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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4472 Elderwood Court
Ladson, SC 29456
Woodside Manor
Residential
MLS# 26019572 / Active
Welcome home to this well-loved 3 bedroom, 1 bath brick ranch tucked on almost a third of an acre in a quiet cul-de-sac in Woodside Manor. This hom...
4709 Yardley Drive
North Charleston, SC 29405
Wando Gardens
Residential
Welcome to 4709 Yardley Dr in Wando Gardens -- renovated living with an easy commute to everything the Lowcountry offers. Completely renovated in 2...
8560 Sentry Circle
North Charleston, SC 29420
Indigo Palms
Residential
MLS# 26019566 / Active
Professional photos coming soon! Welcome home to this beautiful 3-bedroom, 2.5-bath residence perfectly situated on a peaceful pond lot, offering s...
545 New Regenia Place
Holly Hill, SC 29059
Residential
MLS# 26019565 / Active
Under construction, NO HOA! Large lot! Ask about current financing incentives such as 100% loans with no PMI. The Laurel is a 2,000-square-foot bar...
2721 Oak Manor Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019562 / Active
Your perfect home has arrived. Here is your opportunity to own a home that checks all the boxes, plus the ones you did not even realize you wanted....
227 St Margaret Street
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019559 / Active
The expansive open floor plan offers a clear view across the living room, dining and den to the cook`s kitchen, a view spanning over fifty feet. Th...
175 1/2 Wentworth Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 26019552 / Active
Completely reimagined in the heart of Harleston Village, this historically restored residence blends timeless Charleston architecture with an eleva...
42 Cotton Hall
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 26019551 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Magnolia, a professionally managed, turnkey home. Tucked into a quiet, tree-lined enclave...
2776 Palmetto Hall Boulevard
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019550 / Active
Welcome to 2776 Palmetto Hall Boulevard in the sought-after Dunes West community of Mount Pleasant! This inviting 3-bedroom, 2-bath home is move-in...
121 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019549 / Active
*Est. Completion Oct 2026* The Ashley Plan- This detached garage, Charleston style home, features a first floor study, owners bath and double front...
1256 Allusion Lane UNIT Unit 106
Mount Pleasant, SC 29466
Gregorie Ferry Towns
Residential
MLS# 26019546 / Active
Move in NOW! This 3-bedroom, 3 bath, end unit layout isn`t always available! You`ll find 9-foot ceilings & durable LVP flooring throughout the main...
56 Surfsong Road
Kiawah Island, SC 29455
Kiawah Island
Residential
MLS# 26019545 / Active
New co-ownership opportunity by Pacaso: Own one-eighth of Surfsong, a professionally managed, turnkey home. Steps from Kiawah`s pristine beach, Sur...
318 Lamont Road
Charleston, SC 29407
Parkwood Estates
Residential
MLS# 26019544 / Active
Charming Greenway Cape Cod tucked into desirable Parkwood Estates, just steps from the West Ashley Greenway. Offering approximately 1,776 square fe...
171 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019543 / Active
*Est. Completion Oct 2026* The Pinckney Plan- This detached garage, Charleston style home features a study, small loft and full front porch. The en...
1773 Huntington Drive
Charleston, SC 29407
Huntington Woods
Residential
MLS# 26019542 / Active
Welcome to 1773 Huntington Drive, where timeless charm meets luxury modern living in one of West Ashley`s most sought-after neighborhoods. This stu...
2528 Josiah Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26019540 / Active
Looking for a special home on Daniel Island? Rarely available, meticulously maintained, this charming one-story DI Southside jewel box is ideally l...
5276 7th Green Drive
Hollywood, SC 29449
Stono Ferry
Residential
MLS# 26019539 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Beautifully positioned in the Ironwood section of The Plan...
221 Mullins Bay Court
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019537 / Active
The beautiful Ashley is a Charleston Single style home with amazing double balconies. Inside you will find a spacious foyer and flex room that woul...
173 Sea Oats Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019536 / Active
*Est Completion Oct 2026* The Calhoun Plan-This detached garage, Charleston Style home, features a first floor owners suite, large loft and double ...
1990 Kay Street
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26019535 / Active
Welcome to 1990 Kay Street! Built in 2018, this beautifully maintained 3-bedroom, 2-bath home offers modern Lowcountry living on a spacious 0.35-ac...
324 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26019534 / Active
Welcome to Homesite 1783, a beautifully designed Tradd home plan by DRB Homes in the highly desirable Midtown Nexton community. Estimated for compl...
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