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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3104 Accabee Road
North Charleston, SC 29405
Victory Park
Residential
MLS# 26018894 / Active
This single-family home presents an outstanding fix-and-flip or buy-and-hold investment opportunity in one of the Charleston area`s most desirable ...
12 Marsh Island Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018893 / Active
Tucked away on Marsh Island, one of Wild Dunes` hidden gem streets,this 4-bedroom, 4.5-bath home offers a rare opportunity to enjoy peaceful coasta...
1826 Telfair Way
Charleston, SC 29412
Mira Vista
Residential
MLS# 26018891 / Active
Welcome to ``The Treehouse`` at MiraVista, where peaceful living among the treetops meets the convenience of Charleston`s most desirable location. ...
25 Montagu Street UNIT Apt C
Charleston, SC 29401
Harleston Village
Residential
MLS# 26018888 / Active
Welcome to Downtown living at its absolute finest! Located in highly desirable Harleston Village, this stunning and exceptionally spacious 1,794 sq...
6530 Pepper Grass Trail
Ravenel, SC 29470
The Refuge At Ravenel
Residential
MLS# 26018886 / Active
Private acreage, thoughtful upgrades, and room to grow! Situated on a 1.27-acre corner lot in a gated community, this 4-bedroom home offers 2,400 s...
1115 Kentwood Circle
Charleston, SC 29412
Lynwood
Residential
MLS# 26018882 / Active
Welcome to 1115 Kentwood Circle, a beautifully renovated home in the desirable Lynwood neighborhood on James Island! Offering the perfect combinati...
3358 Mountainbrook Avenue
North Charleston, SC 29420
Pepperhill
Residential
MLS# 26018881 / Active
Beautifully renovated 4BR/2BA home in the established Pepperhill neighborhood, offering space, flexibility, and standout features you won`t find in...
Reduced -$20,000
2097 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26018879 / Active
Welcome to a home where everyday living feels a little more peaceful. Nestled in Oakfield on Johns Island, this thoughtfully designed home offers t...
153 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018878 / Active
The Graham is a magnificent 2 story with double balconies positioned on a corner and pond homesite. Step inside to find a study with French doors a...
147 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018876 / Active
The Fletcher offers so much! Step inside to find a beautiful study with French doors, separate dining room opening into the great room. The gourmet...
395 Summerset Lane
Summerville, SC 29483
Residential
MLS# 26018872 / Active
Motivated Seller! BWelcome to your own private slice of the countryside! AS IS....This rare 18+ acre property offers a perfect blend of residential...
710 Riverland Drive
Charleston, SC 29412
Residential
MLS# 26018871 / Active
Welcome to 710 Riverland Drive, ideally located in the heart of James Island just minutes from Folly Beach, Downtown Charleston & less than a mile ...
1527 Pinopolis Road
Moncks Corner, SC 29461
Pinopolis
Residential
MLS# 26018870 / Active
Welcome to 1527 Pinopolis Rd, an enticing retreat nestled in the heart of Pinopolis. This charming all-brick home is your perfect sanctuary, surrou...
103 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018869 / Active
The Marshall is a beautiful two-story home with extraordinary double balconies, featuring modern space, perfect for family time and entertaining. I...
1230 Augusta Pass Drive
Ridgeville, SC 29472
Timothy Lakes
Residential
MLS# 26018868 / Active
PROPOSED CONSTRUCTION. Introducing the Morgan, a thoughtfully designed floor plan offering the perfect blend of style, comfort, and functionality. ...
421 Bowstring Drive
Huger, SC 29450
Bridges At Seven Lakes
Residential
MLS# 26018864 / Active
This beautifully appointed 5-bedroom, 3.5-bath home is set within Bridges at Seven Lakes, a gated community bordering 259,000 acres of the Francis ...
4005 E Associate Drive
North Charleston, SC 29418
Willow Bend
Residential
MLS# 26018862 / Active
Welcome to a truly elevated townhome living experience. Formerly the community`s showcase model unit, this 1,890 sq. ft. residence offers an array ...
1244 Segar Street
Johns Island, SC 29455
Swygerts Landing
Residential
MLS# 26018860 / Active
Located within walking distance to the BRAND NEW Johns Island Elementary school! 1244 Segar Street offers the perfect blend of comfort, space, and ...
3271 Walter Drive
Johns Island, SC 29455
Village Gardens
Residential
MLS# 26018858 / Active
Enjoy front porch living in this beautifully updated townhouse in the desirable Village Gardens subdivision, just off Maybank Highway with easy acc...
231 Donatella Drive
Goose Creek, SC 29445
Sophia Landing
Residential
MLS# 26018857 / Active
Welcome to one of Sophia Landing`s most charming homes... We`re talking Palm tree landscaping, cathedral ceilings, and a spacious dedicated laundry...
Reduced -$100
237 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
Back on the Market No Fault of the SellersWelcome to Spring Grove Plantation, where comfort, style, and everyday convenience come together in this ...
Reduced -$1
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