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 CDPEŽ 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.