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 Eick
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Greg Sheeler
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The Three Sons is your go to University of Okoboji shop!! They offer everything you need for the family from name brand items to your local Okoboji gear. The Three Sons has been a family owned and operated business since the summer of 1960. You will feel like family while you are shopping here. If you are on the boat in the summer don't forget you can also shop their inventory on the Arnolds Park Boardwalk! University of Okoboji gear is one of our favorite ways to represent Lake Okoboji on a vacation!
Kenue Park
Kenue Park
2251 170th St
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Located next door to the Dickinson County Nature Center, Kenue Park offers 40 acres of entertainment including picnic areas, hiking trails and a 18 hole disc golf course.
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Best little gem on the lake. Located on West Lake you will be able to sit and enjoy a nice cold beverage, a wonderful staff, and one of the best views in town. They have a wonderful selection of drinks you can choose from. Make sure to try one of their margaritas, it is the best on the lake in my opinion! Whether you want to enjoy the fireworks on the 4th of July, or just any sunset in the summer, Pirate Jack's is the place to be.