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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Q: I’m very interested in buying a bank foreclosure home in Olathe, Kansas. I have looked at the home without an agent and wanted to make an offer on the home yesterday. The listing real estate agent advised me to wait because there were two other buyers who had an offer with the out of state bank and that the bank had to make a decision if one of those offers would be accepted before I could give an offer. Is this true? I would think the bank would want all the offers it could get before making their decision. I feel the listing agent, has someone in mind to buy this home and it’s not me.
The Realtor doesn’t seem to want to talk to me about this property. I’m cut short on the phone when I call, and she doesn’t call me when she says she will call so I call her. I’m not sure what to do. Should I go to another Realtor who doesn’t have this property listed? I have never purchased a home before and I don’t understand all the things about buying a home. I was hoping the agent would help me understand but the agent doesn’t offer any help. I’m confused and don’t know what to do. I would like to make an offer but how do I do that if this office won’t take one? Please help me understand….
Samantha from Overland Park, KS.
Answer: I would not stop by Go and go immediately get and get a new real estate agent who specializes in Olathe, Kansas. One that knows the ins and outs of buying foreclosure properties and working with first time home buyers would be a plus. Banks take so long to negotiate because they are evaluating and you're right, banks want to see ALL OFFERS. If you wait to write your offer, it may be too late. Unfortunately, some agents feel they are “wasting time” by writing an offer when there are already 2 strong offers in place. Some maybe lazy, others don't understand the process. Don’t waste your time chasing an agent who will not answer your questions and gives you the impression they don't want to work with you. A quality real estate agent will WANT you as a client for the current purchase and will know that if the current offer doesn’t get accepted, they can write your next offer too. Find a new real estate agent that will first sit down with you and explain the process and will write your offer for you today. You need to understand that you will need a pre-approval from a mortgage lender and an earnest deposit to make an offer. If you need help finding a real estate agent who can handle your needs and write and offer and present it today, feel free to contact me. I know of a couple great agents I can refer you, today!
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! 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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Can you make multiple offers on many Olathe, KS. short sale and distressed homes?
Question: We have made an offer on an Olathe, KS. home that is a short sale. As of today, the seller has approved the offer but the seller's lender has not. We are aware of how long short sales might take so we have been keeping an eye on other homes in our price range. Another home in Olathe just came up for sale and my husband and I are very interested in making an offer. Would we need to withdraw our current offer on the other house first? My husband is thinking that it is ok to make multiple offers on different homes and wait for one of them to get accepted. Any advice? Janet P. from Lenexa, KansasAnswer: Yes you need to cancel the first offer before you make another offer unless you intend to buy both homes.
It is important to remember that your first offer is a binding contract and the seller is expecting you to perform and make good on your intention to purchase. If you back out, it’s also important to remember that it affects many people (including those who have already spent many hours working on the transaction such as title officers, lender, bank personnel, real estate agents, etc.) as well as the seller who could face a foreclosure if there is not enough time left to resell the property after cancelling the offer.
Unfortunately in this real estate market we see a lot of this going on and some buyers treat buying distressed homes like a game. They are always looking for the next best thing and not being willing to stick by their decision until completion. It’s hard to know they do not value the time or hard work of those trying to help make dreams come true. I have heard of some buyers putting multiple offers on many short sales and playing the waiting game. First bank that approves they will accept and they will cancel all of the other offers.
In addition, I had a short sale with Wells Fargo that was sent to the legal department for 2 months because the negotiator found out that the buyer had multiple offers on homes. I was told after the file closed that the mortgage lender was preparing to present a case to a district attorney regarding what the buyer was doing.
I appreciate that you’ve taken time to think about it and ask the opinion of others because it shows your conscientious of your decisions and how they affect others.
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!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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Q: When an offer is made on a short sale on an Overland Park or Olathe home and the seller has approved the offer, in order to expedite the process, can the buyer call the seller’s bank negotiator and talk to them directly to see what it would take to get the bank to accept their offer? My offer was 90% of the seller’s asking price.–Beverly from Kansas City
A. The quick answer is YES the buyer can call the seller's mortgage lender. The long answer is No they should not contact the seller's mortgage lender and here is why:1) The listing agents job is to market the home and get the best and highest offer on the seller's home. If the buyer is calling the mortgage lender, they are sending a message that they are anxious. This will almost always guarantee a counter offer. 2) The mortgage lender will be forbidden to discuss personal information about the seller and their finances to the home buyer. So the home buyer will not get the full scoop.3) The loss mitigation or prevention representative from the mortgage lender is over worked. The last thing they want is another contact on the file. They prefer only 1 contact. Once an authorized person contacts the representative on a short sale file, the representative will most likely be required to have the legal department review the file for up to 21 days. This is will most likely delay the file.4) Many short sales are negotiated on Equator, a software that many banks prefer to use to negotiate short sales recently. In many cases the listing agent communicates with a middle person and never communicates with the mortgage lender anymore.
Hope this helps. I would not recommend contacting the mortgage lender. I would recommend asking for more or better communication from the listing agent.
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!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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Q: What should I do if the Olathe, KS. home I'm renting is in the first stages of foreclosure? I got home from work last week and saw that I was served by the Johnson County Courts. It appears that my landlord is not paying the mortgage on the home I'm renting and the lender has started the foreclosure process. Should I still pay the rent to the landlord or should I start paying the court or lender? I have thought about putting the rent in an escrow account until the situation gets cleared up. How long do I have to get out of the home I'm renting?–Jack S. from Olathe, KansasA: Technically, and legally, the landlord is still the owner of your Olathe home you are renting. Until the title transfer takes place at the Johnson County Courts, you still owe a debt on the contract that you signed with the current landlord. Foreclosures can be cancelled, and owners can straighten out their finances. The foreclosure process in Olathe, Kansas can take up to 2 years.
If the mortgage loan is a Fannie Mae loan, there are new laws and resources that give you rights as a renter if and when the home is actually sold/auctioned. Go to: Fannie Mae Tenant Rights for more information.
I would also consult with an attorney to have them review your lease and the documents you have been served with last week.
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!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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Foreclosure Real Estate Stats for Olathe, Kansas - Olathe lower than the number of filings in Johnson County
According to the real estate foreclosure information by Realty Trac for Olathe, Kansas, 1 in every 509 Olathe homes received a foreclosure filing in November 2011.The number of real estate foreclosure filings is lower than the number of filings for Johnson County of 1 in every 783 homes and lower than the state of Kansas filings of 1 in every 1,510 homes receiving a filing.
Here are filings numbers by zip codes in Olathe, Kansas: 66061 zip code: 1 in every 433 homes received a real estate foreclosure filing. 66062 zip code: 1 in every 597 homes received a real estate foreclosure filing.
Looking for a real estate foreclosure in Olathe, Kansas? The Dowell Taggart Team can help you find some great bargains . . .
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!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: What are the Benefits of Buying an Olathe or Overland Park, KS. Real Estate Foreclosure Home in this Market this Winter? Janet L.
Answer: Great question, Janet. Although, this is a great time to buy a home due to the incredibly low interest rates, there are 7 reasons why it is even a better time to buy a foreclosure home in Olathe or Overland Park, Kansas this winter.
1) Under Market - Homes are selling at deflated values. Smart shoppers know that the best time to buy is when the product is in a low. Homes right now are selling at mid 2000's prices. Real estate foreclosures in Olathe and Overland Park are even at lower prices.
2) Sweat Equity - Find a foreclosure home with a small amount of mechanical and structural repairs and you might have found a home with lots of sweat equity. Some real estate investors say the best real estate projects are the ones with lots of sweat equity.
3) FHA 203K Loan Program - While the loan program is still around, foreclosure home buyers can take advantage of the FHA 203K mortgage loan. The mortgage loan allows for repairs to the foreclosure home. The repairs are basically financed into the mortgage loan.
4) Special Financing - Foreclosure home buyers can take advantage of special mortgage loans that have been created for buying foreclosure homes directly through Fannie Mae. A Fannie Mae foreclosure mortgage loan, HomePath, can be obtained by Olathe and Overland Park foreclosure home buyers.
5) Special Incentives - Looking through the Kansas City MLS, Heartland MLS, Olathe and Overland Park foreclosure home buyers can take advantage of a few bonuses that are currently being offered for buying specific foreclosure homes within a time frame.
6) Competition from Other Buyers - As the weather turns colder this winter, there will be fewer foreclosure home buyers. The REO companies and banks will need to sell their foreclosure inventory, so there will be good foreclosure opportunities this winter.
7) Less Foreclosure Inventory - As I have been monitoring the foreclosure data from Realty Trac for the past 2 years monthly, I have noticed that certain areas of Olathe have seen a drop in foreclosure activity. If this trend continues, there will be fewer foreclosure opportunities next year.
In closing, there maybe more than 7 reasons why this winter is a great time to buy a foreclosure home in Olathe or Overland Park, Kansas. That is ok. These are 7 great reasons to buy a foreclosure this winter.
Need help finding a great Olathe or Overland Park, KS. foreclosure home? Contact the Dowell Taggart Team of RE/MAX Premier Realty.
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!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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Tour 6 Kansas City foreclosure homes just listed for sale in Johnson County, Kansas. For more information, click on the View Details link or contact the Kansas City Real Estate Network. To view more Kansas City foreclosure homes for sale, go to: Foreclosure Homes.The Kansas City Real Estate Network can setup private viewings of these homes or any other currently listed home in the Heartland MLS. Homes are delivered via IDX from the Heartland MLS. Not all homes are listed by RE/MAX.
| | Property Listings |
|  | 3402 W 138 Street
Leawood, KS | | | MLS Number: 1750831 | | Listing Price: $750,000 | | | | View Details |
|  | 31345 W 137th Street
Olathe, KS | | | MLS Number: 1750683 | | Listing Price: $254,500 | | | | View Details |
|  | 29101 W 185 Street
Gardner, KS | | | MLS Number: 1750684 | | Listing Price: $178,500 | | | | View Details |
|  | 5523 SHERWOOD Drive
Roeland Park, KS | | | MLS Number: 1750681 | | Listing Price: $133,400 | | | | View Details |
|  | 7604 WINDSOR Drive
Prairie Village, KS | | | MLS Number: 1750654 | | Listing Price: $112,900 | | | | View Details |
|  | 23420 W 53rd Terrace
Shawnee, KS | | | MLS Number: 1750740 | | Listing Price: $96,000 | | | | View Details |
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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!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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Tour 7 Kansas City foreclosure homes just listed for sale in Olathe, Overland Park, Lenexa and Gardner, Kansas. For more information, click on the View Details link or contact the Kansas City Real Estate Network.
To view more Kansas City foreclosure homes for sale, go to: Foreclosure Homes.
The Kansas City Real Estate Network can setup private viewings of these homes or any other currently listed home in the Heartland MLS.
Homes are delivered via IDX from the Heartland MLS. Not all homes are listed by RE/MAX. | |
| | Property Listings |
|  | 14972 W 140th Terrace
Olathe, KS | | | MLS Number: 1749994 | | Listing Price: $243,400 | | | | View Details |
|  | 11224 Eby Street
Overland Park, KS | | | MLS Number: 1749762 | | Listing Price: $234,900 | | | | View Details |
| | 11287 S Summit Street
Olathe, KS | | | MLS Number: 1750101 | | Listing Price: $189,900 | | | | View Details |
| | 11287 S Summit Street
Olathe, KS | | | MLS Number: 1750103 | | Listing Price: $189,900 | | | | View Details |
| | 8915 Rene Street
Lenexa, KS | | | MLS Number: 1750094 | | Listing Price: $144,900 | | | | View Details |
|  | 406 N Sumac Street
Gardner, KS | | | MLS Number: 1749630 | | Listing Price: $125,000 | | | | View Details |
|  | 9412 Hadley Street
Overland Park, KS | | | MLS Number: 1750056 | | Listing Price: $109,900 | | | | View Details |
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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!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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Preventa Foreclosure in Olathe, Kansas - Do You Qualify for a HAFA shortsale in Olathe, Kansas? Inorder for a Olathe homeowner to qualify for a HAFA short sale theymust meet the HAMP eligibility requirements. Without getting totechnical, the requirements are:The home must have been used as a principal residence and not vacant for more than 90 days. If the homeowner moved it must have been for a new job or for a job transfer. The homeowner must have originated the first mortgage on or before January 1, 2009. The homeowner must be in delinquency with the first mortgage or delinquency must be foreseeable. The homeowner must have a current unpaid principal balance that is $729,750 or less. The homeowner's monthly mortgage obligation must exceed 31% of the gross monthly income. The homeowner must have a HAMP qualified servicer.
Ifthe Olathe homeowner meets these requirements, then they shouldcontact a HAFA short sale specialist. If not all requirements aremet, maybe a HAFA short sale specialist can direct you to a KansasCity specialist who cab help you prevent a foreclosure.
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!
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Tour 7 Kansas City foreclosure homes just listed for sale in Johnson County, Kansas. For more information, click on the View Details link or contact the Kansas City Real Estate Network. To view more Kansas City foreclosure homes for sale, go to: Foreclosure Homes.The Kansas City Real Estate Network can setup private viewings of these homes or any other currently listed home in the Heartland MLS. Homes are delivered via IDX from the Heartland MLS. Not all homes are listed by RE/MAX.
| | Property Listings |
|  | 20888 BENSON Street
Bucyrus, KS | | | MLS Number: 1749240 | | Listing Price: $753,000 | | | View Details |
|  | 16337 S LAURELWOOD Street
Olathe, KS | | | MLS Number: 1748825 | | Listing Price: $285,000 | | | View Details |
|  | 8412 Cambridge Street
Leawood, KS | | | MLS Number: 1749095 | | Listing Price: $165,000 | | | View Details |
|  | 6901 Horton Street
Overland Park, KS | | | MLS Number: 1748982 | | Listing Price: $122,900 | | | View Details |
|  | 4706 Antioch Road
Merriam, KS | | | MLS Number: 1749022 | | Listing Price: $90,000 | | | View Details |
|  | 8032 ROBINSON Street
Overland Park, KS | | | MLS Number: 1748746 | | Listing Price: $69,900 | | | View Details |
|  | 7334 Floyd Street
Overland Park, KS | | | MLS Number: 1749069 | | Listing Price: $65,900 | | | View Details |
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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!
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3 Ways to Stop a Foreclosure in Olathe,Kansas
When your mortgage lender has filed aNotice of Default, your options as an Olathe homeowner are limited.Before the lender has filed the Notice of Default, be aggressive infollowing up with the mortgage lender in requesting options like aloan forbearance, loan modification or debt forgiveness.
If it is too late for assistance or themortgage lender has refused helping you, you still have options toprevent a foreclosure from ruining your credit.
You can request to short sale your home. If the mortgage lender accepts the short sale, they will most likely not go after you for a deficient judgment. If you hire a qualified short sale specialist, you should have no out of pocket expenses. In fact, you may get relocation expenses paid by the mortgage lender if you keep up the property. You can also agree to sell your home and pay any shortage. You can offer to give your home as a Deed-in-Lieu of Foreclosure. This may be less stressful, but mortgage lenders are telling me that the Deed-in-Lieu of Mortgage is viewed like a foreclosure on the credit report.
The Kansas City Real Estate Network isKansas City #1 Short Sale Specialist.
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!
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During the past 30 days, 54 homes inOlathe, Kansas received a foreclosure filing. That means 1 in every773 homes received a foreclosure filing.
The Johnson County, Kansas average fornew foreclosure filings the past 30 days is 1 in 783 homes receivinga foreclosure filing and the national average is 1 in 570 homesreceiving a new foreclosure filing.
In Olathe, Kansas, homeowners havetypically 90 days to redeem their home after a foreclosure.
The Kansas City Real Estate Networkworks with Olathe homeowners with preventing foreclosures. As Olathe,KS. Short Sale experts, we're helping Olathe homeowners every day.
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!
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Olathe, Kansas Foreclosure Laws - How to Stop a Olathe, KS. Foreclosure - What is a Short Sale?
Kansas is a judicial foreclosure mortgage state with no non-judicial foreclosures available. All foreclosures in Olathe, KS. are processed through the courts. The foreclosure sale for Olathe properties held at the Johnson County courthouse steps around 130 days into the proceedings. A Olathe homeowner has typically 90 days from the sale date to redeem the sale at the sheriffs office.
The best way to prevent a Olathe, KS. 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 Olathe 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 Olathe, Kansas ---> Stop Foreclosure Now!
Some common questions:
Q) When does the sheriff come to the door and evict the Olathe 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 Olathe homeowner sell a home after foreclosure?
A) A Olathe 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 Olathe. 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.
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!
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How does a mortgage lender qualify an Olathe, KS. Homeowner for a Short Sale?- How to Stop an Olathe, Kansas Foreclosure
There are many misconceptions of what qualifies an Olathe, Kansas homeowner for a short sale. Lets ignore the paperwork and start with simple qualifications for requesting a short sale. The following is an explanation of the three major qualifications that most mortgage lenders look at in order to see if an Olathe, Kansas homeowner is qualified for a short sale.
I) Financial Hardship for Olathe, KS. homeowners
A financial hardship for Olathe, KS, homeowners is a verifiable issue that has caused the Olathe homeowner to miss mortgage payments on their Olathe, KS. home and will continue to miss mortgage payments for the near future. The Olathe, Kansas homeowner is having financial difficulties.
Financial hardships for Olathe, Kansas homeowners can be the results from:
1) Loss of job
2) Loss of income
3) Relocation
4) Illness of borrower or co-borrower
5) Divorce
6) Death of a co-borrower that helped you qualify for the mortgage loan
7) Declining local market property values
8) High medical bills
9) Hefty unplanned expenses
II) Monthly Shortfall for Olathe, KS. homeowners
A monthly shortfall is when an Olathe, KS. homeowner makes less then monthly expenses. Nearly every mortgage lender will want to see first before accepting a short sale that a Olathe homeowner cannot afford to pay their current mortgage. This is typically demonstrated by the Olathe, KS. homeowner completing a financial worksheet or a monthly profit and loss statement.
The equation a mortgage lender uses to figure if an Olathe, KS. homeowner has a shortfall is:
Total Monthly Income – Total Monthly Expense = Monthly Shortfall
You may qualify if you have a monthly shortfall or if a monthly shortfall is imminent
III) Insolvency for Olathe, Kansas homeowners
In order to qualify for a short sale, an Olathe, KS. homeowner must not have the means to pay down their mortgage loan. This means that the mortgage company wants to see that the Olathe, KS. homeowner has more debt than they have in cash. The mortgage lender wants to see that the Olathe homeowner can no longer meet their financial obligations with their lender as debts become due.
The Olathe homeowner does not have to be completely out of cash – this is a common misconception; the mortgage lender typically will want to see that over time the Olathe homeowner will not be able to pay their mortgage obligation. Having cash in the bank for living expenses is common and will not disqualify an Olathe, Kansas homeowner.
An Olathe, Kansas Homeowner is looking to have the mortgage lender grant a short sale to prevent an Olathe real estate foreclosure. The lender will grant a short sale if they believe that a foreclosure is inevitable and by granting a short sale they will save expenses vs. processing a lengthy and expensive foreclosure. To the mortgage lender it is a business decision.
We help stop real estate foreclosures in Olathe, Kansas everyday. Find out why the Dowell Taggart Team of the Kansas City Real Estate Network is the most referred Loss Mitigation Short Sale Specialist in Olathe, Kansas.
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!
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Should you short sale your Olathe, Kansas home or let it go to foreclosure? The Olathe, KS. Short Sale Specialist can help . . .
Kids in school, the final days of summer ahead as your family prepares for Fall....Should be a time to relax on the deck in your Olathe, KS. home. Enjoying a few final weekends as summer activities make way for the new school year in the Olathe School District is a routine fall ritual right?
You’re family has been motoring along with its schedule and all of a sudden a few hiccups come along.
The transmission needs to be replaced on the family car, then your son gets injured in a football accident and now your boss announces the news that he will need to start layoffs soon. The end of summer weekend vacation to Branson gets tossed off of the family plans.
The bills start piling up. The “payment due” notices for your mortgage become a weekly delivery in your mailbox. You just received a “Notice of Default” from your mortgage on your Olathe home. Now what?
Solution 1 is the avoidance technique; you quit answering the telephone whenever the familiar “888” prefix pops up....you start to throw away the notices without opening them.
It works for a short while. But after a while, problems soon mushroom into catastrophes. The sheriff comes knocking at the door of your Olathe, KS. home and is the bearer of bad news. You have been foreclosed on, the bank wants your Olathe house back.
When you checkout other Olathe housing situations you find out that the foreclosure and poor credit is limiting your options to rent an Olathe home, apartment or duplex.There are other choices, other options.Solution 2 is to talk to friends or inexperienced confidant who recommends a high priced solution. Remember, the reason you’re in this situation is a lack of funds, right? Or worse yet. They don’t discuss their high fee until the end. Lets look at other solutions. Ok, a friend recommends an Olathe REALTOR to help you for solution 3. Just happens that their best friend dabbles in real estate “part time”. You think you have hired a professional to help you out of the situation but a few days later you find out that the “part time” Olathe REALTOR” you just hired is actually learning. The last time they used the Short Sale Equator System was during the first update. Or worse yet, they have never used the Equator System. Don’t worry about getting any relocation expenses, They don’t understand the proper channels in requesting the expenses. If there is a problem, they don’t understand the escalation steps in order to get a proper remedy. The horror stories you have heard seem to be ALL true. The stress consumes ALL of your energy. You find yourself taking it out on your kids, spouse and friends.If the 3 previous solutions don’t seem like good options, and we can understand if they don’t, try a forth option.The forth solution is to contact an experienced Loss Mitigation Consultant from the Kansas City Real Estate Network who can help you solve your problems. We have a team of professional Olathe REALTORS and Lawyers who have successful solved the foreclosure problems of many Olathe Homeowners for the past 7 years. We bill the banks for serving you and we have even used HAFA and other programs to get relocation assistance of up to $5000 for you. Not only do we understand the Olathe short sales steps, we’re on short sale advisory boards. The Kansas City Real Estate Network will inform you of your choices. A short sale in Olathe is not your only choice. You can refinance, request a loan modification, request a forbearance or give your deed in lieu of foreclosure. We’ll explain what an Olathe short sale is and how Olathe short sales work. We’ll work with you on getting the proper documentation including an Olathe short sale hardship letter.We’ll explain how we’ll get an Olathe short sale negotiator from your lender.We’ll provide additional information about Olathe short sales.Find out why the Kansas City Real Estate Network is the most referred name in helping homeowners out of foreclosure in Olathe, Kansas..1) Did you know that foreclosures are handled differently in Kansas than in Missouri? That’s OK, most people don’t. We can help you whether you’re in Kansas or Missouri.2) Did you know that with many banks don’t answer request for short sales via phone, fax or email? That is right. We communicate with most banks through a private server that they have granted access to help homeowners prevent foreclosure.3) Did you know that most Olathe homeowners don’t pay us a dime? That is right. We collect our fee from the banks and they don’t tack on the fees to you.4) Of course you know that by choosing the wrong person to help you could possibly cost you thousands and BAD credit....?5) A delay won’t hurt, right? I mean I would like to see what I can do myself, first.Wrong idea. A delay of even 2 weeks can put a limit on options of what we can do for you. Did you know that a bank in certain circumstances can foreclose on a home and have the sheriff at your door steps in 45 days? We can help prevent this if we have enough time.6) Isn’t it worth your while to checkout your options? If you said yes. We agree. Contact us for a “Free Consultation.” We’ll let you know up front whether we can help you. We can help you short sale your Olathe home. (913) 712-9313.
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!
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