|
|
Kansas City real estate and community news blog featuring Olathe and Overland Park, Kansas.
Browse by Tags
All Tags » Overland Park » Olathe Real Estate
-
Question: I'm thinking about making an offer on a home in Olathe, Kansas that is a short sale. How long does it take to close a short sale?Cathy L. from Overland Park, Kansas
Answer: Great question, Cathy. Since no two short same, I will address many types of short sales. A short sale that has been approved by the sellers lender should take 25-45 days to close. A short sale that has not been approved by the lender can take 45-6+ months. What delays a short sale that has not been approved by the lender is the lender will need financial docs from the homeowner. In addition, the lender will need to communicate with the investor(s), lien holders and insurance companies. The more entities that the lender needs to communicate with, the longer it will take to close. I'll give you a couple examples.
Example 1: The homeowner has an on the ball short sale representative and the lender has approved the short sale prior to getting an offer. Now home buyer comes around and makes an offer and wants to close within 30 days. The likelihood of this happening is very good.
Example 2: The homeowner has hired a short sale representative to present the short sale to the lender. The short sale representative waits until an offer is received before they present any docs to the lender. Once the docs are presented, the lender request financials. During the process, the lender needs to communicate with their investor and PMI insurance company. Also during the process the short sale representative finds out that there is a home equity line of credit and a tax lien on the property. The short sale representative will need to present a short sale request to the home equity line of credit lender as well negotiate with the IRS regarding the tax lien. The buyer wants to close within 45 days according to the contract. Best guess, it will take 3-6 months minimum to close this contract.
Hope you get the idea. All short sales are different.
Have questions on negotiating a short sale whether you are a homeowner or buyer, contact the Dowell Taggart Team. We have experienced negotiators who can handle your needs.
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.
|
-
Question: I'm in the process of buying a home in Kansas City with my husband. We're first time home buyers. We have been looking at homes in Olathe and Overland Park, Kansas. We have been going over my potential cost to buy the home and my husband thinks we can save some expenses by not getting a home inspection. He thinks we can skip the inspection because he has have picked up many habits from his dad who is a carpenter. Do you think this is wise?
Answer: A home inspection when buying a home may seem, at times, unnecessary expense when looking at new homes and homes that appear to be in great shape. A homes inspection is much like a physical. Just like yearly physicals are necessary, a home inspection is necessary. How many people do you know who have found out about a illness at a physical? Sure we hope we come out of the physical hoping everything is ok, but some people don't.
Just like a physical, a home inspection is to give the home buyer the peace of mind and potential protection against future calamity. 16 years ago I had a couple building a home, I recommended a home inspection. The buyer did not want to do a home inspection. It was a week before closing and the buyer asked me, "what is it going to take to get you to stop requesting a home inspection."
I told him, "by getting a home inspection."
Even though the buyer was using a builder with a great reputation, he decided to get the home inspection. Boy was he glad. Not only did the inspection reveal some minor problems like reverse polarity on the electrical outlets and a small hole in a plumbing pipe, it revealed a major problem. The heat exchanger on the furnace was cracked. If he would have moved his family into his new home right before Christmas as planned, there would have been a chance that his family would have been killed. Remember, this home was a new home.
That is a home buyer who was happy I insisted on getting a home inspection. After 22 years of real estate, I can give you more stories with a similar ending.
Not only can inspections save your life, they can give you a true picture of the home. Many home buyers use the home inspection as a list of items to repair around the home for the next couple years after purchasing.
No, I would not skip the home inspection. Also, not all inspectors are the same. Don't hire an inspector because of their fee. Hire a qualified inspector who will thoroughly inspect a home. A home inspector who takes less than an hour and a half to inspect a home in Overland Park or Olathe has not thoroughly inspected the home.
Need help on choosing an inspector in Kansas City, give me a call. I have a list of inspectors who will do an amazing job.
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.
|
-
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.
|
-
Overland Park and Olathe, KS. Rank Low on Crime According to City Crime Rankings According to a new report on crime on America has some positive news for some cities in Kansas City like Overland Park, Lee’s Summit and Olathe. These cities are some of the nation’s safest big cities. Kansas City, Mo. and Kansas City, KS., however, are among the country’s most crime-infested large cities. This information is contained in the “City Crime Rankings 2011-2012: Crime in Metropolitan America,” a controversial annual compilation from CQ Press. The authors develop their rankings by using crime data reported to the FBI in cities of more than 75,000. Out of 405 cities with a population of 75,000+, Overland Park’s was ranked at 38th lowest, Lee’s Summit was at 42nd and Olathe was at 66th. These are some of the most affluent suburbs in Kansas and Missouri. All three of these cities have median household incomes of more than $70,000 a year, according to the latest U.S. Census Bureau information. The median housing values in all three cities were above $180,000. Many cities in the Kansas City metropolitan area like Gardner, Lenexa, Shawnee and Leawood were not included in this City Crime Ranking report because the were short of the population requirement of 75,000.
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.
|
-
The fastest growing cities in Johnson County since 2000 are:#1: Spring Hill, KS. with 102.22% growth since 2000.#2: Gardner, Kansas with 74.94% growth since 2000.#3: Mission Woods, KS. with 31.5% growth since 2000.#4: Edgerton, Kansas with 30.94% growth since 2000.#5: Olathe, Kansas with 25.91% growth since 2000.#6: Shawnee, KS. with 24.25% growth since 2000.#7: De Soto, Kansas with 20.66% growth since 2000.#8: Overland Park, KS. with 14.36% growth since 2000.#9: Lenexa, Kansas with 13.98% growth since 2000.#10: Leawood, KS. with 11.13% growth since 2000.
Johnson County, Kansas has seen 16.41% growth since 2000.
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.
|
-
The 10 most populated cities in Johnson County, Kansas are:#1: Overland Park, KS. with a population of 170,216 residents.#2: Olathe, Kansas with a population of 117,116 residents.#3: Shawnee, KS. with a population of 59,828 residents.#4: Lenexa, KS. with a population of 45,704 residents.#5: Leawood, KS. with a population of 30,972 residents.#6: Prairie Village, KS. with a population of 21,520 residents.#7: Gardner, Kansas with a population of 16,383 residents.
The total population for Johnson County, Kansas is 525,108 residents.
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.
|
-
According to the Heartland MLS real estate stats, pending contracts in Johnson County, KS. are down 55% compared to the same month last year. The year to date pending contracts are down 35% compared to the year to date stats of last year. 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 RealtyComments 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!
|
-
 Time to Buy, Sell...Wait in Kansas City?
Nick asks me....”Do you think we are finally starting to see some burn off of the surplus home inventory or do you think that there is still more shadow inventory waiting to flood the market?”
He goes on, “I tried to sell my home, Realtor did a good job driving traffic, but I couldn’t get an offer near my minimum number....I have a little bit of equity...”
Nick, as to the first question....It depends...sounds like I'm "weaseling", but hang on a second....Gardner inventory is selling faster, so prices are stabilizing. North Kansas City Missouri Luxury homes inventory is backed up, sales are slowing, prices are still very soft. The prevailing thought, (based on conversation with Realtors that primarily focus on Kansas City foreclosure properties) is that "shadow inventories" in some areas in Kansas City are going to be a plague that drops home values still further. “Shadow inventories” will not affect all of Kansas City. If you have a specific area in mine, we can research the area for you.
As to the “equity” statement....Tough call. Equity is the difference between what you owe, and the market’s perception of the value of your home. “Fair Market Value” is defined as the market determining the value of our homes.
When Buyers show up to look at your home, the price isn’t that far out of line....Yet being close doesn’t count. At the end of the day, either you can get your sales number, or your options are limited to holding on to your home, or looking at a short sale.
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 RealtyComments 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!
|
-
According to the Heartland MLS real estate stats, closed sales are down 29% for the month compared to the same month last year. For the year to date stats, the closed sales are down 19% when compared to the year to date sales of last year. 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 RealtyComments 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!
|
-
According to the Heartland MLS real estate stats, the average sales price is down $7,818 or 3% from the same time last month. For the year to date change, the average sales price is down $7,989 or 3%. 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 RealtyComments 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!
|
|
|
|