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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274 Clarabelle Lane
Summerville, SC 29483
Six Oaks
Residential
MLS# 26016763 / Active
FIRST FLOOR PRIMARY - The Rutherford floorplan offers spacious, main-level living with the primary suite conveniently located downstairs. Estimated...
5119 Parkside Drive
North Charleston, SC 29405
Park Circle
Residential
Welcome to 5119 Parkside Drive, a beautifully reimagined home in the heart of Park Circle where timeless character meets modern sophistication. Tho...
1082 Old Battery Circle
Charleston, SC 29412
Seaside Plantation
Residential
MLS# 26016758 / Active
Welcome to Coastal Living at its Finest! Located just minutes from the sandy shores of Folly Beach and a short drive to historic downtown Charlesto...
441 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016754 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
Reduced -$8,000
425 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016753 / Active
Welcome to the Pritchard Plan. This 2 story home has an entry that leads to an open layout, kitchen with Island, 42`` cabinets with granite counter...
420 Cadbury Loop
Summerville, SC 29486
Creekside at Andrews
Residential
MLS# 26016748 / Active
Welcome to the St. Helena Plan. This 2 story home has a Pocket Office with glass door at the front of the home. Opening up to your open kitchen wit...
905 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016746 / Active
Welcome to 905 Hemingway Circle -- a beautifully maintained 2-bedroom, 2.5-bath townhome tucked inside the sought-after gated community of Central ...
213 Hemingway Circle
Summerville, SC 29483
Central Commons
Residential
MLS# 26016742 / Active
Welcome to effortless Lowcountry living in a gated community in one of Summerville`s most desirable and convenient locations! This nicely maintaine...
1045 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016736 / Active
North Shore Homes Near Charleston SCWelcome to 1045 Refuge Way, located in the North Shore Community. North Shore is located in the charming town o...
1301 Basildon Road
Mount Pleasant, SC 29466
Park West
Residential
MLS# 26016734 / Active
Welcome to easy living in the heart of Mount Pleasant`s highly sought-after Park West community. This inviting FIRST FLOOR 1BR/1BA condo offers a l...
248 Forest Trail
Isle of Palms, SC 29451
Forest Trail
Residential
MLS# 26016730 / Active
Nestled on a quiet street in the heart of the Isle of Palms, 248 Forest Trail sits on nearly half an acre lot that is shaded by five majestic live ...
1038 Refuge Way
Summerton, SC 29148
North Shore
Residential
MLS# 26016727 / Active
North Shore Homes Near Charleston SCWelcome to 1038 Refuge Way, located in the North Shore community in Summerton, South Carolina. Set along the sh...
Reduced -$135
1130 Silent Harbor Court UNIT K
Mount Pleasant, SC 29464
Snee Farm
Residential
MLS# 26016723 / Active
Welcome to 1130 Silent Harbor Court, Unit K, a beautifully renovated two-bedroom, two-and-a-half-bathroom condo in the heart of Mount Pleasant. Con...
Reduced -$40,000
958 Foliage Lane
Charleston, SC 29412
The Village At Stiles Point
Residential
MLS# 26016721 / Active
Welcome to 958 Foliage, an exceptional 3,315-sq-ft coastal home located in The Village at Stiles Point, one of James Island`s most sought-after com...
483 Tulip Poplar Drive
Moncks Corner, SC 29461
Carolina Groves
Residential
MLS# 26016717 / Active
CAROLINA GROVES BY DR HORTONWelcome to 483 Tulip Poplar Drive, tucked into the Carolina Groves community in Moncks Corner a neighborhood where quie...
Reduced -$3,157
300 Yellow Hawthorn Circle
Summerville, SC 29483
Summer Wood
Residential
MLS# 26016714 / Active
PRIMARY BEDROOM DOWNSTAIRS + END UNIT TOWNHOUSE featuring a highly desirable stylish and modern updates throughout. As you enter you will immediate...
2260 Forest Lakes Boulevard
Charleston, SC 29414
Forest Lakes
Residential
MLS# 26016709 / Active
Tucked away at the end of a quiet cul-de-sac on one of the largest waterfront lots in Forrest Lakes, 2260 Forrest Lakes Boulevard offers a rare ble...
188 Midland Parkway UNIT #222
Summerville, SC 29485
Midland Terrace
Residential
MLS# 26016708 / Active
Midland Terrace is located in the Trolley Road corridor and is within walking distance from grocery stores, banks, hospitals, and many local restau...
303 Clayburne Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential
MLS# 26016707 / Active
Welcome home to 303 Clayburne Drive, where space, convenience, and value come together in the sought-after community of Liberty Hall Plantation.Fre...
16 Logan Street UNIT B
Charleston, SC 29401
South Of Broad
Residential
MLS# 26016706 / Active
Nestled within Logan Place, an intimate enclave south of Broad, this charming townhome offers a rare combination of privacy, character, and conveni...
1178 Yough Hall Road
Mount Pleasant, SC 29466
Yaugh Hall
Residential
MLS# 26016705 / Active
NEW PRICE! New Construction Home on nearly 1 Acre in Mt. Pleasant with No HOA! Builder warranty included!Welcome to 1178 Yough Hall Rd - an excepti...
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