What to Expect When Selling A Short Sale House
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:
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.
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O'Farrell Sisters
The O'Farrell Sister is a historic Okoboji Tradition that one must check out for breakfast and lunch!
'Farrell Sisters History
The O'Farrell Sisters restaurant was born in 1949 at the bridge on Hwy 71, between East and West Lake Okoboji. Edna Mae and Arlene O'Farrell bought the business from Ike Kissinger who was running for Sheriff of Dickinson County.
In the early years the girls were open seven days a week and had a booming business in no time. The fried chicken dinners on Sunday evenings were especially popular. There were times when the line waiting to get in was so long they'd have to lock the door and would often run out of chicken!
In 1959 Arlene married and moved to Tallahassee, Florida with her husband Furman Henderson. Edna Mae and Ferne continued in the restaurant, moving to its present location that same year. This spot had a garden and chicken coup, which was moved to the house across the street.
Ferne died in 1974 and Edna Mae in 1978. Arlene sold the business to nieces Joyce Gapinski, Jo Ann Anderson, Charlotte Sarvie and Cheri Petersen (these are married names). The nieces successfully ran the restaurant from 1979 through 2003. After losing Jo Ann in 1997 and Cheri in 2002, Joyce and Charlotte decided to sell after the 2003 season.
The rest is to be continued...
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Harvey's Five Star Roofing and Gutters
Whether you need a new roof or roofing repairs, the team at Harvey’s Five Star Roofing can finish the job quickly & for an honest rate that works in your budget. Fully licensed, bonded and insured - Plus an unbeatable lifetime warranty!