Brenda Carus

We have found that though most people have heard of a short sale, there is confusion over exactly what it is.

If a homeowner is in a position of needing to sell a house, but the current value of the home is less than the mortgage, that owner is in the position of needing to sell short. Sometimes sellers will bring money to the closing table from savings to cover the shortage. Sometimes sellers will be able take out a personal loan to cover the shortage. Other times, the seller will ask the bank to write off the extra amount, take a loss.

It is this third instance that the media keeps talking about. There is no such thing as a typical short sale, but all short sales have one thing in common: they take extra time. There are things that sellers can do, however, to shorten the amount of time it takes.

Before a bank will agree to a short sale, they need to gather certain data from the homeowner. They need documentation of the hardship the seller is experiencing, the reason why the seller is in trouble. The bank will need a complete financial statement from the seller to document that there are no liquid assets that could cover the loss and that the seller is unable to continue paying the mortgage as it stands. The bank will have to order an appraisal of the property to determine current value.

If a seller is proactive and starts talking with the bank as soon as listing a home at a short sale price, the process will be a bit quicker and easier. Buyers are not always willing to wait in limbo for three months or more for the short sale process to be completed. Also, there are no guarantees that short sales will go through at the price that a buyer accepts. A bank might determine that the house is worth more and reopen negotiations.

When hiring your realtor, ask how familiar with short sales he or she is. It is a more complex process requiring more work of your realtor, and an realtor with short sale experience can help the process go more smoothly. Start the process with your bank as soon as possible. Contact the bank, explain the situation and request that they send you the packet of documents you will need to fill out. When you get the packet, tackle it immediately; it really will be a weight off your shoulders.

Sellers, if you are facing a situation that might require you to sell short, it is better to be open and up front with your bank and your realtor. Some people find financial matters hard to deal with, especially when they are experiencing hardships. Procrastinating and ignoring these issues, though, will not make them go away. Instead, it can cause delays in the short sale process that prevent a short sale from being able to happen in a timely fashion and result in the home going into foreclosure instead.

Frequent readers know that we are strong supporter of locally owned, independent businesses.  We are joining their ranks.

Towne Square Realty has always been locally owned, but we've been part of the Re/Max family for a while now.   Our company decided to return to our roots and go independent again as of this month.

This move gives our company more flexibility to serve our clients to the best of our abilities.  We still advertise our properties in all of the same venues and all of the same website (including the Re/Max site and all of the other major franchise sites thanks to the wonders of internet data exchange).

Go local, go independent!

60 days and counting for the First Time Home Buyer's $8000 tax credit...

This video is from last spring, but it does a nice job covering information on the tax credit itself. Time is running out, so if you want to take advantage of this tax credit, contact us today!

Here is our weekly look at events going on in the area in the next few days.

~ Frehner Gallery in the Monroe Arts Center has a new exhibit opening on Thursday evening. "Out of the Woods - Remembering Nate Roth" is a tribute to long-time area resident and woodworker, Nate Roth.

~ The Green County Humane Society has their fall garage sale/bake sale fundraiser going on. Located at Monroe Auto Sales, the sale takes place on Thursday, Friday and Saturday.

~ Bring your tastebuds to the Downtown Square in Monroe on Saturday for the annual Chilifest! This tasty tradition kicks of at 11 am, and will feature food and beverage vendors, artisans, bands and more. Have you seen how great the newly completely renovations to the north side looks? Come check it out!

~ The Orangeville Education Foundation has a 5K run/walk on Saturday morning. The race starts at the Jane Addams Trailhead shelter house, and runs along the trail, a flat crushed limestone surface accessible to all. $20 for race day registrations. Registration starts 7 am, and the race begins at 8 am.

~ Big Brothers and Big Sisters Tour de Cheese bike ride is also on Saturday. These 15, 30 or 60 mile rides begin at Spring Square and end at Minhas Brewery parking lot in Monroe. Same day registration is available for $40, and minors under 17 are free with a paid parent or guardian. Helmets are required. Registration is from 7 until 9 am on Saturday.

~ Saturday is also the day for Albany's annual Fall Festival. Come celebrate the changing of the season with your friends and neighbors!

~ Don't forget about the Monroe Firefighter's Pancake Breakfast on Sunday morning. Fill up on pancakes from 7 am until noon at the firehouse, and stay for rides and games. Adults are $6, children from 4-12 are $4 and kids 3 and under are free.

~ Come out to the Green County Entrepreneurs and Inventors Club meeting on Monday at the New Glarus room of the Monroe Hospital. This month will feature information and discussion on internet strategies for business.

~ Woo00OOOO00oooo! Get ready for the Haunted Bike Ride. Earth Rider Cycling is leading this evening ride on the Badger State Trail to the Haunted Mill in Orangeville on Saturday, October 10. Registration is not required for this ride. Gather at Twining Park, and the riders will leave at 5 pm. Contact Sharon at Earth Rider if you have any questions.

Future Forward! is working through a series of surveys on life in the Green County area this year. Future Forward! is a local non-profit that is looking to retain and attract younger professionals in our area to keep Green County vital and competitive in the coming years. In order to improve the life here for current residents and make our area more attractive for new residents, Future Forward! is assessing our assets and areas for improvement in seven key areas. They are doing a series of seven surveys over the year, one in each area. Two surveys are already complete, and a third is going on right now. Each survey ends with a drawing for a prize, and at the end, all survey participants will be entered into a drawing for an iPod Touch. The current survey is about learning opportunities in the area. It is a quick survey, so please take a moment to fill it out.