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.
Bringing back the old Okoboji general store from 1884, the Okoboji Store has made a huge name for itself since it opened in 2015. The Okoboji Store is nearly always busy, thanks to their amazing food and drinks. They serve breakfast, lunch, and dinner, during the summer and fall. The restaurant also hosts some of the areas best live musicians, which is always a great time. But, the best part of the Okoboji Store is of course, the view of the lake. Its beautiful location is sure to keep anyone coming back for more.
I grew up watching Cheers, if you want that same vibe at the lake, hit The Ritz just south of the bridge. Let alone, Taylor and her staff are the salt of the earth kind of people, the food is amazing! You can tell that a lot of thought has gone into the presentation and you can taste the love in the recipes. Did I mention, they know how to mix a good cocktail as well…..Okoboji style for those who know what I mean! Cold beers, huge glasses of wine, fun kids desserts and the famous Ritz fish bowl. You gotta try it!
The Waterfront has been a really great addition to the Iowa Great Lakes. Located on the Bridges Bay campus, it is easy to find by car or boat. Streak, seafood, pasta, crepes, pizza and numerous delicious sides on the shores of East Lake will have you always coming back for more. Also try their Sunday brunch, it will not disappoint.
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