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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20 Photos 81 Branch Creek Trail Summerville, SC 29483

81 Branch Creek Trail
Summerville, SC 29483
Branch Creek
Residential

MLS# 24012693 / Active
3 br, 2 ba, 1 Half Bath, 1408 Sqft

Conveniently located minutes from historic Summerville with easy access to I26 and Azalea Square, you have everything you need from dining and shop... 

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$325,000
Provided courtesy of Carolina One Real Estate
28 Photos 106 Summer View Road Summerville, SC 29486

106 Summer View Road
Summerville, SC 29486
Felder Creek
Residential

MLS# 24012692 / Active
4 br, 2 ba, 1 Half Bath, 2118 Sqft

This stunning 4 bedroom, 2.5 bath home is Move-Ready and waiting for its new owners! The HUGE master suite is separated downstairs offering the per... 

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$365,000
Provided courtesy of RE/MAX Coast & Island
72 Photos 4299 Persimmon Woods Drive North Charleston, SC 29420

4299 Persimmon Woods Drive
North Charleston, SC 29420
Coosaw Creek Country Club
Residential

MLS# 24012690 / Active
4 br, 3 ba, 1 Half Bath, 3576 Sqft

An absolutely breathtaking view is what you will find here on possibly the best golf course homesite in Coosaw Creek Country Club. This half acre h... 

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$799,000
Provided courtesy of Carolina Elite Real Estate
65 Photos 215 Bateaux Drive Summerville, SC 29483

215 Bateaux Drive
Summerville, SC 29483
The Ponds
Residential

MLS# 24012689 / Active
4 br, 3 ba, 2378 Sqft

**Sold Fully Furnished ** Golf cart tours available. Seeking the exclusivity of a 55+ community but with a more relaxed, less congested feel? Disco... 

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$550,000
Provided courtesy of Carolina Elite Real Estate
54 Photos 161 Whaler Avenue Summerville, SC 29486

161 Whaler Avenue
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24012688 / Active
4 br, 3 ba, 2018 Sqft

Welcome to West Lake! As you enter through the Lowcountry front porch of the Madison floorplan, you immediately are greeted by the tranquil views o... 

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$510,000
Provided courtesy of Carolina One Real Estate
31 Photos 121 Speer Street Goose Creek, SC 29445

121 Speer Street
Goose Creek, SC 29445
Cokers Crossing
Residential

MLS# 24012687 / Active
4 br, 2 ba, 1742 Sqft

Come check out this charming 4-bedroom, 2-bathroom home, nestled in the quiet neighborhood of Cokers Crossing, conveniently located near shopping a... 

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$349,000
Provided courtesy of Realty ONE Group Coastal
46 Photos 205 Pine Hall Drive Goose Creek, SC 29445

205 Pine Hall Drive
Goose Creek, SC 29445
Liberty Hall Plantation
Residential

MLS# 24012686 / Active
4 br, 2 ba, 1 Half Bath, 2316 Sqft

Nestled in a serene and vibrant community, this beautiful two-story home offers everything you've been searching for and more. With 4 spacious bedr... 

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$379,900
Provided courtesy of NextHome The Agency Group
40 Photos 1862 Pineland Drive Johns Island, SC 29455

1862 Pineland Drive
Johns Island, SC 29455
Residential

MLS# 24012685 / Active
3 br, 2 ba, 1632 Sqft

Looking for something out of the ordinary? This home is for you! Sitting on a large lot with no HOA and beautiful trees, this nearly new home provi... 

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$725,000
Provided courtesy of Carolina One Real Estate
28 Photos 1061 Blockade Runner Parkway Summerville, SC 29485

1061 Blockade Runner Parkway
Summerville, SC 29485
River Birch
Residential

MLS# 24012682 / Active
4 br, 3 ba, 1 Half Bath, 3073 Sqft

You'll want to include this beautiful coastal style home in your search! Nestled on a large corner lot, it's directly across from a huge pond and w... 

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$600,000
Provided courtesy of Carolina One Real Estate
48 Photos 1250 Chrismill Lane Mount Pleasant, SC 29466

1250 Chrismill Lane
Mount Pleasant, SC 29466
Brickyard Plantation
Residential

MLS# 24012681 / Active
5 br, 3 ba, 1 Half Bath, 2932 Sqft

Stunning brick home on a corner lot in one of Mt Pleasant's most sought after neighborhood's, Brickyard Plantation. Beautiful white quartz countert... 

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$1,075,000
Provided courtesy of Daniel Ravenel Sotheby's International Realty
46 Photos 612 Blueway Avenue Summerville, SC 29486

612 Blueway Avenue
Summerville, SC 29486
Nexton
Residential

MLS# 24012679 / Active
2 br, 2 ba, 1374 Sqft

This lovely Halston A floorplan by David Weekley has been lovingly maintained and barely lived in. the sellers really put a lot of thought into thi... 

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$385,000
Provided courtesy of AgentOwned Realty
33 Photos 150 Bee Street UNIT #708 Charleston, SC 29401

150 Bee Street UNIT #708
Charleston, SC 29401
Bee Street Lofts
Residential

MLS# 24012678 / Active
1 br, 1 ba, 1 Half Bath, 964 Sqft

Welcome to Bee Street Lofts! This sophisticated 1 bed/1.5 bath luxury condo brings big city urban style to downtown Charleston. Located on Bee St n... 

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$469,900
Provided courtesy of The Charleston Property Company
40 Photos 217 Moon Shadow Lane Summerville, SC 29485

217 Moon Shadow Lane
Summerville, SC 29485
Arbor Oaks
Residential

MLS# 24012676 / Active
4 br, 2 ba, 1 Half Bath, 2174 Sqft

Welcome home to 217 Moon Shadow Lane!This charming two story home in the desirable Arbor Oaks neighborhood is sure to be anyone's dream home! This ... 

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$367,000
Provided courtesy of Brand Name Real Estate
39 Photos 9407 Sun Fountain Drive Summerville, SC 29485

9407 Sun Fountain Drive
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 24012675 / Active
4 br, 3 ba, 1 Half Bath, 2463 Sqft

Private living spaces upstairs and down in this gorgeous warrantied, new townhome. Walk in to find your spacious foyer with 9 foot ceilings and gor... 

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$394,990
Provided courtesy of Ashton Charleston Residential
40 Photos 9411 Sun Fountain Drive Summerville, SC 29485

9411 Sun Fountain Drive
Summerville, SC 29485
Wescott Plantation
Residential

MLS# 24012674 / Active
4 br, 3 ba, 1 Half Bath, 2463 Sqft

Beautiful, warrantied new three-level townhome in idyllic Westcott neighborhood. Walk in to find your spacious foyer with 9 foot ceilings and gorge... 

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$414,990
Provided courtesy of Ashton Charleston Residential
3 Photos 113 Carriage Lane Summerville, SC 29486

113 Carriage Lane
Summerville, SC 29486
Tramway
Residential

MLS# 24012673 / Active
3 br, 2 ba, 1436 Sqft

Check out this renovation opportunity right in the midst of the great Nexton expansion. Just a short distance to shopping, dining, entertainment, a... 

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$230,000
Provided courtesy of AgentOwned Realty
40 Photos 1600 Oakhurst Drive Mount Pleasant, SC 29466

1600 Oakhurst Drive
Mount Pleasant, SC 29466
Rivertowne Country Club
Residential

MLS# 24012672 / Active
5 br, 4 ba, 3228 Sqft

Lowcountry living at its finest! This elevated 5 bedroom 4 bath home offers stunning views of the lake. On the first floor you will find a formal l... 

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$1,275,000
Provided courtesy of Tabby Realty LLC
58 Photos 1240 Creekwatch Trace Seabrook Island, SC 29455

1240 Creekwatch Trace
Seabrook Island, SC 29455
Seabrook Island
Residential

MLS# 24012671 / Active
2 br, 2 ba, 1160 Sqft

Marsh front townhouse offers stunning sunset views that will take your breath away. Whether you're looking for a full-time residence or a weekend r... 

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$540,000
Provided courtesy of Daniel Ravenel Sotheby's International Realty
67 Photos
Open House: Today 3:00pm - 6:00pm
66 Ponsbury Road Mount Pleasant, SC 29464

66 Ponsbury Road
Mount Pleasant, SC 29464
Ion
Residential

MLS# 24012670 / Active
4 br, 2 ba, 1 Half Bath, 2063 Sqft

Welcome to the I'On community, it's a way of life, not just a place to call home. Explore the charm of this 2,000 + sq. ft, four-bedroom, 2.5 bath ... 

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$1,695,000
Provided courtesy of Engel & Volkers Charleston
29 Photos 417 Whispering Breeze Lane Summerville, SC 29486

417 Whispering Breeze Lane
Summerville, SC 29486
Cane Bay Plantation
Residential

MLS# 24012669 / Active
3 br, 2 ba, 1707 Sqft

Welcome to this Luxurious 3 bedroom, 2 bath residence on a serene cul-de-sac with exquisite wood flooring, an expansive open-plan living area. The ... 

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$395,000
Provided courtesy of Brand Name Real Estate
15 Photos 302 Pickering Lane Charleston, SC 29414

302 Pickering Lane
Charleston, SC 29414
Grand Oaks Plantation
Residential

MLS# 24012667 / Active
2 br, 2 ba, 1320 Sqft

Welcome to your serene oasis nestled in the heart of the Grand Oaks community. This charming ground-level condo offers the perfect blend of comfort... 

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$319,000
Provided courtesy of Keller Williams Realty Charleston
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Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
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Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 914.771.1490
Hey there, thanks for reaching out!
Are schools important to you?
When do you need us?
Your general price point?
Don’t worry... this is not set in stone :)
Want to add a note?
EXPLORE CHARLESTON ON YOUR OWN
Call: 843.300.7021