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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1009 Golden Aspen Drive
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26018651 / Active
Welcome home to this beautifully maintained 3-bedroom, 2.5-bath residence offering approximately 2,358 square feet of comfortable living space in M...
100 Dellwood Street
Moncks Corner, SC 29461
Oak Hill Plantation
Residential
MLS# 26018650 / Active
Welcome to 100 Dellwood Street in Moncks Corner! This charming 3-bedroom, 2.5-bath home sits on a spacious quarter-acre corner lot, offering plenty...
1026 House Finch Avenue UNIT Cc3-22-12
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018648 / Active
Semi-Custom Quick Move-In! Discover the Sinclair in Homecoming, offering 2,841 sq. ft., 3 Bedrooms, 3 Bathrooms, and premium designer finishes rare...
1028 House Finch Avenue UNIT Cc3-22-13
Ravenel, SC 29470
Homecoming
Residential
MLS# 26018647 / Active
Semi-Custom Quick Move-In | Ready in July! Discover the Calgary in Homecoming, offering 5 Bedrooms, 3.5 Bathrooms, and 3,680 sq. ft. of thoughtfull...
2744 Fountainhead Way
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018644 / Active
Welcome to 2744 Fountainhead Way, a beautifully maintained Lowcountry home behind the guarded gates of Dunes West. Overlooking a peaceful pond with...
104 Forest Lane
Summerville, SC 29486
Sangaree
Residential
MLS# 26018643 / Active
Completely Renovated & Move-In Ready! This beautifully transformed home blends timeless charm with modern upgrades, offering peace of mind with ext...
Reduced -$10,000
409 Rose Wilder Lane
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018642 / Active
Located in the Earl`s Court enclave of Old Village, this home offers walkable village living, waterfront access, and quick connectivity to Sullivan...
5122 Hut Creek Rd Lane
Johns Island, SC 29455
Miller's Crossing
Residential
MLS# 26018637 / Active
Move-In Ready! The Monroe on Homesite 28 offers 4 bedrooms, 4.5 baths, including dual primary suites with private en-suite baths, plus a guest suit...
Increase +$10,000
504 W Butternut Road
Summerville, SC 29483
Residential
MLS# 26018634 / Active
Welcome home to this freshly updated gem on almost 1 acre in the Knightsville area of Summerville. This cozy brick ranch boasts LVP floor, new kitc...
3065 Pignatelli Crescent
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26018628 / Active
Welcome to this elegant Southern estate situated on a pristine, acre-plus homesite overlooking the 15th fairway. This move-in ready home has all th...
33 Lockwood Drive UNIT H-2
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26018625 / Active
One of the only slips in the Marina with its on finger to dock in. NO ONE NEXT TO YOU!!!! Easy in and out.This 50x18 slip is perfect to get in and ...
1136 N Highway 17a
Moncks Corner, SC 29461
Residential
MLS# 26018624 / Active
TOTALLY RENOVATED HOME in Moncks Corner. Hard to find 6 bedroom, 3 full bath, open concept floorplan. Appraisal in hand at $500,000. Smaller bedroo...
3453 Old State Road
Santee, SC 29142
Residential
MLS# 26018623 / Active
Your Homestead Awaits! This brand-new, move-in ready 2026 Cavco manufactured home offers 2,040sqft of modern living on 2 private acres. With 4 spac...
Reduced -$6,000
104 General Dennis Drive
Summerville, SC 29486
Sangaree
Residential
MLS# 26018621 / Active
Welcome to 104 General Dennis Drive, a fully renovated ranch in the established Sangaree community. This single-story home has been thoughtfully br...
1836 Mepkin Road UNIT Unit 1029
Charleston, SC 29407
Mepkin Place
Residential
MLS# 26018620 / Active
Welcome to Mepkin Place, where modern updates, low-maintenance living, and an unbeatable West Ashley location come together. This beautifully renov...
2111 Atlas Street
North Charleston, SC 29405
Happy Hill
Residential
MLS# 26018619 / Active
Unlock the potential of this rare 9+ bedroom property, ideal for investors or owner-occupants looking to maximize rental income through house hacki...
9798 Seed Street
Summerville, SC 29485
Mckewn
Residential
MLS# 26018618 / Active
Welcome to this beautifully maintained 4-bedroom, 2.5-bath home nestled on a premium wooded homesite in the highly desirable McKewn community. Enjo...
2110 Princess Pond Road
Summerton, SC 29148
Princess Pond
Residential
MLS# 26018617 / Active
Incredible investment opportunity to own one of the most desirable and highly visible waterfront properties on the shores of Lake Marion. Located j...
503 Wodin Place
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26018616 / Active
BACK ON THE MARKET DUE TO NO FAULT OF THE SELLERS - Welcome to one of the most iconic homes in all of Carnes Crossroads. Perfectly positioned along...
401 Eastern Pine Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018615 / Active
Beautifully maintained 5-bedroom, 3-bath home with 2,451 professionally measured square feet on a desirable corner lot. The open floor plan feature...
Reduced -$5,100
130 River Landing Drive UNIT #3120
Charleston, SC 29492
Daniels Landing
Residential
MLS# 26018614 / Active
FULL LUXURY REDESIGN | END UNIT | ONE OF THE BEST LOCATIONS IN THE COMMUNITYCompletely transformed from builder-grade to custom luxury, this one-of...
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