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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167 Winter Drive
Cottageville, SC 29435
Residential
MLS# 26017891 / Active
Where country living meets comfort and privacy! This home offers the peaceful lifestyle you`ve been dreaming of. Bring your chickens, your dogs, an...
514 Mansfield Street
Charleston, SC 29407
Edgewood Gardens
Residential
MLS# 26017890 / Active
Welcome to 514 Mansfield Street, a beautifully renovated home on a desirable corner lot in West Ashley. This move-in-ready property offers modern u...
302 Hydrangea Street
Summerville, SC 29483
White Gables
Residential
MLS# 26017889 / Active
ASSUMABLE 3.875% INTEREST RATE. Assumable rate is available to anyone.First-Floor Owner`s Suite, Loft, Fenced Yard, Great Amenities, and DD2 School...
350 Trailmore Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26017887 / Active
Agent Owner-$60,000 in upgrades added! This breathtaking home awaits you in Nexton, Midtown, one of Summerville`s most sought-after neighborhoods. ...
306 Citation Way
Moncks Corner, SC 29461
The Paddock At Fairmont South
Residential
MLS# 26017886 / Active
Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Welcome to this immaculate, move in ready home in The Paddock...
1237 Peregrine Drive UNIT #4
Charleston, SC 29412
Peregrine Point
Residential
MLS# 26017885 / Active
Nestled beneath a canopy of moss-draped grand oaks, where the land gently surrenders to the winding waterways of the Lowcountry, lies this hidden g...
146 Spencer Circle
Summerville, SC 29485
Shady Oaks
Residential
MLS# 26017884 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Welcome to this charming townhouse nestled on a desirable ...
7 Garden Corner Court
Charleston, SC 29407
Farmfield
Residential
MLS# 26017882 / Active
Tucked beneath a canopy of magnificent live oaks in Charleston`s beloved Farmfield neighborhood, 7 Gardens Corner is a home where the beauty of the...
2063 Long Bend Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017881 / Active
Welcome to 2063 Long Bend Drive, a beautifully renovated, well-maintained and fully furnished villa on Seabrook Island that blends easy living with...
2646 Ranger Drive
North Charleston, SC 29405
Waylyn
Residential
MLS# 26017880 / Active
Discover the potential in this inviting 3-bedroom, 2-bath home nestled within a well-established community full of character and convenience. Wheth...
1335 Old Colony Road
Mount Pleasant, SC 29464
Heritage
Residential
MLS# 26017879 / Active
Framed by a majestic Live Oak tree and featuring a spacious, newly fenced backyard, this beautifully maintained three-bedroom, three-bath ranch-sty...
1810 Wedgefield Road
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017876 / Active
Wow! What a gem! This adorable home has had a facelift and you`re going to love it! And, it`s in the ORANGE GROVE ELEMENTARY attendance zone!! Hard...
35 Society Street UNIT E
Charleston, SC 29401
Residential
MLS# 26017875 / Active
Located in the heart of Charleston`s historic Ansonborough neighborhood, this exceptional 2 bedroom, 2 full bath residence offers a rare opportunit...
Reduced -$50,000
3012 Sugarberry Lane
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017873 / Active
Welcome to 3012 Sugarberry Lane in Whitney Lake! You will not only be purchasing a delightful home, but you will also be a part of a fabulous commu...
380 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017872 / Active
The desirable Conway floor plan offers spacious living with an upstairs loft ideal for a home office, playroom, or media space. The main level cent...
Reduced -$3,000
2912 Eddy Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017869 / Active
Lowcountry Living at its Finest-Inside the Gates of Dunes West! Discover this beautifully designed home in the highly sought-after Dunes West Golf ...
2753 Jobee Drive UNIT Unit 1003
Charleston, SC 29414
Ashleytowne Village
Residential
MLS# 26017868 / Active
Welcome to Ashleytowne Village! This well-maintained 3-bedroom, 2-bath condo offers comfortable living in a convenient West Ashley location. The en...
407 Painted Lady Lane
Goose Creek, SC 29445
Landings At Montague
Residential
MLS# 26017864 / Active
Corner Location currently under construction! Home will be ready end of August/September The Chatham plan is one of just 2 remaining available in t...
2032 Groveland Avenue
North Charleston, SC 29405
Union Heights
Residential
MLS# 26017858 / Active
INVESTOR SPECIAL!! Seize the opportunity to transform this 1942- built home located in established Union Heights community of North Charleston. Sit...
Reduced -$20,000
154 Ireland Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017857 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
1113 Melvin Drive
Hanahan, SC 29410
Charleston Farms
Residential
MLS# 26017856 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Opportunity awaits with this as is handyman special in the...
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