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
Greg Sheeler
Cell: 712.330.1573
Matt Lippon
Cell: 712.330.0604
Brooke Jones
Cell: 641.420.2172Community Updates
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.
The Inn of Okoboji
3301 Lakeshore Drive
Okoboji, IA 51355
WEBSITE
For a little History of The Inn dating back to the 1890's CLICK HERE
The Inn at Okoboji offers so much to do and so much history. Located on 500 feet of West Okoboji Lake lakeshore, the views are amazing. The Inn is a hotel/resort, with a dining and a full service facility designed for meetings, gatherings, events and weddings.
Also, The Inn has a 9 hole executive golf course and is partnered with other local golf courses in the Iowa Great Lakes Area. They also have in door and out door pools with a hot tub, docks, and an on-site boat lift
If you are looking for a family friendly place to watch the fireworks on the 4th of July while avoiding the congestion of the Amusement Park area, this is your spot. You don't have to be a guest of the hotel, but the 500 feet of lakeshore provide ample seating for hundreds of people to have a good time. They offer live music and offer hot dogs and hamburgers, so come enjoy the day and stay for the fireworks.
Bomgaars Building Center
Bomgaars
2201 Hwy 71
Spirit Lake, IA 51360
Bomgaars offers a great selection and a convenient location in Spirit Lake. Open at 7 am Monday through Saturday and 10 am on Sunday.
Bomgaars is great for pretty much any of your home improvement projects.