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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2467 Draymohr Court
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018956 / Active
Must see! Beautifully maintained townhome in the highly desirable Keswick subsection of Park West. This 4B, 2.5B home boasts gorgeous LVP flooring ...
136 Airy Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018955 / Active
Beautifully upgraded ranch home offering 4-bedrooms, 3 bathrooms & 3 car garage. Thus home features functional living spaces, & exceptional communi...
165 Dandridge Road
Walterboro, SC 29488
Hyde Park
Residential
MLS# 26018953 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Welcome to Walterboro and this inviting ranch style home ...
3546 Agape Court
Ladson, SC 29456
Paddock Pointe
Residential
MLS# 26018952 / Active
Welcome to 3546 Agape Court in the desirable Paddock Pointe community! This well-maintained, move-in ready, one-story home offers an inviting open ...
201 Heatley Street
Moncks Corner, SC 29461
Residential
MLS# 26018949 / Active
Looking for a move-in ready home with the perfect backyard? Welcome to 201 Heatley Street, Moncks Corner, SC! This newly upgraded, 1,310 sq. ft. pr...
196 Sea Oats St
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018948 / Active
The Calhoun- This Elevated beautiful, spacious, open concept home with 2 laundry hook ups! One for stackable washer and dryer in owners suite and t...
Increase +$12,215
4550 Cape Island Drive
Awendaw, SC 29429
Paradise Island
Residential
MLS# 26018947 / Active
Welcome Home to Paradise Island. Tucked beneath towering pines and surrounded by natural beauty, this custom-built retreat offers a rare blend of p...
129 Orchard Blossom Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018945 / Active
The adorable Litchfield is a single story with an open layout. The front exterior is graced with a lovely front porch and the 2-car garage sits bac...
1001 Scotch Bonnet Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018944 / Active
The Calhoun- Spacious, open concept home with 2 laundry hook ups! One for stackable washer and dryer in owners suite and the other more traditional...
Reduced -$5,050
105 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018943 / Active
The Tradd is a beautiful Charleston Single with beautiful double porcches and a detached garage. The interior with 10` ceilings, features a foyer t...
Reduced -$11,450
143 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018940 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home features a mod...
126 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018938 / Active
Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home features a modern layout that max...
139 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018937 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home features a mod...
206 Belfast Lane
Walterboro, SC 29488
Ireland Ridge
Residential
MLS# 26018935 / Active
Welcome to this beautifully renovated home nestled in the quiet neighborhood of Ireland Ridge, just minutes from downtown Walterboro. Conveniently ...
1700 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential
MLS# 26018934 / Active
Nestled in the highly desirable Drakesborough community, this beautifully maintained two-story home offers the perfect blend of comfort, efficiency...
160 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018933 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
116 Archers Bay Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018932 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
120 Lilac Grv Way
Summerville, SC 29486
Sheep Island
Residential
MLS# 26018931 / Active
Near Nexton Living | Private Conservation Lot Home with Resort-Style Amenities + Amazing IncentivesOne of the final opportunities to build the soug...
158 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018930 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
109 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018929 / Active
The Tradd is a beautiful Charleston Single with a detached garage. The interior with 10` ceilings, features a foyer that opens into a lovely dining...
Reduced -$11,250
115 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018928 / Active
The Jackson is a lovely two-story home with front porch where you`ll find a bright and airy foyer inside, a guest bedroom or study, full bath and l...
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