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.
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.
Hibachi 88 is a great place to enjoy Chinese food and sushi! They have a large dinner menu and also have a separate lunch menu. If you don't feel like going out or cooking at home call for take out there is something for everyone. If you are a sushi fan make sure to try the Boston roll it is one of my favorites!
For a little History of The Inn dating back to the 1890's CLICK HERE
The Inn at Okoboji offers so much to do and so much history. Located on 500 feet of West Okoboji Lake lakeshore, the views are amazing. The Inn is a hotel/resort, with a dining and a full service facility designed for meetings, gatherings, events and weddings.
Also, The Inn has a 9 hole executive golf course and is partnered with other local golf courses in the Iowa Great Lakes Area. They also have in door and out door pools with a hot tub, docks, and an on-site boat lift
If you are looking for a family friendly place to watch the fireworks on the 4th of July while avoiding the congestion of the Amusement Park area, this is your spot. You don't have to be a guest of the hotel, but the 500 feet of lakeshore provide ample seating for hundreds of people to have a good time. They offer live music and offer hot dogs and hamburgers, so come enjoy the day and stay for the fireworks.
The newsletter is sent periodically and will update you on the latest real estate news
and offers.
Sign In
Sign in to your account to continue.
Create Account for Listing Alerts
Easily save your search criteria to get notified of new listings and price changes.
Password Recovery
If you've forgotten password of your account, Please enter your email
address. We will send new password to your email address.
Disclaimer
SellBoji.com and RE/MAX Lakes Realty provides these covenants/bylaws/horizontal propoerty regime declarations as a convenience, and in no way guarantees the accuracy of these documents, and in no way represents that these documents are up to date and/or legally binding. It is the responsibility of any potential buyer, seller, investor, and/or real estate agent to contact any association contact and/or the Dickinson County recorder's office in order to satisfy themselves as to the very latest available documents.
These documents are the property of SellBoji.com and RE/MAX Lakes Realty. The downloading of these documents for use by any other Real Estate Agency is strictly prohibited.