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
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Local Expert Updates
Matt Rogers
Cell: 712.330.0604
Aaron Jones
Cell: 234.234.2342
Greg Harvey
Cell: 712.330.1573Community Updates
Community Christmas Meal 2016
The Lake Park United Methodist Church will be hosting a community meal on Christmas day 2016. They will be serving ham and turkey, stuffing, green beans, mashed potatoes, coleslaw, and a dinner roll along with pumpkin or apple pie from 11:30am to 1:30pm at the church free of charge. Don't spend Christmas alone, join everyone at the church for food and fellowship!
Reservations are appreciated, but not required. To RSVP, call or text Cari Wallace at 712-330-6103, Mel Zevenbergen at 712-832-3306 or Marie Matthiesen at 712-240-0939.
The Hair Team
Looking for the best full service Salon in Spirit Lake, then check out The Hair Team located on Lake Street in downtown. Amber and Tammi are the best Duo in town. Looking for the best updo for your wedding party look no further. They have a very enticing wedding package with a complimentary breakfast for you and your bridesmaids to make your day as smooth as possible.
The Studio Yoga & Barre
The Studio Yoga & Barre has two locations: Spencer or Spirit Lake @ Allure & Co. Come and experience a community of people seeking to live healthier lives through exercising the body and mind.
They offer a variety of yoga, barre, cycling and paddle-board classes for different levels of experience.
The Studio also offers yoga and exercise apparel, as well as oils and health supplements.
