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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199 Fuller Road
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016854 / Active
New Construction Home in Holly Hill SCWelcome to 199 Fuller Road, located in the Ranch community of Holly Hill, SC, where rural charm blends seamle...
29 Hillcreek Boulevard
James Island, SC 29412
Crosscreek
Residential
MLS# 26016851 / Active
Thoughtfully expanded and upgraded (2025-2026), this 4-bedroom, 2-bath traditional home on James Island lives larger than its 1,939 square feet. Th...
Reduced -$25,000
149 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016847 / Active
Holly Hill SC New Home - Private Pond Views, Boat-Friendly Property & Spacious FloorplanWelcome to 149 Cantley Way, a single story home located in ...
2018 Morningside Drive
North Charleston, SC 29405
Morningside
Residential
MLS# 26016846 / Active
The Wren is a thoughtfully designed new construction home in North Charleston featuring an efficient 2 bed, 1.5 bath, 961 sq. ft. floor plan with m...
493 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016845 / Active
Welcome to 493 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quiet streets, natural surroundi...
Reduced -$4,882
1056 Berry Patch Circle
Summerville, SC 29485
Dunmeyer Hill Estates
Residential
MLS# 26016844 / Active
Quick Commute to Boeing and Highway 26. Built in 2023. Open concept luxury planked first level full of natural light. The kitchen has a large grani...
Increase +$50
145 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016839 / Active
New home on a private pond lot near Lake Marion with Open-Concept LivingWelcome to 145 Cantley Way, located in the Ranch community of Holly Hill, S...
4997 Song Sparrow Way
Summerville, SC 29483
The Ponds
Residential
MLS# 26016834 / Active
Welcome home to 4997 Song Sparrow Way in Summerville, where thoughtful upgrades, functional design, and modern comfort come together in one beautif...
139 Cantley Way
Holly Hill, SC 29059
The Ranch
Residential
MLS# 26016833 / Active
5-Bed Home with Pond Views, Office & Open Floor Plan Near Lake Marion + Boat Parking AllowedWelcome to 139 Cantley Way, located in the Ranch commun...
8867 Salamander Road UNIT #38
North Charleston, SC 29406
Pinckney Place
Residential
MLS# 26016832 / Active
Welcome to the Lantern plan at Pinckney Place -- a spacious two-story new construction home on a private semi-fenced in homesite. This open-concept...
Reduced -$10
721 Butterfly Ginger Street
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016831 / Active
Spacious New Construction Home in Carolina Groves | 3 Bedroom Living in Moncks Corner SC with Resort-Style AmenitiesWelcome home to 721 Butterfly G...
Reduced -$3,460
67 Legare Street UNIT #104
Charleston, SC 29401
Crafts House
Residential
MLS# 26016830 / Active
Have you been waiting for the right historic Charleston property to become available? Then you don`t want to miss this remarkable opportunity to ow...
159 Greenwich Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016829 / Active
Welcome home to this beautifully maintained property offering the perfect combination of modern finishes, functional living space, and peaceful pon...
3436 Mistletoe Lane
Ladson, SC 29485
Residential
Nestled on a generous 1.85-acre lot, this 2-bedroom, 1-bathroom home offers a unique opportunity to enjoy country-style living while remaining conv...
404 Forsythia Avenue
Summerville, SC 29483
White Gables
Residential
MLS# 26016824 / Active
Welcome to one of White Gables` most beautifully updated homes, featuring timeless Southern charm alongside modern designer style. Nestled beside a...
405 Red Fox
Summerville, SC 29485
Quail Arbor
Residential
Welcome to this beautifully maintained home in the heart of Summerville! Located in the NO HOA neighborhood of Quail Arbor. From the moment you ste...
Reduced -$6,000
440 Chapel Creek Drive
Santee, SC 29142
Chapel Creek Plantation
Residential
MLS# 26016822 / Active
A truly unique offering in the heart of Santee National Golf Club, this home combines golf course living, serene water views with a private dock, a...
Reduced -$1,201
1762 Cainhoy Road
Huger, SC 29450
Residential
MLS# 26016812 / Active
Located minutes from the rapidly expanding Clements Ferry corridor, and just three miles from Charleston`s newest Del Webb community, this property...
911 Woodside Creek Lane
Summerville, SC 29486
Cane Bay Plantation
Residential
Welcome home to 911 Woodside Creek Lane, where single-story convenience feels just right. Nestled in the heart of Cane Bay Plantation--Summerville`...
Reduced -$900
2268 Atlantic Avenue
Sullivans Island, SC 29482
Sullivans Island
Residential
MLS# 26016809 / Active
Designed by Steven Herlong and built by Phillip Smith Builders in 2019, this second-row Sullivan`s Island residence presents elevated coastal livin...
1025 Riverland Woods Place UNIT Apt 220
Charleston, SC 29412
The Retreat At Riverland
Residential
MLS# 26016808 / Active
Enjoy coastal living in this spacious 3rd-floor condo featuring the largest floor plan in the community and a rare ONE-CAR GARAGE!! This well-appoi...
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