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
Greg Sheeler
Cell: 712.330.1573
Janie Eick
Cell: 712.339.0574
Aaron Jones
Cell: 712.320.9442Community Updates
Snappers Turtle Bay Cafe
Come to Snappers Turtle Bay Cafe and enjoy the relaxing laid back island atmosphere that you can only find along the waters of Turtle Bay. Open to the public for lunch and dinner, Snappers menu is unique to Okoboji which offers quality food and service that is sure to please visiting patrons.
Bridges Bay Resort
Choose from a variety of luxurious condominiums and hotel-style guest rooms. Bridges Bay Resort features the area's only indoor waterpark 'Boji Splash, featuring the Cantina which serves a variety of delicious food and beverages. Bring the boat in the summer and enjoy being right on the water or get away for the weekend in the winter months and let the kids enjoy the indoor waterpark!
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.