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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216 Shepard Street
Summerville, SC 29483
Shepard Park
Residential
MLS# 26016997 / Active
Rare opportunity to own a private NO HOA home minutes from historic downtown Summerville. Designed for comfortable living and entertaining, this 4-...
1347 Sea Aire Drive
Charleston, SC 29412
Residential
MLS# 26016996 / Active
Brand new construction on James Island with no HOA! Estimated completion August 2026. Built on a 16-inch raised monoslab foundation, this thoughtfu...
1351 Sea Aire Drive
Charleston, SC 29412
Residential
MLS# 26016993 / Active
Brand new construction on James Island with no HOA! Estimated Completion August 2026. Enjoy one-story living, plus an oversized FROG with a full ba...
2154 Saint James Drive
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 26016992 / Active
One of the last remaining original 1930s farmhouses in Riverland Terrace -- a Charleston treasure that cannot be replicated! Set along the oak-line...
7677 Eagle Lake Road
North Charleston, SC 29418
Brookdale
Residential
MLS# 26016985 / Active
Lovely home, great location close to CAFB. Open floor plan with 3 bedrooms and an additional room (FROG). Vaulted Ceiling with large eat-in kitchen...
Reduced -$5,000
562 Fort Johnson Road
Charleston, SC 29412
Eastwood
Residential
MLS# 26016984 / Active
Welcome to this sprawling private two-thirds of an acre sanctuary in the coveted Eastwood subdivision on James Island. A picturesque canopy of oaks...
Reduced -$20,000
774 Blueway Avenue
Summerville, SC 29486
Nexton
Residential
MLS# 26016983 / Active
The highly sought-after Laurel floorplan is a true crowd favorite, offering the perfect blend of style, comfort, and functionality. Featuring a spa...
8867 Salamander Road UNIT #56
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26016982 / Active
ALL APPLIANCES INCLUDED! Ask about our Down Payment Assistance Program! Welcome home to The Ross, a well-designed 3-bedroom, 2.5-bath home offering...
440 Thoroughbred Drive
Moncks Corner, SC 29461
Steeplechase
Residential
MLS# 26016978 / Active
Welcome home to 440 Thoroughbred Dr, a beautifully maintained home in the Steeplechase community, offering a blend of comfort, space, and modern co...
113 Long Cove Bend
Summerville, SC 29483
Pine Forest Country Club
Residential
MLS# 26016976 / Active
Welcome to this stunning 5-bedroom, 3-bath home nestled on a private cul-de-sac lot in the highly sought-after Pine Forest Country Club community. ...
1984 Folly Road UNIT B302
Charleston, SC 29412
Pelican Pointe Villas
Residential
MLS# 26016975 / Active
Life`s a Beach! Experience coastal living at its finest in this beautifully updated 2-bedroom, 2-bathroom third-floor condo featuring breathtaking ...
2937 Oxford Place
Charleston, SC 29414
Shadowmoss
Residential
MLS# 26016974 / Active
This 1,415-square-foot townhome offers comfortable living, thoughtful upgrades, and a highly desirable West Ashley location for under $300,000.This...
133c Howard Mary Drive UNIT 133c
Charleston, SC 29412
Sable On The Marsh
Residential
MLS# 26016972 / Active
This stunning end-unit townhouse near Folly Beach perfectly blends coastal luxury with everyday functionality. The main floor greets you w/dramatic...
170 Madison
Walterboro, SC 29488
Residential
MLS# 26016970 / Active
Great first time buyer 203k Loan or investor project! This brick approx. 1391 sq.ft. house has originally 4 bedrooms but has been since converted t...
914 Lakeview Drive
Mount Pleasant, SC 29464
The Groves
Residential
MLS# 26016968 / Active
Welcome to 914 Lakeview Drive, a stunning new construction custom home situated on an expansive half-acre (.53) lot in the heart of the Groves, one...
109 Marions Oak Drive
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26016963 / Active
Welcome to one of the most sought after floorplans in Carnes Crossroads-- the Tradd. Thoughtfully designed and better than new construction, this 4...
4432 Palm Shadow Drive
Summerville, SC 29485
Watson Hill
Residential
MLS# 26016961 / Active
One of the first things you`ll notice about 4432 Palm Shadow Dr is the lot. Set on a spacious, wooded homesite, it offers a level of privacy you ca...
Reduced -$5,000
428 Avocet Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26016950 / Active
No carpet! New flooring. EV Charger. This house lives large! Corner lot for bigger yard, 2 gathering areas, big laundry room, generously sized bedr...
Reduced -$10,000
4808 Wilson Road
Meggett, SC 29449
Meggett
Residential
MLS# 26016948 / Active
NO HOA!! BRING THE BOAT, RV, ATV -- EVEN THE GOATS! Welcome to modern Lowcountry living on 2 peaceful acres in Meggett, where space, privacy, and f...
360 W Smith Street
Summerville, SC 29485
Residential
MLS# 26016944 / Active
Tucked away on 4.04 private acres, this charming 4-bedroom home offers the rare combination of seclusion & convenience with no HOA! Inside you`ll f...
Reduced -$10,000
45 Sycamore Avenue UNIT #1434
Charleston, SC 29407
Concord West Of The Ashley
Residential
MLS# 26016938 / Active
Welcome to Concord West of Ashley, a gated community offering comfort, convenience, and a variety of amenities! This third-floor condo features 1 b...
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