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.
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.
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 rates. 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 theses 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.
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.
I hear this one all the time from prospects looking to list their house. "Well, agent xyz told us that if we listed with her, she'd have it sold in a week." This would fall into the category of "If it sounds too good to be true, the probably is." The majority of agents are not going to make this claim, but rather will give you an honest market analysis, inform you as to how weak or strong the market is, especially the market in which your home resides, and present the objective facts. A good agent will then lay out an effective marketing plan, where the majority of the focus should be on "online marketing". Be careful to not get caught up in empty promises, reduced commissions, and being talked in to lowering your price below market value (unless you must have a quick sale). The key to choosing a good listing agent is to objectively determine who is going to provide you the best opportunity to sell your home. Will your listing agent also aggressively work to find buyers, or will they just list your home and wait for another agent to do the work.
Having lived in Okoboji all my life, there are a wealth of memories of Arnolds Park. I, like many of the locals, miss the nostalgia of the old Roof Garden, the fun house, the water slide and much, much more. With time comes change, and the amusement park continues to reinvent itself. Currently with over 20 rides to choose from, the family is sure to have a good time. The main attraction, The Legend Roller Coaster, is the 7th oldest coaster in the United States and apparently the 13th oldest in the world. Reaching speeds of up to 50 mph, the roller coaster has undergone substantial renovations in the last year. In front of the amusement park on West Lake is the Queen II excursion boat, and Pirate Jacks Bar. The sunsets here are unparalleled. If you have a chance to visit, make sure to check out the tipsy house, the three sons, and all of the shops. Just to the east is the green space, which provides great entertainment and in 2013 OAR came to play, which is a pretty big name for Okoboji.
Terrace Park is located in Brown's Bay on West Lake, Okoboji. It is one of the largest public beaches on West Lake and has entertained beach goers for many years. Next to Terrace Park is Boys Town out of Omaha, Nebraska. I remember as a kid spending entire days at terrace park, either riding bicycle or taking a moped (yes a moped) down to meet with friends and playing king on the dock. In 2010, the morning after "the storm", Terrace Park was carnage. Boat were stacked on top of each other. Trees were uprooted, and hoists were tossed around. Boats and other water craft were found in Terrace Park that belonged to owners on the North end of West Lake.
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