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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65 Vanderhorst Street UNIT Apt F
Charleston, SC 29403
Radcliffeborough
Residential
MLS# 26019048 / Active
Nestled in the heart of Radcliffeborough, this charming two-story condominium blends historic Charleston character with modern convenience. Built i...
329 Hickory Nut Way
Cross, SC 29436
Residential
MLS# 26019043 / 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...
265 Pickens Street
Summerville, SC 29485
Lincolnville
Residential
MLS# 26019042 / Active
NEW construction home located about 5 minutes just south of downtown Summerville, in the quiet community of Lincolnville. This 3 bedroom/2.5 bath h...
113 Deer Street
Summerville, SC 29485
Woodland Estates
Residential
MLS# 26019038 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Situated on more than an acre in a peaceful Summerville s...
379 McClure Lane
Walterboro, SC 29488
Residential
MLS# 26019037 / Active
Welcome Home to 379 McClure Lane! Nestled on a beautifully manicured 0.90-acre lot, this exceptional Cape Cod-style brick home offers approximately...
6 Catfiddle Street
Charleston, SC 29403
City Of Charleston
Residential
MLS# 26019034 / Active
Experience the pinnacle of downtown Charleston living in this exceptional new construction residence, masterfully designed by architect Randolph Ma...
2250 Myrtle Avenue
Sullivans Island, SC 29482
Residential
MLS# 26019033 / Active
Introducing a rare opportunity to own a thoughtfully designed proposed construction estate where Sullivan`s Island history and modern luxury come t...
241 Celestial Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019032 / Active
Welcome home to this stunning 5-bedroom, 3.5-bath residence in the highly sought-after Cane Bay community, where exceptional living meets incredibl...
1141 Oakcrest Drive
Charleston, SC 29412
Willow Walk
Residential
MLS# 26019027 / Active
Renovated kitchen stainless steel appliances, 42`` cabinets and granite. New master suite 2023 with custom bathroom, shower, enormous walk in close...
2029 Saint Francis Street
North Charleston, SC 29405
Five Mile Court
Residential
MLS# 26019026 / Active
This charming 3-bedroom, 2-bath home has been completely renovated offering modern updates, low-maintenance living, and an excellent location in on...
Reduced -$14,000
2881 Thunder Trail
Johns Island, SC 29455
Summertrees
Residential
MLS# 26019025 / Active
Tucked away on a quiet cul-de-sac in the established Summertrees neighborhood, this charming 3BR/2BA single-level home offers an inviting blend of ...
925 Edding Creek Drive
Edisto Island, SC 29438
Beckett Plantation
Residential
MLS# 26019024 / Active
``MARSTON``- An Island Creekfront Home designed by renowned Columbia architect RW Molten & crafted by Walter Construction. Features include 3-Story...
100 Autumn Lane
Moncks Corner, SC 29461
Windwood I & II
Residential
MLS# 26019023 / Active
Country retreat with unbeatable convenience -- the best of both worlds. This spacious 4-bedroom home offers a smart, comfortable layout perfect for...
228 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26019022 / Active
The Peachtree at Pineland Preserve offers exceptional living on a beautiful pond homesite. The first-floor primary suite features a stunning boxed ...
404 Marion Road
Dorchester, SC 29437
Residential
MLS# 26019021 / Active
NO SHOWINGS UNTIL AFTER WEDNESDAY, JULY 8, 2026. 2022 (32x66) South Bell Modular home situated on 5 acres of land. If you want country living, you ...
5140 Blackberry Lane
Ravenel, SC 29470
Tea Farm
Residential
MLS# 26019020 / Active
Meet the Hartwell, where thoughtful design meets effortless everyday living. This four-bedroom home balances privacy and togetherness with a split-...
Reduced -$2,000
509 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26019018 / Active
Discover the Cameron, a beautifully designed 3-bedroom, 2.5-bath home in upscale Pineland Preserve. Situated on a scenic pond homesite, this home f...
118 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26019017 / Active
Welcome to 118 King Charles Circle in Newington, located in the heart of Summerville! Situated on a spacious half-acre lot, this charming 3-bedroom...
105 Elena Court
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26019015 / Active
Welcome Home to 105 Elena Court, tucked away on a cul-de-sac in the sought-after Legend Oaks community of Summerville. Currently the largest home f...
314 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019013 / Active
Estimated Close-Sept 2026-The Drayton is a beautiful 1.5 Story home that features 3 bedrooms/3 Baths and a Bonus Room, all main living is on the 1s...
309 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019012 / Active
EST Close-Sept 2026-The Holland is a beautiful 2 Story home that features 5 bedrooms/3.5 Baths, Master Suite on the main with HUGE Game Room, Flex ...
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