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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205 Gumdrop
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017211 / Active
Welcome to your dream home at 205 Gum Drop Trail in desirable Summers Corner! This move-in-ready gem features stunning upgrades: 24KW Generac, Cat ...
1001 Colonial Pines Drive
Ladson, SC 29456
Tall Pines
Residential
MLS# 26017210 / Active
Beautiful, well maintained 1 level ranch is awaiting you in Tall Pines! Open floor plan with a spacious family room and a wood burning fireplace. S...
5054 Blackberry Lane
Ravenel, SC 29470
Tea Farm
Residential
MLS# 26017204 / Active
The 2 story Palmetto Villa offers the perfect blend of low-maintenance living and thoughtful design, now enhanced with a spacious three-bedroom, th...
1307 Apex Lane
Charleston, SC 29412
Meridian Place
Residential
MLS# 26017203 / Active
Welcome to this gorgeous one story 2 bedroom 2 bathroom end unit townhome that is conveniently located on the desirable James Island, minutes away ...
Reduced -$4,000
538 River Road
Johns Island, SC 29455
Johns Island
Residential
MLS# 26017202 / Active
This lovely 3b/2b home was a former schoolhouse that was converted to a home in the 90`s. Not only does this home have some of the best sunsets on ...
9166 Jefferies Highway
Walterboro, SC 29488
Residential
MLS# 26017200 / Active
Beautifully maintained ranch home on 6.22 acres!!!Discover the perfect blend of privacy, acreage, and modern updates in this beautifully updated 3 ...
105 Pine Gate Drive
Summerville, SC 29483
Central Avenue Townhomes
Residential
MLS# 26017197 / Active
Here`s your chance to live in this stunning practically new construction two-story former model home. The first-level owner`s suite offers a privat...
660 Ayers Drive
Charleston, SC 29412
Clearview
Residential
MLS# 26017195 / Active
Welcome to 660 Ayers Drive - a spacious, custom-built family home on nearly half an acre on one of James Island`s most desirable pockets. Offered b...
2824 Middle Street
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26017194 / Active
Surrounded by mature live oaks and set on more than half an acre, this beautifully renovated Sullivan`s Island home offers a rare combination of pr...
116 N Winter Street
Moncks Corner, SC 29461
Residential
MLS# 26017193 / Active
Rarely does a home come along that offers this level of quality, character, and outdoor living all on a spacious half-acre lot with no HOA. From th...
Reduced -$14,000
364 Pine Crest View Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017182 / Active
Built in 2025, this move-in ready 3-bedroom, 2-bath home in Lindera Preserve at Cane Bay Plantation offers spacious open concept living. Features i...
2857 Brownell Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26017180 / Active
This superb design by Steve Herlong sits on one of the quietest streets on the island - 3rd row from the beach. It offers 5 bedrooms, with a flex s...
69 Morris Street UNIT #301
Charleston, SC 29403
Morris Square
Residential
MLS# 26017178 / Active
Welcome to 301 Morris a beautifully maintained condo offering the perfect blend of comfort and modern city living. Ideally located in the heart of ...
306 Parish Farms Drive
Summerville, SC 29483
Carnes Crossroads
Residential
MLS# 26017176 / Active
Beautifully maintained Rollingwood Paired Home offers the perfect blend of thoughtful design and modern upgrades. The open-concept main living area...
Reduced -$5,000
979 Warrick Oaks Lane
Mount Pleasant, SC 29464
Warrick Oaks
Residential
Positioned on a desirable corner lot in the heart of Old Mount Pleasant, this beautifully appointed luxury cottage offers an exceptional blend of s...
Reduced -$25,000
418 Rowley Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017173 / Active
``Welcome to 418 Rowley Lane, a beautifully upgraded Yates model offering over-the-top space, functionality, and comfort. This impressive 5-bedroom...
Reduced -$5,000
176 The Oaks Avenue
Goose Creek, SC 29445
The Oaks
Residential
MLS# 26017169 / Active
Discover our award-winning Sago floorplan in the heart of Goose Creek. This stunning new construction home features 4 beds and 3.5 baths, offering ...
Reduced -$20,007
265 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26017162 / Active
Meet the Lancaster plan - This spacious layout features 4 bedrooms, 2.5 bathrooms, a dedicated home office, and an open-concept living area perfect...
1203 Sea Aire Drive
Charleston, SC 29412
Teal Acres
Residential
MLS# 26017157 / Active
Coastal living awaits in this beautifully renovated brick ranch just minutes from The Edge of America - Folly Beach. You will enjoy close proximity...
Reduced -$10,000
355 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017156 / Active
Brand-New Home and Ready for Move-In!! Perfectly situated in a spacious cul-de-sac portion of Calm Water Way this is a quiet section of the Coves! ...
55 Ocean Point Drive
Isle of Palms, SC 29451
Wild Dunes
Residential
MLS# 26017155 / Active
Perfectly positioned within the prestigious gated enclave of Ocean Point, 55 Ocean Point offers a rare opportunity to experience some of the finest...
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