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 Water Way
Moncks Corner, SC 29461
Overton
Residential
MLS# 26018716 / Active
Looking for the perfect lake retreat, retirement home, or a place to escape those long winter months? Welcome to Overton! Nestled in a desirable la...
146 Glen Street
Summerville, SC 29483
Clemson Terrace
Residential
MLS# 26018715 / Active
Looking for privacy!! This home has tons of space on its 1 acre lot!! You get 2 camper hook ups with 2-30 amp spots. Fall in love with this 4-bedro...
Reduced -$9,000
1031 Laurel Oaks Drive
Summerville, SC 29483
Pineview North
Residential
MLS# 26018713 / Active
New Homes for Sale in Pineview North - Charleston, SCWelcome to 1031 Laurel Oaks Drive in Pineview North, a desirable community located within the ...
Reduced -$3,584
243 Lazy Acres Loop
Summerville, SC 29483
Lazy Acres
Residential
MLS# 26018709 / Active
Nestled on over half an acre in the highly sought-after DD2 School District, this charming 3-bedroom home offers privacy, space, and incredible pot...
3335 Coon Hollow
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018708 / Active
Perfectly positioned along the 15th fairway of the Crooked Oaks golf course, this inviting home on quiet Coon Hollow offers a seamless blend of spa...
1214 Redeemer Drive
Hanahan, SC 29410
Berkley Hills
Residential
MLS# 26018699 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Spacious lot, prime location, and convenient single story ...
408 Thompson Street
Walterboro, SC 29488
Mayfield Terrace
Residential
MLS# 26018698 / Active
NO HOA!!! Full of character and updated with modern style, this charming colonial-style home in Walterboro offers the perfect blend of classic and ...
373 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018697 / Active
The desirable Conway floor plan offers spacious living with an upstairs loft ideal for a home office, playroom, or media space. The main level cent...
2494 Etiwan Avenue UNIT 3k
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018695 / Active
Welcome to Melrose Park Townhome condo community. Perfectly located in West Ashley, close to dining, shopping and near 526. This unit is a one bedr...
436 Earnels Drive
Walterboro, SC 29488
Residential
MLS# 26018687 / Active
Private, 3-bedroom, 2 bath home in country setting with 1/2-acre pond with large, cement floor workshop. This sprawling 18.9-acre property in Walte...
327 Lake Ridge Boulevard
Summerville, SC 29483
Cane Bay Plantation
Residential
MLS# 26018685 / Active
Pine Hills at Cane Bay Living | 3BR Brandon Floorplan | Resort-Style Amenities in Summerville, SCWelcome to Pine Hills in Cane Bay--one of Summervi...
Reduced -$3,819
2494 Etiwan Avenue UNIT 12d
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018681 / Active
Welcome to Melrose Park Townhome Condo community. Beautiful landscaped green space, central location to work, shopping and leisure. This one bedroo...
1114 Theodore Brunson Road
Awendaw, SC 29429
Residential
MLS# 26018677 / Active
Welcome to Rivercroft, a peaceful retreat nestled along the banks of Awendaw Creek. Enjoy stunning marsh views from your new home and the convenien...
2494 Etiwan Avenue UNIT Unit 6f
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26018676 / Active
Melrose Park Condos . One Bedroom/one bathroom with amenities in West Ashley. Near 526, dining and shopping.Seller has an additional One bedroom /o...
746 Meadowbrook Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018671 / Active
Welcome to this stunning 5-bedroom, 3-bathroom home, a masterpiece of modern design located on a desirable corner lot in the coveted Nexton communi...
5152 Blackberry Lane
Ravenel, SC 29470
Tea Farm
Residential
MLS# 26018667 / Active
The Greenwood strikes a perfect balance between together time and tucked-away retreats. At its heart is a large, open-concept living space that flo...
499 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018662 / Active
Spacious 5-Bedroom Home in Carolina Groves, Moncks Corner SC with Modern Open-Concept LivingTake advantage of a special interest rate and builder-p...
Reduced -$4,277
343 Saddlewood Drive
Charleston, SC 29414
Grand Bees
Residential
MLS# 26018661 / Active
Tucked at the end of a quiet street in the Grand Bees section of Grand Oaks Plantation, this spacious six-bedroom, three-bath home offers a rare bl...
452 Madeline Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26018658 / Active
Move right into this beautifully renovated 3 bedroom, 2 bath home, offering the perfect combination of modern updates and everyday functionality. W...
Reduced -$5,100
3089 Sawtimber Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26018657 / Active
Perfect timing--there is only ONE move-in ready new home currently available in Del Webb Point Hope! Skip the wait and enjoy the opportunity to own...
3901 Ashton Shore Lane
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018656 / Active
*Appraisal in hand for $3,600,000!* Welcome to 3901 Ashton Shore Lane -- an extraordinary custom waterfront estate nestled within the private, gate...
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