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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35 Photos 735 Sienna Way Summerville, SC 29486

735 Sienna Way
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24007651 / Active
4 br, 2 ba, 1 Half Bath, 1801 Sqft

Welcome to your dream home in The Woodwinds at Cane Bay Plantation! This stunning 4 bedroom, 2.5 bathroom house features an open floorplan with man... 

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$399,000
Provided courtesy of Long & Foster Real Estate
41 Photos 212 W Arctic Avenue UNIT #103 Folly Beach, SC 29439

212 W Arctic Avenue UNIT #103
Folly Beach, SC 29439
Ocean Pointe Villas
Residential

MLS# 24007649 / Active
3 br, 3 ba, 1400 Sqft

Wonderfully maintained first story condo with beautiful ocean views directly in front of your own private getaway. All three bedrooms are spacious ... 

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$1,350,000
Provided courtesy of RE/MAX Southern Shores
16 Photos 1408 Locals Street Summerville, SC 29485

1408 Locals Street
Summerville, SC 29485
Summers Corner
Residential

MLS# 24007648 / Active
3 br, 2 ba, 1715 Sqft

Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Summers Corner masterplan. This Osprey floor pl... 

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$415,505
Provided courtesy of Lennar Carolinas, LLC
44 Photos 713 Broughton Road Moncks Corner, SC 29461

713 Broughton Road
Moncks Corner, SC 29461
Broughton Road
Residential

MLS# 24007647 / Active
3 br, 2 ba, 2016 Sqft

Welcome to your dream mini farm retreat nestled in the heart of Moncks Corner! This sprawling property at 713 Broughton Road spans over 8 acres, of... 

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$525,000
Provided courtesy of The Real Estate Firm
36 Photos 1407 Amanda Park Lane Charleston, SC 29412

1407 Amanda Park Lane
Charleston, SC 29412
Meridian Place
Residential

MLS# 24007645 / Active
3 br, 2 ba, 1278 Sqft

Welcome to your dream townhome in the highly sought-after Meridian Place subdivision on James Island! This immaculate corner unit offers the perfec... 

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$425,000
Provided courtesy of EXP Realty LLC
21 Photos 1200 Kane Blue Run Summerville, SC 29485

1200 Kane Blue Run
Summerville, SC 29485
Summers Corner
Residential

MLS# 24007643 / Active
3 br, 2 ba, 1941 Sqft

Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent... 

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$387,525
Provided courtesy of Lennar Carolinas, LLC
29 Photos 40 S Battery Street Charleston, SC 29401

40 S Battery Street
Charleston, SC 29401
South Of Broad
Residential

MLS# 24007642 / Active
3 br, 3 ba, 1 Half Bath, 3063 Sqft

With a convenient South of Broad location and water views from the upstairs porch, this charming single-family home enjoys temperate breezes and a ... 

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$2,950,000
Provided courtesy of Daniel Ravenel Sotheby's International Realty
13 Photos 217 Witherspoon Street Summerville, SC 29486

217 Witherspoon Street
Summerville, SC 29486
Carnes Crossroads
Residential

MLS# 24007641 / Active
4 br, 3 ba, 2438 Sqft

The Elliot floor plan is a charming two-story home that showcases a convenient guest bedroom downstairs, followed by a spacious open Great Room gou... 

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$508,105
Provided courtesy of Lennar Carolinas, LLC
60 Photos 225 Cantering Hills Lane Summerville, SC 29483

225 Cantering Hills Lane
Summerville, SC 29483
Cantering Hills
Residential

MLS# 24007640 / Active
4 br, 3 ba, 2725 Sqft

Welcome to a unique find near the heart of Summerville! This home was built with a great deal of care and consideration to create a quality home by... 

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$845,000
Provided courtesy of Carolina One Real Estate
53 Photos 3566 Clambank Drive Mount Pleasant, SC 29466

3566 Clambank Drive
Mount Pleasant, SC 29466
Carolina Park
Residential

MLS# 24007639 / Active
5 br, 5 ba, 1 Half Bath, 4373 Sqft

Breathtaking views await you in this BRAND NEW ready for move-in home located in one of Mt. Pleasant's most sought-after neighborhoods - Riverside ... 

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$1,849,540
Provided courtesy of Lennar Carolinas, LLC
9 Photos 1125 Glorious Way Summerville, SC 29485

1125 Glorious Way
Summerville, SC 29485
Summers Corner
Residential

MLS# 24007637 / Active
4 br, 3 ba, 2017 Sqft

Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Summers Corner masterplan. Residents enjoy low-... 

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$345,995
Provided courtesy of Lennar Carolinas, LLC
45 Photos 210 N Light Way Summerville, SC 29486

210 N Light Way
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24007636 / Active
4 br, 2 ba, 1 Half Bath, 1976 Sqft

No Need to Wait on New Construction! Come check out this 4 bedroom home in the Pine Hills section of Cane Bay, which is priced to sell! You'll feel... 

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$377,000
Provided courtesy of Realty ONE Group Coastal
33 Photos 272 Clayburne Drive Goose Creek, SC 29445

272 Clayburne Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential

MLS# 24007635 / Active
4 br, 3 ba, 1911 Sqft

Welcome to 272 Clyburne Drive in Goose Creek! This home offers the perfect combination of convenience and comfort. Situated just minutes from the N... 

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$389,900
Provided courtesy of Coldwell Banker Realty
38 Photos 1017 Jacksnipe Lane Mount Pleasant, SC 29464

1017 Jacksnipe Lane
Mount Pleasant, SC 29464
Shemwood II
Residential

MLS# 24007629 / Active
3 br, 3 ba, 1846 Sqft

Shemwood II is centrally located in a fabulous South Mt Pleasant location close to shopping, dining, grocery stores, beaches, and just a short 5 mi... 

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$975,000
Provided courtesy of Carolina One Real Estate
15 Photos 709 Blueway Avenue Summerville, SC 29486

709 Blueway Avenue
Summerville, SC 29486
Nexton
Residential

MLS# 24007627 / Active
3 br, 2 ba, 1816 Sqft

Our Rosamarino floor plan is the quintessential low country home. This stunning single story home features a gorgeous front porch with Charleston b... 

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$625,000
Provided courtesy of Carolina One Real Estate
47 Photos 1559 Old Rivers Gate Road Mount Pleasant, SC 29466

1559 Old Rivers Gate Road
Mount Pleasant, SC 29466
Carolina Park
Residential

MLS# 24007625 / Active
4 br, 3 ba, 1 Half Bath, 2633 Sqft

Welcome home to 1559 Old Rivers Gate Road! Located in the highly sought after Carolina Park community, you will find this luxurious home featuring ... 

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$950,000
Provided courtesy of RE/MAX FullSail, LLC
28 Photos 1984 Folly Road UNIT B111 Charleston, SC 29412

1984 Folly Road UNIT B111
Charleston, SC 29412
Pelican Pointe Villas
Residential

MLS# 24007623 / Active
2 br, 2 ba, 1200 Sqft

NEW PAINT AND JUST RENOVATED BATHROOMS!** Welcome to this exquisite 2-bedroom, 2-full bathroom first floor condo nestled in the serene surroundings... 

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$425,000
Provided courtesy of Maven Realty
44 Photos 108 Shepard Street Summerville, SC 29483

108 Shepard Street
Summerville, SC 29483
Residential

MLS# 24007621 / Active
2 br, 1 ba, 1056 Sqft

Welcome to your dream home in Summerville's sweet spot! This stunning property has undergone a complete renovation, offering you a pristine living ... 

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$475,000
Provided courtesy of Keller Williams Parkway
31 Photos 805 Center Park Street Charleston, SC 29492

805 Center Park Street
Charleston, SC 29492
Daniel Island
Residential

MLS# 24007620 / Active
3 br, 2 ba, 1 Half Bath, 1680 Sqft

Beautiful townhome located in the heart of Daniel Island across the street from Center Park. This 3 bedroom 2.5 bath home has newly refinished hard... 

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$875,000
Provided courtesy of Adler Realty
15 Photos 1728 Bee Balm Road Johns Island, SC 29455

1728 Bee Balm Road
Johns Island, SC 29455
St Johns Crossing
Residential

MLS# 24007618 / Active
3 br, 2 ba, 1 Half Bath, 1750 Sqft

Step inside your new home, 1728 Bee Balm Road, nestled in the charming enclave of St. John's Crossing on Johns Island. This delightful residence, c... 

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$525,000
Provided courtesy of The Pulse Charleston
25 Photos 1984 Folly Road UNIT B310 Charleston, SC 29412

1984 Folly Road UNIT B310
Charleston, SC 29412
Pelican Pointe Villas
Residential

MLS# 24007617 / Active
2 br, 2 ba, 1200 Sqft

NEW PAINT, NEW CARPET, RENOVATED BATHROOMS! TOP UNIT MEANS GREAT VIEWS, HIGH CEILINGS, AND NO ABOVE UNIT!** Welcome to this exquisite 2-bedroom, 2-... 

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$425,000
Provided courtesy of Maven Realty
Residential, Land, Other Disclaimer:

Broker Reciprocity The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 03-28-2024 9:02 AM EST . The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision. Copyright 2024 Charleston Trident Multiple Listing Service, Inc. All rights reserved.
Commercial Sale/Lease: Copyright 2024 South Carolina commercial MLS, Inc. All rights reserved. Last updated on 03-28-2024 9:02 AM EST est.

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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
Your general price point?
Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843-990-1313
Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
Your general price point?
Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.708.4488