
Welcome to 5557 Green Dolphin Way, a beautifully positioned Kiawah Island villa offering the perfect blend of relaxation, convenience, and investme...
1618 Patterson Avenue
Charleston, SC 29412
Bayfront
Residential
MLS# 26019242 / Active
Perfectly positioned between the historic charm of Downtown Charleston and the laid-back beauty of Folly Beach, 1618 Patterson Avenue offers an exc...
204 Buttercup Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome home to this beautifully kept 5 bedroom and 4 bath home in The Oaks of Cane Bay Plantation! Upon entering, you are greeted by the perfect o...
2455 Deer Ridge Lane UNIT Unit C
North Charleston, SC 29406
Elms Of Charleston
Residential
MLS# 26019238 / Active
Enjoy low-maintenance living in this inviting single-story condo in a gated 55+ community. The freshly painted home features 2 bedrooms, 1.5 baths,...
313 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019236 / Active
Hard-to-find 5 bedroom home in Cane Bay with pond views, added privacy, and room for everyone -- all under $460k. Built in 2023, this move-in ready...
7880 Champion Way UNIT D
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26019234 / Active
Why settle for someone else`s outdated finishes when you can move into a home where the major updates are already complete? This beautifully update...
152 W Mariners Cay Drive UNIT #152
Folly Beach, SC 29439
Marshview Villas
Residential
MLS# 26019231 / Active
Welcome to Marshview Villas, where Lowcountry living meets convenience, recreation and coastal charm. This gated waterfront community offers one of...
445 Fox Sparrow Court
Summerville, SC 29486
Nexton
Residential
MLS# 26019230 / Active
USDA Rural Development eligible. VA & FHA offers welcome. Use Seller`s Preferred Lender to buy this home and receive an incentive towards your clos...
5126 Celtic Drive
North Charleston, SC 29405
Oak Terrace Preserve
Residential
MLS# 26019227 / Active
Welcome home to 5126 Celtic Drive, a well-maintained 3 bedroom, 2.5 bathroom home that perfectly captures the essence of southern living in North C...
1190 Gin Pond Drive
Summerton, SC 29148
Gin Pond
Residential
MLS# 26019226 / Active
Discover peaceful lakefront living in this beautifully updated 3 bedroom, 2 bath home on the shores of Lake Marion. Located on a quiet dead-end str...
130 River Landing Drive UNIT #9102
Charleston, SC 29492
Daniels Landing
Residential
MLS# 26019224 / Active
The living is easy at this bright & sunny first-floor Daniel Island condo! Enjoy low-maintenance living with no stairs to navigate and a quick walk...
632 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26019223 / Active
Welcome home to classic Southern charm and exceptional space! Featuring stunning double front porches, this beautifully updated 5-bedroom, 3.5-bath...
167 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019222 / Active
This stunning home in the highly sought-after Woodwinds at Cane Bay! From the moment you step inside, you`ll love the bright, open layout designed ...
4425 Lambert Street
North Charleston, SC 29405
Park Circle
Residential
MLS# 26019221 / Active
Wanna start your morning with an amazing view filled walk and end it with a little coffee house coffee? This amazing home, located in the inclusive...
1736 Central Avenue
Summerville, SC 29483
Knightsville
Residential
MLS# 26019220 / Active
Opportunity awaits with this 2-bedroom, 1-bath home situated on an expansive 1.94-acre lot just minutes from the heart of Historic Downtown Summerv...
204 Cane Break Lane
Goose Creek, SC 29445
Woodland Lakes
Residential
MLS# 26019217 / Active
Welcome Home! This updated 4-bedroom, 2-bath home offers the perfect blend of comfort and modern upgrades--with no HOA! Step inside to find a gorge...
305 Palm Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019214 / Active
Owner/Agent Designed by award-winning local architects Clancy Wells and masterfully built by Allen Construction, this extraordinary custom waterfro...
1931 Chatelain Way
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26019213 / Active
Beautiful, upgraded, pristine top-floor condo in the gated community of Southampton Pointe in the heart of Mount Pleasant. Over $14,000 in Improvem...
Reduced -$30,000
149 Southwold Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26019211 / Active
Welcome home to 149 Southwold Circle, situated in the quaint Cherry Hill subsection of Crowfield Plantation! Featuring 3 bedrooms and 2 bathrooms t...
1012 Summerall Road
Johns Island, SC 29455
Morris Acres
Residential
MLS# 26019209 / Active
Welcome to 1012 Summerall Road, a beautifully maintained home nestled in the established Morris Acres community on Johns Island. Situated on a spac...
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