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.
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New Testament Baptist Church
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2105 Gary Ave
Spirit Lake, IA 51360
Services
Sunday at 11 a.m and 6 p.m.
Wednesday at 7 p.m.
Kiwanis Park
Kiwanis Park
1100 23rd St
Spirit Lake, IA 51360
Close to the schools, Fareway Grocery and the bike trails, Kiwanis park offers a Shelter house, access to the bike trail system, good playground equipment, especially for younger kids, grills, park benches, picnic tables and has handicap-accessible restroomsKiwanis Park
1100 23rd St
Spirit Lake, IA 51360
Close to the schools, Fareway Grocery and the bike trails, Kiwanis park offers a Shelter house, access to the bike trail system, good playground equipment, especially for younger kids, grills, park benches, picnic tables and has handicap-accessible restrooms
Spirit Lake Fellowship Church of the Open Bible
Spirit Life Fellowship Church of the Open Bible
2504 Enterprise Ave
Spirit Lake, IA 51360
Services
Sunday at 10:30 a.m.