Is A Short Sale For Me?
Who benefits from a short sale?
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.
How it works
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 rate. 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 these 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.
- A 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.
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Community Updates
Rabab's at the Lake
Best food in town? We sure think so. Rabab has outdone herself here in the Central Emporium! This upscale, fine dining restaurant will not disappoint. She offers Mediterranean and American dishes. The food is the best part, but Rabab's also has arguably one of the best views, overlooking beautiful West Okoboji lake. Not only is her food extraordinary, she offers an extensive selection of fine wines and cocktails.
Cheap vs high end quality. A buyer's perspective.
Here's the scenario. You are building a house or remodeling your house. Material costs are up. Labor costs are up. You ask yourself, where can I save a buck? Before answering this question, you must be careful, especially if your home is located in an area where other quality homes are built, whether on the lake, off the lake, or in higher valued developments such as golf course developments, etc. Growing up in construction and with a plethora of new construction and remodels under my belt, let me share with you some of the easy things that your future buyers will recognize when they are looking for quality.
1. One of the first things buyers of higher end homes will look for is to determine if the owner used hollow core doors. It's an immediate sign that the seller was looking for ways to save money (where else then did they cut back that I can't see???)
2. The second most obvious is the counter tops. Did the sellers spend for a quality granite, quartz, or other hard surface, or was formica used?
3. The third item that might stick out is the cabinetry. Do the drawers have dovetail construction with hardwoods? Did they use "soft close" drawers? Are there pull outs for the pots and pans?
4. Flooring is an easy one also. Was laminate used, or is it engineered or hardwoods? Does the carpet convey a quality feel and plushness? Is there a nice thick pad underneath the carpet?
5. Though there are many other items to look at, cheap vs quality lighting and plumbing fixtures are probably the next major focus.
There is nothing wrong with with using lower cost materials, especially when trying to keep a project within budget, especially when trying to build more house for less money. Just be aware that most buyers looking to spend in excess of $300k for off lake homes and $500+ for East Lake chain homes, and $1M+ for West and Big Spirit will expect the very best materials and finishes.
Dry Dock
The Dry Dock, connected to Four Season's Resort offers a simplified menu, but consistent delicious food. One of the few restaurants on West Lake Okoboji, the Dry Dock offers up legendary breakfasts, great lunches and dinners, and the local favorite Friday Night Fish Fry. Sit inside or out after arriving by foot, car, or boat.