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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371 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017142 / Active
Brand NEW energy-efficient home! Outfit the Marley`s main-level flex space as a home office and skip your commute. In the kitchen, the island overl...
Reduced -$10,000
116 Chownings Lane
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017141 / Active
Charming 3BR/2BA ranch in desirable Crowfield Plantation featuring 1,450 sq ft of inviting living space. Enjoy vaulted ceilings in the living room ...
2050 Utsey Street
Johns Island, SC 29455
Oakfield
Residential
MLS# 26017139 / Active
LOWEST PRICED PULTE BUILD IN OAKFIELD! Welcome to this beautiful home ideally situated in a sought-after neighborhood filled with green space and w...
200 Bucksley Lane UNIT #303
Charleston, SC 29492
254 Seven Farms Drive
Residential
MLS# 26017138 / Active
Welcome to 200 Bucksley Lane #303, where thoughtful design, quality craftsmanship, and attention to detail come together to create a truly turnkey ...
118 Rusting Link Road
Summerville, SC 29483
Mallard Crossing
Residential
MLS# 26017135 / Active
Welcome home to this spacious 2-story residence located in the desirable Mallard Crossing subdivision of Summerville, SC! Featuring 5 bedrooms and ...
Reduced -$5,000
437 Radiant Blue Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017133 / Active
Brand NEW energy-efficient home! Entertain with ease in the Gibson`s bright, open-concept living space. A secondary bath with dual sinks serves bot...
Reduced -$15,000
106 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017132 / Active
Sun, palms, and Summerville living at its finest.This is the one you have been waiting for. Nestled in one of the Lowcountry`s most sought after ma...
367 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26017131 / Active
Brand NEW energy-efficient home! Purpose the Newport`s sizeable flex space into the media room you`ve always wanted. A walk-in pantry and large kit...
Increase +$8,000
44 State Street UNIT A
Charleston, SC 29401
French Quarter
Residential
MLS# 26017130 / Active
Located in the heart of Charleston`s historic French Quarter, this meticulously restored residence at 44 State Street offers a rare opportunity to ...
Reduced -$100,000
920 Ravenswood Drive
Charleston, SC 29412
Ashcroft Hall
Residential
MLS# 26017129 / Active
Welcome home to this charming James Island retreat, where comfort, character and functionality come together beautifully. This inviting 3-BR, 2-BA ...
Reduced -$10,000
3044 Emma Lane
Mount Pleasant, SC 29466
Emma Lane Townes
Residential
MLS# 26017128 / Active
Welcome to Emma Lane Townes, a sought-after luxury townhome community in the heart of Mount Pleasant. Ideally located less than 10 minutes from the...
194 Lime Spring Road
Cross, SC 29436
Residential
MLS# 26017127 / Active
2BR 1BA ranch home with great room with kitchen, bar, living room, screened back porch in a cove on Lake Marion. Great water all seasons! New metal...
217 Equinox Circle
Ladson, SC 29456
Heatherwoods
Residential
MLS# 26017125 / Active
Well Maintained home located in Heatherwoods Subdivision! Home features 4 bedrooms, 2 full baths and has all NEW luxury Vinyl Flooring throughout t...
Reduced -$5,100
1836 Saint Julian Drive
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017123 / Active
Move in ready one story brick home in West Ashley Plantation! This 3 bedroom, 2 bath home is situated on a private, wooded lot with no HOA. The ope...
Reduced -$10,000
516 Misty Bluff Circle
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26017120 / Active
Welcome home to 516 Misty Bluff Circle! This beautifully maintained single-story home offers 3 bedrooms, 2 bathrooms, and an open split-bedroom flo...
Reduced -$5,000
2201 Pinehurst Avenue
Charleston, SC 29414
Springfield
Residential
MLS# 26017118 / Active
Welcome to this move-in ready brick ranch in the established Springfield neighborhood of West Ashley. Offering 3 bedrooms and 2 bathrooms, this cha...
3011 Scuba Drive
Charleston, SC 29414
Boltons Landing
Residential
MLS# 26017117 / Active
Welcome to 3011 Scuba Drive, a beautifully refreshed home situated on a desirable pond-front homesite in one of Charleston`s most convenient locati...
4904 W Liberty Park Circle
North Charleston, SC 29405
Oak Terrace Preserve
Residential
MLS# 26017116 / Active
Welcome to your next chapter at this charming home, nestled in a serene corner of Oak Terrace Preserve. This 3-bedroom, 2.5-bathroom home offers a ...
127 Hawthorne Landing Drive
Goose Creek, SC 29445
Hawthorne Landing
Residential
MLS# 26017114 / Active
Welcome to 127 Hawthorne Landing Drive, a beautifully maintained single-family detached home offering the perfect blend of modern design, comfort, ...
105 Bridgecreek Drive
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017112 / Active
Welcome to your serene sanctuary at 105 Bridgecreek Dr. Home has a spacious living room that is a delight, featuring a warm stone fireplace with a ...
224 Oak Park Street
Summerville, SC 29486
Nexton
Residential
MLS# 26017111 / Active
. Dual Masters! Enjoy this charming and beautifully maintained town home in the highly sought Brighton Park Village in Nexton. Open floor plan with...
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