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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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How long should you list your Olathe, Kansas home for sale with a Olathe, Kansas real estate agent and who should I choose to list my Olathe, Kansas property for sale with this spring?
Did you know that 90% of the real estate activity during the listing period is during the first 30 days?
Yep. So it doesn’t make sense to list for more than 30 days, doesn’t it?
First, a professional Olathe, Kansas real estate agent will have an aggressive 30 Day Listing program for Olathe, Kansas homeowners.
Second, what is more important than how long you list your Olathe, Kansas home for sale is the real estate agent you choose to list with to market and sell your Olathe, Kansas house.
Choose a veteran full time professional Olathe real estate agent who understands that 92% of the Olathe, Kansas home buyers use the internet to search and view Olathe, Kansas homes online sometime during the home buying process.
An aggressive real estate marketing program by an Olathe, Kansas REALTOR should consist of a large networking base on social media, a vibrant web marketing program, and an aggressive new media program.
Although choosing a company brand may seem like a safe bet, the real estate company you choose will do very little to market your Olathe, Kansas property. It is the individual real estate agent you choose who will market and sell your home. In a nut shell, not all agents from Coldwell Banker, Reece and Nichols, Keller Williams, Realty Executives, RE/MAX and Prudential are they same. Olathe, Kansas real estate agents from each real estate brand have individual marketing and sales plans.
Many Olathe, Kansas home buyers find searching Olathe, Kansas real estate on Google and interviewing the top 3 real estate agents they find helpful in choosing an Olathe, Kansas REALTOR.
Research and choose an Olathe, Kansas real estate agent wisely. If you choose an Olathe, Kansas REALTOR who can’t be found on Google or can’t get your Olathe, Kansas listing found on the internet, how will Olathe, Kansas home buyers find your home?
Checkout the Dowell Taggart Team’s 30 Day Listing Program!
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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According to the monthly RE/MAX Insights Report, 28% of the real estate agents surveyed say that high end homes are in good to very good demand.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Home buyer backs out of purchase of Leawood, Kansas home and causes home seller problems - What can be done?
Question: I sold my Leawood home with a contingency to close the buyer's home to a home buyer last month.The home buyer had their home sold, it just needed to close. The buyer had also done inspections on my home and requested repairs. I agreed to fix the repairs and I had hired a repairman to fix the requested repairs. Now here is the problem. The buyer backed out of our contract 12 hours before closing. I was told that their buyer backed out. In reality, I just found out during my sons soccer practice that that was not true. The buyers got cold feet and backed out of both deals. The buyer really put me in a bad situation because we had already paid the movers and closed on our home in Overland Park. Other than keeping the earnest deposit can I sue for damages? John M. from Overland Park, Kansas
Answer: Sorry for your real estate problems, John. In a normal situation, John, I would say get your home back on the market and try to sell it as quick as possible. In your situation, since there maybe some expensive damages, I would consult with a real estate attorney.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I have a million dollar home in Kansas City. I have had 5 REALTORS tell me the past month that it will never sell for what I want out of it because it has metal siding. Should I replace the metal siding with stucco as suggested in order to sell?Darlene and Pat D. from Kansas City
Answer: Great question, Darlene and Pat. For some reason metal and vinyl siding never took off here in Kansas City. I would get estimates of different siding materials and weigh whether it is worth installing an expensive stucco material or another siding material versus lowering the price and keeping the metal siding.
I'm sure, unless you have acreage, replacing the siding will probably be a good option.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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According to the monthly RE/MAX Insights Report, 85% of the RE/MAX real estate agents surveyed predict that the home prices will remain stable or climb in 2012.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I'm seeing homes in my subdivision in Overland Park selling fast. I'm even hearing that sellers are getting multiple offers. I noticed that the next subdivision over, homes are taking forever to sell. An associate at my office has had his home in Olathe for sale for over 120 days and hasn't received an offer. I'm thinking about selling my Overland Park home in the next month or so. What should I expect? Will my home sell fast or will it take months?Jerry L. from Overland Park, Kansas
Answer: Great question, Jerry. I just read an article in the Wall Street Journal about the real estate market heating up. The article mentioned that many home sellers are seeing multiple offers on their homes.
In Johnson County we're seeing multiple offers on homes. I'm putting a home on the market in two weeks. Three homes on the street have sold within 3 days during the past 3 weeks. According to all three real estate agents, there were multiple offers on the homes.
Another subdivision that I will be listing in Shawnee has seen no homes sell within 60 days during the past 180 days. It could be the homes have differed maintenance issues or they are overpriced.
If a home is price correctly and is in very good condition, expect your home to sell within 30 days. If your home is priced too high and has some deferred maintenance issues, expect your home to sit on the real estate market until you either improve the condition or adjust the price.
Home buyers are smart and have lots of data at their disposal via the internet. Do your research and view comparable home sales. Since you have provided your email, I will be happy to supply you sold data for your subdivision.
Hope this helps, Jerry.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I'm about to retire and my wife will be retiring soon after. We have a half million dollar home in Overland Park. We would like to sell our home and travel, but due to the real estate market, we're afraid we will not be able to sell. What would you suggest doing?Alfred S. from Overland Park, Kansas
Answer: You're reaching the fun years. Awesome, Alfred! You didn't mention anything about obtaining the value of your home, so the first step is to determine the value of your home. If, after determining value, you have enough equity to sell and travel, then I would sell. Don't rely on the press or what a neighbor says your home is worth. Hire a professional to help you work out a plan.
Many luxury homeowners are finding that they need to put their plans of selling on hold right now until the real estate market changes. Other homeowners are taking the risk and selling.
Another option is renting your home to a renter until the real estate market changes.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I have a building in my backyard that is next to my home in Olathe and is approximately 20' x 20'. When I bought my home it was being used as a hot-tub building. At the moment it is being used for storage. I want to create a useable space out of this building and was wondering what is going to add the most resale value to my home in Olathe?
I have thought of renovating and making it a sauna, an art studio, an office, or a gym.
The building is unfinished and has access to electricity only. Finishing off the building (insulating and dry walling) are options but I will not be putting in any plumbing due to costs. The building also has windows all sides which are functional and have shades. It has 3 skylights and looks like the house from the exterior. What do you think? Tim K. from Olathe, Kansas
Answer: Sounds pretty cool, Tim. Assuming you can get heating and cooling, finishing off the building is a great idea. Most people use out buildings for storage and it almost seems that most homes do not have enough storage.
Looking for something else? Turning the building back into a hot tub room would be the number one choice. If you don't like those ideas try adding an office or workout room. Garden rooms are starting to come in style also.
Hope this helps, Tim.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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I read an interesting article on Fox Business News about the 9 mistakes that can blow the home sale.
It was interesting the the first 2 were not preparing the home and over-pricing. I definitely agree that these are important. The Fox Business News article is a good article for home owners to read prior to selling their home.
The one point I think the article missed was home owners hiring the right real estate agent to sell their home. Hiring the wrong agent can be costly.
Check out the article --->>> Fox Business News
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I'm currently going through a divorce and have the marital home in Overland Park for sale that I reside in. An offer was received a couple weeks ago that would have resulted in me coming to closing with thousands out of my pocket. My ex-wife wanted to accept this offer and I wanted to counter. Despite several attempts to the REALTOR she never got in contact with me.
On the day of the deadline for the offer the REALTOR submitted a counter-offer that my ex-wife prepared. The REALTOR presented the counter-offer as “ours counter-offer” which was accepted by the buyer. I never agreed to this counter offer nor was I even informed the REALTOR was presenting the counter-offer. I never signed the offer nor the counter-offer. Do I have any recourse against this Realtor? Jack L. from Overland Park, Kansas
Answer: First, your REALTOR may be negotiating a short sale. If she is, she is working on your lender to forgive the difference owed.
Next, in order for the real estate transaction to come to fruition, you would have to sign a "contract and warranty deed” (assuming you are on title to the home) or a ‘disclaimer deed” (assuming you are still married and just not on title) PRIOR to the close of escrow.
Therefore, the deal will never happen without you signing off on it. A signed contract is not “executed” unless signed by all parties of the transaction.
If the REALTOR does not return your call, try contacting the real estate agent’s broker and have a conversation with them. If this does not work, escalate the issue to the Board of REALTORS in Kansas City and file a complaint. I'm sure though the broker will be able to handle the situation.
As always, you can always contact an attorney and have them read over the documents and protect your interest.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I lost my job 3 months ago and I'm now behind on my mortgage on my home in Olathe, Kansas. I knew there was a possibility that I would lose my job so I started working on a loan modification a couple months before I lost my job. I have not heard anything about my loan modification for the past 3 months and then yesterday I received a notice that my lender is starting to foreclose on my home. What are my options?Danny F. from Olathe, Kansas
Answer: Sorry to hear about your problem, Danny. According to AmHerst Securities Group who has monitored thousands of mortgages, 95% of the mortgages that are 60 days delinquent never were brought current nor where successfully modified. If a mortgage is 90 days delinquent, the percentage of mortgages never brought current or successfully modified was 99.2%.
Danny, if your mortgage falls into anyone of these categories and you have been trying to negotiate a loan modification and have been unsuccessful, I would suggest negotiating a "Short Sale".
If you decide that a short sale is the best path, the Dowell Taggart Team would be available to assist you. If you decide to interview real estate agents, keep in mind the two most important questions when hiring a short sale agent.
The two most important questions when interviewing a short sale agent are:1) How many short sales have you successfully completed? (If the answer is 15 or less, you might consider looking further)2) How is the BPO process handled? (If the real estate agent says something like "it just happens" or "the lender orders the BPO", then you may consider looking further)
Why look further? An experienced short sale agent may not have the best path for you to successfully negotiate a short sale on your behalf.
Have any short sale questions, feel free to contact the Dowell Taggart Team. We would be happy to answer your questions.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I really want to sell my home in Overland Park, Kansas but I'm having a problem. My REALTOR keeps giving me feedback from the showing agents that the buyers don't want to buy a home from a smoker. My REALTOR shared with me that buyers are concerned with the smoky smell and they will not be able to remove the smoky smell. The problem is my husband and I don't smell. Any suggestions would be appreciated on dealing with the smoky smell in our home.Amy R. from Overland Park, Kansas
Answer: This is not a first. I have dealt with this kind of feedback over the years, Amy. First, if you're blowing out candles before showings, please stop. The smoke from the candles will imitate cigarette smoking. Next, if anyone in the family visits a residence, restaurant or business that cigarette smokers visit, stop. The smoke will penetrate the clothes and then your home. Thirdly, if you have teenage kids they may invite teenage smokers by the home while your husband and yourself are away. Ask them and monitor. Fourthly, try cleaning the carpets and keeping potpouri in the home, especially during showings. I have even had sellers bake cookies and bread to mask a nonexistent smoky smell. Oh, yeah, if you burn food in the home, home buyers may confuse that with cigarette smoke.
Lastly, write a letter and leave in the home about why you love your home, End with a "Smoke Free Home".
Hope this helps, Amy.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I want to sell my luxury home in Overland Park. The problem is I don't want to eat up my equity hiring a real estate agent. I figure I can save $30,000 selling my Overland Park home FSBO and "As-Is". What are the REAL legal issues selling FSBO so that I could avoid being sued by a home buyer? Also, what is the best way to protect me?Ken from Overland Park, Kansas
Answer: Great question, Ken, and I wish you success in selling your home. Unlike many states where an attorney needs to be involved in order to draw up the sales contract, in Kansas, an attorney is not required. Since you're not using a real estate agent, I would suggest either contacting Nate Crow from First United Title (Nate Crow - 913.383.3913 x. 102) for a copy of a sales contract so you can fill in the blanks or have a real estate attorney complete the contract for you.
In addition, "As-Is" does not mean no disclosure. It means the seller needs to disclose to the best of their ability and the buyer assumes risk because the seller will not make repairs. A home seller can end up in court for not disclosing to the best of their ability the true condition of their home.
In my many years of real estate, the home sellers who end up in court typically intentionally withhold an important manner of the home they are selling. An example would be a homeowner who does not disclose that the basement leaks in the spring during heavy rains even though the basement leaks during heavy rains.
A home buyer in Gardner sued a home seller because she did not disclose the partially finished basement leaked. In fact the home seller partially finished the basement to hide the leaky cracks. The first week the home buyer lived in the home, the basement flooded. An expert found the problem and it was learned during the process that the seller covered the cracks.
My advice is have a professional do the negotiations for you and disclose ALL possible problems with your home on a Disclosure Statement.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: I have been in a contract to sell my luxury home in Olathe for 6 months as a Short Sale. I'm getting sick and tired of dealing with my mortgage lender and want to cancel. Can I legally cancel?Susan V. from Olathe, Kansas
Answer: Susan you will need to review the sales contract you have with your buyer with an attorney to get the best legal advice.
I know dealing with banks maybe difficult, but it is nothing like dealing with a foreclosure for the next 7 years. I would suck it up and get the docs to your lender in a timely manner. Keep copies because I'm sure your lender will lose the docs and you will need to send them the same copies a few times.
It takes time to negotiate a short sale because of the various investors and insurance companies involved. Some lenders and insurance companies involve multiple parties to lessen the risk to their institution.
Best of luck, Susan.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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Question: We’re growing out of our house and need help! After getting married my wife and I bought a small 3 bedroom, 1 bathroom home in Shawnee, Kansas for $165,000 in 2003. Now we have 3 kids and we're outgrowing our home. We just had a REALTOR do a CMA for us on our home and we're surprised that comparable homes were selling for $145,000. Ouch!
We came into the house as a couple and are now a family of five. We still love the house but it needs some work (probably $7000) and would be better with an addition and an extra bathroom.
Are we stuck here? Is there a way to get out of this house and into a bigger home without forking over thousands just to get out of our home? We have been looking in Olathe and feel that we'll need to spend at least $225,000 to get what we want. Are there industry inside tips that could help? I know several people who have moved and rented out their house. Is this an option? Thanks for your time. Kendra S. from Shawnee, Kansas
Answer: Dear Kendra, Renting is strong in Shawnee so if the rental payment is lower than your mortgage payment to your lender, it may indeed make sense to rent your home in Shawnee until the economy recovers. Rents are strong in Shawnee and rental properties are in demand. When the economy recovers, you could sell your home.
The other option is applying for a Loan Modification through your lender. I have had clients modify their home loans and now have a fixed rate loans below 3% for the remainder of their mortgage loan period. Mortgage lenders offer their own modification programs and government HAMP Modifications. I suggest contacting your mortgage company to ask for a modification application and visiting the HUD website for government loan modification information, including free HUD counselors.
You may still be able to move out after a loan modification, which would make it easier to cover the cost of your mortgage using the rental income. You would also benefit by writing off the cost of maintaining the house when it is an income property.
If you successfully modify your home loan AND turn it into an income property that produces positive cash flow, and move into a rental property for your family, then you might want to look into qualifying for a home loan to purchase a new home in Olathe. You may find that you can buy a larger home at a lower price than you paid for your current home. Many of my clients are pleasantly surprised at their new mortgage loan payments with the incredibly low interest rates.
Bottom line, homeowners who are not successful in selling their homes have been successful in either a loan modification or renting the home out. You might also get a second opinion on the value of your home. The first REALTOR may have underestimated the value.
Hope this helps, Kendra.
RE/MAX sells more homes than any other real estate company. For a reason...should we talk? Another blog post written by:The Real Estate Wizards of Kansas City
Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers. Gardner, Olathe, Overland Park, Leawood, Lenexa, Shawnee, Mission, Merriam, Prairie Village, Basehor, Tonganoxie, Lansing, Leavenworth, Spring Hill, Eudora, De Soto, Edgerton, Platte City, Smithville, Gladstone, Liberty, Riverside, Independence, Lee's Summit, Pleasant Hill, Raymore, Belton, Grandview, Raytown, Waldo and the surrounding Kansas City communities.
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