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.
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Community Updates
Light of the Lakes Friends Church
Light of the Lakes Friends Church
10 Hwy 71 N
Arnolds Park, IA 51331
Services
Sunday at 10:30 a.m.
Forbes Meat
Forbes Meat
2508 Enterprise Ave
Spirit Lake, IA 51360
If you want to grill out tonight, this is the place. Forbes Meats offers amazing steak, pork chops, roasts and other cuts, as well as fresh and smoked sausage products.
Oh, and don’t forget to try the beef jerky, it is amazing.
Easy to find, next door to Renew and across the highway from Lakes Regional Hospital.
Riddle Me That
Riddle Me That is a brand new escape room in Arnolds Park. Its an awesome place to bring the family for a thrill, or the perfect team building activity for the office. The goal is to find clues, solve the mystery, and escape the room before the time runs out. Perfect for a rainy summer day, or just a day you need a little adventure in your life!