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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1108 Grove Park
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26017819 / Active
Tucked at the back of Grove Park, this second-floor condo provides privacy, a tranquil pond view, and modern finishes throughout. Features include ...
3333 Stockdale Street
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26017816 / Active
Welcome to 3333 Stockdale Street, where classic Southern charm meets the unmatched convenience and lifestyle of Park West.Framed by a picturesque w...
8650 Sentry Circle
North Charleston, SC 29420
Indigo Palms
Residential
MLS# 26017814 / Active
Welcome to 8650 Sentry Circle, a move-in ready home in the sought-after Indigo Palms community, zoned for the highly rated Dorchester District Two ...
489 Antebellum Lane
Mount Pleasant, SC 29464
Belle Hall
Residential
MLS# 26017811 / Active
Looking for a Belle Hall home that can easily flex to fit your family`s life now and for years to come? The floorplan of this well-maintained home ...
319 Flyway Road
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26017808 / Active
Check out this meticulously maintained 4 bedroom END UNIT townhome that is move in ready. This home has been tastefully updated and decorated with ...
Reduced -$10,999
130 Hidden Hills Road
Cross, SC 29436
Loyal Acres
Residential
MLS# 26017806 / Active
Welcome to Loyal Acres - Where Space, Privacy & Possibility Meet! Tucked away on almost an acre in Cross, SC, this one-of-a-kind property offers th...
3974 Gullah Avenue
North Charleston, SC 29405
Horizon Village
Residential
MLS# 26017804 / Active
Welcome to 3974 Gullah Avenue in North Charleston!Situated in a fantastic location near the vibrant Park Circle area, Old North Charleston, and the...
Reduced -$25,001
63 Kennedy Street
Charleston, SC 29403
City Of Charleston
Residential
MLS# 26017803 / Active
Experience modern Charleston living in this newly constructed four-bedroom home on Kennedy Street. Thoughtfully designed with an open, airy floor p...
3635 Pandora Drive
Mount Pleasant, SC 29466
Copahee View
Residential
MLS# 26017800 / Active
Absolutely stunning, custom-built Low Country home is ready for your `Today` and `Tomorrows!` With a .46-acre treed lot, the Owners created a park-...
2721 Harmony Lake Drive
Johns Island, SC 29455
Woodbury Park
Residential
MLS# 26017797 / Active
There`s a particular kind of quiet that settles over a lakefront morning on Johns Island. The soft call of birds, the shimmer of first light on the...
1645 Dexter Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017794 / Active
Beautiful single story, 2 bedroom 2 bathroom townhome available in one of James Island`s most conveniently located neighborhoods-Meridian Place! 16...
333 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017793 / Active
Welcome to the fabulous lake view home in Four Seasons retirement community in Cane Bay Subdivision. This home has a wonderful open floor plan with...
903 Elm Hall Circle
Summerville, SC 29483
Summer Wood
Residential
MLS# 26017791 / Active
Welcome to this beautifully maintained townhome offering a functional layout, low-maintenance living, and desirable community amenities. The main l...
1755 Central Park Road UNIT #5307
Charleston, SC 29412
Regatta On James Island
Residential
MLS# 26017789 / Active
Welcome to Regatta on James Island, one of the area`s most desirable gated condo communities! Ideally located less than 5 miles to Downtown Charles...
1 Ducs Court
Charleston, SC 29403
Eastside
Residential
MLS# 26017787 / Active
Welcome to 1 Ducs Court, a fabulous opportunity to live in historic downtown Charleston and enjoy the walkability of this vibrant and bustling urba...
126 Marion Road
Summerville, SC 29486
Sangaree
Residential
MLS# 26017786 / Active
Buyer got cold feet and cancelled the contract prior to completing their due diligence. Back on the market at no fault of the seller! Welcome home ...
1035 Lakeview Drive
Mount Pleasant, SC 29464
The Groves
Residential
MLS# 26017785 / Active
Welcome Home to 1035 Lakeview Drive | The Groves | Mount PleasantTucked away on one of the most desirable streets in the highly sought-after Groves...
921 Main Street
Charleston, SC 29407
Ashleyville
Residential
West Ashley`s best kept secret! Gorgeous New Construction this close to the waterfront parks. X Flood zone. Step up to a classic full front porch a...
Reduced -$10,100
527 Nelliefield Trail
Wando, SC 29492
Nelliefield Plantation
Residential
MLS# 26017782 / Active
A golf cart or bike ride away from Point Hope without those prices! An impeccable two-story, this home offers an inviting, open layout for every da...
Reduced -$10,000
411 Forest Circle
Summerville, SC 29483
Oakdale Estates
Residential
MLS# 26017779 / Active
NO HOA. OVERSIZED LOT. UPDATED MAJOR SYSTEMS. ROOM FOR YOUR BOAT, WORKSHOP, OR FUTURE POOL.Updated with a 2020 roof, 2021 HVAC, and 2021 water heat...
4228 Oakridge Drive
North Charleston, SC 29418
Glyn Terrace
Residential
MLS# 26017778 / Active
nicely appointed 4 bed 2 bath Fully remodeled brick ranch to include new roof soffit, fascia, HVAC, kitchen, quartz counter tops, modern sink, face...
Reduced -$10,000
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-10-2026 4:27 PM EST .
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