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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284 Spencer Circle
Summerville, SC 29485
Shady Oaks
Residential
MLS# 26019420 / Active
***Ask about the possibility of receiving 1% reduction in interest rate and free refi.***Located in the Shady Oaks community of Summerville, this e...
114 Poplar Circle
Summerville, SC 29483
Carl Knight II
Residential
MLS# 26019418 / Active
Discover this contemporary home on just over an acre of wooded land with no HOA in desirable West Summerville. Built in 1984, the property offers p...
1980 Minott Street
Charleston, SC 29412
Riverland Terrace
Residential
MLS# 26019416 / Active
Classic Riverland Terrace charm meets exceptional Lowcountry waterfront lifestyle at 1980 Minott. Canopied beneath magnificent live oaks on a gener...
1119 Island View Drive
Mount Pleasant, SC 29464
Harborgate Shores
Residential
MLS# 26019415 / Active
Welcome to 1119 Island View Dr, a beautifully maintained home located on a corner lot in one of South Mount Pleasant`s most desirable communities w...
2842 Maritime Forest Drive
Johns Island, SC 29455
Kiawah River Estates
Residential
MLS# 26019414 / Active
Welcome to 2842 Maritime Forest! This newer construction custom home offers a blend of luxury, comfort, and exclusivity in one of the most sought-a...
140 Blue Jasmine Lane
Summerville, SC 29483
Scotts Mill
Residential
MLS# 26019413 / Active
Welcome to 140 Blue Jasmine Lane! Located in the Scotts Mill neighborhood, this turnkey 3-bedroom, 2.5-bathroom home is completely move-in ready. T...
3000 Southern Pines Lane UNIT #242
Kiawah Island, SC 29455
Residential
MLS# 26019412 / Active
Exciting opportunity to own a 1/9th interest at Timbers Kiawah Ocean Club & Residences. This luxury appointed 3 bedroom/3.5 bathroom residence offe...
139 Lucca Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019411 / Active
Welcome home to 139 Lucca Dr. located in highly desirable Cane Bay Neighborhood. Conveniently located in Woodwinds subsection. Why wait for new con...
349 Decatur Drive
Summerville, SC 29486
Cane Bay Plantation
Residential
MLS# 26019409 / Active
Welcome to 349 Decatur Drive, a beautifully maintained 4-bedroom, 2.5-bath home nestled in the highly sought-after Old Rice Retreat at Cane Bay.Fro...
147 Golf View Lane
Summerville, SC 29485
Highlands Of Legend Oaks
Residential
MLS# 26019407 / Active
Welcome home to Lowcountry living at its absolute finest! Nestled within the highly desirable Highlands of Legend Oaks Plantation, this beautifully...
887 Melrose Drive
Charleston, SC 29414
Melrose
Residential
MLS# 26019405 / Active
Welcome Home! Where every detail has been thoughtfully curated, creating an elegant yet inviting space that`s truly move-in ready. At the heart of ...
1828 Gun Club Road
Charleston, SC 29414
Forest Lakes
Residential
Property being sold AS-IS. This home offers the opportunity to update as you see fit. The kitchen and bathrooms have been updated. Large sunroom on...
307 Umbria Drive
Summerville, SC 29486
Okatee
Residential
MLS# 26019400 / Active
Adorable brick home nestled on a cul-de-sac in an established Summerville neighborhood. Walk into the open living room, which flows right into the ...
1937 Gammon Street
Charleston, SC 29414
Carolina Bay
Residential
MLS# 26019398 / Active
Nestled in the highly sought-after Carolina Bay community in West Ashley, this beautifully maintained home offers the perfect combination of Lowcou...
866 Rue Drive
Charleston, SC 29414
Grand Oaks Townhomes
Residential
MLS# 26019397 / Active
Yes, it`s attached housing. But attached to what? Not to your neighbors. More to your life. Morning coffee on the screened porch. Deer grazing acro...
742 Leafwood Road
Charleston, SC 29412
Dellwood
Residential
MLS# 26019394 / Active
Tucked just off Fort Johnson Road on a spacious lot, this beautifully updated brick home blends timeless charm with thoughtful modern design. Insid...
1522 Mandarin Court
Summerville, SC 29483
Drakesborough
Residential
MLS# 26019391 / Active
Four-bedroom, 2.5-bath double front porch home on a cul-de-sac lot, zoned for DD2 schools. The main level includes an open-concept kitchen, two liv...
125 Pier View Street UNIT #105
Charleston, SC 29492
Pier View
Residential
MLS# 26019390 / Active
Welcome to 125 Pier View Street, a 2-bed, 2-bath condo in the heart of Daniel Island, just steps from restaurants, parks, trails, and the waterfron...
1018 Toadfish Run
Summerville, SC 29485
Summers Corner
Residential
MLS# 26019388 / Active
Welcome to Horizons, a gated, 55+ active adult community situated in the highly desirable Summers Corner development. Residents will appreciate low...
228 Equinox Circle
Ladson, SC 29456
Heatherwoods
Residential
MLS# 26019383 / Active
Welcome home to a beautifully designed property that perfectly pairs functional living spaces with premium upgrades. As you enter, the inviting foy...
134 E Morton Street
Summerville, SC 29486
Carnes Crossroads
Residential
MLS# 26019382 / Active
Better than new in Summerville`s coveted Carnes Crossroads! This one-year-old, 2,854 sq. ft. Lennar ``Fletcher`` plan includes 5 bedrooms, 3.5 bath...
The data relating to real estate for sale on this web site comes in part from the Broker ReciprocitySM Program of the Charleston Trident Multiple Listing Service. Real estate listings held by brokerage firms other than EXP Realty LLC are marked with the Broker ReciprocitySM logo or the Broker ReciprocitySM thumbnail logo (a little black house) and detailed information about them includes the name of the listing brokers. Last updated on 07-09-2026 11:52 PM EST .
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