What Should I Expect When I Buy?

Short sales often look like other listings in the MLS, except they may have a lower asking price than comparable properties.
 The term "short sale" is a bit of a misnomer, though, as this type of transaction can take much longer to complete than a standard home sale.
 The buying process is similar to a standard purchase. You still apply for financing the same way, and order inspections the same way, for instance. But complications in the selling process aren't uncommon, and you'll need patience.
 The good news, though, is that times have changed. Many banks have streamlined their processes for short sales, making it much simpler and less time-consuming for buyers and sellers. Market data shows that the time it takes to close a short sale has steadily decreased over the past few years.
Possible short sale hurdles I can help you navigate:

Second mortgages: These can pose problems because a second lender may not agree to the terms set between the primary lender and the seller.

Mortgage insurance: If the seller has mortgage insurance on their loan, the mortgage insurance company will need to approve the short sale.

Other liens on the property: A lien is a claim by an outside person or company on a property for money owed. Liens pose hurdles whether the transaction is a short sale or not, and will have to be addressed before the property can be transferred to a new owner.

Government-backed loans: If the home seller's loan was a government-backed loan, such as an FHA loan, this can cause delays and hurdles because the government will need to be involved in approvals.

HOAs: HOAs can present complications because the lender might not pay fees associated with the HOA transfer from the seller to the new owner.

 
The Short Sale Buyer's Checklist

·          Get pre-qualified for a mortgage.
·         Get a home inspection, but understand that most lenders will sell only "as is." The inspection can help you decide whether the short sale price is reasonable, given the cost of repairs needed.
·         Understand who is paying the agent's commission and whether you have to make up any differences to your agent.
·         Submit documentation to the lender.
·         Have plenty of patience but balance it with persistence. Keep in mind that banks have grown much better at processing short sales, which is good news for you.

 

Get In Touch

Local Expert Updates

Greg Sheeler

Cell: 712.330.1573

Janie Eick

Cell: 712.339.0574

Liz Sandy

Cell: 712.330.1386

Kymm Jones

Cell: 712.320.6737

Alex Parker152

Cell: 342.342.2344

Community Updates

Ranch Okoboji

Ranch Okoboji in Okoboji

Ranch Okoboji has something for everyone. The ever popular mini golf course in Okoboji is a fun Wizard of Oz theme. They also have Tyotee's Mining, which is a fun little adventure for kids to mine gemstones, arrowheads, and fossils! For the adults, they have a margarita bar, with tons of flavors, all made with their own secret recipe! Once you're done with whichever adventure you choose at the Ranch, don't forget to shop at their little boutique area, with home decor, outdoor decor, and their extensive collection of flags!

Real Estate and MLS Homes For Sale in Okoboji

AmericInn

AmericInn in Okoboji

AmericInn Lodge & Suites is centrally located in Okoboji on beautiful Brooks National Golf Course. This hotel offers 61 guest rooms all with 32' flat screen televisions and plush top beds. There are a variety of different room types are available.....fireplace, whirlpool tub, patio or balcony. They offer a free hot home-style breakfast such as waffles, sausage, eggs or biscuits and gravy, fresh fruit, yogurt and more! Enjoy the heated swimming pool, whirlpool, sauna or soak up the sun on one of the three patios. AmericInn offers an affordable option to tourists, especially in the summer. It is also conveniently located just off the trail system in Okoboji.

Real Estate and MLS Homes For Sale in Okoboji

Big Spirit Lake, Small Town Feel

Big Spirit Lake, Small Town Feel in

Separated from the rest of the Iowa Great Lakes, Big Spirit has a lot to offer. Big Spirit is actually located in Iowa and in Minnesota. This quiet setting offers a number of different lake views as well as access to fantastic fishing. While your are there, stop at the Spirit Lake Fish Hatchery. Every year they use gillnetting to catch and release walleye, muskie and pike using each fish to help breed a new batch of fish for the year. Often times the DNR catches very large fish and put them on display in one of their many fish tanks. The DNR professionals harvest fish eggs and release them after they hatch. Stop by and see the in the Spring, you will not be disappointed.

Subscribe To Our Newsletter