What to Expect When Selling A Short Sale House
1. A less severe hit to your credit history than what you'd experience with a foreclosure.
2. You continue to live in your house until the sale takes place.
3. In some cases, banks are offering homeowners cash incentives to do a short sale (to help with sales and moving expenses). Because your credit history won't take as long to recover with a short sale as it would with a foreclosure – an average of two years versus seven years – the short sale option is great for sellers who want to own a home again in the near future. Has your bank already contacted you? Some banks have launched programs to prequalify homeowners for short sales. Through their records and housing data, they identify borrowers on their books who are in negative-equity situations. In this case, some are reaching out to borrowers in an attempt to further streamline the short sale process. This makes it much easier for you, the seller, to proceed with a short sale.
Compiling your short sale package
Short sales require different paperwork than a normal home sale. In some instances, as mentioned above, your bank may have already qualified you for a short sale. In other cases, you and your agent will need to submit certain paperwork to your lender. Your lender then decides whether or not to approve your request for a short sale.Just what goes in a short sale package? Each lender is different, but in general, you will need:
Completed financial statement
Letter of authorization to let your agent speak to the bank
Letter that explains your financial hardship
Two years of tax returns
Two years of W-2s
Last two months of bank statements
Recent payroll stubs or other proof of income
Comparative market analysis or list of recent comparable sales Keep in mind that banks' processes vary, and the above list is a general representation of what many will want to see.
New federal guidelines shorten the wait
In the past, the notoriously long waiting game for short sales deterred many buyers from attempting them. But times have changed. Many banks have streamlined the process and removed the barriers that have hamstrung short sales in the past. Some are even prequalifying borrowers to get the ball rolling faster. In addition, federal guidelines have helped shorten the wait for mortgages owned by Fannie Mae and Freddie Mac. These are great changes for buyers and sellers, because it means there are regulations in place to help shorten the process.
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Spencer Golf & Country Club
Spencer Golf & Country Club, established in 1919, is a Semi-Private Golf Club featuring its well manicured 18 hole championship golf course and full service restaurant experience. Outstanding membership rates are available to residents, non-residents, and corporations. If a membership isn't right for your needs, non-residents of Spencer are welcome to play anytime that the course is available, as often as you would like. If you are looking to host a corporate outing, organization fundraiser outing, or group golf outing, look no further than Spencer Golf & Country Club. We can accommodate groups as big as 200 golfers and more with all the professional golf tournament services. The Country Club is also an excellent choice for your next business meeting, banquet, or wedding reception.
Silver Lake Country Club
Silver Lake Country Club is a great 9 hole golf course, situated just west of the town on Lake Park. I grew up playing this course, although it does not have any water or sand hazards, it has plenty of length at 3220 yards. A brutal stretch from hole 5 through 7. Hole 5 is a par 3 170yds, with a sloping green that makes it nearly impossible to stick the tee shot. Holes 6 and 7 par 4's boasting over 425+ yards each make for some tough pars. Overall this course is very fun to play, at some of the best prices around the Lakes Area. I encourage you to get out some day and check it out. They usually have specials if you tee off before noon on Fridays.
The Ritz
Best pizza in town with an amazing view! Dock the boat and stop in the Ritz for a pizza and cold beverages. They offer live bands in the summer and during winter games! The Ritz offers a breakfast buffet and an amazing bloody mary bar on Sundays! Make sure to stop in when you are in town.