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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3051 Eventide
Johns Island, SC 29455
Kiawah River
Residential
MLS# 26017641 / Active
Overlooking Kiawah River`s working farm, this exceptional custom home showcases extraordinary craftsmanship and one-of-a-kind materials throughout....
8506 Falling Leaf Lane
North Charleston, SC 29420
Whitehall
Residential
MLS# 26017640 / Active
Completely renovated in 2024, this stunning 4 bed / 2.5 bath home in Whitehall checks every box. From top to bottom, no detail was overlooked -- ne...
1014 Toadfish Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017639 / Active
Welcome to Horizons, a gated, 55+ active adult community situated in the highly desirable Summers Corner development. Residents will appreciate low...
110 Lipman Street
Summerville, SC 29483
Colonial Pines
Residential
MLS# 26017638 / Active
Welcome home to this beautifully updated 4-bedroom, 2.5-bath home in a convenient Summerville location! Enjoy charming curb appeal with an inviting...
226 Loblolly Circle
Ladson, SC 29456
Tall Pines
Residential
MLS# 26017634 / Active
Charming, move-in ready 3BR/2BA brick ranch with 1,368 sq ft in an established neighborhood with a convenient location near I-26. Features include ...
130 River Landing Drive UNIT Unit 5111
Charleston, SC 29492
Daniels Landing
Residential
MLS# 26017633 / Active
Check out the new updates: NEW CEDAR PRIMARY CLOSET SYSTEM, BRAND NEW WASHER, DRYER, NEW CEILING FANS/LIGHTS. FIRST FLOOR NO STAIRS POND & RIVER VI...
201 Ashley Avenue
Charleston, SC 29403
Cannonborough-Elliotborough
Residential
MLS# 26017628 / Active
A rare opportunity to own one of Charleston`s most distinctive hospitality properties, The Ashley Inn seamlessly blends historic grandeur, modern l...
1299 Old Towne Road
Charleston, SC 29407
Fairfield
Residential
MLS# 26017626 / Active
Nestled on 1.7 private acres and conveniently located just two miles from both the Ashley River Bridge and I-26 at Cosgrove Avenue, this exceptiona...
2685 Park West Boulevard
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26017623 / Active
Welcome to 2685 Park West Boulevard, where style, comfort, and an unbeatable location come together in the heart of Park West`s highly desirable Ce...
428 White Scallop Way
Summerville, SC 29486
Shell Pointe At Cobblestone Village
Residential
Don`t miss this rare opportunity to assume the existing loan at an attractive 4.99% interest rate! Welcome to this charming single-story Glenwood f...
110 Feldman Court
Charleston, SC 29492
Beresford Pointe
Residential
MLS# 26017620 / Active
Lowcountry Living with Exceptional Water AccessDiscover a rare opportunity to own a custom-built home on a beautifully sized lot in an exclusive co...
8475 Scotts Mill Drive
Charleston, SC 29420
Windsor Hill
Residential
MLS# 26017614 / Active
Welcome to this spacious 3-bedroom, 2.5-bath home in the established Windsor Hill community, offering multiple living areas and a functional layout...
431 Watershed Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26017613 / Active
Welcome to 431 Watershed Drive, nestled in the established and highly sought after Liberty Hall Plantation community. This beautiful 3BD 2.5BA home...
1450 Barbara Street
Mount Pleasant, SC 29464
Old Mt Pleasant
Residential
MLS# 26017612 / Active
Welcome to 1450 Barbara Street. This stunning, brand-new home offers 6 spacious bedrooms and 4.5 luxurious bathrooms, thoughtfully designed for Low...
5325 Helene Drive
North Charleston, SC 29418
Evanston Estates
Residential
MLS# 26017611 / Active
Bring your boat, trailer, and outdoor lifestyle--5325 Helene Drive offers the freedom that`s becoming increasingly difficult to find. With NO HOA, ...
105 Trillium Avenue
Summerville, SC 29483
White Gables
Residential
Welcome home to sought-after White Gables! This beautifully maintained 4-bedroom, 3.5-bath residence offers over 2,100 square feet of flexible livi...
213 Moon Shadow Lane
Summerville, SC 29485
Arbor Oaks
Residential
MLS# 26017608 / Active
Nestled on a peaceful cul-de-sac in the highly desirable Arbor Oaks community, this charming single-story home offers a comfortable and functional ...
4310 Cotton Flat Road
Summerville, SC 29485
Watson Hill
Residential
MLS# 26017607 / Active
Situated on a premium lot with protected wooded views in the backyard and open green space in the front, this home offers a level of privacy that`s...
116 Ivy Terrace Road
Summerville, SC 29486
Nexton
Residential
MLS# 26017606 / Active
Is this a model home?! STUNNING Dunwoody Way featuring 3 bedrooms, 3 baths, a French door office, three season room, and three-car garage (2 full b...
251 Tupelo Lake Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017603 / Active
Beautiful lakeside San Sebastian home featuring 2 bedrooms, 2.5 baths, a home office/flex room, sunroom, and three-car garage. Meticulously-maintai...
415 W Carolina Avenue
Summerville, SC 29483
Historic District
Residential
MLS# 26017602 / Active
Discover this hidden gem in the heart of Historic Summerville. Nestled on a serene .57 acre wooded lot off West Carolina Avenue, this beautiful pro...
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