What Should I Expect When I Sell?
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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Brooke Jones
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Janie Eick
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Trappers Bay State Park Silver Lake
Trappers Bay is nestled along the north shore of Silver Lake. It is a nice quiet little spot to take the family for a weekend picnic or a day of fishing. Silver Lake is one of the few area lakes that has a walleye season year around. Before the big Walleye opener on the Iowa Great Lakes, you will find Trappers Bay lined with fishing the entire length, trying to land a big walleye. Trappers has many fishing spots to choose from, however, on either side of the bridge usually produces the best fishing. Make sure to get there early, or you will likely not get an ideal spot in the early spring. Try casting a twister tail, ripple shad, or use a floating jig tipped with a minnow or leach. Good Luck!
Pub 19 Bar & Grill
Established in 2005, renovated in 2016, Pub19 Bar & Grill is your premier destination for great food and drink, and a superb dining experience. With an expansive menu and beautiful facilities, we’re certain you’ll enjoy your meal and your time spent with us. Indoor and outdoor seating is available!
Shade of the Tree Counseling Services
Substance Abuse Services Based on the 12 Step Model.
Employing the Recovery-Oriented Systems of Care.
Person-Centered Therapy
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