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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159 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018927 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
240 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018925 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
245 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018924 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
242 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018923 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
244 Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018922 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
411 Pelican Flight Drive
Dewees Island, SC 29451
Dewees Island
Residential
MLS# 26018921 / Active
Welcome to 411 Pelican Flight Drive, an extraordinary oceanview estate where timeless architecture, luxurious finishes, and unmatched privacy come ...
2008 Riverbend Drive
Charleston, SC 29412
Riverbend
Residential
MLS# 26018916 / Active
MOVE-IN READY NOW! Nestled beneath majestic grand oak trees on scenic James Island, Riverbend is a boutique waterfront community offering deep-wate...
Reduced -$25,000
1040 Yorktown Drive
Charleston, SC 29412
Queensborough
Residential
MLS# 26018915 / Active
Welcome to 1040 Yorktown Drive, a beautifully renovated home in the heart of James Island! This move-in-ready home offers 3 bedrooms, 3 full bathro...
1037 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential
VA assumable loan available. Built in 2024, this home offers all the benefits of new construction without the wait. Featuring the largest floor pla...
Reduced -$21,000
4517 Nestwood Street
Ladson, SC 29456
Woodside Manor
Residential
MLS# 26018910 / Active
Welcome to 4517 Nestwood Street, a beautifully renovated brick ranch in Woodside Manor, offering three bedrooms, 1 1/2 large bathrooms & dressed in...
Reduced -$6,000
109 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018909 / Active
This Jackson B two-story, double balcony home showcases a convenient first floor guest suite, followed by a spacious open great room with 10ft ceil...
Reduced -$6,300
151 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018907 / Active
The Fletcher is an open 2-story home featuring a secondary bedroom and full bathroom on the first floor, great for visiting family or guests. The g...
118 Milton Drive
Goose Creek, SC 29445
St James Estates
Residential
MLS# 26018905 / Active
Looking for room to spread out with no HOA? You`ve found it! Welcome to this charming all-brick, three-bedroom, two-bath ranch with an attached gar...
1051 Oyster Drill Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018904 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$9,700
4374 Sea Forest Drive
Kiawah Island, SC 29455
Windswept Villas
Residential
MLS# 26018903 / Active
Rare opportunity to own an income-producing 3 bedroom, 3 bath villa in Windswept. This beautiful, sunny and spacious END UNIT, has 2 decks, a lagoo...
228 Shortmarsh Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018902 / Active
Welcome to refined Lowcountry living in the sought-after West Lake at Cane Bay community. This beautiful home combines comfort, style, and thoughtf...
306 Willows Crescent Drive
Moncks Corner, SC 29461
Lakeview at Kitfield
Residential
MLS# 26018901 / Active
Assumable 4.5% interest rate! Welcome to 306 Willows Crescent, where comfort, space, and modern living come together in one of Moncks Corner`s grow...
107 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018900 / Active
The Montgomery is a beautiful spacious one-story plan offering 10` ceilings and 8` doors. Inside you will find an on-suite with bedroom, walk-in cl...
752 Clay Field Trail
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018899 / Active
The Ashley- This Charleston style home features a full front porch and lots of southern charm. There is luxury vinyl plank flooring throughout the ...
101 Santee Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26018896 / Active
Welcome to 101 Santee Court, a beautifully updated 1.5-story home in the heart of Summerville`s desirable Sangaree subdivision. This 3-bedroom, 2-b...
3616 Yacht Club Road
Edisto Island, SC 29438
Edisto Beach
Residential
MLS# 26018895 / Active
Experience the best of beachfront living in this beautifully maintained oceanfront home on Edisto Beach. With an outstanding rental history and tho...
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