Short sales often look like other listings in the MLS, except they may have a lower asking price than comparable properties. The term "short sale" is a bit of a misnomer, though, as this type of transaction can take much longer to complete than a standard home sale. The buying process is similar to a standard purchase. You still apply for financing the same way, and order inspections the same way, for instance. But complications in the selling process aren't uncommon, and you'll need patience. The good news, though, is that times have changed. Many banks have streamlined their processes for short sales, making it much simpler and less time-consuming for buyers and sellers. Market data shows that the time it takes to close a short sale has steadily decreased over the past few years.
Possible short sale hurdles I can help you navigate:
Second mortgages: These can pose problems because a second lender may not agree to the terms set between the primary lender and the seller.
Mortgage insurance: If the seller has mortgage insurance on their loan, the mortgage insurance company will need to approve the short sale.
Other liens on the property: A lien is a claim by an outside person or company on a property for money owed. Liens pose hurdles whether the transaction is a short sale or not, and will have to be addressed before the property can be transferred to a new owner.
Government-backed loans: If the home seller's loan was a government-backed loan, such as an FHA loan, this can cause delays and hurdles because the government will need to be involved in approvals.
HOAs: HOAs can present complications because the lender might not pay fees associated with the HOA transfer from the seller to the new owner.
The Short Sale Buyer's Checklist
· Get pre-qualified for a mortgage. · Get a home inspection, but understand that most lenders will sell only "as is." The inspection can help you decide whether the short sale price is reasonable, given the cost of repairs needed. · Understand who is paying the agent's commission and whether you have to make up any differences to your agent. · Submit documentation to the lender. · Have plenty of patience but balance it with persistence. Keep in mind that banks have grown much better at processing short sales, which is good news for you.
Welcome to Okoboji High School. At OHS we are Pioneering Pathways for Every Student by building on the outstanding foundation and diverse learning opportunities available to students at Okoboji Elementary and Middle Schools through high expectations, caring and supportive teachers, world class learning opportunities, and a wide variety of extracurricular opportunities.
High Expectations - We speak of, model, and expect Pioneer Pride from every member of our learning community. Pioneers hold themselves to high standards in all aspects of life. Whether it is in academics, extracurriculars, or just in the way we treat one another, Pioneers lead the way.
Caring and Supportive Staff - Our staff believes that every member of this learning community is important and deserving of respect and care. Our staff comes to school each day looking for ways to positively impact the lives of our students and families and truly care about our students both inside and outside the building and beyond. Students who have graduated often come back to thank teachers and staff members who made a positive difference in their lives.
World Class Learning Opportunities - OHS is committed to preparing students for a productive life in a changing world. This means a focus on constant improvement, integration of technology to support learning, and ever changing opportunities. Some of these include new courses in computer coding, engineering, and more. In order to be successful, students need knowledge and the skills to apply it. OHS is focused on Universal Constructs such as creativity, complex communication, adaptability, productivity, collaboration, and other skills that will enable students to apply their knowledge to new and changing situations throughout their adult lives.
Wide Variety of Extracurricular Opportunities - Our students are encouraged to get involved in a wide variety of sports, fine arts such as speech, debate, and music, and school clubs and organizations. More than 85% of our students are involved in our extracurricular programs. Whatever a student’s passion, they can plug into a team or organization here at OHS. Our size also allows students to explore multiple passions in many different areas with
We are very proud of the past, present, and future of Okoboji High School, and even more proud of the students, families, and community we serve. We would love to help you arrange a visit to learn more. We believe you too will see why we are proud to be Pioneers!
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An exceptional thrift store located in Milford that supports the programs and services of the Cherish Center. Great selection of furniture, decor, kitchen items, children's clothes, toys and more! Located on 22nd Street in Milford. Just 2 blocks South of Perkins.
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