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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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Question: I signed a contract to purchase a home in Olathe, Kansas and it was accepted by the seller. I was pre- approved for a mortgage by my real estate agents mortgage company. Prior to getting pre-approved I sent them all the docs requested including tax returns, bank statements, pay stubs and so forth. It is 7 days before closing and now the mortgage company is having problems getting an approval. The mortgage lender is requesting additional documentation and a letter of explanation regarding our tax returns. I feel like this should have been done before prior to going out and looking at homes. Since I'm having problems with financing and we will be missing the closing date, I want to cancel the contract. Can I back out and avoid getting sued by the seller.Justin K. from Lenexa, Kansas
Answer: Thanks, Justin. Hope I can help you out. First, your issue is with your lender, not your seller, so don't punish the seller because of an issue with your mortgage lender. Request for additional documents is getting to be a common occurrence by mortgage lenders, even up to within 24 hours of closing. Review your contract. If you back out you lose your earnest deposit and the seller may sue you for damages. Now if you back out due to a contingency not being met, that is a different story.
Most lenders give preapprovals but then require much more information to give the final approval. Failure to cooperate by answering the lender’s questions might make that contingency unavailable to you so I would be very careful. I would supply the mortgage company any and all documentation in a prompt manner. If the mortgage company denies you for a loan, even at the last minute, then you can back out due to a contingency.
Remember, I'm a real estate agent and not an attorney. An attorney can review your specific situation and advise.
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: My husband and I are considering on making a cash offer on a foreclosure property in Olathe, Kansas. We're assuming that we'll need to prove that we have the cash to close. The problem is we don't want to provide a bank statement prior when we make the offer because we have much more in our account than what is required to buy the home. We're afraid that if the bank sees the amount we have in our account it will hurt our negotiating. What should we do?Judy, Arizona
Answer: Although it is a great problem to have, I do understand what you mean. I would suggest making a contingency in the offer that you will provide proof of funds to close within 48 hours of the acceptance. This should satisfy the bank and help you successfully negotiate your cash offer on your Olathe home.
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: My husband and I, neither one, have great credit. We are looking into buying a house this year in Olathe and are not sure if it would be worth it because of our credit scores. What should we look into first? What are some options for buying a house with our poor credit? Janice, Olathe, Kansas
Answer: Hi Janice. Most lenders will require a credit score of at least 620 to qualify to purchase a home in Olathe, Kansas. First, look into building your credit score back up to a reasonable level to insure you can get a lower rate. To help you get back on your feet , I recommend contacting Dennis Moser of Prime Lending. Dennis can reached at:
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: My fiance I are thinking about buying a house in Olathe or Gardner, KS. this spring. Should we talk to the bank or a real estate agent, first? I don’t even know where to begin…–Candice L. from Overland Park, Kansas
Answer: I would contact an Olathe or Gardner, KS. real estate agent first and schedule a meeting so you can discuss what your needs and wants are at the time. They will also help you determine your needs for the near future. After determining your needs and wants, a real estate agent will help you find a mortgage loan officer.
It is always important to get pre-approved BEFORE you start the home shopping process. Buyers and their agents that choose not to do so are like shoppers that head to the grocery store without their wallets. Like who really goes to the grocery store to window shop.
Getting a mortgage, or rather getting a full mortgage loan pre-approval, lets a home buyer and their real estate agent know what he can to afford when looking for a home in Olathe or Gardner, Kansas. It is critically important for a potential buyer to go through the pre-qualification steps and learn exactly what is required to secure a mortgage. Buyers have many options to choose from when looking for a mortgage. There are banks, mortgage brokers, finance companies, credit unions and private lenders. Often experienced real estate agents have relationships with top notch mortgage officers. Talk to your Olathe or Gardner Realtor and look for a lender that has high standards, a good reputation and a verifiable track record. Don’t be afraid to shop around for the best deal either as mortgage costs can vary greatly.
When looking for a mortgage loan have a good idea how much you can afford to pay each month. Look into the past, present and future to determine this. It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you are considering purchasing.
When applying for a loan an individual (or married couple) must provide documentation of income, expenses, and assets. Have your financial statements and tax returns ready and the process will be much easier. Having a lender ready to go before finding a property will make the entire process smoother. Financing is harder to get these days and being prepared is always a wise first step in the home buying process.
A home buyer might consider a USDA mortgage loan in Gardner and a FHA mortgage loan in Olathe, Kansas.
For your Olathe and Gardner financing needs, I recommend Dennis Moser from Prime Lending.
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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Quick Question: I'm about to make an offer on a home in Olathe, Kansas. My real estate agent suggested that I put down a $2,000 earnest deposit. Why would I pay $2,000 more down on the Olathe home I want to make an offer on and the offer is not accepted? That would be a waste of money.
Cindy O. from Kansas City
Answer: First, the earnest deposit is held in an escrow account until closing. Typically in Olathe, KS. the deposit is held in an escrow account at the title company or at the broker's escrow account. Escrow accounts are highly monitored.
The earnest deposit offsets the money a home buyer will need for closing. It is NOT additional money needed. For an example if the closing cost, pre-paids and down payment comes to $10,000 and the earnest deposit is $2,000, then only $8,000 will be needed at closing.
If the offer does not get accepted, the earnest deposit will not be deposited and the check will be sent back to the buyer.
If the offer is accepted, but does not close due to a contingency that had been in the contract, then the earnest deposit will be sent back to the buyer unless it was a non-refundable earnest deposit.
Hope this helps. If you have any other questions, feel free to contact the Dowell Taggart Team.
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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Last week I met 2 Olathe home buyers who both ended the weekend with a different tune . . .
Monday I received a phone call on another real estate agents' listing from a lady. She seemed very interested in the home in Olathe, Kansas. I tried to schedule an appointment with her but she was very hesitant. The home she called on was an Olathe foreclosure that was priced to sell. I even told her that, but I think she thought it was some sales gimmick....Go figure.
If she really knew me she would have known that is not my style. I prefer happy clients who will refer me to their friends, family and neighbors.
Well the conversation ended with an, “ I will think about it.”.
The week was rolling along and before I knew it Friday was already here.
On Friday I received a phone call from a buyer on another property. I scheduled an appointment with the buyer and my business partner, Martin Taggart, for over the weekend.
The property the buyer called about ended up being a dud. Not only was it needing to much work, it was also overpriced. Martin called me to let me know that the home was not going to work while he was showing the buyer the home.
I told Martin that I had a buyer call about a home this week that they passed on. Thinking the home may fit this buyers needs I gave Martin the address so he could show the buyer the home.
Not only did it fit the buyers needs and wants, they emotionally feel in love with the home. Martin spent Saturday night writing up the offer and Sunday negotiating the terms. The buyers were so excited they referred us two of their friends. They were so excited about finding their dream home for nearly the same payment they were paying on their current home.
The home sits on nearly a ½ acre lot and features a finished basement with a wet bar, a wonderful kitchen and a master suite that puts most homes to shame. Not only is it a wonderful home, it is priced well under market.
Sunday while Martin and I were fine tuning the negotiating for the buyers of this home, the original buyers called us up. They called us to let us know that after spending the week calculating that they the home was potentially $125,000 under market that they wanted to schedule an appointment and if it potentially met their needs they were prepared to write an offer.
Now here came the hard part. We had to inform them that the home they had been thinking about for nearly a week, had already been sold and no it wasn’t $125,000 below market, it was more than $150,000 below maket.
While we were informing them, an email popped up on our email server. It was another home with similar characteristics priced nearly the same.
We'll find out tonight if it is similar when we go to show it to the first buyer.
If you're looking for a home, the Dowell Taggart Team know where the best buys are in 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!
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“Should I Offer Less than Listing Price on an Olathe, Kansas Home?”
This is a question we get asked quite frequently – especially in this current economy. Everyone wants a “deal” right?
Unfortunately there is not an easy answer to this question.If you find an Olathe home that you want to purchase, asking price should have nothing to do with how much you choose to offer. Your Olathe Buyer’s Agent should run a comprehensive price analysis on the property to determine the actual market value. This should be the number that you should feel comfortable offering. Why shouldn’t you automatically offer less on an Olathe, KS. home for sale?Well, let’s say a house is listed at $150,000. After you review your Olathe agent’s price analysis, you see that the house is probably worth $145,000. In this case, yes, you would offer what you determine to be a fair offer, which may be less. You might start out at $137,000 and try to meet in the middle.But what happens if, after reviewing the price analysis, you see that the home is probably worth $195,000. You could easily offer full price and still be getting a great deal, right?There is no magic formula. Making an offer needs to be based on a careful study of what the home is really worth. The Dowell Taggart Team carefully looks at comps through a market analysis to determine the Olathe homes real worth.Have any other questions, feel free to contact the Dowell Taggart Team.
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 Best Associates
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! View the Kansas City Network's social media profiles: 
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While home prices are dropping across the nation, with metro areas being the most affected, according to a new study of housing. Eighteen of the 20 cities recorded price declines in Standard & Poor's Case-Shiller home price index.
Cleveland recorded the biggest drop, 3 percent from a month earlier. Although San Francisco, Los Angeles and San Diego had showed strength, home prices in these cities dropped from August to September. Only Washington and Las Vegas posted gains in home prices.Our Olathe and Overland Park Real estate prices have dropped slightly, but nowhere near the levels of most other major metro areas.Home prices are being affected by high unemployment, tight lending standards and millions of foreclosures, according to analysts."Unemployment is still high, people are afraid of losing their homes and credit is hard to get," said Maureen Maitland, vice president of S&P indices.Despite drops in home prices, due in large part to foreclosures, consumer confidence in the economy seems to have increased, although it is not yet at a healthy level.Other consumer experts are not as hopeful, as mortgage rates, though currently low, are expected to rise next year.On the other hand low interest on mortgage rates help drive housing purchases.When it’s time to find the perfect Olathe or Overland Park home, let’s talk.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.comBlog post written by the Dowell Taggart Team of RE/MAX Best Associates
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“You can’t have your sign and lockbox back...”. At this point I’m thinking my client, er, “Sandy” is really upset at me. Ya think?
I had just told “Sandy”....”You’re fired.”
There are some folks who just don’t get it. If we can’t show your Olathe home for sale, if we can’t get buyers into your Olathe Property, it doesn’t make any sense to let Olathe Realtors know the home is for sale. Of course the rules are different when selling Overland Park real estate.
When marketing Overland Park homes, Overland Park Realtors simply write offers without showings. We’ll go with that....
Kids get sick, pets can’t be removed, all of life’s dance....No worries.
When you cancel ALL showings, then complain you have no offers...time to part ways as friends. Make sense?
Winter is a great home selling and buying season, for folks who share our sense of commitment....Are you like us?
You can’t raise your price if you won’t show your home. 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.comBlog post written by the Dowell Taggart Team of RE/MAX Best Associates
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Is It Still a Magic Place?
First time I went I was 8 or 9. We drove 7 hours to stay overnight with friends.
Where would we start? So much to see, so many people.
As we walked thought the gates, my mind was on fire. Was it cool to just walk up and say "hi", or was there some secret protocol regarding an introduction? All the "little" kids looked right at home....The furthest thing from my mind was Olathe Real Estate.
I mean, I wanted to just run up, but then what? You know a guy's gotta be cool in front of his younger brother, right?
My brother was shy, stood behind me as we inched forward....Mom standing beside me, encouraging us, memories of her big hair still make me chuckle. Dad sporting his trademark Jack Nicholson grin. Like me, this was their first visit.
Throwing out my hand and delivering my best handshake, the overstuffed, three fingered glove of a famous mouse allowed only a finger to squeeze. My brother cut around from behind me and stuck his hand out. Like a couple of hillbillies at a family wedding, we were grinning from ear to ear with smiles missing more than a few teeth.
We rode many rides, with my younger brother, the thrill seeker, up front whenever possible. Mom and Dad marvelled at the size, the complexity....They were born in the thirties, and thought it was all so COOL!
I'm headed back for my first visit since my Senior year in high school. Back in the day (when the Dinosaurs ruled the earth), the park was open for "Grad Night" as thousands of graduating high schoolers flocked from all over the state, roads and parking lots packed with school buses. What a great night, rode the rides with all my friends, met new friends....
More hillbilly grins, this time flecked with braces, retainers....
Looking over my shoulder at my daughters seated a row behind me, (my vision partially obscured by the flight attendant with the ridiculous hair), I can see the grins starting. The gals checked all the rides out on the internet, first in wonder, then with a keen eye toward strategy.
"I'll ride the coasters first", said Caroline, latest in a procession of Taggart thrill seekers.
Cate stated with purpose, "You're not getting me outta there without pictures of me and You Know Who."
My throat is dry, more than a little choked with memories. Two of our original four visitors, my dad and my brother, will make this trip as Angels at my left shoulder....Dad never made it back to Disneyland, while Tim went at least one more time when he enjoyed "Grad Night" as much as I had two years earlier. He wasn't aware the next four years would contain all of the adult memories he would ever know.
Last time, I didn't bring a camera. This time, we coming back with pictures of Mickey, Minnie, Buzz Lightyear, and the whole gang.
Disneyland, we can do this easy, or...Or else Dad goes "Wally World". With us will return a treasure of new memories of a magic place.
Looking to sell your Olathe home? Maybe find a new magic place for yourself, your family.
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.comBlog post written by the Dowell Taggart Team of RE/MAX Best Associates
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Most days I enjoy my real estate career. Other days I get bogged down in the paperwork and lose my focus. Recently, I had one of those days I would really like to forget. Why you ask?
I showed a home to an Olathe home buyer on a Monday. My buyer decided that they wanted to go back and look again on the following Wednesday. Next, my buyer called me Thursday morning and said, " after looking at all of the homes on the multiple listing service and comparing to the homes they had viewed in person, we want to make an offer on the Olathe home you showed us."
I was thinking, "Great". But then a "but" came out of their mouths.
They wanted their parents to see the home and the earliest they could see the home was Friday afternoon.
Reminding them that the home could go under contract, they still wanted to show their parents before they made and offer.
The next day I met with my buyers and 12 of their relatives and as you may be guessing, everyone loved the home.
I wrote the offer, had my buyer sign off and presented the offer to the listing agent.
The listing agent greeted me kindness and said, "Your offer is the lowest of 4 offers I have received on that home today."
Needless to say, there was somebody who wanted the home much more and paid much higher than full price.
My buyers got upset because all they have heard from the media was how rotten the Olathe real estate market is currrently. They heard me say that this Olathe home will sell fast, but they thought I was just trying to close on them faster.
Now it is 5 weeks later and my buyers are stressed because they haven't found a home to buy.
If you are looking to buy a home in Olathe, choose an Olathe real estate agent who you trust and will guide you. Now my buyer trust me, but they feel that they lost their dream home.
Let us know what you think or add to our blog by writing a comment. Be our fan FacebookFriend us on FacebookNetwork with us on NingFollow us on Social Media
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