What is a Short Sale?

A short sale happens when your lender accepts an amount from a buyer that is less than the current balance on your mortgage loan. For instance, if you owe $175,000 on your mortgage and the lender agrees to a sale price of $150,000, this is a short sale.

How can I qualify for a short sale?

If you think you should qualify for a short sale, you'll want experienced agents that fully understand the short sale process. All members of The Bittinger Team are designated Certified Distressed Property Experts® (CDPE). Here are a few ways that a person can qualify for a short sale:

• Financial Hardship—You are unable to afford to pay the mortgage due to loss of income, large medical expenditures, divorce, death of a family member, illness or job transfer.
• Monthly Income Shortfall—Your expenses exceed your income to the point where you are (or soon will be) no longer able to pay your mortgage.
• Insolvency—You must show the lender that you do not have enough liquid assets (which can be converted into cash) to pay your mortgage.

If you are interested in a private, confidential conversation about short sales, email info@sellingplymouthhomes.com or call us at (734) 459-2600.