There is no difference in a foreclosure in Kansas and Missouri. Right?

I have heard this many times. Matter a fact I was at a Kansas City Realtor event yesterday and I had an agent explaining to me that there is no difference. No wonder people are misinformed. 

I decided to write about this due to a conversation I had with a home buyer yesterday afternoon. The home buyer directed me to a Kansas City website that had the foreclosure processes in Kansas City confused.

First there is a difference in foreclosures in Kansas and Missouri. I'll water it down so you can understand.

In Kansas, foreclosures are done through the courts. There is a process a bank must perform in exact order to foreclose on a homeowner. Once the foreclosure sale takes place, a homeowner has a period of time called "Redemption Period" to buy back or sell the home. The process in Kansas takes from 7 months to 2 years. During this process homes can be vacant for a long period of time.

In Missouri, the courts are not involved in the foreclosure. There is no exact system to foreclose and once the foreclosure sale takes place, it is usually final.

If you're a homeowner needing help to avoid a foreclosure, you may want to consult an experienced short sale specialist who has worked with your lender to help you. If you need a recommendation, please feel free to call me.

If you're a home buyer looking to take advantage of the instant equity of buying a Kansas City foreclosure, feel free complete my Kansas City foreclosure application.

Let us know what you think or add to our blog by writing a comment.

Blog post written by the Dowell Taggart Team of RE/MAX Best Associates

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