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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Local Expert Updates
Matt Lippon
Cell: 712.330.0604
Janie Eick
Cell: 712.339.0574
Greg Sheeler
Cell: 712.330.1573
Liz Sandy
Cell: 712.330.1386Community Updates
New Testament Baptist Church
New Testament Baptist Church
2105 Gary Ave
Spirit Lake, IA 51360
Services
Sunday at 11 a.m and 6 p.m.
Wednesday at 7 p.m.
The Gardens
Great food, fantastic lake views, and amazing service. The Gardens has it all. Stop in and have a cold beverage on the deck and listen to some of the best live music in the area. Located in the Central Emporium in Arnolds Park the Gardens puts you in the middle of all the summer action. Make sure to stop in and enjoy one of the best bars in the area!
TALLGRASS VILLAGE
4150 Sunner Dr
Spirit Lake, IA
Looking for a rental, here are some options. Located next door the YMCA in Spirit Lake, IA, right on the bike trail system.
Tallgrass offers a variety of different rental options including: Lofts (1 to 3 Bedroom & Efficiency style) and Townhomes (3 and 4 bedroom). Other features- Laundry, 9 foot ceilings, handicap units, On-site manager and more.