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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8614 W Fairway Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26016802 / Active
Enjoy easy living in this beautifully maintained ranch home featuring three bedrooms, two baths, and a spacious bonus/flex room over the garage, al...
8815 E Fairway Woods Circle
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26016801 / Active
This stunning custom-built brick home in the prestigious gated community of Coosaw Creek Country Club offers exceptional craftsmanship, thoughtful ...
517 Spanish Wells Road
Summerville, SC 29486
Cane Bay Plantation
Residential
Looking for a 3-bed pond-view home in Cane Bay Plantation that combinesmodern finishes, energy efficiency, and resort-style amenities? 517 Spanish ...
Reduced -$20,000
112 Foxfire Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26016799 / Active
The Nexton Look Without the HOA Book! Fully Renovated & Move-In Ready! This beautifully updated home features fresh interior paint, NEW CARPET thro...
Reduced -$6,000
91 Indigo Lane
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26016798 / Active
Welcome to 91 Indigo Lane in Goose Creek, located in the desirable Crowfield subdivision. This well-maintained 2 bedroom townhome offers comfort, v...
Reduced -$3,000
2254 Beckenham Drive
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016794 / Active
Situated on a breathtaking marshfront and waterfront homesite in the highly sought after Masonborough section of Park West, this extraordinary cust...
418 Carrara Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016791 / Active
Live the golf cart lifestyle at 418 Carrara Drive! Built in 2020 and located in the highly desirable Woodwinds section of Cane Bay Plantation, this...
2432 Valentine Way
Charleston, SC 29414
Melrose
Residential
MLS# 26016790 / Active
Nestled at the end of a quiet cul-de-sac in Valentine Cove, Melrose`s newest and rarely available subsection, this 2012-built home offers improved ...
Reduced -$5,000
235 Silk Oak Drive
Moncks Corner, SC 29461
Oakley Pointe
Residential
MLS# 26016788 / Active
Welcome to 235 Silk Oak Drive in desirable Oakley Pointe, where upgraded living meets timeless Southern style. Boasting 4 bedrooms, 2.5 bathrooms, ...
1026 Jervey Point Road
Wando, SC 29492
River Reach Pointe
Residential
MLS# 26016784 / Active
Nothing else in Charleston Market like this home, best price and rare waterfront.Discover a home that truly stands apart. Crafted as a builder`s pe...
1063 Barfield Street
Charleston, SC 29492
Daniel Island
Residential
MLS# 26016783 / Active
Welcome to this beautifully renovated Daniel Island home on the Southside. Designed with comfort, convenience, and easy living in mind, this home o...
619 Beaten Path
Charleston, SC 29412
Fox Hollow
Residential
MLS# 26016781 / Active
Welcome to Fox Hollow, one of James Island`s most coveted addresses, a quiet enclave of just nine craftsman-style homes tucked beneath a canopy of ...
2011 N Highway 17 UNIT 2200i
Mount Pleasant, SC 29466
The Meridian
Residential
MLS# 26016780 / Active
Welcome to The Meridian, where Lowcountry charm meets effortless, low-maintenance living! Ideally located in the heart of Mount Pleasant, this beau...
1561 Ashley Garden Boulevard
Charleston, SC 29414
Grand Oaks Plantation
Residential
MLS# 26016778 / Active
Welcome to 1561 Ashley Garden Boulevard, a beautifully updated along with main systems (roof 2021) (HVAC 2026) (Mini split 2026) home located in th...
Reduced -$10,000
1430 Marsh Bluff Court
Edisto Island, SC 29438
Spartina Bay
Residential
MLS# 26016777 / Active
Searching For A Deep Water Boat Slip On Highly Desirable Store Creek? Your search ends here. This exceptional property offers the opportunity you`v...
272 Alexandra Drive UNIT Unit 16
Mount Pleasant, SC 29464
Residential
MLS# 26016776 / Active
Prime location in town and within the community! This second story end unit looks out to woods behind the building offering privacy with all the am...
914 Claussen House Drive
Edisto Island, SC 29438
Crawford Place
Residential
MLS# 26016772 / Active
The perfect Edisto Island Home, 3 BR, 2 BA, open floor plan with full front porch, screened porch and a 2 car garage. Located only 10 minutes from ...
415 Mary Scott Drive
Goose Creek, SC 29445
Boulder Bluff
Residential
MLS# 26016771 / Active
SELLER OFFERING $5,000 IN CLOSING COST INCENTIVES -- NO HOA!Solid brick 3-bedroom home with hardwood floors throughout, a fully updated bathroom (2...
124 Fernbank Road
Johns Island, SC 29455
Rhetts Cove
Residential
MLS# 26016770 / Active
4.99% FHA/VA interest rate or 5.5% conventional interest rate available with use or preferred lender! End Unit! Welcome to Rhetts Cove, a new commu...
Reduced -$10,000
1986 Raina Street
Johns Island, SC 29455
Cedar Springs
Residential
MLS# 26016767 / Active
Welcome to this charming 1960s ranch-style home located in the desirable Cedar Springs community on Johns Island. Full of character and unique wood...
2633 Dellwood Avenue
North Charleston, SC 29405
Brentwood
Residential
MLS# 26016766 / Active
Adorable, well maintained home with tons of upgrades and close to everything! During the sellers` ownership, they`ve enhanced the outdoor living sp...
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