What Should I Expect When I Sell?

A short sale often presents a good option for homeowners who are in danger of foreclosure or in default because of documented financial hardship.
The benefits of a short sale include:

1. A less severe hit to your credit history than what you'd experience with a foreclosure.

2. You continue to live in your house until the sale takes place.

3. In some cases, banks are offering homeowners cash incentives to do a short sale (to help with sales and moving expenses).
Because your credit history won't take as long to recover with a short sale as it would with a foreclosure – an average of two years versus seven years – the short sale option is great for sellers who want to own a home again in the near future.
Has your bank already contacted you?
Some banks have launched programs to prequalify homeowners for short sales. Through their records and housing data, they identify borrowers on their books who are in negative-equity situations. In this case, some are reaching out to borrowers in an attempt to further streamline the short sale process.
This makes it much easier for you, the seller, to proceed with a short sale.

Compiling your short sale package

Short sales require different paperwork than a normal home sale. In some instances, as mentioned above, your bank may have already qualified you for a short sale. In other cases, you and your agent will need to submit certain paperwork to your lender.
Your lender then decides whether or not to approve your request for a short sale.

Just what goes in a short sale package? Each lender is different, but in general, you will need:




 

 HUD-1 or preliminary net sheet

 Completed financial statement

 Letter of authorization to let your agent speak to the bank

 Letter that explains your financial hardship

 Two years of tax returns

 Two years of W-2s

 Last two months of bank statements

 Recent payroll stubs or other proof of income

 Comparative market analysis or list of recent comparable sales
Keep in mind that banks' processes vary, and the above list is a general representation of what many will want to see.

New federal guidelines shorten the wait

  

 

In the past, the notoriously long waiting game for short sales deterred many buyers from attempting them.
But times have changed. Many banks have streamlined the process and removed the barriers that have hamstrung short sales in the past. Some are even prequalifying borrowers to get the ball rolling faster.
In addition, federal guidelines have helped shorten the wait for mortgages owned by Fannie Mae and Freddie Mac. These are great changes for buyers and sellers, because it means there are regulations in place to help shorten the process.

Get In Touch

Local Expert Updates

Janie Eick

Cell: 712.339.0574

Charlie Leissler

Cell: 712.229.9809

Greg Sheeler

Cell: 712.330.1573

Matt Lippon

Cell: 712.330.0604

Community Updates

Okoboji High School

Okoboji High School in Milford

Welcome to Okoboji High School. At OHS we are Pioneering Pathways for Every Student by building on the outstanding foundation and diverse learning opportunities available to students at Okoboji Elementary and Middle Schools through high expectations, caring and supportive teachers, world class learning opportunities, and a wide variety of extracurricular opportunities.
High Expectations - We speak of, model, and expect Pioneer Pride from every member of our learning community. Pioneers hold themselves to high standards in all aspects of life. Whether it is in academics, extracurriculars, or just in the way we treat one another, Pioneers lead the way.
Caring and Supportive Staff - Our staff believes that every member of this learning community is important and deserving of respect and care. Our staff comes to school each day looking for ways to positively impact the lives of our students and families and truly care about our students both inside and outside the building and beyond. Students who have graduated often come back to thank teachers and staff members who made a positive difference in their lives.
World Class Learning Opportunities - OHS is committed to preparing students for a productive life in a changing world. This means a focus on constant improvement, integration of technology to support learning, and ever changing opportunities. Some of these include new courses in computer coding, engineering, and more. In order to be successful, students need knowledge and the skills to apply it. OHS is focused on Universal Constructs such as creativity, complex communication, adaptability, productivity, collaboration, and other skills that will enable students to apply their knowledge to new and changing situations throughout their adult lives.
Wide Variety of Extracurricular Opportunities - Our students are encouraged to get involved in a wide variety of sports, fine arts such as speech, debate, and music, and school clubs and organizations. More than 85% of our students are involved in our extracurricular programs. Whatever a student’s passion, they can plug into a team or organization here at OHS. Our size also allows students to explore multiple passions in many different areas with
We are very proud of the past, present, and future of Okoboji High School, and even more proud of the students, families, and community we serve. We would love to help you arrange a visit to learn more. We believe you too will see why we are proud to be Pioneers!

Yours in Education,

Brian Downing
Okoboji High School Principal

Real Estate and MLS Homes For Sale in Milford Find more about Milford Learn More Here

Rebe

Rebe in Okoboji

Re*be is one of Iowa's finest varicose vein centers dedicated to addressing the health and cosmetic concerns of men and women using the latest and most-advanced medical treatments for various body conditions.
Re*be surgeons are highly experienced with specialized training in vein diagnosis and treatment. Dr. Ronald Kolegraff M.D., A.C.P., A.S.G.S. is a Board Certified General Surgeon and Board Certified Phlebologist.
The clinic provides friendly service in a patient-centered environment to ensure an experience that exceeds your expectations of personal care.
Rebe provides complimentary cosmetic consultation or complimentary vein screening.

Real Estate and MLS Homes For Sale in Okoboji Find more about Okoboji Learn More Here

Disc Golf in Lake Park

Disc Golf in Lake Park in Lake Park

In 2012, thanks to many local sponsors the city of Lake Park was able to build and design a 9 hole disc golf course. Nestled around the city park, pool, campground, and football field, the disc golf course offers some great challenging holes. The course was designed by Lake Park disc golf enthusiasts Nicholas Hemphill and Tristam Nebelsick. Disc Golfing offers a family friendly opportunity get out and enjoy the outdoors.

Real Estate and MLS Homes For Sale in Lake Park Find more about Lake Park Learn More Here

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