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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4210 Wild Turkey Way
Johns Island, SC 29455
Briars Creek
Residential
MLS# 26018613 / Active
Welcome to 4210 Wild Turkey Way, an exquisite custom home built for comfort, luxury, and style within the gates of Briars Creek. A coveted private ...
2018 Redback Drive
Summerville, SC 29483
The Ponds
Residential
MLS# 26018609 / Active
This home in Cresswinds at the Ponds 55+ gated community is situated on a corner lot adjacent to the Clubhouse and all its amenities. Very well mai...
2415 Rice Pond Road
Charleston, SC 29414
Ashland Plantation
Residential
MLS# 26018606 / Active
Nestled on 1.54 private acres, this striking contemporary home offers a rare opportunity to own your own coastal peninsula with a shared, true deep...
1641 Indy Drive
North Charleston, SC 29405
Mixson
Residential
MLS# 26018605 / Active
Welcome to this beautifully designed Charleston single-style home, perfectly positioned on a desirable corner lot in the highly sought-after Mixson...
4897 Habersham Lane
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018602 / Active
3 bedroom, 2 bath Master downstairs. Corner Lot Your new home has open space beside the home providing you with more land to use than is maintained...
Reduced -$1,100
3584 Berryhill Road
Johns Island, SC 29455
Cedar Springs
Residential
Welcome to 3584 Berryhill Road -- adorable 3-bedroom, 2.5-bath gem nestled in one of Johns Island`s most coveted locations! Park your boat in your ...
7401 Painted Bunting Way
Hanahan, SC 29410
Tanner Plantation
Residential
MLS# 26018594 / Active
Welcome to 7401 Painted Bunting Way, a beautiful four-bedroom, 2.5-bathroom home nestled on a cul-de-sac in the highly desirable Edgewood Trace nei...
Reduced -$6,000
501 Evenfall Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018593 / Active
This is the one! A thoughtfully designed Newington by Ashton Woods, expertly curated and just beginning construction, set on a premier corner homes...
1249 Dearsley Court
Mount Pleasant, SC 29464
Parish Place
Residential
MLS# 26018592 / Active
Welcome to this lovely South Mt. Pleasant charmer that just underwent a massive facelift over the past 30 days! The curb appeal POPS w/ the newly p...
196 Halstead Drive
Moncks Corner, SC 29461
Halstead
Residential
MLS# 26018589 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to this end-unit Cosmos! This beautifully designed 3 bedroom, ...
460 Colchester Court
Moncks Corner, SC 29461
Halstead
Residential
MLS# 26018588 / Active
Estimated completion August/September. Homesite backs up to our fishing dock! ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Progra...
150 Bee Street UNIT #402
Charleston, SC 29401
Bee Street Lofts
Residential
MLS# 26018586 / Active
Experience elevated downtown living in this stylish 2-bedroom, 2.5-bath loft at Bee Street Lofts, featuring soaring 10+ ft. ceilings, an open-conce...
205 Huguenot Trail
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26018584 / Active
Welcome home to this stunning, nearly new residence in the sought-after French Quarter Creek community -- built less than two years ago and move-in...
2229 Generals Street
Charleston, SC 29492
Point Hope
Residential
MLS# 26018581 / Active
This home has a total of 3,050 sqft with 2,621 sqft in the main house and 428 sqft in the guest suite over the garage. In addition, there is a part...
Reduced -$25,000
200 Sweet Cherry Lane
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
MLS# 26018578 / Active
Welcome to Shell Pointe at Cobblestone, where this beautifully maintained corner-lot home offers the perfect combination of comfort, convenience, a...
259 Gaines Circle
Cottageville, SC 29435
Christopher
Residential
MLS# 26018575 / Active
Welcome to 259 Gaines Circle -- a beautifully and completely renovated 4-bedroom, 2-bathroom home sitting on 1.8 acres in Cottageville, SC. Finishe...
70 Vanderhorst Street
Charleston, SC 29403
Radcliffeborough
Residential
MLS# 26018573 / Active
Turnkey Investment Opportunity - Steps from CofC & MUSC...Incredible opportunity to acquire an income-producing asset or a beautiful family home lo...
3019 Buccaneer Road
Isle of Palms, SC 29451
Jolly Rogers Estate
Residential
MLS# 26018571 / Active
Welcome to 3019 Buccaneer Road, where the tides set the pace and island living becomes a reality. Positioned on Goat Island, only accessible by boa...
210 Jasmine Drive
Walterboro, SC 29488
Woodland Terrace
Residential
MLS# 26018568 / Active
Welcome to 210 Jasmine Street in the established Woodland Terrace neighborhood of Walterboro. This spacious 4-bedroom, 3-bathroom home offers room ...
209 Sternside Run Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018566 / Active
One of the finest water views in the community sets the stage for this meticulously maintained home located in the highly sought-after active adult...
Reduced -$11,000
781 Lake Frances Drive
Charleston, SC 29412
Lake Shore Commons
Residential
MLS# 26018562 / Active
Enjoy waterfront living in this charming lakefront property offering 1,350 square feet of comfortable living space. The home features 2 bedrooms, e...
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