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Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
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75% of modified home loans will redefault even in Olathe, Kansas - The First Step in Negotiating a Short Sale in Olathe, KS.
Most Olathe borrowers who have had their mortgages modified through a government-sponsored program will redefault within 12 months, according to a report released Wednesday. Between 65% and 75% of loans that are modified through the Home Affordable Modification Program(HAMP) but not backed by the federal government are likely to go bad, according to the report released by Fitch Ratings, a N.Y.-based credit-rating agency. The main reason these borrowers continue to struggle is that HAMP does nothing to solve the rest of the borrowers debt problems, the report added. "Many of these borrowers still have very heavy levels of other debt," said Diane Pendley, a Fitch managing director, "auto loans, credit cards and other expenses.
The HAMP modifications reduce housing expenses down to 31% of income but do not touch these other obligations." Currently, according to the Fitch report, about half of prime borrowers who lose their homes now do so through foreclosure. The other 50% go through short sales, in which they sell their homes for less than what they owe the bank, or deed-in-lieu, a transaction where the bank takes back the property directly and forgives the outstanding balance. The servicers have been encouraged to rev up their short sale engines by the Treasury Department, which runs HAMP and its sister program, Home Affordable Foreclosure Alternatives (HAFA), which provides cash incentives to the parties who agree to short sales in Olathe, Kansas. Now, when borrowers re-default on HAMP mods or other bank workouts, banks are much more likely to offer help to execute a short sale or deed-in-lieu.
The first step in negotiating a short sale in Olathe, Kansas is contact an experienced short sale negotiator who has successful negotiated a short sale with your lender. Most lenders will not deal with a homeowner directly on a short sale because they want a "Arms Length Transaction." The lender wants to make sure that the offer presented is a good offer. The lender is taking a loss so they want to make sure your Olathe home is being marketed to the largest pool of buyers. Next, there is mounds of paperwork to complete and quite a few steps to complete, a lender wants to make sure that no paperwork is incomplete or step neglected.
If you would like assistance with a seasoned Olathe short sale negotiator, feel free to contact the Dowell Taggart Team. Did you know that the Dowell Taggart Team have been skilled loss prevention specialist and short sale negotiators for over 7 years. We have completed many successful short sales and redemption sales.Let us know what you think or add to our blog by writing a comment.
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According to new recent real estate stats, the 12-Month change in the median list price in the Olathe zip code 66062 decreased by 11.07%.
The average for the Johnson County, Kansas is an increase of 23.39%.
Let us know what you think or add to our blog by writing a comment.
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An Olathe, Kansas home buyer called me yesterday and took out her frustration on me. She wanted to know why it is so hard to find homes for sale. Her problem was that nearly every time she got around to calling a Realtor about an Olathe home for sale, the home was sold.
The Olathe home buyer explained to me that she would spend countless hours combing through the ads on Realtor, Zillow, Trulia, Craigslist and a couple other real estate websites. She would then drive by the homes of interest. When she found a home of interest, called the Realtor who had the listing. Her problem was she was finding homes to late. Does this sound familiar?
If this sounds like what you have been doing or know of someone that is on this path, you may want to read on.
First, I pointed out to her, that the Realtor who had the listing, was representing the seller. She knew that but didn't understand agency in Kansas. The listing agent will communicate everything she says to the home owner. I suggested she find a buyer's agent. She said she, "didn't want to pay the commission."
Good question. Did you know the home buyer does not pay the commission. She didn't.
Next, I suggested that she get hooked up with listings from the Kansas City MLS. Why? Because she can be one of the first home buyers to the property. Rather than finding a home that has been on the market 35 days, she can be notified the first day the home comes on the market. That should give her plenty of time to driveby and qualify the property, right?
A Realtor can also tailor a search to her specific needs and interest. Filtering out the properties that do not fit her specific needs and interest. Does that sound good? Matter a fact, she could have listings with multiple pictures delivered to he living room the day they go on the market.
If you need help finding a buyer's agent or getting hooked up with listings from the Kansas City MLS, maybe we should talk. I'm not a buyer's agent but I know some really good ones.
Let me know what you think or add to our blog by writing a comment.
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Backs up to Greenspace • 2,376 sq. ft., 3 bath, 4 bdrm 2 story - $269,950 - Extra Clean Home The Reserve at Heritage, Olathe - Looking for a wonderful Olathe, KS. 2-Story with a great lot? This Olathe home is located in the Reserve at Heritage Subdivision Read More...
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If you are thinking about hiring a professional to help you with probably your most important asset, your Olathe home, you may want to use this list to help you choose the right Olathe, Kansas real estate professional. Choosing the wrong O lathe real Read More...
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WONDERFUL UPDATES! • 1,050 sq. ft., 2 bath, 2 bdrm townhouse "Second Floor Views" - MLS® $118,000 - TIME TO BUY! Village At Sunnybrook, Olathe - Olathe, Kansas Real Estate and Olathe, Kansas Homes are a terrific value! UPDATE: NEW TILE Read More...
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Olathe, Olathe - Announcing a price reduction on 25388 W. 127th Street, a 3,500 sq. ft., 4 bath, 4 bdrm single story "Reverse 1.5 Story". Now MLS® $475,000 - 200K Below Appraisal. Property information Read More...
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Beautiful Colors • 1,744 sq. ft., 3 bath, 3 bdrm 2 story "Open and Vaulted" - $184,900 - Pre-Inspected South Hampton, Olathe - This Olathe, Kansas two story home for sale has been pre-inspected for you. The home inspector was impressed Read More...
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Olathe Pre- Foreclosure • 1,226 sq. ft., 3 bath, 3 bdrm bi-level "Bedooms on Main Level" - $185,000 - Negotiable Brougham Village, Olathe - This Oathe split level home with a finished basment is located in a great elementary school area. Read More...
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Brittany Yesteryear, Olathe - Announcing a price reduction on 1127 E. Charlotte Town Road, a 1,680 sq. ft., 3 bath, 3 bdrm 3-level split. Now $175,000 - Fantastic Split!. Property information Read More...
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Sales on Olathe, Kansas homes have slowed, and now is a great time to purchase your own little slice of Heaven...Kansas City Real Estate.... Check out this article..... http://news.yahoo.com/s/nm/20081223/bs_nm/us_usa_economy_housing1 Is it time to seriously Read More...
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Great for 1st Time Homebuyers! • 953 sq. ft., 2 bath, 3 bdrm single story "Traditional Ranch" - MLS® $135,000 - Great Time to Purchase! Cothrell & White, Olathe - Awesome Olathe, Kansas home, located in the middle of Johnson, County, Read More...
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Cothrell & White, Olathe - Announcing a price reduction on 400 E Johnston, a 953 sq. ft., 2 bath, 3 bdrm single story "Traditional Ranch". Now MLS® $135,000 - Great Time to Purchase!. Property information Read More...
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WONDERFUL UPDATES! • 1,050 sq. ft., 2 bath, 2 bdrm townhouse "Second Floor Views" - MLS® $124,000 - TIME TO BUY! Village At Sunnybrook, Olathe - Olathe, Kansas Real Estate and Olathe, Kansas Homes are a terrific value! UPDATE: NEW TILE Read More...
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Olathe Real Estate Stats: Brittany Forest Subdivision Real Estate Stats in Olathe, Kansas. There have been eight homes for sale in the Brittany Forest Subdivision the past 6 months. The average home in the Brittany Forest Subdivision sold in 31 days for Read More...
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