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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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...
106 Glebe Road
Summerville, SC 29485
White Church Place
Residential
MLS# 26019178 / Active
Welcome to this charming 4 bedroom, 2 bath home on a spacious lot in an HOA free neighborhood. The home has undergone a complete renovation featuri...
951 Cottingham Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26019177 / Active
This townhouse is ready for you to come make it your own. No HOA in a superb South Mt. Pleasant location. Handsome home features brick exterior, tw...
5210 Preserve Boulevard
Ladson, SC 29456
Coosaw Preserve
Residential
MLS# 26019176 / Active
Welcome to Coosaw Preserve! This beautifully maintained 4-bedroom, 2.5-bath home offers a spacious, versatile floor plan with room to entertain, wo...
506 Upland Place
Mount Pleasant, SC 29464
Coopers Landing
Residential
MLS# 26019174 / Active
NEW ROOF! SMOOTH CEILINGS! FRESH PAINT! Situated in the heart of Mount Pleasant within a premier school district and in close proximity to Lucy Bec...
133 Saluda Drive
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 26019172 / Active
Tucked inside the gates of Santee Cooper Resort just outside Santee, SC at I-95 Exit 98, this beautifully maintained Lake Marion home is the kind o...
300 Flowering Peach Court UNIT Unit 101
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26019169 / Active
Beautifully positioned one-story townhome in Middleborough at Shadowmoss, offering the perfect blend of comfort, convenience, and low-maintenance l...
136 Saint Phillips Row
Summerville, SC 29485
St Phillips Place
Residential
MLS# 26019163 / Active
Classic Charleston single, turnkey condition, under $350K -- 136 St Phillips Row delivers Southern charm and modern convenience in one of Summervil...
370 Chapel Creek Drive
Santee, SC 29142
Chapel Creek Plantation
Residential
MLS# 26019162 / Active
Welcome to 370 Chapel Creek Drive in Santee, SC, where golf, lake living, and Lowcountry charm come together in one exceptional property. This beau...
3569 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019161 / Active
This 2002 custom-built Lowcountry home sits on a .30-acre corner lot directly across from beautiful Tennyson Park, surrounded by grand oaks, magnol...
1511 Sanborll Landing Drive
Ladson, SC 29456
Hunters Bend
Residential
MLS# 26019160 / Active
Beautifully maintained 3BR/2.5BA home on a .23-acre lot in a desirable neighborhood with a community pool! Built in 2018, this move-in-ready home f...
413 Truman Drive
Goose Creek, SC 29445
Lakeview Commons
Residential
MLS# 26019158 / Active
Conveniently located in Lakeview Commons, 413 Truman Drive offers easy access to some of the Lowcountry`s most popular destinations. Enjoy dinner i...
9779 Transplanter Circle
Ladson, SC 29456
Mckewn
Residential
MLS# 26019155 / Active
Welcome HOME to 9779 Transplanter Circle--a beautifully designed 3 bedroom, 2.5 bathroom townhome offering modern style and an unbeatable location ...
718 Sandpiper Ridge
Edisto Beach, SC 29438
Beach Walk
Residential
MLS# 26019154 / Active
A Place Where Generations Gather! Tucked beneath grand Live Oaks and swaying palmettos, this beautifully maintained beach walk home captures the re...
2268 Seascape Court
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26019152 / Active
Custom home designed and built by renowned architect Michael Karamus and Surfside Construction just steps from Seabrook Island`s legendary ``North ...
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