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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3105 Grass Marsh Drive
Mount Pleasant, SC 29466
Dunes West
Residential
Nestled on a quiet, wooded homesite in the highly sought-after gated community of Dunes West, this beautifully maintained residence offers timeless...
6615 Old Jacksonboro Road
Ravenel, SC 29470
Residential
MLS# 26019530 / Active
Discover the ultimate private sanctuary, multi-generational retreat, or premier equestrian estate. Situated just under 30 minutes from historic dow...
320 Long Pier Street
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019528 / Active
SUBJECT TO LENDER APPROVALThis incredible 6-bedroom, 4-bath home listed UNDER MARKET VALUE offers over 4,000 square feet of open, airy and truly ma...
1026 Adirondack Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019527 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owners suite on the first floor, large loft and covered porch. All main living areas ...
1037 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019526 / Active
The Foxtail Plan - This 5 bedroom, 3.5 bath home features the owners suite on the first floor, large loft and covered porch. All main living areas ...
1722 Waterbrook Drive
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019525 / Active
Welcome to this beautifully maintained 4-bedroom, 2.5-bath home in the highly sought-after Cypress section of Carolina Bay. Situated on one of the ...
9004 Hema Lane
Summerville, SC 29483
Myers Mill
Residential
MLS# 26019524 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** With a spacious floor plan, thoughtful updates, and a con...
128 Midmills Lane
Summerville, SC 29486
Sheep Island
Residential
MLS# 26019522 / Active
The Tillman | 5 Bedrooms, Loft & Conservation Views Just Minutes from NextonWelcome to 128 Midmills Lane, a stunning new construction home in the s...
1004 Tea Time Drive
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019521 / Active
The Sweetgrass is a great four bedroom home with loft and covered, back porch. Estimated for May move-in. Two story foyer, LVP flooring throughout ...
7747 Ovaldale Drive
North Charleston, SC 29418
Forest Hills
Residential
MLS# 26019519 / Active
Completely renovated from top to bottom, this move-in ready 4-bedroom, 2-bath brick ranch offers stylish updates, functional living, and the ease o...
101 Duck Pond Court
Summerville, SC 29485
Legend Oaks Plantation
Residential
MLS# 26019518 / Active
Located in the desirable Legend Oaks Plantation, this beautiful home offers space, comfort, and an ideal layout for modern living. Situated on a co...
149 Beamon Loop
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019514 / Active
Welcome to the Kingston! This new two-story home exudes elegance from the moment of entry. A formal dining room greets guests at the front, followe...
305 Forest Circle
Walterboro, SC 29488
Forest Hills
Residential
MLS# 26019511 / Active
Nestled beneath mature pine trees, this inviting 3BR/2BA brick ranch blends classic character with thoughtful updates. A cheerful teal door welcome...
223 Waterfront Park Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019510 / Active
Welcome to 223 Waterfront Park, where resort-style living meets the comfort of home in the highly sought-after Del Webb at Cane Bay, one of the Low...
324 Trailmore Lane
Summerville, SC 29486
Nexton
Residential
MLS# 26019509 / Active
Move right into this beautifully designed home that offers the perfect blend of convenience, comfort, and flexibility. Ideal for a lock-and-leave l...
3269 Conservancy Lane
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019508 / Active
Welcome to this beautifully maintained traditional home in the highly sought-after Carolina Bay community. Featuring an open-concept floor plan wit...
414 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019507 / Active
Welcome to our new Villa Collection; introducing the Camden A! At the heart of this new almost 1,900 sq. ft. two-story home is a designated living ...
353 Dunlin Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26019506 / Active
Welcome to 353 Dunlin Drive, a beautifully updated 4-bedroom, 2.5-bath home offering 2,764 square feet of thoughtfully designed living space. Fresh...
Reduced -$10,000
416 Bluebird Bend Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019504 / Active
Welcome to our new Villa Collection; introducing the Bennett-A! At the heart of this new almost 2,100 sq. ft. two-story home is a designated living...
2162 Bees Ferry Road UNIT G
Charleston, SC 29414
Dovefield
Residential
MLS# 26019502 / Active
Welcome home to 2162 Bees Ferry Road! This beautifully renovated second-floor condo overlooks the scenic Shadowmoss Golf Course and offers stylish,...
1572 Wellesley Circle
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26019501 / Active
Welcome to 1572 Wellesley Circle in the highly desirable Park West community of Mount Pleasant!Step inside to discover a bright, open-concept floor...
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