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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108 Stanford Court
Ladson, SC 29456
College Park
Residential
MLS# 26018808 / Active
Welcome to 108 Stanford Court, where indoor comfort meets exceptional outdoor living. This wonderfulproperty offers 4 bedrooms, 1.5 baths, eat in k...
96 Red Bluff Street
Summerville, SC 29483
Limehouse
Residential
Exceptional Kensington floor plan full of upgrades, offering an impressive blend of comfort, style, and functionality. The main-level owner`s suite...
898 Long Bluff Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018802 / Active
Stunning End-Unit Townhome in Cane Bay | 4BR, Primary Suite, Resort AmenitiesWelcome to 836 Long Bluff Road in Pine Hills--one of the premier neigh...
Reduced -$4,790
128 Ashworth Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018800 / Active
Welcome home to this better-than-new Jackson floor plan, perfectly positioned on a desirable corner lot directly across the street from Carnes Cros...
2625 Jenkins Point Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018798 / Active
Nestled within the prestigious Jenkins Point Plantation section of Seabrook Island, this exceptional custom-built residence offers a rare combinati...
2512 Bennett Yard Road UNIT A, B, C
North Charleston, SC 29405
Green Grove
Residential
MLS# 26018796 / Active
Exceptional investment opportunity featuring three detached houses on one property, each offering the privacy of a single-family home with excellen...
1010 Elk River Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018795 / Active
This Fanning, estimated for November 2026, sits on a corner homesite. You`ll notice double front porches, adding that Southern Charm! Inside you`ll...
219 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26018793 / Active
Complete in July/August! Welcome to the Lacey B plan, an upgraded five-bedroom and three-and-one- half-bathroom home with the primary suite conveni...
Increase +$4,000
2422 Highway 174
Edisto Island, SC 29438
Residential
MLS# 26018787 / Active
Completely Remodeled & Move-In Ready on 1.93 Acres - Just 7 Minutes from the Beach! Welcome to your own coastal retreat! This beautifully remodeled...
762 Clay Field Trail
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018786 / Active
The Rutledge exudes Southern Charm! With 10` ceiling and 8` doors on the first floor, the Row series is sure to impress. First floor Owner`s Suite ...
Reduced -$4,000
1982 Irving Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26018785 / Active
This cozy home comes FULLY FURNISHED and would be a great turnkey furnished rental investment! It has been a profitable short-term rental for the l...
19 Sandcrab Court
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018784 / Active
Welcome to 19 Sandcrab Ct, a just renovated beach cottage in Isle of Palms. This completely reimagined beach retreat is nestled in the exclusive ga...
175 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018783 / Active
Home ready in October. This new two-story home features a main level guest bedroom, while at the back is a shared open-concept layout made for seam...
1601 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26018780 / Active
Experience luxury, low-maintenance living in one of Mount Pleasant`s most desirable communities, Charleston National. Tucked away on a quiet cul-de...
640 Powder Horn Road
Dorchester, SC 29437
Residential
MLS# 26018779 / Active
City Cowboy bring your horse situated on 6.49 acres featuring front porch, screened back porch, deck, pool and detached Mother In Law cottage with ...
123 Medford Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018773 / Active
Welcome to Carnes Crossroads, where modern updates meet relaxed Lowcountry living in one of Summerville`s most desirable communities. This barely l...
Reduced -$25,000
8216 Jack Island Drive
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26018772 / Active
Designed for effortless gathering and everyday living, this beautifully crafted four-bedroom, four-and-a-half-bath home combines timeless Lowcountr...
32 State Street
Charleston, SC 29401
French Quarter
Residential
MLS# 26018771 / Active
Welcome to 32 State Street, an extraordinary historic residence tucked away in the heart of Charleston`s coveted French Quarter. Originally built i...
182 Golfview Lane
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26018770 / Active
This inviting end-unit condo offers scenic views of the 10th fairway at Legend Oaks Golf Course. Enjoy the peaceful golf course setting from your l...
190 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018769 / Active
Beautiful Single-Level Home in Cane Bay | Pine Hills Pool Community + Modern DesignWelcome to 190 Bee Tree Blvd, located in the highly sought-after...
Reduced -$5,622
185 Beliks Way
Summerville, SC 29483
West Highland Acres
Residential
Set on a peaceful 2.43-acre property just 10 minutes from downtown Summerville, this spacious home offers the perfect blend of privacy, space, and ...
Reduced -$19,000
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