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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3 Sand Dollar Drive
Isle of Palms, SC 29451
Wildwood
Residential
MLS# 26017600 / Active
Welcome to an extraordinary new construction coastal retreat on the prestigious Isle of Palms - where refined design, effortless luxury, and an unb...
9661 Wilhammer Court
Ladson, SC 29456
Mckewn
Residential
MLS# 26017599 / Active
Located in the desirable community of McKewn, this well-maintained 3BR/2.5BA home offers 1,790 sq ft in the sought-after Dorchester District 2 scho...
632 Sweet Ramble Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017597 / Active
Welcome to 632 Sweet Ramble Way -- where peaceful pond views and easy single-level living come together in one of Summerville`s most sought-after c...
100 Bridgetown Road UNIT 2a
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017596 / Active
Welcome to this beautifully maintained home tucked away on a quiet cul-de-sac in the highly desirable Crowfield Plantation community. From the mome...
110 Hollow Point Lane
Cottageville, SC 29435
David Gatch
Residential
MLS# 26017595 / Active
Owner occupied 1989 2 bdrm/2 bath manufactured home situated on .6 acres with a large front porch.
7015 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017593 / Active
JULY Delivery! *4.99% FIXED RATE FHA/VA LOAN PLUS $5k TOWARDS CLOSING COST WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY *Welcome to Elms Glen......
Reduced -$10,000
7020 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017592 / Active
JULY DELIVERY! *4.99% FIXED RATE FHA OR VA LOAN PLUS $5,000 TOWARDS CLOSING COST WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY** *Welcome to Elms...
Reduced -$10,000
195 Tupalo Drive
Summerville, SC 29483
Summerville Farms
Residential
MLS# 26017590 / Active
Spacious Home on Half an Acre - No HOA!Tired of feeling on top of your neighbors? This home offers both space and privacy--a rare find that won`t l...
2331 Tall Sail Drive UNIT 804-D
Charleston, SC 29414
Seagate
Residential
MLS# 26017584 / Active
Enjoy the amenities and convenience of Seagate, one of West Ashley`s beautiful waterfront communities, complete with a community pool, boat slips, ...
Reduced -$10,001
753 Spring Highlands Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017583 / Active
A rare opportunity to own a beautifully customized Del Webb nearly new ``Renown``, showcasing luxury finishes, thoughtful upgrades, and effortless ...
411 Corey Boulevard
Summerville, SC 29483
Corey Woods
Residential
What is peace of mind worth in a home today? At 411 Corey Blvd, it`s already built in--and monthly payments stay in the low $2,300s.Estimated finan...
243 Lands End Drive UNIT #81
Charleston, SC 29407
Waterway South
Residential
MLS# 26017578 / Active
A special spot on the quiet side of Waterway South. Beautiful views from this Townhome located in the center of West Ashley. Walk in, and you are i...
1070 Lettered Olive Lane
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017576 / Active
The Conyers Plan - This home offers one story living and is highly sought after for its large main living space, oversized front and back porches. ...
266 Oglethorpe Circle
Moncks Corner, SC 29461
Spring Grove Plantation
Residential
MLS# 26017574 / Active
Y`all... this home has been refreshed from top to bottom! Step inside to an inviting open-concept floor plan featuring new flooring, fresh paint, n...
113 Ingleside Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017571 / Active
This spacious two-story home features an open layout among the dining room, kitchen and family room with access to the covered porch. In addition t...
199 High Grove Road
Summerville, SC 29485
Ashborough East
Residential
MLS# 26017569 / Active
Welcome to the HIGHLY DESIRABLE Ashborough East community, known for its MATURE landscaping, SPACIOUS HOMESITES, and timeless appeal. Opportunities...
148 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017568 / Active
The Hayden is a lovely 1 1/2 story home with a beautiful front porch. Inside you`ll find a nice entryway with a spacious study with French doors. T...
Increase +$20,000
204 Magnolia Garden Drive
Summerville, SC 29483
Limehouse Village
Residential
Seller offering $15,000 in concessions! Well-maintained 4-bedroom, 3-bath home with freshly repainted exterior built in 2021, located in Limehouse ...
406 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017566 / Active
Welcome to our new Villa Collection; introducing the Bennett-A! At the heart of this new almost 1,900 sq. ft. two-story home is a designated living...
Reduced -$4,350
18 Hillcreek Boulevard
Charleston, SC 29412
Crosscreek
Residential
MLS# 26017565 / Active
Discover this wonderful three-bedroom, two-bathroom brick ranch spanning 1250 SF in the heart of James Island! This amazing home sits on a spacious...
1737 Pinopolis Road
Moncks Corner, SC 29461
Residential
MLS# 26017563 / Active
Small scale, Grand scale living. That`s the definition of 1737 Pinopolis Road and it`s packed with potential. Nestled on over a quarter-acre on a s...
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