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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125 Fall Creek Boulevard
Summerville, SC 29483
Summerville Country Estates
Residential
MLS# 26018274 / Active
Cold AC and a beautiful shaded back yard. Large 4 BR open floor plan mobile home on a large wooded lot. The home has a huge living and dining space...
906 W Marymont Lane
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26018273 / Active
Experience at 906 W Marymont Ln a layout designed for everyday comfort and practical living. The interior features a fireplace for warmth, while th...
521 Saint Andrews Boulevard
Charleston, SC 29407
Moreland
Residential
MLS# 26018272 / Active
Welcome to this stunning Charleston brick home in one of the area`s most sought-after neighborhoods, just minutes from historic Downtown Charleston...
1046 Planters Place UNIT #1046
Mount Pleasant, SC 29464
Planters Place
Residential
MLS# 26018270 / Active
Gorgeous updated condo just minutes from the Ravenel Bridge and wonderful area beaches! Situated privately on the end in a small enclave of townhom...
2244 Ashley Crossing Drive UNIT #521
Charleston, SC 29414
Arboretum
Residential
MLS# 26018269 / Active
EXCLUSIVE POND VIEW!! Welcome to 2244 Ashley Crossing Drive in the desirable Arboretum community of West Ashley. This 2-bedroom, 2-bath condominium...
747 Hill Street
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26018265 / Active
Thoughtfully designed by Hudson Cooper Designs & expertly built by Flynn Custom Homes, 747 Hill Street is a rare opportunity to own a newly constru...
228 Knightsbridge Drive
Charleston, SC 29418
Archdale
Residential
MLS# 26018263 / Active
A place to call home! As you enter the home from the foyer there is a large family room featuring a wood burning fireplace. The kitchen offers gran...
733 Ralston Court
Mount Pleasant, SC 29464
Bay Tree
Residential
MLS# 26018262 / Active
Coveted Convenience, Turnkey Finishes, & Walkable Mount Pleasant Living. Enjoy an exceptional opportunity at 733 Ralston Court in the desirable Bay...
253 Winter Drive
Cottageville, SC 29435
Residential
MLS# 26018260 / Active
Escape to 253 Winter Drive, a peaceful 2-acre country retreat about 30 minutes from both Summerville and Walterboro. Surrounded by mature trees and...
1006 Seatrout Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018258 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$20,000
1102 N Lemacks Street
Walterboro, SC 29488
Civic Center
Residential
MLS# 26018257 / Active
Investment Opportunity!! This spacious home offers approximately 2,418 sq. ft. with 3 bedrooms and 2 baths. Features include a separate living room...
1134 Razor Clam Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018253 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
Reduced -$38,700
557 Abigail Street
Moncks Corner, SC 29461
Strawberry Station
Residential
MLS# 26018252 / Active
Welcome home to Strawberry Station, one of the area`s most highly desired communities, where comfort, function, and everyday convenience come toget...
1684 Emmets Road
Johns Island, SC 29455
The Oaks At St Johns Crossing
Residential
MLS# 26018250 / Active
Welcome home to this turn key 4-bedroom, 3.5-bath residence in the highly desirable Oaks at St. Johns Crossing on Johns Island. Originally built by...
102 Maplewood Court
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018249 / Active
Nestled on a quiet cul-de-sac, this charming 4-bedroom, 3.5-bath traditional home offers space, flexibility, and a brand-new roof installed this ye...
Reduced -$15,001
104 Stratford Drive
Summerville, SC 29485
Kings Grant
Residential
Welcome to 104 Stratford Drive, this stately brick colonial makes a lasting first impression from the moment you pull into the driveway. With timel...
302 Summerset Lane
Summerville, SC 29483
Summerset Acres
Residential
MLS# 26018246 / Active
This home is on 2.59 acres of highland with the ability to build another home on the property ( accessory dwelling unit ) The property is just 15 m...
109 Preston Court
Goose Creek, SC 29445
Bedford Chase
Residential
MLS# 26018245 / Active
Welcome home! Looking for a move in ready home in the desirable Crowfield community? This is it! This immaculate home is situated on a cul de sac l...
1639 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018244 / Active
Discover HORIZONS, a new active adult community, where you can wake up with countless opportunities but no commitments. Where new friends can share...
Reduced -$8,050
3516 Henrietta Hartford Road
Mount Pleasant, SC 29466
Park West
Residential
Long-range water views. No homes or docks directly across the creek. Renovated 2022 gourmet kitchen. Finished ground level with private mother-in-l...
804 Sprague Street
Charleston, SC 29412
Bayfront
Residential
MLS# 26018239 / Active
A rare opportunity to experience the very best of the Lowcountry from one thoughtfully crafted marshfront retreat. Built in 2024, this home combine...
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-10-2026 10:02 PM EST .
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