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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2303 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019112 / Active
There are beach houses, and then there are homes designed to become gathering places for generations. 2303 Cameron Boulevard is one of those rare o...
1131 Daffodil Lane
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26019110 / Active
Step into this cozy 3-bedroom, 2-bathroom home with cathedral ceilings and a wood-burning fireplace. Cherry hardwood floors throughout the main liv...
115 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019109 / Active
This well maintained 4-bed/2-bath home features a front porch, 2-car garage, mature landscaping, & back living space!Inside, an expansive open-conc...
105 Pierre Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26019105 / Active
Welcome to 105 Pierre Court in Summerville! This well-maintained home features important updates, including a roof replaced in 2017 and a new HVAC ...
185 Catamount Road
Holly Hill, SC 29059
East Holly Ridge
Residential
MLS# 26019104 / Active
Welcome to 185 Catamount Rd - a charming 3-bedroom, 2-bath home, offering approximately 1,300 square feet of comfortable living space on a spacious...
2593 Daniel Island Drive
Charleston, SC 29492
Daniel Island
Residential
MLS# 26019103 / Active
TOTAL SQ FT 2864 *** Modern coastal design, move-in-ready, and private lot (no alley). Home features open-concept floor plan, 10-foot ceilings, mod...
6001 Liddington Court
Summerville, SC 29485
Victoria Pointe
Residential
MLS# 26019102 / Active
Located on a spacious corner lot in Victoria Pointe, where homes rarely come on the market, this 3-bedroom, 2.5-bath home offers flexible living sp...
36 Manor Boulevard
Hanahan, SC 29410
Otranto
Residential
MLS# 26019101 / Active
Welcome to 36 Manor, a charming 3-bedroom, 2.5-bath home offering 1,564 square feet of comfortable living in an established neighborhood. The open ...
133 Stephanie Circle
Summerville, SC 29483
Belmont
Residential
MLS# 26019100 / Active
This one is more than just updated--it`s been completely renovated from the inside out and is truly move-in ready. Located in a quiet neighborhood ...
4281 Haulover Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019099 / Active
Live the Kiawah River Estates lifestyle, where mornings open to serene golf-course views and days unfold effortlessly between nature, leisure, and ...
149 Omalley Drive
Summerville, SC 29483
Six Oaks
Residential
MLS# 26019097 / Active
This beautiful townhome, less than 2 years old, is priced to give you the dream of homeownership in a community with some of the best amenities to ...
123 Brandywine Drive
Summerville, SC 29485
Ashborough East
Residential
MLS# 26019096 / Active
Welcome to 123 Brandywine Drive, a beautifully updated home nestled in the highly sought-after Ashborough East community in Summerville. Perfectly ...
292 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019093 / Active
Discover the perfect blend of luxury, space, and convenience in this beautifully upgraded 5-bedroom, 4.5-bath home in desirable Summerville. Backin...
107 Lockhart Street
Walterboro, SC 29488
Residential
MLS# 26019090 / Active
Opportunity in Walterboro with room to make it your own! Situated on two parcels totaling approximately 0.6 acres, this property offers mature oak ...
61 Gordon Street
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019087 / Active
Listing reflects the existing residence. BAR-approved plans are included in the purchase price, and the building permit has already been applied fo...
1600 Long Grove Drive UNIT #622
Mount Pleasant, SC 29464
Long Grove
Residential
MLS# 26019083 / Active
Location. Location. Location.Enjoy an Isle of Palms lifestyle at a Mount Pleasant price! Perfectly positioned at the last stop before crossing the ...
103 McDuffie Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26019081 / Active
Move-in ready and refreshed from top to bottom! 103 McDuffie Ct welcomes you with fresh paint and LVP flooring throughout, creating a bright, clean...
281 Surfbird Road
Summerville, SC 29486
Nexton
Residential
MLS# 26019077 / Active
If versatility is at the top of your wish list, this home delivers. Designed with both comfort and functionality in mind, this 3-bedroom, 3.5-bath ...
317 Hawthorne Street
Mount Pleasant, SC 29464
Bay View Acres
Residential
MLS# 26019075 / Active
Welcome to the good life in one of Mount Pleasant`s most coveted and walkable neighborhoods.From your front door you can walk to the waterfront res...
4813 Park Place
North Charleston, SC 29405
Park Circle
Residential
MLS# 26019074 / Active
Fantastic opportunity in the heart of Park Circle! This spacious 2,337 sq. ft. brick home offers 5 bedrooms and 3.5 baths with a traditional floor ...
2906 Hartnett Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26019073 / Active
Coffee in hand, begin your morning with a two-block walk to the beach as the sun rises over the Atlantic. Challenge friends to a game of pickleball...
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