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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Brooks Golf Course
Brooks Golf Club is one of the premier golf courses in the Iowa Great Lakes. Located in Okoboji, Iowa, Brooks is one of the few 27 hole golf courses in Iowa. I've personally been a member here for a number of years, and can tell you that not other course offers the beauty and upkeep that Brooks provides. The numerous flower beds, Caribbean beach like bunkers, bent grass fairways, natural prairie grass, and rolling hills provide for an aesthetic pleasure as you play all 27 holes. Brooks also has one of the nicest practice facilities in the state as well. Come say hi to John, Bret and their teams of professionals. if you are an avid golfer and in Boji, you won't want to miss these links.
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For most leisure boaters in the Iowa Great Lakes, there are 2 main hot spots to go throw an anchor, sit back, and just relax. Sometimes this will result in numerous boats tying up to one another (you may not even know your neighbor), and sometimes it results in a little more privacy where you can chill just by yourself. Every weekend, boaters make the trek across the deepest parts of West Lake to either Gull Point (North AND South side) and Miller's Bay. Thought there are many other great areas to throw an anchor, relax, and swim, these are the two hot spots. If you aren't sure where to go on a Saturday afternoon or wonder where your friends might be, these two spots would be a good start.
Consumers Lumber Company
Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.