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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90 Romney Street
Charleston, SC 29403
North Central
Residential
MLS# 26017719 / Active
Prime Investment Opportunity in the heart of Downtown Charleston! No HOA! - new pella windows approved by BAR- new interior doors- sheet rock- elec...
Reduced -$29,100
2614 Egret Crest Lane
Charleston, SC 29414
The Colony At Heron Reserve
Residential
MLS# 26017718 / Active
Discover your new home in this beautiful ground floor condo located within a gated community. Conveniently situated near I-526, Roper St. Francis H...
1423 Arabella Street
Charleston, SC 29414
The Pointe At Rhodes Crossing
Residential
MLS# 26017717 / Active
Welcome to 1423 Arabella Street, located in The Pointe at Rhodes Crossing in the heart of West Ashley. Built in 2023, this beautifully maintained r...
Reduced -$25,100
429 Turnstone Street
Mount Pleasant, SC 29464
Tidal Walk
Residential
MLS# 26017716 / Active
Welcome to this beautiful 4-bedroom home in the highly sought-after Belle Hall community of South Mount Pleasant. Designed for both comfort and fle...
519 Coaxum Road
Mount Pleasant, SC 29464
Snowden
Residential
MLS# 26017715 / Active
Tucked away on a private drive with no HOA and located within the highly sought-after Mount Pleasant school district, this beautifully maintained C...
2336 Watchtower Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26017712 / Active
Welcome to Marshside Towns, a quiet community tucked away in the sought-after neighborhood of Carolina Bay. Backing to protected marshland, this be...
4488 Highway 162
Hollywood, SC 29449
Rantowles
Residential
MLS# 26017711 / Active
Nestled on 1.68 fully fenced acres in desirable Rantowles, this exceptional 3-bedroom, 2-bath custom French Mediterranean home offers a rare combin...
Reduced -$10,100
2511 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017709 / Active
Welcome to a rare new construction opportunity, where luxury living meets the best of the Charleston coastal lifestyle. This stunning 4-bedroom, 3-...
1069 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 26017708 / Active
Welcome to your slice of paradise at 1069 Capersview Court within the coastal marsh community of The Overlook @ Copahee Sound! This energy star Cer...
Reduced -$20,000
113 Old Creek Court
Goose Creek, SC 29445
Central Creek
Residential
MLS# 26017706 / Active
Ready August! Welcome to Central Creek, Goose Creek`s newest boutique community. This stylish two-story home features a Hardie Plank exterior and o...
Reduced -$9,000
508 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26017704 / Active
Our Dabney B plan, four bedrooms, three-and-one-half bathrooms, with guest suite downstairs and additional powder room. This open floor plan featur...
Reduced -$9,100
605 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26017702 / Active
COMPLETE IN JULY! This is our Cameron B floorplan, three bedrooms, two-and-one-half bathrooms, with a sunroom downstairs great for a dining room or...
Reduced -$7,100
241 Central Creek Drive
Goose Creek, SC 29445
Central Creek
Residential
MLS# 26017701 / Active
Ready August! Situated on a homesite backing to private trees, this thoughtfully designed two-story home offers a warm, inviting feel from the mome...
Reduced -$3,000
209 Fiddleback Drive
Summerville, SC 29486
Hewing Farms
Residential
MLS# 26017699 / Active
Welcome to this beautifully appointed 3-bedroom, 3.5-bath home in the highly sought-after Hewing Farms community of Summerville. Thoughtfully desig...
118 Crosswick Street
Summerville, SC 29483
Pineland Preserve
Residential
MLS# 26017696 / Active
A Showstopper in the luxurious Pineland Preserve community in Summerville!! Our Webster floor plan! On the 1st floor, there`s a a formal dining roo...
248 Central Creek Drive
Goose Creek, SC 29445
Central Creek
Residential
MLS# 26017694 / Active
Ready August! Located in Central Creek, this new Highland plan offers comfortable living on a homesite backing to a peaceful pond. The Hardie Plank...
Reduced -$500
1373 Pinnacle Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017691 / Active
Freshly painted and completely turnkey, this charming townhome is ready for you. This convenient one story home is nestled in the highly-regarded c...
3001 Palmetto Boulevard
Edisto Island, SC 29438
Third Row
Residential
MLS# 26017689 / Active
3rd row, less than 800 feet to the ocean`s edge, this Edisto bungalow is priced to move! Enter thru the covered stairs to the open L/D/K area or en...
63 Montagu Street UNIT A
Charleston, SC 29401
Harleston Village
Residential
MLS# 26017686 / Active
Price Reduction - Luxury Charleston Living in the Heart of Harleston Village! Introducing this stunning newly renovated in 2026 first-floor residen...
556 Hayes Park Boulevard
Johns Island, SC 29455
Hayes Park
Residential
MLS# 26017682 / Active
*NEVER BEFORE SEEN NEW CONSTRUCTION ON JOHNS ISLAND! Welcome to HAYES PARK Johns Island`s only pedestrian-scale community that elevates your lifest...
7008 Oak Basin Way
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26017678 / Active
Overlooking Great Oak Basin, this exceptional custom home offers more than 4,300 square feet of luxury living with five bedrooms, five baths, priva...
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 1:03 PM EST .
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