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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8270 Beach Farm Lane
Edisto Island, SC 29438
Edisto Island
Residential
MLS# 26016933 / Active
Nestled on beautiful Edisto Island, this charming property offers the perfect blend of coastal living. The main residence features 3 bedrooms and 3...
226 Emerald Isle Drive
Moncks Corner, SC 29461
Moss Grove Plantation
Residential
MLS# 26016932 / Active
Welcome to 226 Emerald Drive, where comfort, convenience, and community come together. This well-cared-for home features upgraded bathrooms and sev...
109 Halcyon Road
Summerville, SC 29483
Historic District
Residential
MLS# 26016930 / Active
** $10K Price drop** Welcome home to 109 Halcyon Rd in the heart of historic downtown Summerville! Nestled at the end of a quiet cul-de-sac on a ma...
Reduced -$10,000
3022 Dolphin Watch Drive
Charleston, SC 29414
Boltons Landing
Residential
This 4 bedroom,2.5bath former model Charleston single home offers rare privacy, upgrades and lifestyle that feels effortless from the moment you ar...
110 Loon Drive
Summerville, SC 29483
The Ponds
Residential
Welcome to 110 Loon Drive in the highly sought-after community of The Ponds! Surrounded by majestic oak trees, scenic walking trails, and resort st...
Reduced -$1,000
1689 Eider Down Drive
Summerville, SC 29483
Drakesborough
Residential
MLS# 26016926 / Active
Nearly 2,000 square feet with a first-floor primary suite, screened porch overlooking the pond, and flexible office space, all at one of the best v...
1882 Central Park Road
Charleston, SC 29412
Residential
MLS# 26016924 / Active
Welcome to 1882 Central Park Road, a truly one-of-a-kind James Island retreat offering nearly 3,000 square feet of living space on an extraordinary...
313 Grand Palm Lane
Summerville, SC 29485
Palmetto Row
Residential
MLS# 26016922 / Active
Welcome to your dream home! This gorgeous, meticulously maintained end-unit townhome is a peaceful oasis just one mile from downtown Summerville. F...
Reduced -$25,000
190 Calm Water Way
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016921 / Active
Welcome to this exceptional 4-bedroom, 4.5-bath home in the highly desirable Cane Bay Plantation community, where elegant design, spacious living, ...
Reduced -$15,000
1003 Carmela Court
North Charleston, SC 29405
Park Circle
Residential
MLS# 26016920 / Active
Located on the corner lot of a quiet street in the highly sought-after Park Circle neighborhood, this stunning Charleston Single-style home offers ...
4466 Mixedwood Drive
Ladson, SC 29456
Woodside Manor
Residential
MLS# 26016919 / Active
Fully updated one story ranch home looking for new owners! PAID OFF SOLAR PANELS!!!!! NO HOA. NO CARPET, updated kitchen cabinets and countertops, ...
1880 Andell Bluff Boulevard UNIT E-8
Johns Island, SC 29455
Bohicket Marina
Residential
MLS# 26016917 / Active
Enjoy effortless boating and spectacular Lowcountry sunsets from this ideally positioned 40-foot slip at Bohicket Marina. Located just three slips ...
3582 Backshore Drive
Mount Pleasant, SC 29466
Carolina Park
Residential
MLS# 26016916 / Active
Enjoy Lowcountry Living at Its Finest with this timeless Southern Charmer featuring an abundance of elegant outdoor living spaces, including 4 expa...
Reduced -$4,000
168 Maritime Way
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016914 / Active
Situated on a preferred east/west corner lot in the Heron`s Walk section of Summers Corner, this stunning home offers exceptional curb appeal, an e...
Reduced -$30,250
320 Longshore Street UNIT #1046
Charleston, SC 29492
Daniel Island
Residential
MLS# 26016913 / Active
EXPERIENCE WATERFRONT LUXURY ON DANIEL ISLAND! Discover a one-of-a-kind opportunity at Daniel Island`s Waterfront. This top-floor condo offers view...
402 Miami Street UNIT Unit A
Ladson, SC 29456
College Park Duplexes
Residential
MLS# 26016910 / Active
BACK ON THE MARKET ! THIS HOME IS PRICED TO SELL! THE SELLER IS HIGHLY MOTIVATED AND WELCOMES ALL REASONABLE OFFERS. CONVENIETLY LOCATED AND OFFERI...
Reduced -$10,099
1649 Locals Street
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016908 / Active
Discover HORIZONS, a place where you can wake up with countless opportunities but no commitments. Where new friends share stories, ideas and advent...
823 Winthrop Street UNIT B
Ladson, SC 29456
College Park Duplexes
Residential
MLS# 26016907 / Active
*** SELLER OFFERING THE BUYER A $5000 CONCESSION TO USE FOR A RATE BUY DOWN OR THE BUYERS CLOSING COSTS!!!***Welcome to this beautifully updated ha...
8 Battery Park Road
Edisto Island, SC 29438
Ocean Ridge
Residential
MLS# 26016905 / Active
Stunning creek & golf course views from this well cared for home overlooking the 14th green. Enter the foyer - views thru to the golf course! There...
1005 Waterwood Drive
Goose Creek, SC 29445
Greenslake Condominiums
Residential
MLS# 26016903 / Active
Step into contemporary elegance with this stunning end-unit condo, perfectly nestled amidst nature`s embrace. Boasting 2 spacious bedrooms and 2 lu...
1040 Red Turnstone Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26016897 / Active
This spacious two-story home features a formal dining room, study and an open kitchen/living space with quick access to the patio for outdoor livin...
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