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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3041 Ashburton Way
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26018155 / Active
Welcome to life in one of Mount Pleasant`s most sought-after communities. Nestled within the highly-coveted subsection of Andover in Park West, thi...
702 Gentle Wind Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018152 / Active
Welcome to The Eden, a home designed for effortless living with thoughtful spaces that adapt to your lifestyle. The heart of the home features an o...
136 Alston Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26018149 / Active
Sharp looking & well-maintained one-story ranch in desirable Crowfield Plantation!! CONVENIENT TO EVERYTHING! This open floor plan features vaulted...
119 Hummingbird Avenue
Ladson, SC 29456
Plantation Ridge
Residential
MLS# 26018146 / Active
Calling All Investors! 119 Hummingbird Ave is ready for a makeover/renovation. It`s located in the Plantation Ridge Subdivision! Sitting on a spaci...
2000 Belle Isle Avenue UNIT #304
Mount Pleasant, SC 29464
One Belle Hall
Residential
MLS# 26018145 / Active
Superb livability + walkability! This gated One Belle Hall condo has 2 bedrooms, 2 full baths + flex sunroom/office space, balcony/porch, AND a 1-c...
1726 Bee Balm Road
Johns Island, SC 29455
St Johns Crossing
Residential
MLS# 26018144 / Active
Welcome home to 1726 Bee Balm Road, where Charleston charm meets modern convenience. Nestled in the St. Johns Crossing neighborhood of Johns Island...
101 Lacey Court
Moncks Corner, SC 29461
Southwind
Residential
MLS# 26018142 / Active
Welcome home to this move-in ready cottage in the heart of Moncks Corner! Freshly updated with new flooring and fresh paint throughout, this charmi...
530 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26018141 / Active
530nTulip Poplar Dr, Moncks Corner SC - Open Floor Plan, Resort-Style Amenities & Spacious Primary SuiteWelcome home to 530 Tulip Poplar Drive, loc...
Reduced -$3,331
107 Wilmer Avenue
Goose Creek, SC 29445
Pineview Terrace
Residential
MLS# 26018140 / Active
Loaded with potential and offered by its original owner, this well-loved home has been cared for by the same family since it was built about 1961. ...
7344 Eddy Farm Road
Hollywood, SC 29449
Eddy Farm
Residential
MLS# 26018138 / Active
Retreat to the country with a new 2BR/2BA cottage on a heavenly 6 acre lot on Swinton Creek. Short 25` dock with composite decking, 13k lb boat lif...
18 Carson Drive
Charleston, SC 29407
Lenevar
Residential
MLS# 26018137 / Active
One of West Ashley`s most beloved neighborhoods, Lenevar is known for its mature trees, larger lots, walkable streets, and strong sense of communit...
1130 San Juan Avenue
Charleston, SC 29407
Kingsland
Residential
MLS# 26018135 / Active
Welcome to 1130 San Juan Ave, Charleston--a beautifully renovated 1,560-square-foot home in the highly desirable West Ashley area, just 5 minutes f...
Reduced -$10,000
1044 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018134 / Active
The Henninger Plan- This first-floor owners floor plan features an open den, LVP in all main living areas of the first floor and massive kitchen co...
Reduced -$10,250
227 N Light Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26018131 / Active
Stunning Upgraded Luxury on a Premium Pond Lot - The Glenwood Floor Plan Welcome to single-story luxury. This immaculate 3-bed, 2-bath open floor p...
Reduced -$5,000
1040 Lettered Olive Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018129 / Active
The Hanover Plan- This 4 bedroom, 2.5 bath home features a downstairs study with glass double doors, luxury vinyl plank flooring on all main living...
Reduced -$10,750
1413 Glencoe Drive
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
Nestled in the heart of Old Mount Pleasant, 1413 Glencoe Drive offers the rare combination of a coveted location, modern updates, and the freedom o...
1041 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018126 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owner`s suite on the first floor, large loft and covered porch. All main living areas...
1010 Tea Time Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018123 / Active
The Primrose, like our popular new model home in Heron`s Walk! Upon entry, you will be greeted with a spacious entry hall. The open layout offers a...
Increase +$3,100
2322 Chatelain Way
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26018122 / Active
Set in Southampton Pointe, a gated community in Mount Pleasant, SC (29464), 2322 Chatelain Way is a second-floor condo offering 767 square feet of ...
5717 San Flora Avenue
Ravenel, SC 29470
Palmetto Terrace
Residential
MLS# 26018120 / Active
This charming home, located just 20 minutes from Downtown Charleston, has been meticulously cared for and thoughtfully updated. From the moment you...
8021 Caswell Court
Ladson, SC 29456
Elms Glen
Residential
MLS# 26018119 / Active
SEPT. DELIVERY! *$10,000 TOWARDS CLOSING COST and or RATE BUY DOWN w/ use of pref. lender and attorney!! *. Welcome to Elms Glen...the latest new c...
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