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.
GET IN TOUCH
Share
Local Expert Updates
Beth Toliver
Cell: 712.330.4793
Deb Goetzinger
Cell: 712.330.1232
Taylor Galles
Cell: 712.898.7262
Charlie Leissler
Cell: 712.229.9809Community Updates
Cherish Center:
MilfordA local non-profit with the mission of Transforming Lives, Strengthening Families and Enhancing our Community. Offering Parenting Classes, Professional Counseling, Maternity Home for young women facing unplanned pregnancies and support for moms on infant loss. 712-338-3333
Buyer and seller real estate app, right at your fingertips.
The "Real" Estate BlogBrowse real-time MLS listings in the Iowa Great Lakes Region
Filter for specific areas and amenities
Be notified when there is a new MLS listing match, status change, or price drop
Stay in touch with your agent
Save searches and favorites
Agents, Buyers, Lenders and Appraisers can view your transactions
View, download and sign documents
Every 30 seconds, a RE/MAX agent helps someone find their perfect place. Let us help you find yours.
1. Search "SellBoji" in your app store on your cell phone.
2. Download the app
3. Create a profile to access info or save searches (This is not necessary to browse the listings)
4. Enjoy all the benefits of the real estate app
Spirit Lake Municipal Airport
OkobojiSpirit Lake Municipal Aiport
For those of you not familiar with the area, wondering what the story is behind the runway in Okoboji, here is a little information for you.
At the corner of Lakeshore Drive and Sanborn Ave in Okoboji is the Spirit Lake Muni Airport.
This airport publicly-owned and is not intended for large commercial airlines coming and going, it is for smaller, private plains to come and go. Often the runways are busiest Thursday/Friday afternoon and Sunday during the summer months bringing some of the lake home owners to and from the area to enjoy what the lakes have to offer.
Useful Resource Links
Area Schools
Colleges
Medical Facilities
Office Area
Town/City Information
Subscribe To Our Newsletter
The newsletter is sent periodically and will update you on the latest real estate news and offers.