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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Local Expert Updates
Aaron Jones
Cell: 454.545.6565
Matt Lippon
Cell: 712.330.0604
Janie Eick
Cell: 712.339.0574Community Updates
EAST Algona
Real Estate and MLS Homes For Sale in Lakes Agent Insight Description of East Lake Rush Lake in the Lake Section of the Area Category.
Buchanan Park
Buchanan Park
Located a block East from Hwy 71 on 13th Street in Milford and a half block South on P Ave, this is a surprisingly nice and quiet little park that my kids enjoy frequenting. We like to take the dog and throw frisbees. In addition, the park offers a basketball court, swingset and other playground equipment, and some picnic tables.
DUCK AND GOOSE HUNTING
For the outdoorsmen who like to hunt ducks and geese, you have come to the right place. NW Iowa has a wide array of wetlands and great habitat and conditions to attract a large number of migratory birds. You can find a wide array of duck species in this area as well as a big population of Canadian geese. Duck hunting seasons start in September and ends in early December; Goose season starts in September and runs til the first week of January. See Iowa DNR for exact season dates and limits.
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