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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415 True North Trail
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017929 / Active
Experience lake life in The Coves at Cane Bay Plantation! This beautiful 5-bedroom, 3.5-bath Kensington floor plan features double front porches, a...
5150 Monterey Street
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017927 / Active
Welcome to the 3 bedroom 2 bath single family home, a charming brick ranch situated on a nearly quarter-acre lot in one of Park Circle`s most desir...
295 Citrus Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017926 / Active
Welcome to 295 Citrus Drive, a beautifully maintained Charleston Single-style home situated on a desirable corner homesite in Carnes Crossroads, sh...
2931 Waterleaf Road
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017924 / Active
This may be the home for you! This fabulous home is a combination of style, class and comfort! And it`s located lakefront in desirable Whitney Lake...
8047 Old London Road
North Charleston, SC 29406
Park Hill Place
Residential
MLS# 26017923 / Active
Large two-story home in desirable Park Hill Place featuring over 2200 sq feet in a non flood zone is ready for new owners! Downstairs, a separate d...
415 Parkdale Drive UNIT Apt 2f
Charleston, SC 29414
Carolina Cove
Residential
MLS# 26017922 / Active
Beautifully updated and move-in ready, this charming condo is being offered fully furnished--including all artwork, furnishings, and accessories--a...
Reduced -$9,000
432 Allamby Ridge Road
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
Rarely does a home offer this much space, versatility, and value. Featuring 6 bedrooms, 3 full baths, and an exceptional floor plan, this beautiful...
1066 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017919 / Active
Welcome to 1066 Dusk Drive, a beautifully designed new construction two story villa by Ashton Woods located in the highly sought after Hammock Walk...
Reduced -$20,000
1068 Dusk Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017917 / Active
Welcome to 1068 Dusk Drive, a beautifully designed new construction end unit villa by Ashton Woods located in the highly sought after Hammock Walk ...
Increase +$20,000
441 Whispering Breeze Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017915 / Active
Welcome to this beautifully maintained home nestled on a private, wooded lot! The main floor features an inviting foyer, a spacious living room, an...
18 Stocker Drive
Charleston, SC 29407
Windermere
Residential
MLS# 26017914 / Active
Charming brick home on a quiet family street that is located close to Downtown Charleston, soon to be walkable or bikeable to the Peninsula via a n...
Reduced -$45,000
5303 Alvie Street
North Charleston, SC 29418
Glyn Terrace
Residential
MLS# 26017912 / Active
This is the nicest property in North Charleston under $400,000! From the moment you pull into the driveway, the attention to detail is clear and co...
717 Eagle Street
Mount Pleasant, SC 29464
Hobcaw
Residential
MLS# 26017911 / Active
Just Completed -- Brand-New Construction within minutes of the bridge.. Welcome to 717 Eagle Street, a newly built home situated less than five min...
7911 Windfern Court UNIT Unit 1502
North Charleston, SC 29418
The Park At Rivers Edge
Residential
MLS# 26017909 / Active
Welcome home to The Park at Rivers Edge, a beautiful, established community in North Charleston conveniently located near major employers including...
150 Pavilion Street
Summerville, SC 29483
Reminisce
Residential
MLS# 26017908 / Active
Handy? Looking for a deal? Welcome home to this charming Charleston Single in the sought-after Reminisce community and award-winning DD2 school dis...
527 Red Twig Road
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017906 / Active
Looking for resort style amenities? Welcome to Pine Hills in Cane Bay Plantation! With over 1,600 square feet, this 3 bedroom, 2 bathroom ranch is ...
2962 Anchor Watch Drive
Wadmalaw Island, SC 29487
Anchorage Plantation
Residential
MLS# 26017905 / Active
Nestled on 3 private acres beneath centuries old live oaks, this 2021 constructed custom residence offers refined craftsmanship, modern efficiency,...
2276 Minifarm Way
Mount Pleasant, SC 29466
Liberty Hill Farm
Residential
MLS# 26017902 / Active
Welcome to Liberty Hill Farm, one of Mount Pleasant`s premier communities, where Lowcountry beauty, luxury living, and resort-style amenities come ...
65 Ocean Point Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017901 / Active
Nestled within Ocean Point, the premier gated beach enclave inside Wild Dunes, this exceptional Isle of Palms retreat offers the best of Lowcountry...
1129 Armstrong Avenue
Charleston, SC 29407
Maryville
Residential
MLS# 26017893 / Active
Situated on a spacious double lot at the end of a quiet dead-end street in the heart of West Ashley, this beautifully maintained home is just a sho...
Reduced -$10,000
556 Pine Street
Holly Hill, SC 29059
Residential
MLS# 26017892 / Active
Ready August 2026- New Home in Holly Hill! Welcome home to this beautifully crafted 3-bedroom, 2-bathroom ranch-style home with garage offering the...
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