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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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...
4007 Capensis Lane
Ravenel, SC 29470
Poplar Grove
Residential
MLS# 26019208 / Active
Charleston elegance and peaceful pond views are abundant here at 4007 Capensis Lane in beautiful and natural Poplar Grove! Charleston gas lanterns,...
4703 Bennington Place
North Charleston, SC 29420
Appian Landing
Residential
MLS# 26019207 / Active
Welcome to this charming home tucked away on a quiet cul-de-sac in the desirable Appian Landing community. Located in the highly sought-after Dorch...
4758 Aster Drive
North Charleston, SC 29405
Morningside
Residential
MLS# 26019201 / Active
Welcome to 4758 Aster Drive- a beautifully renovated two-bedroom, two-bathroom home nestled just minutes from the heart of Park Circle. This deligh...
133 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26019199 / Active
This new two-story home features a modern layout that maximizes space and comfort. On the first floor is the open-concept main living area, which i...
8524 Stonebridge Drive
North Charleston, SC 29420
Whitehall
Residential
MLS# 26019197 / Active
come to 8524 Stonebridge Drive, where thoughtful updates and modern finishes make this home truly move-in ready. Nearly every surface has been refr...
3429 Fairwater Place
Mount Pleasant, SC 29465
Carolina Park
Residential
MLS# 26019194 / Active
Discover 3429 Fairwater Place! Step onto the rare double front porches spanning both the first and second floors. There is an extended driveway in ...
3 Waters Edge Court
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26019193 / Active
Shadowmoss | 3 BR | 2.5 BA | 2,330 Sq Ft | 0.26-Acre Charming two-story brick home in desirable Shadowmoss offers timeless appeal and great potenti...
335 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019191 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a stunning 2 Story home that features a double balcon...
303 Cherry Orchard Drive
Summerville, SC 29486
Cherrywood Estates
Residential
MLS# 26019190 / Active
Welcome to our new boutique community in Summerville! Limited lots available! The Lockwood is a gorgeous 2 Story home that features a double balcon...
1417 Endicot Way
Mount Pleasant, SC 29466
Park West
Residential
Welcome home to this beautifully updated, single story retreat! Step inside to find a bright, inviting interior featuring fresh, modern paint throu...
123 Marvin
Summerville, SC 29483
Knightsville
Residential
MLS# 26019185 / Active
The trifecta of all homes just hit the market! This freshly renovated home on over 1 acre in Dorchester District Two has 5 bedrooms, 4.5 bathrooms ...
2903 Siebold Drive
North Charleston, SC 29406
Magnolia Pointe
Residential
MLS# 26019184 / Active
Move-in ready and beautifully maintained, this 3-bedroom, 2.5-bath home offers approximately 1,950 square feet of living space nestled on a quiet c...
3108 Sonja Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019183 / Active
Wake up to tranquil marsh views in Park West, where mornings begin on the screened porch and evenings unfold on the adjoining deck overlooking prot...
5829 Althea Avenue
North Charleston, SC 29406
Oak Grove
Residential
MLS# 26019180 / Active
Newly built, this 4-bedroom, 4.5-bath home features a spacious main-level primary suite with a private ensuite. Elegant columns and a charming doub...
108 Main Ridge Boulevard
Goose Creek, SC 29445
St James Estates
Residential
MLS# 26019179 / Active
Welcome to your own private oasis! Nestled on a beautifully landscaped 1/2-acre lot with NO HOA, this one-of-a-kind home offers the perfect blend o...
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