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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6220 N Highway 17
Awendaw, SC 29429
Residential
MLS# 26017264 / Active
NEW CONSTRUCTION IN AWENDAW ~ 2,622 SF~ NO HOA ~ Large lot (0.75 AC) ~ 4 bedrooms, 3 full bathrooms ~ separate dining room ~ huge master suite with...
2244 Ashley Crossing Drive UNIT #324
Charleston, SC 29414
Arboretum
Residential
MLS# 26017262 / Active
Welcome to the Arboretum. Your hassle-free living experience awaits. Your new home is features an open floor plan with hardwood floors in the main ...
191 Avonshire Drive
Summerville, SC 29483
Weatherstone
Residential
MLS# 26017261 / Active
Welcome home! Check out this 4-bedroom, 3-bath residence in Summerville! Offering approximately 2,100 square feet of thoughtfully designed living s...
9484 Falling Embers Lane
Ladson, SC 29456
Paddock Pointe
Residential
MLS# 26017257 / Active
Welcome home to 9484 Falling Embers Lane! Tucked away on a quiet, low-traffic cul-de-sac in the highly desirable Paddock Point neighborhood, this 4...
2354 Brinkley Road
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017256 / Active
Enjoy stunning pond views and exceptional indoor-outdoor living in this beautifully maintained 5-bedroom, 4.5-bath Woodward floor plan located in t...
207 Nelliefield Creek Drive
Charleston, SC 29492
Nelliefield Plantation
Residential
MLS# 26017252 / Active
207 Nelliefield Creek Drive is a move-in ready pond-view home in Nelliefield Plantation, an established Charleston-area community near Point Hope a...
3732 Abercrombie Court
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26017251 / Active
Tucked away on a quiet cul-de-sac in the prestigious Carolina Park community, this beautifully appointed 3-bedroom, 2.5-bath residence delivers an ...
Reduced -$25,000
1134 Kane Blue Run
Summerville, SC 29485
Summers Corner
Residential
Welcome to 1134 Kane Blue Run, located in the highly sought-after Horizons active adult community. This beautifully designed single-story home offe...
Increase +$10,000
9831 Black Tupelo Lane
Ladson, SC 29456
Coosaw Preserve
Residential
Your dream kitchen! 5 Bedrooms, 3.5 Bathrooms, plus an Office. Award winning Dorchester District 2 Schools. Beautiful neighborhood pool and playpar...
134 Archers Bay Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26017239 / Active
Welcome to Horizons, an exclusive 55+ gated active adult community situated in the highly desirable Carnes Crossroads masterplan. Residents enjoy l...
97 Mariners Cay Drive
Folly Beach, SC 29439
Mariners Cay
Residential
MLS# 26017234 / Active
Mariners Cay, a Folly Beach gated waterfront communities. 3-bedroom, 2 bath condo, a short walk to the ocean and only minutes from 15 from downtown...
3202 Wood Duck Place
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017232 / Active
Updated lagoon-front home on one and a half lots in a quiet residential setting on Seabrook Island. This well-maintained, single-level residence of...
1032 Rosewood Lane
Mount Pleasant, SC 29464
Southampton Pointe
Residential
MLS# 26017229 / Active
PRIVATE GARAGE conveys!! Sleek, renovated condominium that overlooks the resort-like pool in the gated community of Southampton Pointe. New kitchen...
1705 Redwood
Moncks Corner, SC 29461
Pimlico
Residential
MLS# 26017228 / Active
Rare opportunity in desirable Pimlico Plantation! This spacious 5-bedroom, 2-bath home has the perfect blend of comfort, flexibility, and outdoor l...
2100 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017225 / Active
2100 Utsey is move-in ready and full of thoughtful touches throughout. The options are really endless with this incredible floorplan. The main leve...
9 Colonial Street
Charleston, SC 29401
South Of Broad
Residential
MLS# 26017224 / Active
Nestled on picturesque Colonial Street in Charleston`s coveted South of Broad neighborhood, 9 Colonial Street is a beautifully preserved century-ol...
1530 Fort Johnson Road UNIT Apt 1e
Charleston, SC 29412
Brigadier Condominium
Residential
MLS# 26017223 / Active
Welcome to Brigadier Condominium, where comfort, convenience, and a fantastic location come together in this spacious 3-bedroom, 2.5-bath condo. Of...
3616 Marshfield Road
Johns Island, SC 29455
Beech Grove
Residential
MLS# 26017222 / Active
Looking for the perfect place to call your first home? This charming 3-bedroom, 1-bath brick ranch offers a great opportunity to step into homeowne...
200 Watersglen Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017220 / Active
Here it is, spacious home, fenced back yard, on a corner lot. DR Horton`s Robie floorplan, 5 bedrooms, 3 bathrooms, with over 2,350 sqft, including...
7071 Windham Way
Ladson, SC 29456
Elms Glen
Residential
MLS# 26017218 / Active
Sept Delivery! *$10,000 TOWARDS CLOSING COST and or RATE BUY DOWN WITH USE OF PREFERRED LENDER & CLOSING ATTORNEY*Welcome to Elms Glen...the latest...
Reduced -$10,000
691 Redbud Lane
Summerville, SC 29483
Cane Bay Plantation
Residential
MLS# 26017217 / Active
Why wait months for new construction when you can move right into this beautifully maintained, better-than-new home in Lindera Preserve? Situated o...
Reduced -$5,000
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