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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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
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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
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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...
124 Brailsford Street
Charleston, SC 29492
Daniel Island Park
Residential
MLS# 26018981 / Active
Welcome to 124 Brailsford Road, located in the highly sought-after Ralston Grove section of Daniel Island Park.This beautifully appointed townhome ...
108 Prospect Way
Goose Creek, SC 29445
Crowfield Plantation
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MLS# 26018980 / Active
Move-in ready in Crowfield Plantation, one of Goose Creek`s most established and amenity-rich communities. Set on a large corner lot with mature tr...
1236 Spring Hill Church Road
Ridgeville, SC 29472
Residential
MLS# 26018976 / Active
Escape the hustle and bustle of city life & discover your own private retreat on over 5 acres in desirable Ridgeville! Nestled among beautiful matu...
702 Simmons Avenue
Summerville, SC 29483
Magnolia Hill
Residential
MLS# 26018975 / Active
This is a quaint and charming Summerville cottage on a tree-shaded lot in an excellent neighborhood. The original construction was in 1901; however...
217 Palmetto Village Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26018974 / Active
Welcome to this beautifully designed home in the highly sought-after Spring Grove community, where thoughtful details and spacious living come toge...
3286 Heathland Way
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26018972 / Active
Some homes are about more than square footage. This one is about finding a manageable way into the Mount Pleasant lifestyle. Set in Charleston Nati...
4747 N Constellation Drive
North Charleston, SC 29418
Riverbend
Residential
Completely reimagined and full of character, this thoughtfully renovated home blends timeless design with modern functionality. Distinctive archite...
1831 Bolden Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
Located in the highly sought-after Riverside section of Carolina Park, this beautifully maintained home offers the space, privacy, and flexibility ...
9136 Southern Grove Court
North Charleston, SC 29406
Elms Of Charleston
Residential
MLS# 26018969 / Active
Welcome to 9136 Southern Grove Court, located in the highly sought after 55+ gated community of The Elms of Charleston! Nestled on a quiet cul-de-s...
126 Clearblue Loop
Summerville, SC 29486
Nexton
Residential
MLS# 26018968 / Active
Unpack and Unwind! This Home Comes with So Much Extra: Full Outdoor Kitchen, Extended Porch, All Major Appliances Included, and the beautiful bar s...
924 Pitt Street
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018967 / Active
Welcome to an exceptional, newly built residence in the heart of Old Village, where timeless design meets modern luxury. Completed in 2023 and thou...
285 Great Lawn Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26018964 / Active
Discover the perfect blend of charm, sophistication, and convenience at 285 Great Lawn Drive in Brighton Park. This exceptional 4-bedroom, 3.5-bath...
1406 Diamond Boulevard
Mount Pleasant, SC 29466
Crown Pointe
Residential
MLS# 26018963 / Active
Perfectly positioned just 3.5 miles from the beaches of Isle of Palms, this exceptional 4-bedroom, 2.5-bath home in highly sought-after Crown Point...
2416 Tiffany Drive
Charleston, SC 29414
Melrose
Residential
MLS# 26018961 / Active
Come take a look at this brick ranch with 4 bedrooms, 3 full baths - living room, dining room, family room with gas fireplace, screen porch, fenced...
243 N Light Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018959 / Active
Welcome to Pine Hills, where resort-style living meets everyday comfort. Enjoy amenities including a resort-style pool, walking/biking trails.The p...
688 Pelzer Drive
Mount Pleasant, SC 29464
Cooper Estates
Residential
MLS# 26018958 / Active
INCREDIBLE OPPORTUNITY - RARE WATER FRONT PROPERTY ON LAKE COOPER! Property is being sold *AS IS*. This 3 bedroom, 2.5 bath with family room, dinin...
536 Four Seasons
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018957 / Active
Rarely does a home of this caliber become available in Four Seasons. Perfectly positioned on one of the largest and most private homesites in the c...
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