Is A Short Sale For Me?

A short sale is a real estate transaction in which the bank or lender agrees to let the homeowners sell their home for less than their loan balance. In some cases, the sellers don't need to pay back the difference between what they owe and the proceeds of the sale.
 Recent changes in the industry have streamlined the short sale process, making this sort of transaction a popular alternative for both buyers and sellers. Additionally, banks are much more interested in facilitating short sales and avoiding foreclosures that result in placing the properties back on their books.
Who benefits from a short sale?

In many cases, short sales present a proverbial "win-win" situation. Here's how:
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

Local Expert Updates

Janie Gilmore

Cell: 712.339.0574

Charlie Lewis

Cell: 712.229.9809

Greg Harvey

Cell: 712.330.1573

Matt Rogers

Cell: 712.330.0604

Community Updates

The Sports Page Bar & Grill

The Sports Page Bar & Grill in Spencer

Sports Page is a fan favorite restaurant in Spencer, Iowa. With their never ending menu, with classic American food, its sure to please everyone that visits! With TV's everywhere you look, you won't miss any of the action, whether it be football, baseball, basketball, or any of the other major sports, Sports Page has you covered! This family friendly restaurant offers a comfortable atmosphere for all to enjoy.

Real Estate and MLS Homes For Sale in Spencer

Consumers Lumber Company

Consumers Lumber Company in Spencer

Consumers Lumber Company is the only locally owned and operated building center in the area. They have been proudly serving the best builders and homeowners with the best materials and services since 1906.
They have locations in Spirit Lake and Spencer Iowa with a complete line of building materials and builder’s hardware. They also have full showrooms of millwork, stone, decking and cabinetry.
Dollars spent with Consumers Lumber stay in Dickinson and Clay counties. They support all the area schools and youth organizations along with several other community charities. Consumers Lumber Company is also very proud of the fact that their 15 employees have over 200 years of combined service to our company and that they all live, shop and play here.
They offer timely and accurate project bids and drawings to better serve the areas builders and homeowners. They also provide free and fast delivery to the four county area.

Real Estate and MLS Homes For Sale in Spencer

Dickinson County Courthouse

Dickinson County Courthouse in Spirit Lake

Located at the corner of Hill Ave and 18th St(Hwy 9/71), the County Courthouse offices the following: Auditor, Assessor, Board of Supervisors, Conservation, Community Services, County Attorney, Emergency Mgt, E-911 Administrator, County Engineer, IT/GIS, Recorder, Sheriff Dept, Trails, Treasurer, Veterain’s Affairs, Weed Commissioner, Zoning and Environment Health.

The current courthouse was built in 2005-2007 on the same site as the old courthouse was located. In fact, some of the bricks used on the exterior of the new courthouse came from the old courthouse.

Real Estate and MLS Homes For Sale in Spirit Lake

Subscribe To Our Newsletter

Offers Excellent Combination Of Location & Quality