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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1485 Menhaden Lane
Mount Pleasant, SC 29466
Stratton By The Sound
Residential
MLS# 26019456 / Active
Welcome to 1485 Menhaden Lane, where timeless Lowcountry architecture, beautiful water views, and exceptional craftsmanship come together in the hi...
8655 McChune Court
North Charleston, SC 29420
Coosaw Creek Country Club
Residential
MLS# 26019455 / Active
Welcome to an extraordinary Lowcountry estate where timeless Southern architecture, exceptional craftsmanship, and an unrivaled natural setting com...
537 New Regenia Place
Holly Hill, SC 29059
Residential
MLS# 26019453 / Active
Under construction, NO HOA! Large lot! Ask about current financing incentives such as 100% loans with no PMI. The Willow offers a one-story layout ...
120 Tattingstone Way
Goose Creek, SC 29445
Crowfield Plantation
Residential
MLS# 26019451 / Active
Nestled on a quiet cul-de-sac in The Hamlets at Crowfield Plantation, this stunning 2-story, 5-bedroom home features a rare primary suite on the ma...
41 Pitt Street
Charleston, SC 29401
Harleston Village
Residential
MLS# 26019450 / Active
Introducing 41 Pitt Street, a rare 7 bedroom 5.5 bath home with 4 off street parking. One of downtown Charleston`s most affordable luxury renovatio...
321 Eclipse Street
Summerville, SC 29486
Nexton
Residential
MLS# 26019446 / Active
Why wait months to build when you can move into a home where the upgrades are already complete? This beautifully appointed Ashton Woods Witherbee C...
1022 Wading Point Boulevard
Huger, SC 29450
French Quarter Creek
Residential
MLS# 26019445 / Active
Water views, oversized homesites, minutes from Mount Pleasant and the beach! This is French Quarter Creek, privately nestled at the edge of the pro...
Reduced -$1,325
212 Tyner Trail
Summerville, SC 29486
Tyner Trail
Residential
MLS# 26019444 / Active
Welcome to 212 Tyner Trail, a beautifully maintained 3-bedroom, 2.5-bathroom townhome offering 1,767 sq. ft. of comfortable living space. The open-...
1111 Fitzgerald Court
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019443 / Active
**Sellers offering $5k towards buyers closing costs!!* Why wait to build when you can move right in with more! Located in the highly sought after S...
522 Killdeer Road
Summerville, SC 29486
Nexton
Residential
MLS# 26019441 / Active
Welcome to 522 Killdeer Road, a beautifully maintained 4-bedroom, 2.5-bath home offering 2,772 square feet of thoughtfully designed living space. T...
1436 Kinglet Street
Mount Pleasant, SC 29464
Cassina Heights
Residential
MLS# 26019439 / Active
Experience the pinnacle of new construction luxury in this meticulously designed 5 bed, 3.5 bath home. You`re welcomed by soaring 10 ft ceilings, c...
8831 Kellum Drive
North Charleston, SC 29420
Charleston Park
Residential
MLS# 26019438 / Active
Professional Photos Coming Soon! Welcome home to 8831 Kellum Drive, where generous living spaces and everyday comfort come together in this invitin...
2446 Cherokee Hall Lane
Charleston, SC 29414
Myrtle Grove
Residential
MLS# 26019437 / Active
Welcome home to this beautiful updated 4-bedroom, 3-bath in the heart of West Ashley! This move-in-ready home features newly installed cabinets & g...
1908 NE Calvert Street
North Charleston, SC 29405
Chicora Place
Residential
MLS# 26019435 / Active
Investment opportunity!!! right across from an established Air-Bnb.
17 8th Avenue UNIT 17c
Charleston, SC 29403
Wagener Terrace
Residential
MLS# 26019433 / Active
Welcome to 17C 8th Avenue, a charming 3-bedroom, 1-bath home in the heart of desirable Wagener Terrace. With 1,088 square feet of thoughtfully desi...
1716 Bowline Drive
Mount Pleasant, SC 29466
Dunes West
Residential
MLS# 26019431 / Active
Morning Golf. Afternoon Boating. Sunset by the Fire.Welcome to Waterfront Living at Its Finest.Set on 1.5 private acres along the deep waters of th...
1083 Wayfarer Lane
Charleston, SC 29412
Bayview Farms
Residential
MLS# 26019430 / Active
Enjoy this well kept home in beautiful and desirable Bayview Farms . The living room dining room combination has vaulted ceilings and a fireplace ....
1102 Huger Street
Moncks Corner, SC 29461
Limerick Woods
Residential
MLS# 26019428 / Active
Well maintained home located in the heart of Moncks Corner with no HOA! Featuring an open floor plan with vaulted living room ceilings making the a...
5340 Sumters Run
North Charleston, SC 29418
River Chase
Residential
MLS# 26019427 / Active
Welcome to 5340 Sumters Run, Brand-new custom luxury ranch! Jaw-dropping curb appeal welcomes you with premium front stone siding. Inside, a sun-dr...
623 Barn Road
Bonneau, SC 29431
Bonneau Estates
Residential
MLS# 26019426 / Active
Welcome to 623 Barn Road in Bonneau, a beautifully updated 4-bedroom, 2-bath home offering the perfect blend of modern comfort and laid-back Lowcou...
106 Lucia Street
Charleston, SC 29492
Codners Ferry Park
Residential
MLS# 26019424 / Active
Experience timeless Lowcountry charm the moment you arrive - a welcoming wraparound front porch and picturesque English garden with custom brick ma...
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