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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446 Doane Way
Charleston, SC 29492
Beresford Commons
Residential
MLS# 26018394 / Active
446 Doane Way is a residence with a functional layout and modern finishes throughout. The kitchen features a center island and a walk-in pantry, cr...
1328 Hermitage Avenue
Charleston, SC 29412
Whitehouse Plantation
Residential
MLS# 26018393 / Active
Completely renovated from the studs out, this move-in ready 3-bedroom, 3-full-bath brick ranch offers the quality and peace of mind today`s buyers ...
145 Green Thistle Way
Summerville, SC 29483
Dawson Pointe
Residential
MLS# 26018387 / Active
Ready for move in. Welcome to Dawson Pointe, where modern townhome living meets the ease of condo ownership. This new two-story home is host to an ...
1113 N Shadow Drive
Mount Pleasant, SC 29464
Hickory Shadows
Residential
MLS# 26018385 / Active
Newly renovated home in the heart of South Mount Pleasant, offered under $800K! Conveniently located with quick access to Coleman Boulevard and Hig...
271 Decatur Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018381 / Active
Welcome to this beautifully maintained home in Old Rice Retreat, Cane Bay Plantation! Situated on a pond lot, this spacious 4-bedroom/2-bath home o...
125 Akeley Lane
Summerville, SC 29483
Mallard Crossing
Residential
MLS# 26018377 / Active
Nestled in a desirable neighborhood, this impressive 2,756-square-foot home perfectly balances modern functionality with absolute comfort, offering...
272 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018376 / Active
This ready to move in July brand new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, comb...
328 Grouse Park
Charleston, SC 29414
Grand Oaks Townhomes
Residential
MLS# 26018374 / Active
From the moment you step onto the welcoming covered front porch, you`ll know you`re home. Uniquely designed for maximum privacy, this home is only ...
204 Chamblee Road
Walterboro, SC 29488
Longleaf
Residential
Beautifully remodeled 3-bedroom, 2-bath, two-story home nestled among mature trees with exceptional curb appeal. Step inside to a stunning updated ...
203 Balsam Circle
Summerville, SC 29485
Madison Ridge
Residential
MLS# 26018372 / Active
Welcome to this spacious and beautifully maintained 5-bed, 3.5-bath home in the desirable Madison Ridge community of Summerville. Offering over 3,0...
Reduced -$2,500
274 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018370 / Active
This ready to move in July brand new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, comb...
276 Harvest Grove Lane
Summerville, SC 29485
Limehouse Farms
Residential
MLS# 26018368 / Active
This ready to move in July brand new two-story townhome offers ample space to live and grow. An open-concept layout comprises the first level, comb...
100 Kimeran Lane UNIT D
Summerville, SC 29485
Countryside
Residential
MLS# 26018361 / Active
Located in Summerville`s Countryside subdivision, this two-story townhouse offers 997 sq ft of living space with 2 bedrooms and 1.5 baths. The main...
125 Sugarberry Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018360 / Active
Built by Stanley Martin, this beautifully maintained corner-lot home offers the perfect combination of quality craftsmanship, comfort, and location...
2805 Merriams Drive
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26018358 / Active
Experience the perfect blend of luxury, comfort, and Lowcountry charm in this exceptional 5-bedroom, 3.5-bathroom home offering 2,950 square feet o...
1053 Victoria Road
Wando, SC 29492
Shellring At St Thomas Island
Residential
MLS# 26018355 / Active
Elevated coastal living meets modern luxury in this beautifully updated and newly painted home. Showcasing a bright, fully renovated kitchen with p...
2451 Draymohr Court
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018349 / Active
Live the Mount Pleasant lifestyle in this turnkey & light-filled end-unit townhome just minutes from beaches, dining, and golf cart-friendly conven...
5012 Cranesbill Way
Johns Island, SC 29455
Sea Island Preserve
Residential
MLS# 26018348 / Active
Warm, airy and welcoming from the moment you walk in. Built in 2022, this thoughtfully designed home sits on a generous 0.37-acre lot and is ideal ...
228 Swallowtail Court
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26018347 / Active
Welcome home. A lovely 4BD/3.5BA home in Tidal Walk, ideally located off Long Point Rd near Belle Hall shopping, I-526, the airport, beaches, and D...
8063 Jack Island Drive
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26018345 / Active
Quinessential Lowcountry home in Kiawah River, built by renowned Delpino Custom Homes. This home is perfectly situated beside dedicated green space...
1463 Tomato Farm Circle
Mount Pleasant, SC 29464
Heirloom Landing
Residential
MLS# 26018344 / Active
Lowcountry living at its finest! Literally minutes from Sullivan`s Island, Old Village, Shem Creek & only a year NEW, this thoughtfully designed st...
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