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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718 Triangle Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26018302 / Active
Welcome to 718 Triangle Lane a truly one-of-a-kind home in the heart of Midtown Nexton where thoughtful design, luxury finishes, and effortless ind...
123 Harriet Tubman Lane
Moncks Corner, SC 29461
Residential
MLS# 26018301 / Active
This unique 1 acre property is waiting on investors,and buyers who are looking for something different than the norm..Check it out.This home has 4 ...
2709 Henry Street
North Charleston, SC 29405
Happy Hill
Residential
MLS# 26018300 / Active
Beautiful new construction home featuring 3 bedrooms and 2.5 bathrooms with modern finishes throughout. Durable laminate flooring runs seamlessly a...
101 Beacon Hill Lane
Summerville, SC 29485
Kings Grant
Residential
MLS# 26018297 / Active
101 Beacon Hill Lane is a lowcountry charm! Nestled in the neighborhood of King`s Grant perched right on the Ashley River. This home is a southern ...
154 Darby Meadow Lane
Ridgeville, SC 29472
Timothy Lakes
Residential
MLS# 26018296 / Active
Turnkey home in the Timothy Lakes community that immediately stands out thanks to a large, boat-accessible gate and an incredible detached two-car ...
110 Van Buren Avenue
Ladson, SC 29456
Tranquil Acres
Residential
MLS# 26018295 / Active
What truly sets this one-of-a-kind property apart is its unbeatable location paired with the insane level of detail invested in its modernization. ...
141 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018294 / Active
This 5 Bed, 3 1/2 Bath home is set on a highly sought-after, premium LAKEFRONT lot in The Coves of Cane Bay Plantation. The screened in porch and p...
374 Commonwealth Road
Mount Pleasant, SC 29466
Darrell Creek
Residential
MLS# 26018293 / Active
Enjoy stunning sunsets from this hard-to-find waterfront home built in 2023 by Ravenel Construction with custom design and engineering from local C...
159 Old Tree Road
Goose Creek, SC 29445
Brick Barn Pointe
Residential
MLS# 26018292 / Active
Discover 159 Old Tree Rd, a residence recently enhanced with fresh interior paint and a partial flooring replacement. The kitchen is equipped with ...
Reduced -$10,000
343 Damascus Drive
Summerville, SC 29483
Kensington Park
Residential
MLS# 26018291 / Active
Introducing 343 Damascus Dr, a residence recently enhanced with fresh interior paint, fresh exterior paint, new flooring throughout the home, and n...
1013 Ashley Garden Boulevard
Charleston, SC 29414
Grand Oaks Townhomes
Residential
MLS# 26018290 / Active
Step into 1013 Ashley Garden Blvd, recently updated with partial flooring replacement and a kitchen featuring all stainless steel appliances. This ...
814 Kings Oak Court UNIT Unit 2
Charleston, SC 29492
Governors Cay
Residential
MLS# 26018289 / Active
The ONLY MARSH-VIEW unit currently available in Governor`s Cay, and it is priced to sell!!Tucked away at the rear of this highly sought-after water...
103 Tabby Lane
Summerville, SC 29485
Ashborough
Residential
MLS# 26018288 / Active
Welcome to this fully renovated 4-bedroom home with a large bonus room on a rare 0.41-acre corner lot in the highly sought-after Ashborough communi...
923 E Estates Boulevard UNIT A
Charleston, SC 29414
Shaftesbury
Residential
MLS# 26018285 / Active
Welcome to 923 E Estates Boulevard, a charming single-story townhome tucked among mature trees in one of West Ashley`s most established communities...
2765 Victoria Lake Drive
Mount Pleasant, SC 29466
Brickyard Plantation
Residential
MLS# 26018284 / Active
Tucked away in one of Mount Pleasant`s most beloved communities, this stunning home sits graciously on nearly half an acre with a private wooded ba...
534 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018282 / Active
4-Bedroom Home in Carolina Groves | 534 Tulip Poplar Drive, Moncks Corner, SCWelcome to 534 Tulip Poplar Drive, nestled in the heart of the highly ...
Reduced -$3,440
402 Poplar Grove Place
Summerville, SC 29483
Summer Wood
Residential
MLS# 26018281 / Active
Welcome to 402 Poplar Grove Place - Summerville, SCStep into easy, low-maintenance living in this beautifully maintained 3-bedroom, 2.5-bath townho...
8527 Benjamin Simmons Road
Hollywood, SC 29449
Mauss Hill
Residential
MLS# 26018280 / Active
Welcome to 8527 Benjamin Simmons Road, where the beauty of Lowcountry living meets modern luxury on nearly three private acres in the charming comm...
1029 Oakcrest Drive
Charleston, SC 29412
Willow Walk
Residential
MLS# 26018278 / Active
Discover the opportunity to own a waterfront retreat on James Island, ideally located just minutes from both Downtown Charleston and Folly Beach. N...
112 Slow Mill Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26018277 / Active
Welcome to 112 Slow Mill Drive, a beautifully updated home located in the desirable Brick Barn Pointe section of Liberty Hall Plantation. This move...
7 Larnes Street
Charleston, SC 29403
Westside
Residential
MLS# 26018276 / Active
Welcome to 7 Larnes Street, a stunning elevated home located in the heart of Charleston`s rapidly growing Westside neighborhood. Completely transfo...
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