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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1033 Peridote Way
Ladson, SC 29456
Taylor Farms
Residential
MLS# 26018427 / Active
One owner home ready for new owner. Taylor Farms was created in 2023 in the heart of Ladson. Its a great location for quick commute. I-26 is just m...
461 Bramson Court
Mount Pleasant, SC 29464
Moultrie Park
Residential
MLS# 26018425 / Active
Charming and full of curb appeal, this Charleston-style home with a signature pink front door and classic double porches sits on a quiet, traffic-f...
3640 Tidal Flat Circle
Mount Pleasant, SC 29466
Stratton By The Sound
Residential
MLS# 26018424 / Active
Stunning views overlooking Copahee Sound from desirable corner lot offering both scenic vistas and the privacy of wooded wetlands. Outdoor living i...
2039 Bishop Drive
Charleston, SC 29414
Church Creek
Residential
MLS# 26018423 / Active
Welcome to 2039 Bishop Drive, a truly exceptional home where quality craftsmanship and meticulous care are evident at every turn. Lovingly maintain...
Reduced -$16,000
107 Alyssa Lane
Summerville, SC 29483
Corey Gardens
Residential
MLS# 26018422 / Active
Welcome home to 107 Alyssa Lane! This adorable 3-bedroom, 2.5-bath townhouse has been thoughtfully renovated and is ready for its next owner. Conve...
7945 Timbercreek Lane UNIT E
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26018421 / Active
Discover effortless Lowcountry living with this beautifully maintained townhome ideally located in the heart of North Charleston. This inviting hom...
181 Huguenot Trail
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26018420 / Active
Welcome to French Quarter Creek, one of the Lowcountry`s newest and most sought-after communities, where this immaculate single-story gem sits grac...
506 Scotch Range Road
Summerville, SC 29483
Scotch Range
Residential
MLS# 26018419 / Active
If you`ve been dreaming of a peaceful retreat with room to breathe, this is the home for you. Enjoy scenic views of rolling farmland & the beauty o...
1613 Farmers Way
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential
MLS# 26018417 / Active
The Riviera II design embodies Lowcountry living at its finest -- elevated, light-filled, and thoughtfully designed for modern comfort. This beauti...
563 Rutledge Avenue
Charleston, SC 29403
Westside
Residential
MLS# 26018415 / Active
Welcome to 563 Rutledge Avenue [Construction To Be Completed: August 3rd, 2026] this masterful high-end renovation is an inviting, classic Charlest...
8867 Salamander Road UNIT #40
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26018414 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
4991 Timber Race Course
Hollywood, SC 29449
Plantation At Stono Ferry
Residential
MLS# 26018413 / Active
With impeccable craftsmanship, sophisticated modern design, and the ease of primarily single-story living, this one-of-a-kind residence in The Plan...
131 Highwoods Plantation Avenue
Summerville, SC 29485
Highwoods Plantation
Residential
MLS# 26018412 / Active
This lovely home offers so much privacy it will feel like you have the entire neighborhood all to yourself. There`s a beautiful tree lined, green s...
442 White Magnolia Street
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 26018411 / Active
READY SEPTEMBER 2026 - Discover the Conway, a beautiful two-story home in the heart of Moncks Corner. This brand-new construction home offers 5 bed...
Reduced -$13,000
4968 Wyman Boulevard
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26018410 / Active
Enjoy low-maintenance living with golf course views in this beautifully updated 3-bedroom, 2-bath home offering 2,037 square feet in the desirable ...
164 Longleaf Drive
Walterboro, SC 29488
Longleaf
Residential
MLS# 26018403 / Active
This brand new home is under construction in Walterboro. It`s on a .63 acre lot in Longleaf subdivision with 4 bedrooms, 2.5 bathrooms & a spacious...
500 Bucksley Lane UNIT Unit 207
Charleston, SC 29492
254 Seven Farms Drive
Residential
MLS# 26018402 / Active
Beautiful 3 bed 2 bath condo on Daniel Island! Gourmet kitchen with quartz countertops, granite sink, stainless steel appliances, and a large islan...
106 James Road
Summerville, SC 29486
Sangaree
Residential
MLS# 26018401 / Active
Welcome to 106 James Rd , where comfort and charm come together in one of Summerville`s most convenient locations. This beautifully maintained home...
163 Emerald Isle Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26018400 / Active
This immaculate, move-in ready home offers a perfect blend of style, space, and functionality. Upon entering, you will immediately notice the beaut...
438 White Magnolia Street
Moncks Corner, SC 29461
The Groves of Berkeley
Residential
MLS# 26018399 / Active
READY SEPTEMBER 2026 - Welcome to the Windsor, a beautiful two-story single-family in the heart of Moncks Corner. This home is designed for both st...
Reduced -$19,742
270 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018397 / Active
This new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, combining the kitchen, living an...
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