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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222 Savannah River Drive
Summerville, SC 29485
Lakes Of Summerville
Residential
MLS# 26017536 / Active
This inviting property truly checks all the boxes! It is a beautifully maintained one story home on a prime lot overlooking a serene pond. Features...
Reduced -$3,000
4633 Forest Hills Drive UNIT #1003
North Charleston, SC 29418
North Charleston
Residential
MLS# 26017535 / Active
Welcome to Homesite 37 at Clear Springs Townhomes, a thoughtfully designed three-story townhome offering 3 bedrooms, 3.5 bathrooms, and the perfect...
1802 Hopeman Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26017533 / Active
Beautiful luxury townhome located along the 5th fairway on the golf course in prestigious Charleston National. Enjoy incredible golf course views a...
1404 Cimmaron Lane
Goose Creek, SC 29445
St. James Estataes IV
Residential
MLS# 26017528 / Active
NO HOA - Thoughtfully renovated since 2020, this beautifully updated home is a true gem in the heart of Goose Creek. Upgrades include new flooring ...
171 Airy Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017527 / Active
Move-in ready and beautifully upgraded, this 4-bedroom, 3-bathroom home offers 3,289 square feet of thoughtfully designed living space in the highl...
11 Wappoo Creek Place
Charleston, SC 29412
Wappoo Creek Place
Residential
MLS# 26017524 / Active
Look no further for the lifestyle we all love about Charleston. This condo is 5 minutes to downtown, tucked away in Wappoo Creek place with stunnin...
2333 Francis Marion Boulevard
Summerton, SC 29148
Residential
MLS# 26017523 / Active
Welcome to 2333 Francis Marion Blvd., where you can enjoy The Lake Life on a spacious .70-acre lot. This 4-bedroom, 2-bath home offers an inviting ...
5043 Spaniel Drive
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017521 / Active
Welcome to this stunning 5 bed/2.5 bath home nestled on a cul-de-sac in the Park Circle community w/no HOA! The dramatic 2-story foyer opens to a f...
3337 Ethan Street
Mount Pleasant, SC 29466
Hamlin Plantation
Residential
MLS# 26017520 / Active
Welcome to 3337 Ethan Street in the heart of Hamlin Plantation. This beautifully updated 4-bedroom, 2.5-bath home offers 2,742 square feet of well-...
337 Millcreek Drive
Charleston, SC 29407
Air Harbor
Residential
MLS# 26017517 / Active
Seller is offering up to $10,000 in buyer flex money with an acceptable offer, which may be used toward closing costs, a rate buy-down, or helping ...
111 Lucky Day Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017513 / Active
Welcome to this beautiful four-bedroom, two-bath ranch built in 2021, located in the heart of Lindera Preserve.Situated on a quiet block, the home ...
606 Snow Owl Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017508 / Active
Incredible price on this modern two-story home offers a bright, open-concept main level perfect for seamless everyday living and entertaining. The ...
6199 Back Bay Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017503 / Active
Nestled within the exclusive gated community of Wild Dunes, this beautifully updated golf course residence offers privacy, comfort, and exceptional...
435 Jean Wells Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26017499 / Active
Welcome to 435 Jean Wells Dr., a beautifully updated 3-bedroom, 1.5-bath home offering 1,027 square feet of comfortable living space. The open floo...
1053 Planters Curve
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26017498 / Active
Lovingly updated with a fresh coastal-inspired aesthetic, this beautiful 4-bedroom, 2-bath brick ranch is nestled beneath majestic oak trees in the...
Reduced -$25,000
294 Great Lawn Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26017495 / Active
Welcome to 294 Great Lawn Drive in Nexton featuring a 504 SQFT DETACHED ADU above the garage with its own separate entrance and an additional full ...
Reduced -$4,000
6 Rutledge Avenue
Charleston, SC 29401
South Of Broad
Residential
MLS# 26017494 / Active
Step inside this sunny, light-filled Charleston masterpiece--a home where timeless architecture meets modern sophistication. The turn-of-the-centur...
4005 Radcliffe Place Drive UNIT A-7
Charleston, SC 29414
Radcliffe Place
Residential
MLS# 26017493 / Active
Great Location! Right off Bees Ferry Rd, this top-floor condo looks like a model -- because it was one! No neighbors above you! The open kitchen/di...
Reduced -$7,000
246 Rutledge Avenue
Charleston, SC 29403
Elliotborough
Residential
MLS# 26017492 / Active
Enjoy the charm and walkability of downtown Charleston with the confidence of modern construction at 246 Rutledge Avenue. Built in 2012 and ideally...
408 Northern Red Oak Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017491 / Active
Lowcountry Charm Meets Modern Family Living. This beautifully maintained home in Cane Bay features the sought-after McKinley floor plan, a new roof...
5150 Trump UNIT Unit 105
North Charleston, SC 29420
Charleston Park
Residential
MLS# 26017490 / Active
Welcome to 5150 Trump Street, Unit 105, a beautifully maintained first-floor condo located in the desirable Pines at Charleston Park community in N...
Reduced -$6,001
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