What Should I Expect When I Sell?
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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Janie Gilmore
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Okoboji Middle School
Okoboji Middle School is a place where we are Pioneering Pathways for Every Student. We focus on giving EVERY student access to a world-class education in small-town Iowa. We do this in three primary ways:
We employ staff who care deeply about the lives and learning of each student. From the classroom to the kitchen, we believe positive relationships between our staff and students form the foundation for all student learning.
We focus on preparing students with the competencies and skills needed to thrive in the world beyond our school. All teachers use a common language focused on developing the following five competencies in all our students:
Critical Thinking: The ability to incorporate key information to develop solutions to complex problems
Productivity & Accountability: Demonstrate initiative, self-direction, and personal responsibility to create quality results.
Complex Communication: Successful sharing of information with a clear message.
Collaboration: Respectfully working within a group to achieve a common goal.
Growth Mindset: The incorporation of creativity, unique thoughts, curiosity, and innovation in learning.
We focus on creating learning experiences to prepare our students to solve the problems of tomorrow. Nowhere is this more exemplified than in our Midmester Academy. Through our Midmester Academy, students spend over 120 days throughout their middle school career engaging in 24 real-world, interdisciplinary, problem-based courses. Their experiences culminate in an 8th Grade Capstone Project, where students showcase their middle school learning to a panel of peers, family, and faculty.
Please click HERE to access our Midmester Academy Handbook and Course Booklet.
We hope you will take to time to peruse the Midmester Academy Handbook Course Booklet and navigate our website to learn more about our school. Most importantly, we want you to know that if you are considering Okoboji Schools for your family, we would welcome the opportunity to give you a guided tour of our facilities, which will include a detailed exploration into the programming we offer our students. Please contact any of our school offices to set up a tour.
Yours in Education,
Ryan Cunningham
Okoboji Middle School Principal
Bridges Bay Resort
Choose from a variety of luxurious condominiums and hotel-style guest rooms. Bridges Bay Resort features the area's only indoor waterpark 'Boji Splash, featuring the Cantina which serves a variety of delicious food and beverages. Bring the boat in the summer and enjoy being right on the water or get away for the weekend in the winter months and let the kids enjoy the indoor waterpark!
Snappers Turtle Bay Cafe
Come to Snappers Turtle Bay Cafe and enjoy the relaxing laid back island atmosphere that you can only find along the waters of Turtle Bay. Open to the public for lunch and dinner, Snappers menu is unique to Okoboji which offers quality food and service that is sure to please visiting patrons.
