What makes a short sale?

You've probably heard the term in the news or around the office, but do you know what it is? A short sale is when the lender agrees to accept less than what is owed against the property. Why would they do this? The mortgage company is trying to avoid a foreclosure- which is costly and time-consuming. Usually, the homeowner will need to plea a hardship. Many situations could constitute a hardship, the market area has changed and the house cannot be sold for what it once appraised for, the sellers have lost their jobs and have fallen behind on payments. If the mortgage holder approves the sellers hardship, they may approve a sale that nets them less than the mortgage balance.

The difficult part for the buyer is; The time frame may not be "short" And, each bank has a different process, so its difficult to predict what the process will be. The neighborhood is also effected because these lower prices can lower the value of the neighborhood. The appraisers must use these lower sale prices when they do an appraisal.

On the up side, it keeps houses occupied - good for the neighborhood. Someone's getting a good deal on a great house.

If you have questions whether a short sale is right for you - as a buyer or seller- give us a phone call. We'll direct you to the right resource people if its out of our expertise. If you are a seller in this situation, it's probably better to explore your possabilities sooner rather than later.

Bill Eisenlauer 770-2455 Bob Eisenlauer 979-2883

The Year of the Icicle

Have you ever seen so many glorious icicles? It just makes me want to break one off to lick (like you did as a kid when you believed they were pure) and just knock the rest of them down. Why so many icicles? They are caused from heat escaping thru the roof and/or insufficient venting out of the attic. If you have had an unusual amount of icicles this year, you might want to have a contrator check your attic insulation and your roof vents this spring. What to do with them? According to the experts quoted in this Mason City news article, if there are no leaks, leave them alone. As tempting as it can be to knock them all off, this could put you in danger as well your gutters. And if you think icicles can't be dangerous... read this article from West Virginia. Man killed by falling icicle. And he was wearing a hard hat! So Beware. Enjoy the icicles while they're sparkling and let them melt away.

For all your real estate needs or for the name of a reliable contractor give us a call. Bill Eisenlauer at 770-2455 or Bob Eisenlauer 979-2883.