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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759 Lake Frances Drive
Charleston, SC 29412
Lake Shore Commons
Residential
MLS# 26017434 / Active
Welcome to 759 Lake Frances Drive--a waterfront retreat where metropolitan sophistication meets the laid-back beauty of Charleston living. Tucked a...
2829 Captain Sams Road
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017432 / Active
Tucked behind mature canopy on a rare, private one acre double lot, this sun drenched Crooked Oaks home is a garden lover`s dream and a golfer`s de...
286 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26017424 / Active
Welcome home to this beautifully appointed single-story cottage, where timeless charm meets modern comfort. Thoughtfully designed with an airy open...
282 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26017421 / Active
Welcome home to this beautifully designed single-story cottage that perfectly blends style, comfort, and easy living. Thoughtfully appointed with n...
1154 Plantation Lane
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26017419 / Active
Welcome to timeless elegance in the heart of Snee Farm, one of Mount Pleasant`s most prestigious golf course communities. Perfectly positioned on a...
629 Bridlewood Lane
Mount Pleasant, SC 29464
Bridlewood
Residential
MLS# 26017418 / Active
Welcome to 629 Bridlewood! This home in the heart of Mount Pleasant w/ a large front porch creates inviting curb appeal. Inside, the foyer opens to...
Reduced -$26,000
810 Kings Oak Court UNIT Unit 4
Charleston, SC 29492
Governors Cay
Residential
MLS# 26017417 / Active
Welcome to The Pointe at Governors Cay! This is an exceptional opportunity to live alongside the marshes of Charleston in a move-in ready townhome,...
1146 Bennett Circle
Holly Hill, SC 29059
Residential
MLS# 26017414 / Active
This is an adorable cottage. Redone in 2022 inside & out. The welcoming landscaping greets you as you walk up the stone walkway. New roof, new wind...
334 Clearpath Drive
Summerville, SC 29486
Nexton
Residential
Sunset lagoon views, exceptional natural light, and custom-level upgrades define this refined Nexton home in the upscale Midtown section. Set on a ...
6504 Rozier Road
Meggett, SC 29449
Meggett
Residential
MLS# 26017410 / Active
A Rare Meggett Find!! Welcome to your Private Marshfront Retreat with Endless Potential! Home features 1 Bed ,1 Bath, 864 Sq. Ft. that sits on 2.64...
33 Lockwood Drive UNIT Lu105
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26017407 / Active
If you`ve been searching for the ideal boat slip that makes getting out on the water fast and convenient, this 45x13.5 slip at Harborage at Ashley ...
690 Lannie Lane
Moncks Corner, SC 29461
Broughton Road
Residential
MLS# 26017406 / Active
Welcome to 690 Lannie Lane, where country living meets modern convenience! Situated on over 2 acres with no HOA, this custom-built home offers the ...
Reduced -$24,900
1929 Westminster Road
Charleston, SC 29407
Sandhurst
Residential
MLS# 26017405 / Active
BEST DEAL IN WEST ASHLEY! Opportunities like this don`t come along often: a fully renovated home in one of West Ashley`s most established and desir...
Reduced -$5,000
123 Crooked Creek Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26017399 / Active
Driving up to this home you will notice it is tucked away off of a cul de sac with extra privacy as far as the lot goes. No HOA, so you can do what...
Reduced -$5,000
4984 Jenkins Avenue
North Charleston, SC 29405
Park Circle
Residential
MLS# 26017398 / Active
Tucked away on a private street in the heart of Park Circle, this modern home offers a perfect blend of location, comfort, and convenience. Just tw...
33 Lockwood Drive UNIT Unit Lu135
Charleston, SC 29401
The Harborage At Ashley Marina
Residential
MLS# 26017388 / Active
The Harborage marina is one of the better ran marinas in Charleston, and if you have a larger sized vessel boat slip G-12 is for you. This is one o...
1217 Birch Drive
Summerton, SC 29148
Moss Pointe
Residential
MLS# 26017385 / Active
Move-in ready and beautifully updated, this like-new home sits on a spacious 1+ acre lot in the desirable lakeside community of Princess Pond. Offe...
33 Elliott Court
Walterboro, SC 29488
Colleton Acres
Residential
MLS# 26017383 / Active
Welcome to this brick ranch style home nestled on .46 acres in the Colleton Acres subdivision. This 3 bed one bath one story home with some modern ...
142 Wappoo Creek Drive UNIT #9
Charleston, SC 29412
Wappoo Landing
Residential
MLS# 26017382 / Active
Private community deep-water dock on the Intracoastal Waterway -- minutes from Downtown Charleston and Folly Beach. This beautifully maintained 1,8...
3560 Seaview Drive
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017380 / Active
This home is perfection! It is located in the most ideal location on a quiet cul de sac, just a short walk to the beach, and with a stunning view o...
2703 Spruill Avenue
North Charleston, SC 29405
Residential
MLS# 26017379 / Active
Versatile property on the growing Spruill Avenue corridor with B-2 zoning that allows for a variety of commercial and residential uses. Whether you...
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