Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Kansas Foreclosure Laws - How to Stop a Kansas Foreclosure - What is a Short Sale?
Kansas is a judicial foreclosure mortgage state with no non-judicial foreclosures available. All foreclosures in Kansas are processed through the courts. The foreclosure sale for Kansas properties held at the courthouse steps around 130 days into the proceedings. A Kansas homeowner has typically 90 days from the sale date to redeem the sale at the sheriffs office.
The best way to prevent a Kansas from foreclosure is to short sale it prior to the sale date.
A short sale is when the mortgage lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. A short sale is important because in Kansas a deficiency judgment is allowed. When the bank accepts a short sale, they are agreeing to release the foreclosure and possible future judgements. If a mortgage lender forecloses on a property, they can attach a deficiency judgment. The Kansas City Real Estate Network can assist Kansas homeowners with a short sale.
If you have questions about a foreclosure, we recommend consulting an attorney.
How to stop a real estate foreclosure in Kansas ---> Stop Foreclosure Now!
Some common questions:
Q) When does the sheriff come to the door and evict the Kansas homeowner?
A) The sheriff will be sent to the home after foreclosure date and the redemption period are completed. This period is typically 90 days to 1 year after the sale date.
Q) Can a Kansas homeowner sell a home after foreclosure?
A) A Kansas homeowner can sell the property during the redemption period. Any amount over the redemptive quote can be kept by the homeowner.
Q) I have heard horror stories about delays in processing short sales in Kansas. Are they true?
A) Some of the horror stories are true. We have done so many short sales that we made a science of completing them. Most delays due to not completing the required paperwork in a timely matter. One lender told us that it takes the typical homeowner 60 days to complete and send in the proper paperwork. That is to long when the typical buyer wants to close within 45 days.
We do short sale in the following Kansas cities:
Overland Park, Olathe, Shawnee, Lenexa, Leawood, Prairie Village, Gardner, Merriam. Mission, Roeland Park, De Soto, Spring Hill, Fairway, Mission Hills, Edgerton, Westwood, Lake Quivira, Westwood Hills, Mission Woods, Louisburg, Paola, Hillsdale, Bonner Springs, Leavenworth, Lansing, Tonganoxie, Basehor, Piper, Linwood, and Kansas City.
RE/MAX sells more homes than any other real estate company.For a reason...should we talk?Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!
What is a Kansas Homestead Exemption? Can Kansas homeowners use it to keep their properties from being foreclosed on?
A homestead exemption is a very powerful tool for homeowners to protect themselves. Homestead Exemptions vary widely from state to state.
1) House can’t be force sold.
2) Protects owner if one of the owners pass away.
3) Protects the owners and the home from property tax increases and collections. In some states, a home claimed under a homestead can never be force sold.
The State of Kansas provides an unlimited dollar amount homestead exemption.
Although the State of Kansas provides an unlimited dollar amount on its homestead exemption, it does limit the exemption to a certain area of land, which is much larger in rural areas.
The federal bankruptcy homestead exemption is $17,425. Where a state’s homestead exemption is lower than $17,425, a debtor contemplating a bankruptcy filing should consider using the federal exemptions, all other things being equal.
Generally, consensual liens, such as mortgages, cannot be eliminated inside or outside of bankruptcy in Kansas, even when they are attached to property subject to an exemption. Therefore, the Kansas homestead exemption can actually be worth nothing to the debtor if the home is very heavily mortgaged. In order to keep the property in Kansas, a Kansas homeowner will need to have a property that is not heavily mortgaged.RE/MAX sells more homes than any other real estate company. For a reason...should we talk?
Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty
Comments are appreciated! Go ahead and add your 2 cents . . .We have 3 easy steps to find you the perfect home . Click here to get started, today!
Kansas is in the middle of the pack when it comes to distressed real estate sales
According to recent NAR stats, 23% of the real estate sales in Kansas are distressed real estate sales. Missouri ranks in the top 10 with 38% of the real estate sales being a distressed sale.
RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?
Let us know what you think or add to our blog by writing a comment. Do you have a real estate question for the Real Estate Wizards? Email us at RealEstateWizard@DowellTaggart.com
Blog post written by the Dowell Taggart Team
of RE/MAX Best Associates
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