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
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Local Expert Updates
Brooke Jones
Cell: 641.420.2172
Liz Sandy
Cell: 712.330.1386
Charlie Leissler
Cell: 712.229.9809Community Updates
Good News Community Church
If you're looking for a welcoming church to be a part of, Good News is it! As a member of this church, I have first hand experience of their warm inviting nature. This growing church is full of younger families, as well as community members from every stage in life. Their contemporary nature is what really drew my family into this church. They have great music, that you can't help but sing along, and get lost within the message.
Jimmy John's
We slice our all-natural meats and fresh veggies in-house every day. Our fresh-baked bread is made right here where you can see it, and our house-made tuna salad is fresh every day. The flavor of a ripe tomato, crisp shredded lettuce, combined with fresh-baked bread, fresh-sliced meat and real Hellmann's mayo - that's when the magic happens. Made with love every single day since 1983. That's Jimmy Fresh!
Consumers Lumber Company
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.