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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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 ...
308 Cherry Orchard Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019011 / Active
EST Close-Sept 2026-The Crestwood is a beautiful 2 Story home that features 4 bedrooms/4.5 Baths, Master Suite up with a Guest Suite on the main le...
127 Cherrywood Drive
Summerville, SC 29483
Cherrywood Estates
Residential
MLS# 26019009 / Active
EST Close-Sept 2026-The Lockwood is a beautiful 2 Story home that features 4 bedrooms including master on the 1st floor & a loft plus flex space. T...
212 Forest Circle
Summerville, SC 29483
Oakdale Estates
Residential
MLS# 26019008 / Active
Welcome to 212 Forest Circle, a charming all-brick ranch nestled in the established Oakdale Estates community of Summerville. With no HOA, you`ll e...
217 W Bradford Pointe Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26019007 / Active
Welcome home to this move-in ready, one-year-new residence in Bradford Pointe -- one of Nexton`s most sought-after communities. Thoughtfully design...
3644 Purple Martin Court
Mount Pleasant, SC 29466
Somerset Oaks
Residential
MLS# 26019002 / Active
Welcome to Somerset Oaks, Mount Pleasant, SCExperience the perfect blend of Lowcountry charm and modern coastal living in this exceptional home. Bu...
3360 Great Egret Drive
Johns Island, SC 29455
St. Johns Lake
Residential
MLS# 26018999 / Active
Welcome to 3360 Great Egret Drive, nestled in the highly sought-after community of St. Johns Lake on Johns Island. This beautifully maintained, mov...
1551 Chastain Road
Johns Island, SC 29455
Lakeside
Residential
MLS# 26018998 / Active
Welcome to 1551 Chastain Rd, where thoughtful design, timeless finishes, and exceptional outdoor living come together in the desirable Lakeside com...
589 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
MLS# 26018997 / Active
Welcome home to this charming 2-bedroom, 2.5-bath residence in the highly sought-after Nexton community! This offers an inviting open floor plan wi...
2826 Edenborough Road
Johns Island, SC 29455
Johns Island
Residential
MLS# 26018995 / Active
A Southern Retreat nestled on 1.84 acres in the Charleston Lowcountry, just 15 miles from vibrant and historic downtown, and 12 miles from Kiawah B...
1370 Old Whitesville Road
Moncks Corner, SC 29461
Whitesville
Residential
MLS# 26018994 / Active
Welcome home to this charming 2-bedroom, 1-bath ranch home situated on a spacious 0.73-acre lot. This well-maintained home reflects pride of owners...
2700 Cameron Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26018993 / Active
Introducing 2700 Cameron Boulevard -- an extraordinary contemporary coastal residence located just one block from the pristine beaches of Isle of P...
142 Avalon Road
Summerville, SC 29483
Brookwood
Residential
MLS# 26018992 / Active
Welcome to 142 Avalon Rd, a Move-in Ready home located in the Summerville`s Dorchester II school district. Situated at the end of a private cul-de-...
117 Coventry Road
Summerville, SC 29486
Victoria Place
Residential
MLS# 26018991 / Active
Welcome to 117 Coventry Rd, Summerville, SC! This well-maintained 3-bedroom, 2-bath home offers approximately 1,100 square feet of comfortable livi...
128 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018990 / 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 ...
Increase +$17,150
156 Black River Drive
Summerville, SC 29485
Lakes Of Summerville
Residential
MLS# 26018989 / Active
Welcome to this beautifully maintained 3-bedroom, 2.5-bath townhouse offering 1,588 square feet of thoughtfully designed living space. Soaring 12-f...
114 McDuffie Court
Summerville, SC 29486
Sangaree
Residential
Large Fully Fenced Back yard, 2 year old roof and HVAC. No HOA. Located with easy access to several businesses. Situated at the end of a cul-de-sac...
544 Lesesne Street
Charleston, SC 29492
Daniel Island Park
Residential
MLS# 26018987 / Active
Welcome to 544 Lesesne Street. With almost 5,000 square feet, this beautifully maintained 3 level, 5 bedroom, 5.5 bath single family home in Daniel...
314 Cypress Knee Landing
Summerville, SC 29483
Limehouse Village
Residential
MLS# 26018986 / Active
Welcome to this Lovely Charleston Style home with iconic double porches in the charming subdivision of Limehouse Village! Featuring 4 bedrooms & 2....
197 Silver Cypress Circle
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26018985 / Active
Welcome to this beautifully maintained True Homes Riley plan, built in 2016 and ideally situated on a premium lot with picturesque pond and golf co...
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