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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188 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018767 / Active
Spacious 4 Bedroom Home in Pine Hills - Open Floorplan, Private Owner`s Suite & Modern FinishesWelcome to 188 Bee Tree Boulevard, where comfort mee...
4521 Park Lake Drive
Kiawah Island, SC 29455
Parkside Villas Phase II
Residential
MLS# 26018765 / Active
Tucked within Kiawah`s desirable Parkside Villas, this beautifully maintained 2-bedroom, 2-bathcorner residence offers the ideal blend of island li...
259 E Bay Street UNIT 1 C
Charleston, SC 29401
Ansonborough
Residential
MLS# 26018759 / Active
Top floor condominium with southern exposure. Elevator. Balcony with panoramic views. Fully updated. Located near market area. private parking and ...
182 Bee Tree Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018758 / Active
Beautiful Single-Level Home in Cane Bay | Pine Hills Pool Community + Modern DesignWelcome to 182 Bee Tree Blvd, located in the highly sought-after...
2435 Lantern Street
Charleston, SC 29414
Myrtle Grove
Residential
MLS# 26018755 / Active
This West Ashley home is truly move-in ready! Enjoy the freedom of no HOA and no flood insurance required while being conveniently located with dir...
1544 Barquentine Drive
Mount Pleasant, SC 29464
Pirates Cove
Residential
MLS# 26018753 / Active
Tucked away in one of Mount Pleasant`s quiet, hidden gem neighborhoods, this beautifully updated coastal home offers a rare combination of privacy,...
2250 Myrtle Avenue
Sullivans Island, SC 29482
Residential
MLS# 26018752 / Active
Steeped in the rich history of Sullivan`s Island and dating back to circa 1920, this charming island cottage presents a rare opportunity to own a p...
331 Lake Ridge Boulevard
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018750 / Active
5 Bedroom Home in Pine Hills Cane Bay | Open Layout + Resort-Style AmenitiesWelcome home to 331 Lake Ridge Blvd, nestled in the highly sought-after...
Reduced -$4,349
1104 Longpoint Road
Cross, SC 29436
Cross
Residential
MLS# 26018749 / Active
Welcome to 1104 Longpoint Road, an incredible opportunity to own in a desirable lake community near Cross! Situated on a spacious half-acre lot, th...
1641 Ware Bottom Lane
Mount Pleasant, SC 29464
Pinckney Place
Residential
MLS# 26018748 / Active
Beautiful Southern Style Home with Spacious Primary Bedroom Suite on Main Level, All Hardwood Floors Throughout First Floor with Bright Open Plan, ...
1238 Homecoming Boulevard
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018743 / Active
Welcome to your better-than-new dream home in the highly sought-after Homecoming subdivision--built in late 2024 and loaded with premium upgrades, ...
4421 Highway 162
Hollywood, SC 29449
Residential
MLS# 26018741 / Active
If you`ve been dreaming of a little more space without giving up convenience, this beautifully renovated 1922 farmhouse offers the best of both wor...
677 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
Spacious Moss Grove Plantation Home with Room to Grow!Welcome to 677 Silver Moss Drive in the highly sought-after Moss Grove Plantation community! ...
2017 Kings River Trail
Hollywood, SC 29449
Kings River Preserve
Residential
MLS# 26018737 / Active
If you`ve been waiting for a home in Kings River Preserve, your opportunity has arrived! This nearly new coastal-inspired home sits on a .34-acre l...
522 Mountain Laurel Circle
Goose Creek, SC 29445
Brickhope Plantation
Residential
MLS# 26018734 / Active
Charming single-story ranch in a sought-after Goose Creek neighborhood, offering an open-concept layout, a private wooded backdrop, and incredible ...
420 Verbena Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26018731 / Active
Come see why this is currently the best deal in White Gables, an established, amenity-rich neighborhood with gorgeous mature trees. Offering just u...
1513 Highway 174
Edisto Island, SC 29438
Residential
MLS# 26018730 / Active
Rare Edisto Island waterfront sanctuary! Nestled on a private 5.36-acre peninsula, this unique property is surrounded by 140 acres of land protecte...
1805 Ringneck Road
Moncks Corner, SC 29461
Pimlico
Residential
MLS# 26018728 / Active
DEEP WATER PRIVATE DOCK + BOAT LIFT FULLY REMODELED NO HOA EASY, LOW-MAINTENANCE LIVING Deep water riverfront living on the Cooper River--low maint...
295 Saxony Loop
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018723 / Active
Need space and privacy? This freshly painted 5BR/3.5BA brings both with a buffer behind the privacy fence. Spacious closets, 3 car garage and overs...
114 Fairhaven Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018722 / Active
Welcome to a beautifully designed home where space, style, and functionality effortlessly combine. From the moment you step inside, the main level ...
7674 Legare Road
Edisto Island, SC 29438
Cowpens
Residential
MLS# 26018720 / Active
Ocean views! Marsh Views! Private Dock!!!! Nestled within the private Cowpens community, this exceptional property combines creekfront living with ...
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