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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5510 Remington Trail
Johns Island, SC 29455
Residential
MLS# 26017061 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Set on nearly 3 acres of picturesque marshfront land, thi...
1846 Capri Drive
Charleston, SC 29407
Capri Isles
Residential
MLS# 26017059 / Active
Welcome to 1846 Capri Drive! Classic brick ranch in the highly sought after Capri Isles neighborhood! Nestled beneath mature live oaks on a spaciou...
2925 Maybank Highway
Johns Island, SC 29455
Residential
MLS# 26017056 / Active
Prime redevelopment opportunity in the rapidly growing Johns Island commercial corridor. Located on highly visible Maybank Highway, this approximat...
3048 Riverwood Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26017050 / Active
Welcome to this beautifully maintained 5 Bed/4Bath Craftsman-style home situated on a premium marsh-front lot in the highly sought-after gated Dune...
Reduced -$50,900
2518 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017049 / Active
New Construction in West Ashley. Designed for the Lowcountry lifestyle, the Capri embraces elevated coastal living with a spacious, drive-under gar...
2508 Annie Aiden Lane
Charleston, SC 29414
Ferryboat Landing
Residential
MLS# 26017045 / Active
BRAND NEW BOUTIQUE COMMUNITY IN THE HEART OF WEST ASHLEY! The Davis- Move-in August! 10 homesites, 4 exquisite floor plan offerings. Welcome to Fer...
2134 Saint Johns Woods Parkway
Johns Island, SC 29455
The Villages In St Johns Woods
Residential
MLS# 26017044 / Active
Nestled in the sought-after St. Johns Woods community, this beautifully maintained 3-bedroom, 2-bath home offers 2,096 square feet of thoughtfully ...
135 Keaton Brook Drive
Summerville, SC 29485
Carrington Chase
Residential
MLS# 26017039 / Active
Welcome to 135 Keaton Brook Drive in Carrington Chase, conveniently located close to shopping, dining, employment centers, and everyday convenience...
156 William Clark Boulevard
Santee, SC 29142
Center Pointe
Residential
MLS# 26017036 / Active
Welcome to Center Pointe, where golf, fishing, and lake life are just minutes away! Conveniently located off I-95, this beautiful home is less than...
1318 Ellison Run
Charleston, SC 29412
Pemberton At Seaside Plantation
Residential
MLS# 26017030 / Active
Come live your best island life in this beautifully renovated home that backs up to HOA wooded open space, tucked away on a quiet cul-de-sac in one...
2 Cutchin Court
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26017025 / Active
PRICE IMPROVEMENT! Now offered at $910,000 -an exceptional value for this beautifully appointed Shadowmoss home. This spacious residence offers lux...
Reduced -$15,000
2123 Landfall Way
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26017024 / Active
Your dream island lifestyle awaits in this charming Bay Point Villa on Seabrook Island. This is a rare opportunity to own a beautifully maintained ...
130 River Landing Drive UNIT Unit 3113
Charleston, SC 29492
Daniels Landing
Residential
MLS# 26017021 / Active
Come see this beautiful first floor condo on Daniel Island. With tons of amenities and easy access to everything on the Island whats not to love? H...
763 Hamlet Circle
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26017020 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.*** Welcome to The Hamlets in Crowfield Plantation, where thi...
Reduced -$25,000
1462 N Point Lane UNIT B
Mount Pleasant, SC 29464
North Point
Residential
MLS# 26017019 / Active
Rare Turnkey Opportunity in South Mount Pleasant`s Highly Sought-After North Point Community!Experience effortless Lowcountry coastal living in thi...
284 Brightside Trail
Summerville, SC 29486
Nexton
Residential
MLS# 26017018 / Active
Experience easy living in this beautifully designed single-story cottage featuring a bright, open-concept floor plan ideal for both everyday living...
1520 Acacia Street
Charleston, SC 29407
Sherwood Forest
Residential
Renovation opportunity with the heavy lifting already done. Kitchen renovated, bathrooms updated, new flooring installed, and exterior brick work c...
144 Woodland Oak Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26017012 / Active
Situated on a premium pond-front lot with no homes behind, this exceptional Summers Corner home offers the perfect combination of privacy, space, a...
3055 Robeson Trace
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26017008 / Active
The Stono plan on Lot 17 in Indigo Grove offers exceptional curb appeal on a desirable corner lot. This thoughtfully designed home features an open...
Increase +$25,000
4879 Sam King Road
Hollywood, SC 29449
B Hill
Residential
MLS# 26017006 / Active
Rare opportunity to own 7.7 acres in Hollywood, SC with proven short term rental income and multiple unique accommodations. This sale includes both...
691 Silver Moss Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26016999 / Active
Welcome home to this beautifully restored and remodeled two-story residence in the highly desirable Moss Grove community. Residents enjoy exception...
Reduced -$9,000
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 .
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