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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207 Little Oak Island Drive
Folly Beach, SC 29439
Little Oak
Residential
MLS# 26017108 / Active
FULLY RENOVATED & OFFERED FULLY FURNISHED -- THE ULTIMATE TURNKEY FOLLY BEACH RETREAT!Don`t miss this rare opportunity to own a beautifully updated...
112 Bristow Drive
Summerville, SC 29483
Flowertown
Residential
MLS# 26017107 / Active
$6,000 in Seller Concessions!! MOVE IN READY! NO DOWN PAYMENT? NO PROBLEM! NO HOA!! This home qualifies for 100% financing with NO PMI! Featuring 3...
3965 Bryson Lane
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26017103 / Active
Step into serenity at this stunning 4-bedroom, 3.5-bathroom three-story home nestled within the esteemed Carolina Park Neighborhood. This cul-de-sa...
549 Cooper Village Lane
Mount Pleasant, SC 29464
Bridgeview
Residential
MLS# 26017102 / Active
Welcome to Bridgeview - the quiet and exclusive Mount Pleasant development near everything where you get to use Charleston as your backyard! Featur...
Reduced -$100,000
208 Darcy Avenue
Goose Creek, SC 29445
Persimmon Hill
Residential
MLS# 26017098 / Active
Three bedrooms. Three and a half baths. Multiple living spaces. Pond views. Two decks. A massive bonus room. And wait until you see the closets! Th...
9492 Markley Boulevard
Summerville, SC 29485
Wescott Plantation
Residential
MLS# 26017095 / Active
Welcome to 9492 Markley Boulevard, a beautifully maintained home nestled along the third fairway of the Wescott Plantation Golf Course, where Lowco...
111 High Hammock Villas
Seabrook Island, SC 29455
Residential
MLS# 26017091 / Active
Experience the ultimate Seabrook Island lifestyle in this beautifully updated, second-floor High Hammock Villa. Brimming with personality and bathe...
6037 Chisolm Road
Johns Island, SC 29455
Residential
MLS# 26017087 / Active
Bring your BOAT and RV. COUNTRY LIVING AT ITS FINEST WITH A BEAUTIFUL Private wooded lot JUST UNDER AN ACRE!! Welcome to this beautifully crafted o...
4416 Wild Thicket Lane
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26017086 / Active
Stunning Golf Course Home in Gated Community! Welcome to this exceptional, MOVE-IN ready, four-bedroom, three-bath home perfectly situated on the g...
2858 Woodland Park Drive
Mount Pleasant, SC 29466
Hamlin Park
Residential
MLS# 26017085 / Active
A great opportunity in Hamlin Park! This end-unit townhome needs some minor repairs and painting. Located in the north end of Rifle Range Road, thi...
102 Spanish Oaks Lane
Ladson, SC 29456
Grand Oaks Preserve
Residential
MLS# 26017084 / Active
Welcome to 102 Spanish Oaks Lane, a move-in ready home located in the highly desirable Dorchester District Two school district that combines comfor...
Reduced -$4,000
1182 Russell Drive
Mount Pleasant, SC 29464
Residential
MLS# 26017083 / Active
great investment opportunity with many options
1006 Fiall Street
Charleston, SC 29407
Maryville
Residential
MLS# 26017080 / Active
Welcome to this beautiful home in the heart of West Ashley, offering the perfect blend of modern updates, convenience, and value. Ideally located j...
Reduced -$25,000
1035 Dominion Drive
Hanahan, SC 29410
Dominion Hills
Residential
MLS# 26017078 / Active
Welcome to Dominion Hills, one of Charleston`s most established waterfront communities, where timeless charm meets Lowcountry living. Perfectly pos...
1018 Lacebark Drive
Ridgeville, SC 29472
Pine Ridge Estates
Residential
MLS# 26017077 / Active
Welcome to 1018 Lacebark Drive, a beautifully designed Ryan Homes residence in the highly sought-after Pine Ridge Estates community. Situated on ju...
158 Balsam Circle
Summerville, SC 29485
Madison Ridge
Residential
MLS# 26017076 / Active
**Former Model Home with Pond Views in Desirable Madison Ridge!**Welcome to this beautifully maintained former model home offering nearly 4,000 squ...
1514 Grimball Road
Charleston, SC 29412
James Island
Residential
MLS# 26017074 / Active
Tucked away on a private, wooded homesite in the heart of James Island, this semi-custom home offers the perfect combination of modern style, thoug...
Reduced -$13,500
1811 Manigault Place
Charleston, SC 29407
West Ashley Plantation
Residential
MLS# 26017072 / Active
Located inside 526 west of the Ashley, 1811 Manigault Place delivers the kind of comfortable, move-in-ready home that`s increasingly hard to find a...
1925 Tropicana Road UNIT Unit 7-F
North Charleston, SC 29406
The Riverway At Aichele Terrace
Residential
MLS# 26017068 / Active
Welcome to this beautifully renovated 2-bedroom, 1.5-bath townhome in the desirable Aichele Terrace community of North Charleston. If convenience i...
333 Sea Cloud Circle UNIT D
Edisto Island, SC 29438
Ocean Ridge
Residential
MLS# 26017065 / Active
Located on the 9th fairway of the Plantation Course - Fully furnished, in the gated Ocean Ridge development. Enjoy a 1/13th share partnership in th...
537 Hansford Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
This is the one you`ve been waiting for! Nestled in the established Boulder Bluff subdivision of Goose Creek, this charming 3-bedroom, 1-bath brick...
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-09-2026 11:52 PM EST .
The broker providing these data believes them to be correct, but advises interested parties to confirm them before relying on them in a purchase decision.
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