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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2001 Long Bend
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017776 / Active
Renovated End Unit with Marsh Views. Excellent short-term rental potential in a desirable island setting. The open living and dining area flows to ...
5027 Barrier Island Court
Mount Pleasant, SC 29466
The Bluff at Charleston National
Residential
MLS# 26017775 / Active
BACK ON THE MARKET AT NO FAULT OF THE SELLERS! READY TO SHOW! One of the most desirable waterfront homesites on Copahee Sound.This custom waterfron...
4615 O'Hear Avenue
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017774 / Active
Located in Park Circle`s charming historic district and walkable to dinner or drinks down the block on E Montague, this little bungalow checks a lo...
206 Clifton Street
Summerville, SC 29483
Historic District
Residential
MLS# 26017773 / Active
Nestled in the heart of the coveted Summerville Historic District, 206 Clifton Street offers a rare opportunity to own an extraordinary estate wher...
2494 Etiwan Avenue UNIT B9
Charleston, SC 29414
Melrose Park Townhomes
Residential
MLS# 26017769 / Active
Why pay more. Compare and you`ll agree this is a bargin. This affordable townhome is ready now. Compare and you will see. It was recently painted a...
Reduced -$2,400
400 Barreling Court
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26017768 / Active
Welcome to 400 Barreling Court, a home that feels better than new! This 4-bedroom, 2.5-bath gem features a master bath with his and hers vanities, ...
Reduced -$9,000
130 Cornell Drive
Ladson, SC 29456
College Park
Residential
MLS# 26017766 / Active
Welcome home to this beautifully well maintained 4-bedroom ranch in Ladson, SC, ideally located near Goose Creek and Summerville--perfect for buyer...
1327 Headquarters Plantation Drive
Johns Island, SC 29455
Headquarters Plantation
Residential
MLS# 26017764 / Active
Gorgeous executive home on a .48 acre lot with an in-ground pool on Headquarters Plantation Island. Surrounded by the Stono River, this lovely comm...
109 Carriage Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26017762 / Active
Welcome to this charming 4-bed home situated at the end of a quiet cul-de-sac. This property combines classic character with comfortable updates th...
408 Dovetail Circle
Summerville, SC 29483
Weatherstone
Residential
MLS# 26017758 / Active
Welcome home to 408 Dovetail Circle, a charming traditional-style residence nestled in the highly sought-after Weatherstone community of Summervill...
Reduced -$10,000
666 Poaug Lane
Mount Pleasant, SC 29464
Fox Pond
Residential
MLS# 26017757 / Active
666 Poaug Lane is a single-story 3-bedroom, 2-bath cottage on a high corner lot in the heart of Mount Pleasant`s Old Village and one of Charleston`...
Reduced -$30,100
1040 Grace Field Avenue
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017756 / Active
Welcome to resort-style living in the sought-after Horizons 55+ community at Summers Corner. This like-new Lennar Hampton home offers 1,503 sq ft o...
5043 Victoria Avenue
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017755 / Active
Start living with each other and stop living on top of each other! If you feel like you need more space for the family--this is your dream home! Wh...
1521 Nantahala Boulevard
Mount Pleasant, SC 29464
Wando East
Residential
MLS# 26017753 / Active
The single-family feel without the single-family upkeep -- this move-in ready end-unit townhome in the heart of Mount Pleasant pairs a fully fenced...
744 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
MLS# 26017752 / Active
Discover exceptional Lowcountry living in this stunning Rutledge floorplan by Homes by Dickerson, ideally located in the highly desirable Midtown n...
723 Rumbling Leaf Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26017751 / Active
Welcome to 723 Rumbling Leaf Lane, a beautifully crafted Pine Mill floorplan by Homes by Dickerson located in the highly sought-after Midtown neigh...
2938 Sugarberry Lane
Johns Island, SC 29455
Whitney Lake
Residential
MLS# 26017750 / Active
Whitney Lake is the kind of neighborhood people don`t leave. And 2938 Sugarberry Lane is your way in. This three-story townhome sits steps from a 2...
Reduced -$2,499
300 Autumn Azalea Way
Summerville, SC 29486
Nexton
Residential
MLS# 26017749 / Active
Beautiful Martin Ray home featuring 3 bedrooms, 3 baths, a French door office, upstairs loft, three-bay garage, and three season room on a private ...
2325 Brackish Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017748 / Active
Luxury Meets Waterfront Serenity in Gated Dunes West.Experience the pinnacle of low country living in this timeless, masterfully crafted John Wiela...
932 Tall Pine Road
Mount Pleasant, SC 29464
The Groves
Residential
MLS# 26017747 / Active
Welcome to 932 Tall Pine Road, an inviting two-story home in The Groves, one of South Mount Pleasant`s most established and sought-after neighborho...
1319 Lucinda Street
Mount Pleasant, SC 29466
Copahee View
Residential
MLS# 26017746 / Active
Welcome to 1319 Lucinda Street, where modern design, Lowcountry charm, and an unbeatable Mount Pleasant lifestyle come together in one exceptional ...
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