A short sale can be a way out for homeowners who need to sell, and who owe more on their homes than their home is worth. While in the past it was rare for a bank or lender to accept a short sale, today due to devastating market changes, banks and lenders have become much more open to accepting a short sales. Getting short sale approval is now easier then ever, thanks to recent changes in corporate policy and the Obama administration.

What is a short sale?

• A homeowner is 'short' when the amount owed on his/her property is higher than current market value.
• A short sale occurs when the homeowner's mortgage company (or companies) agrees to accept less than the full balance of the loan at closing. A buyer closes on the property, and the property is then 'sold short' of the total value of the mortgage.

Who qualifies for a short sale?

• Financial Hardship - A situation has occurred that has caused you to have trouble affording your mortgage.
• Monthly Income Shortfall - Your monthly income isn't enough to pay your mortgage. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage.
• Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.

This is a complicated process that takes the expertise of experienced professionals. The DuPree Team holds the CDPE® Designation and is ready to identify all possible options and, when possible, assist in the quick execution of a short sale transaction.

If you have questions or feel you may qualify for a short sale, please contact The DuPree Team for a free consultation.

Understanding your options now could mean all the difference in the world.