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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1862 O'Leary Circle
Summerville, SC 29483
Six Oaks
Residential
MLS# 26018196 / Active
Meet the Guilford plan in Six Oaks by Mungo Homes! This floorplan features 4 bedrooms, 2.5 bathrooms, a covered porch off the back of the home, a l...
261 Loocock Drive
Goose Creek, SC 29445
Royal Oaks
Residential
MLS# 26018194 / Active
This fantastic Beazer made home in desirable Royal Oaks is ready for new owners. Upon entering, downstairs provides a formal dining room, ample liv...
Reduced -$10,000
1744 Alan Brooke Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018193 / Active
Experience the charm of Lowcountry living in this beautifully maintained Charleston Single-style home nestled within the desirable Village section ...
128 Boyle Way
Summerville, SC 29485
Boyle Plantation
Residential
MLS# 26018191 / Active
Welcome to 128 Boyle Way, a stunning custom-built estate nestled on nearly four private acres within the prestigious gated community of Boyle Plant...
531 Eastern Isle Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018190 / Active
Welcome to 531 Eastern Isle Avenue, nestled in the highly sought-after Del Webb at Cane Bay, one of the Lowcountry`s premier active adult communiti...
4296 Persimmon Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26018188 / Active
Nestled within the prestigious gated golf course community of Coosaw Creek Country Club, this beautifully maintained home offers exceptional space,...
1555 Moss Spring Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018187 / Active
Welcome to 1555 Moss Spring Road, a beautifully updated, low-maintenance end-unit townhome in Park West! Offering 3 bedrooms and a thoughtfully des...
229 Amy Drive
Goose Creek, SC 29445
Berkley Hills
Residential
MLS# 26018186 / Active
Welcome to this charming 3-bedroom brick ranch, offering comfort & functionality. Inside you`ll find a beautifully renovated primary bath, updated ...
1403 Dove Run Drive UNIT A
Charleston, SC 29412
Creek Point
Residential
MLS# 26018185 / Active
1403 A Dove Run is a townhome, ideal location convenient to downtown Charleston. Lots of restaurants and entertainment. There is an HOA and they ma...
2782 Hidden Oak Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26018184 / Active
It is rare to find three bedrooms with three full bathrooms in this price range! This gorgeous townhome has some of the most incredible outdoor liv...
5059 Thornton Drive
Summerville, SC 29485
Woodland
Residential
MLS# 26018179 / Active
Welcome to 5059 Thornton Drive in the highly desirable Wescott Plantation community! This move-in ready home offers 4 spacious bedrooms and 2.5 bat...
108 Evance Court
Summerville, SC 29485
Irongate
Residential
MLS# 26018177 / Active
Beautifully maintained all-brick home located on a quiet cul-de-sac in the desirable Irongate community. Offering approximately 1,802 sq ft, 4 bedr...
Reduced -$5,400
356 Price Street
Goose Creek, SC 29445
Forest Lawn
Residential
Welcome home to this charming 3-bedroom, 1-bath property situated on a spacious quarter-acre fenced lot. Featuring beautiful hardwood floors, a fun...
Reduced -$10,000
1324 Wild Goose Trail
Summerville, SC 29483
Drakesborough
Residential
MLS# 26018174 / Active
Welcome to 1324 Wild Goose Trail, where peaceful pond views, wooded privacy, and thoughtful upgrades create the perfect place to call home. Filled ...
112 Turner Field Way
Summerville, SC 29485
Fieldview
Residential
MLS# 26018173 / Active
Welcome to this beautifully updated craftsman-style home in the desirable Fieldview community, just minutes from historic downtown Summerville, bes...
Reduced -$10,000
1927 Palmetto Isle Drive
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential
Some homes simply have a way of making you exhale the moment you walk in... From the soaring 15` ceilings to the open, sun-drenched floor plan, 192...
1604 Regimental Lane
Johns Island, SC 29455
Headquarters Plantation
Residential
MLS# 26018171 / Active
Exceptional marsh views--rarely found in this location--set this stunning home apart from the moment you arrive. Sitting on over half an acre, rela...
Reduced -$55,000
3318 Conservancy Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26018169 / Active
Welcome to 3318 Conservancy Lane, a move-in ready 3-bedroom, 2.5-bath townhome in Carolina Bay, one of West Ashley`s most loved communities. Though...
220 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018168 / Active
The best value in Four Seasons has arrived! Combining one of the community`s most sought-after floorplans with one of its rarest homesites, 220 Tup...
309 Big Country Way
Moncks Corner, SC 29461
Residential
MLS# 26018167 / Active
Seller will finance home for buyer! Discover the space, comfort, and flexibility you`ve been searching for in this new 4-bedroom, 2-bath home situa...
1322 Willow Pond Road UNIT #8
Mount Pleasant, SC 29466
Willow Pond
Residential
MLS# 26018163 / Active
Welcome home to Willow Pond, a beautiful boutique community with only 13 homesites, surrounded by gorgeous live oaks, wetlands, a pond, and a walki...
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 .
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