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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3106 Gallberry Street
Charleston, SC 29414
Carolina Bay
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MLS# 26019604 / Active
Welcome to 3106 Gallberry Street, a turn-key designer home in sought-after Carolina Bay.Thoughtfully updated and beautifully maintained, this home ...
221 Forest Circle
Summerville, SC 29483
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MLS# 26019601 / Active
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29 Campbell Drive
Charleston, SC 29407
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MLS# 26019600 / Active
Welcome to 29 Campbell Drive, a truly one-of-a-kind designer home in one of Charleston`s most coveted and established neighborhoods, Byrnes Down. T...
4882 Sound View Drive
Mount Pleasant, SC 29466
Hamlin Plantation
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MLS# 26019598 / Active
Tucked along the water in one of Mount Pleasant`s most coveted communities, The Sound at Hamlin Plantation, this is the one you`ve been waiting for...
116 Tall Spruce Drive
Moncks Corner, SC 29461
Conifer Hall
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MLS# 26019596 / Active
Updated and remodeled 3BR/2BA gem in Conifer Hall! All updates completed in 2023: new roof, windows, doors, paint, HVAC and garage door opener. Smo...
478 Trotters Lane
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MLS# 26019595 / Active
Wake up to peaceful pond views and end each day watching the fountain shimmer across the water from your own fenced backyard. Built in 2023, this b...
217 President Circle
Summerville, SC 29483
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MLS# 26019594 / Active
Welcome to 217 Presidents Circle, where modern construction meets the timeless charm of Historic Summerville. Built in 2014, this beautiful home of...
2364 Primus Road
Mount Pleasant, SC 29466
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MLS# 26019592 / Active
Tucked near the back of Pointe at Primus in a cul-de-sac, this 3-bed, 3.5-bath home offers approx. 2,694 sq ft of comfortable, thoughtfully designe...
3219 Pecan Orchard Way
Charleston, SC 29414
Pierpont
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Experience the perfect balance of privacy, convenience, and modern construction in this beautifully maintained 2020-built home tucked away in a pri...
936 Lansing Drive UNIT D
Mount Pleasant, SC 29464
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MLS# 26019588 / Active
Great Location off Coleman Blvd, Walking distance to Trader Joe`s and Whole Foods, Shem Creek (0.09 mi), Pitts St. bridge, and more! This Hidden Ge...
124 White Boulevard
Summerville, SC 29483
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MLS# 26019586 / Active
Welcome to 124 White Blvd, where timeless charm meets thoughtful updates! This well-maintained 3-bedroom, 1-bath home features fresh paint througho...
133 Country Oaks Lane
Wando, SC 29492
Creekside At Beresford
Residential
MLS# 26019585 / Active
Location Location!!! Welcome to this beautifully maintained home, which is ideally located just minutes from 526, Daniel Island, and Mount Pleasant...
882 Savage Road
Charleston, SC 29414
Castlewood
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MLS# 26019584 / Active
Tucked beneath mature trees in the heart of West Ashley, this thoughtfully updated home blends timeless character with modern convenience on a priv...
3508 Bagley Drive
Mount Pleasant, SC 29466
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MLS# 26019582 / Active
Enjoy the resort-style lifestyle that makes Park West one of Mount Pleasant`s most sought-after communities. Just a short walk from exceptional nei...
1505 Sanborll Landing Drive
Ladson, SC 29456
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Y`all... if entertaining is your thing, you`ve found your house.From the moment you pull into this conveniently located neighborhood, you`ll notice...
4287 Hugh Bennett Drive
Johns Island, SC 29455
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Welcome to this exquisite modern luxury home, nestled within the prestigious gated community of Sea Island Preserve. Situated on just under an acre...
1039 Friartuck Trail
Ladson, SC 29456
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MOTIVATED SELLER -- PRICED TO SELL! Welcome to 1039 Friartuck Trail, offering 2,436 sq ft living space in the highly desirable Hunters Bend communi...
1413 Spanish Moss Court
Charleston, SC 29412
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MLS# 26019575 / Active
Beautifully updated throughout, this exceptional Bayview Farms home combines soaring ceilings, renovated interiors, and a private saltwater pool to...
3491 Toomer Kiln Circle
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019573 / Active
Welcome to 3491 Toomer Kiln Circle, located in the highly desirable, well-established community of Coatbridge at Park West. Built by award-winning ...
4472 Elderwood Court
Ladson, SC 29456
Woodside Manor
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MLS# 26019572 / Active
Welcome home to this well-loved 3 bedroom, 1 bath brick ranch tucked on almost a third of an acre in a quiet cul-de-sac in Woodside Manor. This hom...
4709 Yardley Drive
North Charleston, SC 29405
Wando Gardens
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Welcome to 4709 Yardley Dr in Wando Gardens -- renovated living with an easy commute to everything the Lowcountry offers. Completely renovated in 2...
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