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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4283 Persimmon Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26017486 / Active
Tucked within the gates of Coosaw Creek Country Club, 4283 Persimmon Woods offers the perfect blend of updated style, generous living space, and ev...
105 Woodland Drive
Summerville, SC 29485
Woodland Estates
Residential
MLS# 26017483 / Active
A rare custom new construction opportunity in Woodland Estates, set on a beautiful 1-acre estate-sized lot. Designed with timeless Lowcountry archi...
Reduced -$25,100
1100 River Bay Lane
Charleston, SC 29492
The Peninsula
Residential
MLS# 26017480 / Active
This single family three bedroom, two bath home, has vaulted ceilings, a large fenced in back yard for privacy and a two car garage. The kitchen fl...
Reduced -$5,000
1211 Krawcheck Street
Johns Island, SC 29455
Swygerts Landing
Residential
MLS# 26017478 / Active
If you`ve been looking for a home that offers space, comfort, and the best of Johns Island living, this charming Lowcountry home is a must-see. Loc...
8518 Marsh Overlook
North Charleston, SC 29420
Taylor Plantation
Residential
MLS# 26017476 / Active
Located in the desirable Taylor Plantation community within the DD2 school district, this well-maintained 4-bedroom, 2.5-bath home offers 2,369 squ...
195 Hickory Ridge Way
Summerville, SC 29483
Hickory Ridge
Residential
Welcome to 195 Hickory Ridge Way, a thoughtfully designed home offering the perfect blend of comfort, functionality, and modern style. The open-con...
Reduced -$5,000
3612 Bagley Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26017473 / Active
Enjoy the best of Park West living in this beautifully appointed Preston townhome with an ELEVATOR SHAFT overlooking a picturesque pond with wooded...
554 Tranquil Waters Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017472 / Active
Welcome home - where comfort, style, and Lowcountry living come together in the gated 55+ community of Del Webb at Cane Bay. Set on a beautifully l...
612 Sienna Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017470 / Active
Stunning 4-bedroom home on a beautiful pond lot with abundant natural light and exceptional indoor-outdoor living. The gourmet kitchen features qua...
Reduced -$24,000
717 Bounty Square Drive
Charleston, SC 29492
Beresford Hall
Residential
MLS# 26017465 / Active
You do not want to miss this rare opportunity to enjoy marsh views every day and beautiful sunsets every evening in a custom-built home in the exqu...
6 Vincent Drive
Mount Pleasant, SC 29464
Residential
MLS# 26017464 / Active
Welcome to 6 Vincent Drive located in the heart of South Mount Pleasant off Coleman Boulevard, just a short walk from Shem Creek, Starbucks, shoppi...
1068 Capersview Court
Awendaw, SC 29429
The Overlook at Copahee Sound
Residential
MLS# 26017463 / Active
Nestled in the heart of the Lowcountry, 1068 Capersview Court is a stunning showcase of thoughtful design and exceptional craftsmanship, where over...
226 Seaworthy Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017456 / Active
Beautifully positioned on a peaceful pond homesite in the highly sought-after Cane Bay community, this thoughtfully designed home offers the perfec...
Reduced -$5
999 Scotch Bonnet Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017455 / Active
The Elliot Plan- This traditional Charleston style home features a large front and rear, covered porches. The main living areas are complete with L...
Reduced -$8,750
441 Double Eagle Trace
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017453 / Active
Private end-unit villa offering sweeping golf course views and bright, coastal-inspired interiors. The open-concept living and dining area features...
422 Colfax Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017452 / Active
BELTON A FLOORPLAN! Kitchen opens to casual dining area. Granite countertops, tiled backsplash, walk-in pantry & gas range & pre-wired pendant ligh...
1039 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017451 / Active
The Palmetto - a perfect cottage feel! If you are downsizing or in need of a one story home this may be the plan for you! Large foyer leading to an...
Reduced -$5,000
1602 Rifle Range Road
Mount Pleasant, SC 29464
Lucker Terrace
Residential
MLS# 26017450 / Active
Step into this beautifully updated, move-in-ready home offering modern comforts and unbeatable convenience. Situated on a generous lot directly acr...
Increase +$50,000
1291 S Barksdale Road
Mount Pleasant, SC 29464
Wakendaw Lakes
Residential
MLS# 26017449 / Active
If you`re seeking a newer home within an established, highly desirable neighborhood, this one delivers. It is thoughtfully designed for low-key lux...
1315 Ridge Road
Ridgeville, SC 29472
Residential
MLS# 26017447 / Active
**BACK ON THE MARKET AND BETTER THAN EVER WITH A BRAND-NEW METAL ROOF INSTALLED IN JUNE 2026!** Discover the perfect blend of country charm, privac...
2312 Falcon Road
North Charleston, SC 29406
Wildwood
Residential
Great Opportunity in Prime North Charleston Location! This charming 3-bedroom, 1-bath home offers incredible potential in a highly convenient North...
Reduced -$10,000
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