What Should I Expect When I Buy?

Short sales often look like other listings in the MLS, except they may have a lower asking price than comparable properties.

The term "short sale" is a bit of a misnomer, though, as this type of transaction can take much longer to complete than a standard home sale.

The buying process is similar to a standard purchase. You still apply for financing the same way, and order inspections the same way, for instance. But complications in the selling process aren't uncommon, and you'll need patience.

The good news, though, is that times have changed. Many banks have streamlined their processes for short sales, making it much simpler and less time-consuming for buyers and sellers. Market data shows that the time it takes to close a short sale has steadily decreased over the past few years.

Possible short sale hurdles I can help you navigate:

Second mortgages: These can pose problems because a second lender may not agree to the terms set between the primary lender and the seller.

Mortgage insurance: If the seller has mortgage insurance on their loan, the mortgage insurance company will need to approve the short sale.

Other liens on the property: A lien is a claim by an outside person or company on a property for money owed. Liens pose hurdles whether the transaction is a short sale or not, and will have to be addressed before the property can be transferred to a new owner.

Government-backed loans: If the home seller's loan was a government-backed loan, such as an FHA loan, this can cause delays and hurdles because the government will need to be involved in approvals.

HOAs: HOAs can present complications because the lender might not pay fees associated with the HOA transfer from the seller to the new owner.

The Short Sale Buyer's Checklist

· Get pre-qualified for a mortgage.

· Get a home inspection, but understand that most lenders will sell only "as is." The inspection can help you decide whether the short sale price is reasonable, given the cost of repairs needed.

· Understand who is paying the agent's commission and whether you have to make up any differences to your agent.

· Submit documentation to the lender.

· Have plenty of patience but balance it with persistence. Keep in mind that banks have grown much better at processing short sales, which is good news for you.

Get In Touch

Local Expert Updates

Greg Harvey

Cell: 712.330.1573

Aaron Jones

Cell: 234.234.2342

Matt Rogers

Cell: 712.330.0604

Community Updates

Duck and Goose Hunting

For the outdoorsmen who like to hunt ducks and geese, you have come to the right place. NW Iowa has a wide array of wetlands and great habitat and conditions to attract a large number of migratory birds. You can find a wide array of duck species in this area as well as a big population of Canadian geese. Duck hunting seasons start in September and ends in early December; Goose season starts in September and runs til the first week of January. See Iowa DNR for exact season dates and limits.

About Outdoors Learn More

Big Spirit Lake, Small Town Feel

Separated from the rest of the Iowa Great Lakes, Big Spirit has a lot to offer. Big Spirit is actually located in Iowa and in Minnesota. This quiet setting offers a number of different lake views as well as access to fantastic fishing. While your are there, stop at the Spirit Lake Fish Hatchery. Every year they use gillnetting to catch and release walleye, muskie and pike using each fish to help breed a new batch of fish for the year. Often times the DNR catches very large fish and put them on display in one of their many fish tanks. The DNR professionals harvest fish eggs and release them after they hatch. Stop by and see the in the Spring, you will not be disappointed.

Real Estate and MLS Homes For Sale in Big Spirit Lake

About Big Spirit Lake Learn More

Spirit Lake Spillway

Spirit Lake Spillway

Looking for some entertainment with the kids on a nice summer weekend, come check out the Spillway. The Spillway connects Big Spirit Lake to East Lake Okoboji allowing overflow water to move from Big Spirit Lake to the chain of lakes. This helps keep water levels under control on Big Spirit.

Depending on the time of year you visit, you may see hundreds, if not thousands of fish, mostly carp swimming upstream, it’s a neat site to see.

While you are here, you can launch your boat for a day on the lake, or you can visit Orleans Beach next door. Or you can grab lunch at the Spillway Drive In.