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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1064 Dusk Drive
Summerville, SC 29486
Nexton
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MLS# 26018010 / Active
Welcome to 1064 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
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573 Pecan Orchard Drive
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Welcome to peaceful country living in Ridgeville! Enjoy 1.25 acres nestled on a quiet rural road. This well-maintained 4-bedroom, 2-bath home offer...
261 Brookshire Road
Goose Creek, SC 29445
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5077 Song Sparrow Way
Summerville, SC 29483
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MLS# 26018001 / Active
Welcome to 5077 Song Sparrow Way, located in the highly sought-after 55+ community of Cresswind at The Ponds! Perfectly situated on one of the comm...
1005 Bald Cypress Drive
Moncks Corner, SC 29461
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MLS# 26018000 / Active
The Eastland 3-story floor plan by Lennar is a beautiful plan with lots of curb appeal with the brick front, large front porch and windows. Upon en...
4319&4317 Davison Road
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The sales price includes both homes located at 4319 and 4317.Calling all investors and short-term rental visionaries--this is a rare, fully turnkey...
1016 Maidstone Drive
Summerville, SC 29483
Pine Forest Country Club
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MLS# 26017998 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Located on a spacious corner lot in the Pine Forest Count...
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8 Islington Court
Charleston, SC 29403
Cannonborough-Elliotborough
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Don`t miss this unique chance to own a beautifully positioned home on a private street just steps from MUSC and Charleston`s best local dining. Sol...
411 Cropfield Drive
Summerville, SC 29485
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MLS# 26017990 / Active
This 5-bedroom home, plus an office and bonus room, sits on the best lot in the neighborhood! This like-new home is situated near two ponds and pro...
213 Clearblue Loop
Summerville, SC 29486
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MLS# 26017983 / Active
Welcome to 213 Clearblue Loop, a beautifully designed home in the highly desirable Midtown at Nexton community, perfectly positioned in a completed...
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4923 Steeplechase Lane
Hollywood, SC 29449
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A unique offering just outside of Charleston, SC for a Lowcountry estate situated on approximately 2.3 beautifully landscaped acres offering expans...
303 Ayers Circle
Summerville, SC 29485
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MLS# 26017981 / Active
Welcome to this stunning, renovated brick ranch nestled in one of Summerville`s best-kept secrets -- Salisbury Acres. Tucked away on a spacious .56...
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224 Rodenberry Road
Cross, SC 29436
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Spacious 4-bedroom, 3-bath home situated on a private 1-acre lot in the Cross area of Berkeley County. Offering approximately 2,288 square feet of ...
7961 Shadow Oak Drive
North Charleston, SC 29406
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MLS# 26017976 / Active
Conveniently located near Charleston Southern University, Trident Technical College, Joint Base Charleston, Charleston International Airport, North...
14 Lockwood Drive UNIT 7abg
Charleston, SC 29401
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MLS# 26017971 / Active
Experience one of downtown Charleston`s most unique residences. Created by combining three separate units into one expansive home, totaling 2300 sq...
146 Callibluff Drive
Summerville, SC 29486
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MLS# 26017970 / Active
Welcome to 146 Callibluff Drive, where custom design meets real-life functionality in one of the most sought-after sections of Carnes Crossroads. T...
270 Village Stone Circle
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MLS# 26017968 / Active
Welcome home to this adorable, low-maintenance 2-bedroom, 2-bath residence situated on a desirable corner lot. This charming home features an open-...
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1224 Creek Stone Way
Hanahan, SC 29410
Tanner Plantation
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MLS# 26017965 / Active
Welcome to Tanner Plantation, one of Hanahan`s most sought-after communities! This beautifully maintained 4-bedroom, 2.5-bath home offers 2,678 squ...
4327 Carolina 165
Meggett, SC 29449
Residential
MLS# 26017963 / Active
Investor Special in the heart of Younges Island! Situated on a generous .43-acre lot, this property offers a rare opportunity to own a sizable piec...
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111 Corvus Court
Summerville, SC 29486
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MLS# 26017961 / Active
Located in the Pender Woods community of Summerville, this lovely single-level, 4 bd home offers a functional layout, thoughtful upgrades, and a co...
406 Wood Lilly Lp
Summerville, SC 29486
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Welcome to the Wando by Saussy Burbank, a beautifully upgraded 3,200sf home in sought-after Nexton Midtown ready in September. This spacious floor ...
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