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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114 Live Oak Drive
Mount Pleasant, SC 29464
Old Village
Residential
MLS# 26018230 / Active
Welcome to 114 Live Oak Drive, a charming three-bedroom, three-and-a-half bath brick home situated in the Old Village. As you pass through the beau...
571 Pontoon Road
Huger, SC 29450
Bridges At Seven Lakes
Residential
MLS# 26018229 / Active
Welcome to 571 Pontoon Road, an exceptional Harbor Oak floor plan located in the gated community of The Bridges at Seven Lakes. Perfectly positione...
1036 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018228 / Active
*Est. completion Nov 2026* The Grayson plan- This large home features a first floor guest suite, huge bonus room and great back yard size! The main...
Reduced -$5,250
14 N Dukes Street
Summerton, SC 29148
Residential
MLS# 26018227 / Active
Welcome to 14 North Duke Street in Summerton, South Carolina! Built in the early 1900s, this charming brick home showcases the character and crafts...
Reduced -$10,100
7523 Indigo Palms Way
Johns Island, SC 29455
Indigo Hall At Hope Plantation
Residential
Welcome to Indigo Hall, where refined design and effortless Lowcountry living come together in this brand-new home. Thoughtfully designed with a sp...
1116 Old Wiggins Road
Holly Hill, SC 29059
Cross Area (east)
Residential
MLS# 26018223 / Active
Welcome to the perfect blend of timeless Southern charm and modern peace of mind. Situated on 1.13 private acres with no HOA, this beautifully main...
2418 Double Oak Drive
Charleston, SC 29414
Double Oaks
Residential
MLS# 26018222 / Active
Welcome Home! This charming single-story ranch offers the perfect combination of comfort, convenience, and style. Freshly painted throughout, the h...
2539 Bengal Road
North Charleston, SC 29406
Northwood Estates
Residential
MLS# 26018219 / Active
Situated on a spacious corner lot surrounded by mature trees, azaleas, and established landscaping, this beautifully maintained home offers both pr...
Reduced -$9,900
21 George Street UNIT #105
Charleston, SC 29401
George And Society
Residential
MLS# 26018217 / Active
Walk everywhere! Located in the heart of Charleston`s Historic District, this fully renovated 2007 2-bed, 2-bath condo is just yards from King Stre...
3068 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018216 / Active
Just reduced! Why wait for new construction when you can buy a move in ready home with upgrades galore including irrigation, gutters and paver pati...
Reduced -$6,999
2737 Battery Pringle Drive
Johns Island, SC 29455
Stonoview
Residential
MLS# 26018215 / Active
In the heart of Johns Island, within the highly sought-after waterfront community of Stonoview, 2737 Battery Pringle blends everyday comfort with a...
6062 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018214 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6062 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
402 Bering Lane
Summerville, SC 29486
Residential
MLS# 26018213 / Active
Imagine 402 Bering Ln, arranged for everyday practicality with a layout centered on daily use. The kitchen contains all stainless steel appliances ...
1752 Towne Street
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26018211 / Active
Welcome to 1752 Towne Street in The Cottages at Johns Island! This charming 3-story home offers 2,052 square feet of flexible living space, a highl...
Reduced -$25,900
3995 Aberfeldy Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018210 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 3995 Aberfeldy Lane in the Hillcrest community...
Reduced -$1,355
6046 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018209 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6046 Grangestone Lane in the Hillcrest communi...
Reduced -$3,510
6034 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018207 / Active
Discover Hillcrest: New Single-Family Homes in Ravenel, SC Near Edisto Beach & West AshleyWelcome to 6034 Grangestone Lane in the Hillcrest communi...
Increase +$1,000
6050 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018205 / Active
Hillcrest - A community convenient to Charleston, HWY 17, and Edisto.Welcome to 6050 Grangestone Lane in the Hillcrest community of Ravenel, South ...
Increase +$1,000
6026 Grangestone Lane
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018204 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto.Welcome to 6026 Grangestone Lane in the Hillcrest community of Ravenel, South Ca...
Increase +$1,000
224 Myrtle Way
Summerville, SC 29483
Brookwood
Residential
MLS# 26018203 / Active
Move-in ready with the possibility of a quick closing, this beautifully maintained one story home offers easy living on a quiet cul-de-sac lot with...
Reduced -$10,000
3170 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26018202 / Active
Hillcrest - A community convenient to Charleston, HWY 17, & Edisto beach area.Welcome to 3170 Dalmore Drive in the Hillcrest community of Ravenel, ...
Increase +$500
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 8:27 PM EST .
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
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