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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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...
5937 Willard Drive
Hanahan, SC 29410
Belvedere Heights
Residential
MLS# 26019072 / Active
Updated brick ranch in Hanahan! Located in the highly desirable town of Hanahan Proper. A place that just feels like home....a neighborhood that re...
105 Parish Parc Drive
Summerville, SC 29485
Crichton Parish
Residential
MLS# 26019071 / Active
Enjoy cozy living & local fun in this 3-bedroom, 2-bathroom home. The layout features a large inviting living room with cathedral ceilings and fire...
8321 Loggers Run
Charleston, SC 29420
Windsor Hill
Residential
MLS# 26019067 / Active
Beautiful ranch home centrally located in North Charleston. New HVAC and roof. Great structure. Open floor plan with 9 foot ceilings. Great mature ...
169 Huguenot Trail
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26019065 / Active
MOVE IN READY, CLOSE PROXIMITY TO RECENTLY FINISHED COMMUNITY POOL! Tucked along the edge of the Francis Marion National Forest, this beautifully a...
Reduced -$5,100
227 Palmetto Bluff
Mount Pleasant, SC 29464
Grassy Creek
Residential
MLS# 26019064 / Active
Professionally designed by Polish+Pop Interior Design, this exceptional Lowcountry residence offers the perfect blend of timeless Southern charm, m...
2947 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019062 / Active
Live the Kiawah River Estates lifestyle, where mornings begin with golf-course views and days flow effortlessly between nature, leisure, and luxury...
126 Hope Drive
Summerville, SC 29485
Rose Hill
Residential
MLS# 26019061 / Active
Welcome to 126 Hope Drive, where style, quality, and peace of mind come together in this beautifully renovated home in the Rose Hill community. Com...
351 Wappoo Trace Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019060 / Active
Beautiful 5 bedroom, 4.5 bath home with a perfect lot which has views of 2 ponds. The gas lanterns and double porches will welcome you to your new ...
201 Clarine Drive
Goose Creek, SC 29445
Beverly Hills
Residential
MLS# 26019059 / Active
If you are looking for a charming brick home on a large lot , this home is for you! This one story, one owner home is conveniently located close to...
Reduced -$1
132 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26019058 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home is host to an ...
549 Towles Crossing Drive
Johns Island, SC 29455
Opti Isle
Residential
MLS# 26019057 / Active
Set within the private, gated enclave of Kingfisher Island, this waterfront new-construction home presents a rare chance to personalize a brand-new...
120 Speer Street
Goose Creek, SC 29445
Cokers Crossing
Residential
MLS# 26019056 / Active
Welcome home to this spacious property that truly has it all! Nestled on a large lot with an oversized driveway, this home offers both charm and fu...
1015 White Egret Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019055 / Active
Discover HORIZONS, an active adult community for those 50 and better! A place where you can wake up with countless opportunities but no commitments...
114 Vessey Drive
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26019053 / Active
Comfort, character and convenience-all in one place!! Step inside to discover a bright, open-concept floor plan featuring spacious living areas, ab...
152 Cowrie Court
Mount Pleasant, SC 29464
Etiwan Pointe
Residential
MLS# 26019052 / Active
Experience effortless Lowcountry living in this exceptional Etiwan Point townhome featuring an ELEVATOR, stunning marsh views, and elegant finishes...
1006 Toadfish Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019050 / Active
Discover HORIZONS, an active adult community for those 50 and better! A place where you can wake up with countless opportunities but no commitments...
Reduced -$4,100
342 Hickory Nut Way
Cross, SC 29436
Residential
MLS# 26019049 / Active
Welcome to this stunning, brand-new 4-bedroom, 3-bathroom manufactured home offering over 2,000 square feet of comfortable, modern living space. Pe...
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