Although home values in my area have tanked, I need to relocate to Kansas City - I need help!

Although home values in my area have tanked, I need to relocate to Kansas City - I need help!


Question: My girlfriend and I both owned homes. We have been informed that I will be transferring to the Kansas City area the early part of next year. We are thinking that we like the Olathe, Overland Park or Leawood areas in Kansas. Here is the problem.


I put my home on the market and sold in 5 days and still maintained to keep some equity. My girl friend is in a different situation. She originally bought her home in 2006 for $210,000 and she refinanced to get out of debt a couple of times and bumped that mortgage up to over $230,000. Her payment is now $2200.00.

A house down the street sold last week for $86,000. It was going into foreclosure but sold as a short sale. Three other homes have sold in her neighborhood between $95,000-123,000. Two of the homes are very similar to my girlfriends home.

Now my girlfriend is freaking out..... Will she ever get out? What is there for her to do? She has a good job opportunity in Kansas City. Our plans before my transfer was to sell both homes, get married and buy a new home. As you can see the economy has put a huge hurdle in our plans. What advice do you have?


Answer: There are many answers to your problems. First, I would consult with a professional real estate agent and a CPA in your area. They may have some great solutions for your problems.


You might be able to short sale your girlfriends home, rent it or negotiate a loan modification. 


When you buy in Kansas City, if you don't need your girlfriends income to qualify, a short sale may be the best option.


Have your girlfriend talk to to her mortgage lender. If they don't have any solutions, hopefully a short sale negotiator or CPA might have some solutions. 


In order to give you the best advice, we will need to connect so I can get some more detailed information. If you need referrals in your hometown, I can help there also. 


RE/MAX sells more homes than any other real estate company.
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Blog post written by the Dowell Taggart Team of RE/MAX Premier Realty 

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