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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177 Winding Rock Road
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26016704 / Active
Welcome to 177 Winding Rock Rd. in sought-after Crowfield Plantation`s Piedmonte Place subsection. This beautifully updated 4-bedroom, 2.5-bath hom...
116 Sparrow Street
Bonneau, SC 29431
Lake Moultrie Shores
Residential
MLS# 26016702 / Active
``Boat from your backyard to Lake Moultrie!``Welcome to 116 Sparrow Street, where waterfront living meets small-town Southern charm! Nestled along ...
110 Bee Street
Summerville, SC 29483
Flowertown
Residential
MLS# 26016698 / Active
Opportunity is Knocking!Whether you`re a first-time homebuyer seeking the privacy and freedom of single-family living, an investor searching for a ...
1351 Winterberry Avenue
Goose Creek, SC 29445
St. James Estataes IV
Residential
MLS# 26016696 / Active
Welcome to this spacious custom-built home in the desirable St. James Estates community! Offering approximately 2,360 square feet, this home featur...
2678 Egrets Landing Court
Mount Pleasant, SC 29466
Brickyard Plantation
Residential
MLS# 26016694 / Active
Magnificent waterfront estate on 2.26 acres in Brickyard Plantation, where sunsets over Horlbeck Creek become a nightly ritual from your private de...
2049 Syreford Court
Charleston, SC 29414
Hunt Club
Residential
MLS# 26016691 / Active
Much larger than it appears! This deceptively spacious home combines the ease of main-level living with the flexibility of a second floor. Inside, ...
184 Whaler Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016688 / Active
Welcome to 184 Whaler Avenue in the desirable West Lake community! Enjoy resort-style amenities, miles of walking and golf cart trails, and a conve...
334 Shoptaw Road
Holly Hill, SC 29059
Residential
MLS# 26016684 / Active
Traditional custom-built 4-bedroom, 2.5-bath home situated on 14.2 acres of mature forest along Briner Branch. This beautifully maintained property...
50 Elmwood Place
Goose Creek, SC 29445
Holly Court
Residential
MLS# 26016683 / Active
Charming 3-Bedroom Brick Home !Welcome home to this well-maintained 3-bedroom, 1.5-bath brick ranch nestled on a peaceful cul-de-sac. Inside, you`l...
Reduced -$10,000
1224 Old Course Lane
Mount Pleasant, SC 29466
Charleston National
Residential
MLS# 26016678 / Active
Tucked into the established Charleston National community, this 4-bedroom, 2.5-bath home offers the kind of outdoor living that makes Mount Pleasan...
301 Black Birch Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26016676 / Active
Move-in ready Robie model built in 2022 in the Pine Hills community of Cane Bay Plantation. Situated on an oversized corner homesite with privacy f...
490 Eagleview Drive
Moncks Corner, SC 29461
Foxbank Plantation
Residential
MLS# 26016672 / Active
Better than new and move-in ready!Welcome to 490 Eagleview Drive, a beautifully maintained home in the highly sought-after Foxbank Plantation commu...
Reduced -$5,001
336 Coinbow Drive
Mount Pleasant, SC 29464
Hobcaw Point
Residential
MLS# 26016670 / Active
Situated on more than an acre in the coveted Hobcaw Point community, and just minutes from downtown Charleston, this exceptional custom residence o...
2608 Bayonne Street
Sullivans Island, SC 29482
Residential
MLS# 26016668 / Active
Nestled just steps from the Atlantic Ocean, this exceptional second-row contemporary residence seamlessly blends modern luxury with effortless coas...
1304 Pelican Watch Villas UNIT #1304
Seabrook Island, SC 29455
Seabrook Island
Residential
MLS# 26016663 / Active
Investment & Lifestyle Opportunity. Start and end everyday to panoramic ocean-river views, unforgettable sunsets, and a private boardwalk to your o...
9127 Parlor Drive
Ladson, SC 29456
Tranquil Hill Plantation
Residential
Some end units are just end units. This one is different. 9127 Parlor Drive sits on perhaps the BEST lot in all of Tranquil Hill Plantation: lush g...
3021 Robeson Trace
Johns Island, SC 29455
Indigo Grove
Residential
MLS# 26016648 / Active
This brand-new Stanley Martin home is on a gorgeous lot backing to woods with a large wrap around porch to take in the views! NEED A LARGE GARAGE??...
4764 Holbird Street
North Charleston, SC 29405
Wando Woods
Residential
MLS# 26016643 / Active
1984 brick ranch is located in the central Charleston area neighborhood of Wando Woods and offers abundant garage space. At 1617sqft, this home has...
125 Crooked Creek Court
Summerville, SC 29486
Sangaree
Residential
MLS# 26016641 / Active
Welcome to 125 Crooked Creek Court! This charming 3 bedroom, 2 bathroom home is nestled on a cul-de-sac in the Sangaree neighborhood, conveniently ...
2848 Cavalcade Circle
Johns Island, SC 29455
River Glen
Residential
MLS# 26016640 / Active
Rare opportunity to own River Glen`s largest home! A stunning 4,302 sq ft retreat on a premium private wooded lot. This 5BR/4BA gem is move-in read...
411 Talbot Drive
Summerville, SC 29486
Nexton
Residential
MLS# 26016636 / Active
*$4.99 FIXED RATE & $10K IN CLOSING COST ASSISTANCE! Certain terms apply* Welcome to your dream home by Stanley Martin in the heart of Nexton, SC! ...
Reduced -$4,562
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