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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233 Coral Sunset Way
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018854 / Active
Welcome home to this spacious 5-bedroom, 3-bath home designed for comfortable living and entertaining! The thoughtfully designed floor plan feature...
120 Alexander Street
Charleston, SC 29403
Wraggborough
Residential
MLS# 26018853 / Active
Historic Downtown Charleston 1890 home w/ ADU in the Wraggborough neighborhood. Also shown in MLS as a Multi-unit under a different MLS number. Exc...
903 Butter Road
Bonneau, SC 29431
Pooshee
Residential
MLS# 26018851 / Active
Experience true waterfront living in this stunning, deep-water home on Lake Moultrie. Perfectly positioned on a spacious lot, this property offers ...
8581 Refuge Pointe Circle
North Charleston, SC 29420
The Refuge At Whitehall
Residential
MLS# 26018848 / Active
The Refuge is a quiet, secluded, upscale neighborhood that is convenient to all points of interest and is serviced by excellent schools. This home ...
111 Misty Waters Court
Summerville, SC 29483
South Pointe Estates
Residential
MLS# 26018846 / Active
Rare opportunity, where privacy, layout, and everyday convenience come together in a peaceful cul-de-sac setting. This inviting, 5 bedroom, 3.5 bat...
497 Spring Hollow Drive
Charleston, SC 29492
The Marshes At Cooper River
Residential
MLS# 26018843 / Active
Welcome to 497 Spring Hollow Drive in the highly coveted and desirable neighborhood of The Marshes at Cooper River. If you are desiring an Energy S...
38 Crosscreek Drive
Charleston, SC 29412
Crosscreek
Residential
Owner financing avaiable! Welcome to your very own lakeside home right inside the city limits! I am so incredibly excited to share this extraordina...
8754 Pasture Court
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018840 / Active
End-unit townhome in Sunrise at Wescott Plantation in Summerville, SC. This well-maintained home offers 3 bedrooms, 2.5 bathrooms, a one-car garage...
126 Riley Farms Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018838 / Active
Loaded with upgrades and customized Popular Fenwick II plan with finished bonus room. Don`t miss this one. Experience one level living on a premium...
Reduced -$25,000
1707 Pinckney Park Drive
Charleston, SC 29407
Stono Park
Residential
MLS# 26018837 / Active
This fully renovated, charming 1940s cottage with a detached ADU, nestled just 4 miles from downtown Charleston is the very home you have been look...
14 Brigadoon Place
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26018836 / Active
Set on a sprawling, private cul-de-sac lot, this exceptional 3,406-square-foot residence offers a rare combination of a resort-style backyard with ...
708 S Laurel Street
Summerville, SC 29483
Historic District
Residential
MLS# 26018834 / Active
HISTORIC DOWNTOWN SUMMERVILLE, 708 S. Laurel Street is a charming 3-bedroom, 2-bathroom home that beautifully blends timeless character with modern...
9271 Ayscough Road
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018831 / Active
New roof added in June 2026!! Welcome to this beautifully maintained 3-bedroom, 3-bathroom pond front home in one of Dorchester County`s most sough...
3348 Island Estates Drive
Johns Island, SC 29455
Island Estates
Residential
MLS# 26018829 / Active
Nestled behind mature native landscaping, this home doesn`t just sit on its lot - it thrives. Enjoy mature fruiting fig trees that produce sweet tr...
401 Kinloss Country Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26018825 / Active
Welcome to 401 Kinloss Country Lane. Experience easy Lowcountry living and resort-style luxury in one of Mount Pleasant`s most desirable golf cours...
1 Inlet Point Road
Edisto Island, SC 29438
Jeremy Cay
Residential
MLS# 26018822 / Active
NEVER-ENDING OCEAN & BEACH VIEWS from this Architectural Gem located at the end of a private point. Inside Exclusive Jeremy Cay, this home enjoys a...
121 Simmons Street
Mount Pleasant, SC 29464
Shemwood
Residential
MLS# 26018821 / Active
Built in 2023, this award-winning custom home by Hunter Baker Homes is located in highly desirable South Mount Pleasant with views of Shem Creek an...
134 Cooper Circle
Santee, SC 29142
Santee Cooper Resort
Residential
MLS# 26018820 / Active
Located in the gated waterfront community of Santee Cooper Resort on Lake Marion, this charming brick ranch offers the perfect blend of comfort, co...
4054 Aspera Drive
Summerville, SC 29483
The Ponds
Residential
MLS# 26018817 / Active
There is tremendous value in this move-in-ready home located in Cresswind in The Ponds. This property is absolutely perfect if you are seeking a So...
9101 Parlor Drive
Ladson, SC 29456
Tranquil Hill Plantation
Residential
MLS# 26018813 / Active
Charleston SC End Unit Townhome For Sale | 3 Bedroom 2.5 Bath | Dorchester District Don`t miss this rare end-unit townhome for sale in Charleston, ...
8867 Salamander Road UNIT Unit 57
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26018811 / Active
Welcome to the Ross plan - a spacious new home with all appliances included and builder warranty. Enter through the foyer, passing a powder bath an...
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