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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1216 Black Skimmer Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017304 / Active
Welcome to 1216 Black Skimmer St., a beautifully maintained 2-bedroom, 2-bath home offering 1,507 sq. ft. of easy, low-maintenance living in a gate...
Reduced -$12,000
3198 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017302 / Active
Homes in Ravenel, SC | Hillcrest Community Near Charleston & John`s IslandWelcome to 3198 Dalmore Drive in the Hillcrest community of Ravenel, Sout...
Increase +$1,000
3190 Dalmore Drive
Ravenel, SC 29470
Hillcrest
Residential
MLS# 26017301 / Active
New home community in Ravenel, just outside Charleston and minutes from Edisto beach.Welcome to 3190 Aberfeldy Lane in the Hillcrest community of R...
Increase +$1,000
406 King Charles Circle
Summerville, SC 29485
Newington Plantation
Residential
MLS# 26017297 / Active
Welcome to 406 King Charles Circle - a stunning home in the highly sought-after Newington Plantation! Located in an established neighborhood with b...
1204 Pine Bluff Drive
Summerville, SC 29483
Summer Wood
Residential
MLS# 26017294 / Active
BRAND NEW AC JUST INSTALLED!!Welcome to this adorable 2-bedroom, 2.5-bath townhome tucked away in a quiet, private area of the community. This home...
111 Elmwood Avenue UNIT C
Ladson, SC 29456
Honey Ridge Villas
Residential
MLS# 26017290 / Active
Welcome to 111 Elmwood Avenue Unit C, a well-maintained 2 bedroom, 1.5 bath townhome located in the conveniently situated Honey Ridge Villas commun...
8800 Dorchester Road UNIT #1601
North Charleston, SC 29420
Villas At Charleston Park
Residential
MLS# 26017289 / Active
Ranch villa. Maintenance free living. Beautiful home move in ready 2/2bath open concept beautiful kitchen . Hardwoods throughout. Attached two car ...
1151 Quick Rabbit Loop
Charleston, SC 29414
Hunt Club
Residential
MLS# 26017288 / Active
Welcome Home to 1151 Quick Rabbit Loop in Hunt Club where thoughtful upgrades, quality craftsmanship and exceptional upkeep come together to create...
310 Fish Creek Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017287 / Active
BEAUTIFUL HOME WITH RESORT LIVING IN AN ACTIVE 55+ ADULT GATED COMMUNITY. OPEN FLOOR PLAN WITH TONS OF NATURAL LIGHT THROUGHOUT, INCLUDES ALL BLIND...
109 Bolsena Court
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017286 / Active
Welcome to this beautifully upgraded home located on one of the largest lots in the community, tucked away in a quiet cul-de-sac overlooking the po...
2627 Alamanda Drive
Johns Island, SC 29455
The Cottages At Johns Island
Residential
MLS# 26017285 / Active
Tucked on a quiet street on Johns Island, this charming 3-bedroom, 2.5-bath home checks all the boxes -- peaceful wooded lot, low HOA, X flood zone...
Reduced -$19,100
1756 Batten Drive
Charleston, SC 29414
Boltons Landing
Residential
MLS# 26017284 / Active
Stunning Pond Views | Turnkey & Move-in Ready Welcome to your dream home! This beautifully maintained, open-concept home offers the perfect blend o...
1363 Pinnacle Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017282 / Active
Don`t miss your chance to enjoy single story living in this cozy END UNIT right in the middle of everything! You can zip downtown in 7 miles OR dri...
155 Wingo Way UNIT #467
Mount Pleasant, SC 29464
Tides IV Condominiums
Residential
MLS# 26017281 / Active
THIS Tides IV condominium (Unit 467) is the preeminent place to live in Mount Pleasant! Nestled at the foot of the Ravenel Bridge you will have qui...
134 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26017280 / Active
Seller Incentive: 4.99% fixed interest rate on FHA/VA loans or a 5.5% conventional buydown plus $7,500 in closing costs with the use of our preferr...
Reduced -$10,000
614 Du Bois Drive
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017278 / Active
5.5% Conventional 30-year fixed loan program offered on this home for primary residences! This beautiful coastal inspired home with main level prim...
Reduced -$30,000
213 Brailsford Road
Summerville, SC 29485
Quail Arbor V
Residential
MLS# 26017276 / Active
Welcome to 213 Brailsford Road, a beautifully updated home located in the highly desirable DD2 School District of Summerville, SC. Tucked away in t...
477 Caledon Court
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017275 / Active
30-year fixed rates as low as 4.99% for primary residences! Ideally located at the foot of the Maybank Hwy Bridge, this elegant townhome sits on a ...
Reduced -$10,000
8867 Salamander Road UNIT #60
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26017273 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to The Ross, a well-designed 3-bedroom, 2.5-bath home offering...
Reduced -$10
117 Wando Reach Road
Wando, SC 29492
Wando Pointe
Residential
MLS# 26017272 / Active
The Solomon is a coastal-inspired home that blends elevated design with everyday comfort. Featuring a raised foundation and drive-under garage, thi...
1967 Armory Drive
Mount Pleasant, SC 29466
West Point
Residential
MLS# 26017271 / Active
Welcome to 1967 Armory Drive, a beautifully renovated single-story home in the highly desirable West Point neighborhood of Mount Pleasant. Ideally ...
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