Is A Short Sale For Me?
Who benefits from a short sale?
Sellers avoid foreclosure and protect their credit from the harder hit of foreclosure.
Buyers receive a good price on the home.
Lenders avoid a costly foreclosure. The potential loss from a foreclosure is typically higher than a loss from a short sale.
How it works
Say you owe $200,000 on your home and can no longer make the mortgage payments. One option is to refinance your home and secure a lower payment based on a longer-term or better interest rate. But if your property has lost value due to local market conditions (say it would sell for only $150,000), refinancing isn't feasible. If the bank agrees to a sale at $150,000, it's called a short sale. Although short sales have become more common in recent years, banks don't always grant them. In general, they approve short sales in these situations:- Seller has a hardship (such as divorce, bankruptcy, unemployment, job relocation).
- Seller owes more on the mortgage than the home's current market value.
- A mortgage is in or near default status.
- Seller has no assets.
- However, different banks and lenders have different requirements. So sellers should discuss the short sale option with their lender.
- Short sales can present a great deal for buyers. But the process is a bit more complicated than a normal home purchase, and it will take patience.
Get In Touch
share
Local Expert Updates
Charlie Leissler
Cell: 712.229.9809
Liz Sandy
Cell: 712.330.1386
Janie Eick
Cell: 712.339.0574Community Updates
Arrowood Resort
Arrowood is a year-round conference center and hotel with over 100 guest rooms, whirlpool suites and a "Great Room" for hosting group events and hospitality suites. Formerly known as Village East, the resort offers an outdoor pool, deck, playground, volleyball and croquet courts and a heated indoor pool area. Hotel goers can also enjoy an on-site salon, Minervas Bar and Eatery and lit parking. Located on Brooks National Golf Course, Arrowwood Resort offers some of the finest lodging around. Years ago, Brooks Golf Course clubhouse was actually housed on the rear side of Arrowood, but since then, the course has been converted to 27 holes with a a new separate clubhouse. Also, the Racquet Club was a part of the facility, offering workout facilities, racquet ball, and tennis. However, with the addition of the YMCA, the racquet club was unsustainable and converted into retail.
Burger & Company
Gourmet Burgers, Spicy Chicken Thigh Sandwiches, Lobster Rolls on Friday & Saturday, Cubans, Hot Tots, Rosemary Sea Salt Fries, Beer Battered Cheese Curds, Scrumptious Milk Shakes, Crisp Salads, Huge Cookies & More!
Comfortec Heating, Cooling & Plumbing
Comfortec has trained and licensed technicians who can handle the job whether you have no heat or a loud noise coming from your equipment. We are a Carrier, Ruud and Lennox dealer giving us an advantage when it comes to working with different types of furnaces. We carry a wide variety of parts and can service any brand of furnace or AC. When it comes to needing someone to come handle your heating or cooling issue, we get there fast and get the job done right anywhere in our service region. Additionally, we provide emergency service 24 hours a day, 7 days a week because problems with your heating and cooling systems or plumbing rarely only occur during a normal workday.