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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235 Sweet Cherry Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26019640 / Active
Welcome to 235 Sweet Cherry Lane in Shell Pointe at Cobblestone Village. Built in 2022, this 4-bedroom, 2.5 Bath home offers 2,174 sqft. of comfort...
122 Tyger Street
Summerville, SC 29485
Lakes Of Summerville
Residential
MLS# 26019639 / Active
Welcome home to this beautifully maintained 3-bedroom, 2-bath ranch in desirable Lakes of Summerville! The open floor plan features a spacious fami...
2030 Robin Wood Boulevard
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26019638 / Active
Welcome to 2030 Robin Wood Drive in Oak Hill Plantation. This spacious 2,628 sqft. home offers four spacious bedrooms, two and a half bathrooms, a ...
95 Gordon Street
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019637 / Active
2,617 Total SqFt with 1,998 SqFt in main house plus 618 SqFt in ADU. Welcome to 95 Gordon Street, a beautifully updated 4-bedroom, 3.5-bathroom hom...
402 Parish Farms Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019636 / Active
Welcome to 402 Parish Farms Drive, a move-in ready home in the highly sought-after Carnes Crossroads community. Thoughtful updates, including fresh...
1216 Old Towne Road
Charleston, SC 29407
Wespanee Plantation
Residential
MLS# 26019633 / Active
Welcome to 1216 Old Towne Road, a brand-new construction home on a rare .43-acre private lot just minutes from Downtown Charleston. Builder warrant...
335 Spruce Ivy Street
Moncks Corner, SC 29461
Stone Ridge
Residential
MLS# 26019632 / Active
Welcome to this beautifully appointed Cali floorplan in the highly desirable Stone Ridge community, where modern elegance meets comfortable Lowcoun...
311 Hillman Trail Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26019631 / Active
Beautiful 4-bedroom, 2.5-bath home located in the newer section of Foxbank, featuring the the primary suite conveniently located on the main level!...
1096 Refuge Way
Summerton, SC 29148
Residential
MLS# 26019630 / Active
Welcome to this beautifully designed 3 bedroom, 2 bathroom home offering 1,196 square feet of thoughtfully planned living space on a generous .36 a...
78 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26019628 / Active
Located in the well-established Newington Plantation neighborhood, 78 King Charles Circle is a traditional two-story home set on a spacious, fenced...
1300 Park West Boulevard UNIT #611
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019627 / Active
RENOVATED & MOVE-IN READY! Beautifully updated 2-bedroom, 1-bathroom 2nd floor condo with a 1 CAR GARAGE in the gated community of Madison at Park ...
1113 Santa Elena Way
Johns Island, SC 29455
Fenwick Commons
Residential
MLS# 26019620 / Active
1113 Santa Elena Way is the location you`ve been waiting for! Just steps from the neighborhood pool, minutes from the shopping and dining along May...
234 C Captain Kidd Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019618 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
2140 Kings Gate Lane
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019617 / Active
Dual primary bedrooms! Downstairs bedroom is attached to full-bath or use one of the 2 upstairs bedrooms as the primary bedroom. Newer flooring & N...
256 Cloverleaf Acres Lane
Summerville, SC 29486
The Crossing at St. James
Residential
MLS# 26019615 / Active
Charming Charleston-Inspired Townhome Near Summerville & CharlestonWelcome home to 256 Cloverleaf Acres Lane, located in The Crossing at St. James,...
1217 N University Drive UNIT Unit A
Ladson, SC 29456
Creekside Village
Residential
MLS# 26019613 / Active
Great Location! 3 bed 2 bath duplex with one car garage. Kitchen with breakfast bar open to dining and family room. Spacious master bedroom with tr...
4006 Crown Pointe Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26019612 / Active
Welcome Home to Daniel Island!Meticulously maintained and extensively upgraded, this beautiful home is nestled in the highly desirable Center Park ...
3362 Berryhill Road
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26019610 / Active
Welcome to 3362 Berryhill Road, where comfort, convenience, and Lowcountry living come together in the Cedar Springs community on Johns Island - wi...
1402 Camp Road UNIT 3f
Charleston, SC 29412
Point James
Residential
MLS# 26019608 / Active
Don`t miss this beautifully remodeled 2BR/2BA home in the heart of James Island! Recent updates include luxury vinyl plank flooring throughout, fre...
254 Cloverleaf Acres Lane
Summerville, SC 29486
The Crossing at St. James
Residential
MLS# 26019606 / Active
Charming Charleston-Inspired Townhome Near Summerville & CharlestonWelcome home to 254 Cloverleaf Acres Lane, located in The Crossing at St. James,...
3367 Dunwick Drive
Johns Island, SC 29455
Fenwick Hills
Residential
MLS# 26019605 / Active
Beautiful 2017 construction on over 1/3 of an acre listed below market value! Tucked away on Johns Island, 3367 Dunwick Drive offers a peaceful ret...
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