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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1359 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26018117 / Active
Welcome to 1359 Locals Street, located in a sought-after 55+ active adult community designed for comfort, convenience, and an engaging lifestyle. T...
8708 Alexandria Drive
North Charleston, SC 29420
Cedar Grove
Residential
MLS# 26018116 / Active
Welcome to 8708 Alexandria Drive, where timeless all-brick construction, thoughtful design, and a private wooded setting come together in one of No...
757 Longfellow Road
Charleston, SC 29407
East Oak Forest
Residential
MLS# 26018115 / Active
Conveniently located less than three miles from downtown Charleston and only a short distance from Avondale, this charming ranch-style home offers ...
Reduced -$20,000
1067 Loyalist Lane
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26018113 / Active
Located in the sought-after New Charlestowne section of Snee Farm, 1067 Loyalist Lane offers classic Lowcountry style and a view that feels straigh...
222 Fiddie Street
Ladson, SC 29485
Residential
MLS# 26018112 / Active
Property sits in Summerville, a rare find of acreage! the home needs a little TLC and has a mancave, as well as storage. Partially fenced in and pa...
1236 Carriage Wood Circle
Ridgeville, SC 29472
Residential
MLS# 26018105 / Active
JUST RELEASED - Grand Opening at Crossing at Givhans by Starlight Homes! Be among the first to secure the best homesites and take advantage of limi...
1229 Carriage Wood Circle
Ridgeville, SC 29472
Ridgeville
Residential
MLS# 26018104 / Active
JUST RELEASED - Grand Opening at Crossing at Givhans by Starlight Homes! Be among the first to secure the best homesites and take advantage of limi...
88 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26018100 / Active
Unlock unmatched equity and ultimate peace of mind with the absolute best value, lowest-priced turnkey opportunity in the entire neighborhood! Phot...
427 Dogwood Circle
Summerville, SC 29485
Twin Oaks
Residential
MLS# 26018097 / Active
Twin Oaks is an older and well-settled neighborhood that is convenient to all points of interest and necessity. Tree lined and shaded streets meand...
112 Cartright Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26018094 / Active
Welcome to 112 Cartright St. a charming 3-bed, 2.5-bath home in the heart of Daniel Island`s Southside. A welcoming foyer opens to a cozy living ro...
276 Whirlaway Drive
Moncks Corner, SC 29461
The Paddock At Fairmont South
Residential
MLS# 26018091 / Active
This gorgeous white farmhouse with black accents offers open-concept living, a spacious kitchen, and a private backyard with no rear neighbors. Bui...
Reduced -$4,000
1453 Cypress Court
Mount Pleasant, SC 29466
East Crossing
Residential
MLS# 26018090 / Active
Set on a peaceful cul-de-sac in Mt. Pleasant, 1453 Cypress Court offers buyers a truly move-in ready opportunity. This 2-bedroom, 2-bathroom home h...
86 Peppertree Lane
North Charleston, SC 29420
Pepperidge
Residential
MLS# 26018089 / Active
Calling All Investors! 86 Peppertree Lane is ready for a makeover/renovation. It`s located in the Pepperidge Subdivision! Home features two separat...
7532 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 residence. Thoughtfully designed with...
37 Seagrass Lane
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26018086 / Active
Behind the gates of Wild Dunes Resort in the highly sought-after Out Islands section, 37 Seagrass Lane offers an extraordinary opportunity to exper...
8800 Dorchester Road UNIT Unit 201
North Charleston, SC 29420
Villas At Charleston Park
Residential
MLS# 26018084 / Active
One floor ranch villa. Maintenance free living. @/2 bath wood floors Upgrades attached two car garage and patio with partial fence. Close to shoppi...
205 Confederate Street
Summerville, SC 29485
Residential
MLS# 26018082 / Active
Tucked beneath the trees on over an acre in Summerville, this property offers the kind of space and privacy that`s getting harder to find. With 4 b...
1083 Bennington Drive
Charleston, SC 29492
Cain Crossing
Residential
MLS# 26018081 / Active
Beautiful Townhouse in Cain CrossingNestled in the convenient Cain Crossing community, this beautifully maintained townhouse blends comfort, style,...
1181 Old Hwy 6
Cross, SC 29436
Residential
MLS# 26018080 / Active
Country living meets modern comfort on nearly 6 acres just 3 minutes from Lake Moultrie! This beautiful property features a 2022 Southern Farmhouse...
162 Spring Street UNIT E
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26018076 / Active
Welcome to 162 Spring Street, Unit E -- where timeless Charleston character meets the comfort and ease of new construction. This detached 4-bedroom...
914 Ocean Boulevard
Isle of Palms, SC 29451
Residential
MLS# 26018075 / Active
Welcome to Casa Banana, one of Isle of Palms` most recognized oceanfront properties. Ideally positioned on a prime stretch of Ocean Boulevard just ...
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