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
share
Local Expert Updates
Charlie Leissler
Cell: 712.229.9809
Janie Eick
Cell: 712.339.0574
Aaron Jones
Cell: 712.320.9442Community Updates
The Outrigger
One of the area's best! The Outrigger serves fine food with an elegant, charming atmosphere. The menu has a variety of food options, but the Outrigger is well-known for their steak and seafood. Weekend specials are offered as well as prime rib on Friday and Saturday nights. A great neighborhood bar and restaurant!
Quality Ice Fishing
The ice is in and its time to mark some fish! Drag the sled right down the ramp off of Dam Road in Arnolds Park and you are catching fish in minutes. On Minnewashta, no spot is a bad spot. Surrounded by a number of beautiful lake homes, the scene is perfect for drilling some holes and jigging your way to a fresh meal. Gills, perch, crappie and walleye will keep you busy in your fish shack. If have not fished on Lake Minnewashta, now is the time.
Dining
Minerva's is a fabulous dining experience, from the consistently great food to the diverse menu selections. It's a great place to dine in the lakes area year round. If you haven't been, you really should give it a try. The atmosphere is welcoming and the friendly staff is very attentive. Whether you're celebrating a special occasion or meeting with friends, this is the place!