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Showing posts with label Ask a Question. Show all posts
Showing posts with label Ask a Question. Show all posts

Saturday, June 2, 2012

Is it a good time to sell my single family home in Olathe, Kansas? I've heard that the real estate market is changing? Is it changing in Olathe? - The real estate market is turning to a Strong Seller's Market in Olathe, Kansas

Question: Is it a good time to sell my single family home in Olathe, Kansas? I've heard that the real estate market is changing? Is it changing in Olathe?
Bobbi H. from Olathe


Answer: Without knowing what subdivision or what part of Olathe you live in, I will address selling a home in all of Olathe. I will break down parts of Olathe in the next couple of days.






First, there are 623 homes for sale on the Heartland MLS, which serves Olathe, Kansas. The past month has been a very productive month with 175 homes selling, according to the Heartland MLS. Currently there are 473 homes are under contract. Due to the month ending so close to the weekend and real estate agents having 14 days to update the real estate status on the MLS, the data is not 100% accurate. For this report, the data is sufficient.


Regarding the real estate market changing - According to the Heartland MLS, the stats show that there is just a little over a 3.5 months supply of real estate for sale. 


What does this mean? A balanced market is considered a 6 months supply of real estate for sale. During the past couple of years when we saw a strong buyer's market, there has been over a 7 months supply of real estate for sale in Olathe. With a 3.5 months supply of real estate for sale, Olathe is starting to turn to a strong sellers market.


If the supply of real estate stays low and interest rates stay low, look for home values to increase.


Bottomline: The real estate market is turning to a Strong Seller's Market in Olathe, Kansas. If you're thinking of selling, consider getting a Real Estate Market Analysis on your Olathe home.




Checkout Olathe Connect - An Olathe Facebook Community







RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question

Tuesday, May 29, 2012

I would like to purchase a home in Olathe. I have been on my job for 15 years and make $48,000 a year. I have been renting the past 20 years. My rent is $1100 a month. I have two kids, both are boys. My credit is not great, but it is also not poor. I am looking to buy a home this year, if possible. Where do I start the home buying process? Olathe Real Estate

Question: I would like to purchase a home in Olathe. I have been on my job for 15 years and make $48,000 a year. I have been renting the past 20 years. My rent is $1100 a month. I have two kids, both are boys. My credit is not great, but it is also not poor. I am looking to buy a home this year, if possible. Where do I start the home buying process?
Jackie B. from Olathe, Kansas


Answer: Great question, Jackie. I would start with contacting a loan officer who specializes with first time home buyers. They will pull a credit report and make some great recommendations. In addition, a loan officer  who specializes with first time home buyers will have a few programs to help with your down payment, if that is a problem. 


If you don't know who to contact in Olathe, I would recommend, Ronnie Yarbrough from the Bank of Kansas City. Ronnie has some great loan programs for first time home buyers and has worked with many Olathe first time home buyers. 


Ronnie can be reached at 913-579-4939. Here is Ronnie's website - Bank of Kansas City.




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question

Thursday, May 24, 2012

Why do real estate agents announce that a listing is a foreclosure property on their websites and on the Kansas City mls? Stating that it is a foreclosure would seem to invite and encourage low-ball offers. Is that the purpose?

Question: Why do real estate agents announce that a listing is a foreclosure property on their websites and on the Kansas City mls? Stating that it is a foreclosure would seem to invite and encourage low-ball offers. Is that the purpose?
Dan S. from Overland Park, Kansas


Answer: The purpose is not to invite low-ball offers. The primary reasons are to disclose a major material fact with the property and to alert buyers that the property is a foreclosure property. Typically banks will not accept low-ball offers because they have had a recent appraisal completed on the property. Trying to buy a property during the foreclosure process can be frustrating. The process can take longer than buying a normal property. In addition, buying a foreclosure property can be more costly. Some buyers simply don’t have the time, money, or patience to try to buy a property in foreclosure.  Real estate agents don;t want to work on a sale of a foreclosure property and have the buyer walk away a few days before closing because it is taking to long. Stating that the property is a foreclosure or short sale gives buyers fair notice as to what they can expect so that they can decide if they even want to consider an offer on the property. 


Lately, the local Heartland MLS in Kansas City is requiring ownership of the property to be noted. When it is a bank, most agents expect the property to be a foreclosure.


If you're thinking about a foreclosure property, go for it. Not all foreclosure properties are good deals. The right foreclosure property can be a good deal and save a home buyer money.




Hope this helps, Dan.


RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question

Friday, May 18, 2012

Dog in Olathe is attacking my kids - Help!

Question: I read your post last week about barking dogs. I have a bigger problem. My new neighbors small dog climbs the fence and attacks my kids in my backyard. Almost daily my wife or I have to corral the dog and put it back in the neighbors yard. We have repeatedly  spoken to the neighbor but nothing gets done. What can I do? I live in Olathe, Also.
Kerry L. from Olathe, KS.


Answer: Sorry to hear about your problem, Kerry. Nobody wants to see their kids attacked.


First, I would talk to your neighbor once more and follow up with a letter. If the neighbor does not take care of the situation, contact the Olathe Animal Control when the dog leaves your neighbors yard. The Olathe Animal Control will talk to your neighbor and may issue warnings or fines if needed. Olathe Animal Control will also be happy to discuss with you your possible options.


Olathe Animal Control Ordinances




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question


Wednesday, May 16, 2012

How can I prevent a real estate commission charge to show up on the HUD?

How can I prevent a real estate commission charge to show up on the HUD?


Question: I am buying a home in Leawood, Kansas and my buyer's agent added a $500 fee on the HUD that she says her office charges. I have reviewed our contract and I don't see it. When I questioned her she said it must have been omitted and she wants to redo the buyer's agency contract. I don't agree with this and I told her. She said that her office will not allow the sale to go through without the fee being charged. Is this legal?
Henry J. from Overland Park, Kansas


Answer: Henry, I would have a sit down talk with your agent and her broker. What she is doing is not a practice that is shared with most real estate agents in Kansas City. In addition, a real estate commission can't be charged unless agreed upon in writing beforehand. When you have the sit down meeting, take your paperwork including the buyers agency contract.




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question

The home I was renting in Olathe, Kansas was foreclosed on - I lost much of my personal items and my security deposit

The home I was renting in Olathe, Kansas was foreclosed on - I lost much of my personal items and my security deposit


Question: I rented a home 3 months ago in Olathe, Kansas. I have not been late on any of my rent payments. I came home from work last week and found all belongings on the driveway and people rummaging through it. I found out that the bank foreclosed on the landlord. I also found out that the landlord moved out after being foreclosed by the bank and decided to get a few extra bucks by renting the home until the bank took it. The landlord never told me that the home was in or had been foreclosed on. To make matters worse the landlord said he would not return the security deposit because of the damages to the exterior doors. The damages were done by whoever removed my items. Many of the items placed on the driveway in the morning like my tv, couch, dining table and beds were stolen by the time I got home at night. What can I do?
Janice G. from Olathe, Kansas


Answer: Don't take the time to read my response. Call an attorney, quickly. There are many issues that are plain wrong, here. If you need a referral for a good Olathe attorney, please contact me.




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question

Tuesday, May 15, 2012

We no longer trust our Kansas City real estate agent


Question: We no longer trust our Kansas City real estate agent. We paid $500.00 upfront for the services of a Realtor to sell our Overland Park home. He never called us and we noticed last night that he took our home off the market, without our consent. How can we get our upfront money back and get out of this listing nightmare? He says our money is non-refundable. In 3 months we had 3 showings and two of them were on the same day from another Realtor. Any help would be appreciated. We are open to showings anytime and even lowered the price by $10,000 in the first three weeks.
Tammy K. from Overland Park, Kansas
Answer: Sorry to hear about your listing nightmare. Using a full-time professional REALTOR is supposed to make your life easier and more pleasant. Without getting into specifics, it sounds like you're using the services of a "Limited Services REALTOR." That is ok, but you need to keep in mind that real estate listing contracts have ending dates. 
First, how do you know our listing has been removed? Are you talking about syndication sites, REALTOR.com or another REALTORS site? Look at your listing contract and see when it expires.
Next, refer to your listing agreement which would detail the terms/conditions under which your binding contract could be terminated. If he indeed took your home off the market without your expressed written consent, then first talk to him with his broker. If that doesn't work, consult a real estate attorney who could better advise you on your possible courses of action.
Best of luck, Tammy.




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question

Friday, May 11, 2012

My job is relocating my department to Kansas City. One of friends went to Kansas City and start looking at homes. He brought back some homes books and MLS listings. I'm surprised of the value you can get in Kansas City versus Seattle. He found a home in the Wyngate subdivision for the low 400's. Is this what homes are selling for in Wyngate or was a fluke? Overland Park, KS. Real Estate

Question: My job is relocating my department to Kansas City. One of friends went to Kansas City and start looking at homes. He brought back some homes books and MLS listings. I'm surprised of the value you can get in Kansas City versus Seattle. He found a home in the Wyngate subdivision for the low 400's. Is this what homes are selling for in Wyngate or was a fluke?
Jon H. from Seattle, WA.






Answer: Congratulations on your relocation move to Kansas City. Your friend didn't find a fluke in Kansas City. You can get more home for your money in Kansas City versus Seattle.


The Wyngate subdivision is in the City of Overland Park, Kansas. Overland Park is a highly desirable city for people relocating with great schools, awesome parks and wonderful amenities.


According to the Heartland MLS the average Wyngate subdivision home in Overland Park, Kansas       
sold for 440,390 in 118 days during the past 180 days. So a home in the low 400's is no fluke.

The highest priced home sold for $565,993 during the past 180 days.



Again congratulations on your move and if we can assist feel free to contact us.


RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City
The Real Estate Wizards of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
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.


First Time Home Buyer Bought a Nightmare in Olathe, Kansas - Please stop the barking dogs!

Question: I bought my first house in Olathe last year and it is becoming a nightmare. Since I have moved in, I have not had one night of good sleep because the neighbors four dogs bark all night. Id there anything I can do?
Jack P. from Olathe, Kansas


Answer: So you bought your first house and it is a nightmare, Jack. Sorry to hear that. Buying a home should be a pleasant experience, not a nightmare.


First, I would talk to your neighbors and see if they might understand and bring the dogs in at night. If that doesn't work, don't worry, you have options.


First, you can file a complaint with animal control. Animal control will send a "No Barking Letter" to the homeowner. Typically a fine or two will get the homeowner to cooperate. Keep contacting animal control until the barking stops.


Next, you can contact animal control about the neighbors having four dogs and see if your neighbor has a special use permit. If the homeowner does not have a special use permit, they can be cited and issued a fine.


Homeowners who have been in your situation tell me that these two options work.


Here is the website for Olathe Animal Control Ordinaces


Good luck Jack.






RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question


We would like to cancel our listing with our real estate agent on our Overland Park home - Overland Park, Kansas real estate

Question: We listed our home in Overland Park in Janurary, 2012. We had a brokers tour soon after we listed and an add in a homes book. Our home has had few showings and we have seen very little marketing. We can't even find our home on Google. She is a lovely person and we don’t want to hurt her, we just want our home sold Please help us. We want to cancel our listing contract and re-list with another company. Right now we just feel like A LISTING IN LIMBO! Like we don’t mean a thing to her.
Adam and Julie T. from Overland Park, Kansas


Answer: Sorry for your problem, Adam and Julie. There is many steps in the marketing process when marketing listings in Overland Park. There is a lot of behind the scenes marketing and I'm sure your real estate agent is doing them, like adding your home to the MLS. 


We market in many places because we don't know where a potential buyer will come from so we want to reach as many as possible. We want to be plastered on Google, since 87% of all home buyers use the internet sometime during the home buying process.


If you want to cancel, I would recommend talking to her and expressing her concerns. If that doesn't work, talk to her broker. If, after talking to her and her broker doesn't work, you will need to talk to an attorney since your listing agreement is a contract.


In order to sell your home, I would recommend having a Salability Checklist and a Pricing Analysis completed on your home. We do this on all of our listings. The listings that pass, sell for Top Dollar within 30 days.


Here is a copy of a Salability Checklist:



Saleability Checklist

Perils Of Overpricing
When selling a home, the price you set is a critical factor in the return you'll receive. The correct price is determined by the size, condition and location of your home, what comparable homes are selling for at the time you list your home, and the balance of supply and demand in your area.
Overpricing your home is one of the biggest mistakes you could make. If you know what your home is truly worth, you should set your price no more than 5% higher. That gives you plenty of room for negotiation.
There are several reasons why overpricing won't work to your advantage, namely:
- Limits Buyers
Prospective buyers that you want to attract won't see your house because they are only looking at homes within their price range. Other buyers who may see your house realize that they can get more for their money elsewhere.
- Limits Showings
Other real estate agents may be reluctant to show your property if it is overpriced.
- Sells The Competition
Agents may use this home to sell against other homes that are more attractively priced. If your home is the highest priced in the area, it may sit unsold until all the similar homes have sold. Because new homes keep coming on the market, this could continue until you reduce your price.
- Lose The '30-Day' Advantage
A home sells best the first 30 days after it goes on the market. There is typically a backlog of buyers waiting to look at homes as they first come on the market. If your home is initially overpriced, you'll lose these buyers and the 30-day advantage.
- Listing Gets Stale
When a home is on the market beyond the average selling time, buyers may think that there's something wrong with the property.
- Difficult To Finance
Even if a buyer is willing to pay the high price, an appraisal at that price may be difficult to get and lenders may not be able to provide a loan.
- Lower Price
To eventually sell the home, you may have to reduce the price, sometimes, several times. In the end you lose twice, a lower sales price and a slower sale.


If 25 of the 33 criteria are checked it is almost certain that your property will sell.

  1. Priced below the RealEstate.com estimated home value [ ] Yes [ ] No
  2. Priced below the Zillow Estimate [ ] Yes [ ] No
  3. Priced below the Yahoo Real Estate Estimate [ ] Yes [ ] No
  4. Priced below within the RPR estimate [ ] Yes [ ] No
  5. Priced below the average square foot pricing [ ] Yes [ ] No
  6. Priced below average for area [ ] Yes [ ] No
  7. Priced below county tax appraisal [ ] Yes [ ] No
  8. Condition of home is above average excluding distressed homes [ ] Yes [ ] No
  9. Owner financing is available [ ] Yes [ ] No
  10. Special financing available [ ] Yes [ ] No
  11. Seller to pay buyer normal buyers closing cost [ ] Yes [ ] No
  12. Postdated price reduction [ ] Yes [ ] No
  13. Even sales price [ ] Yes [ ] No
  14. Above average DOM listing agreement [ ] Yes [ ] No
  15. Above market commission [ ] Yes [ ] No
  16. Easy access to property- Go and Show [ ] Yes [ ] No
  17. Yard sign in front of home [ ] Yes [ ] No
  18. Immediate possession available [ ] Yes [ ] No
  19. Matching stainless steel appliances [ ] Yes [ ] No
  20. Refrigerator included [ ] Yes [ ] No
  21. Home has granite counter tops [ ] Yes [ ] No
  22. Home features a 2 story entry [ ] Yes [ ] No
  23. Home sits on a desirable cul-de-sac lot or similar lot [ ] Yes [ ] No
  24. Home has a finished basement [ ] Yes [ ] No
  25. Home has a walkout basement [ ] Yes [ ] No
  26. Home has neutral matching décor [ ] Yes [ ] No
  27. Home has great curb appeal [ ] Yes [ ] No
  28. Seller has pre-ordered an appraisal [ ] Yes [ ] No
  29. Seller has pre-ordered an inspection [ ] Yes [ ] No
  30. Seller is offering a Home Protection Plan [ ] Yes [ ] No
  31. No required contingencies are involved [ ] Yes [ ] No
  32. Seller will complete obvious repairs [ ] Yes [ ] No
  33. Seller has signed the Saleability Checklist [ ] Yes [ ] No




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question


Thursday, May 10, 2012

Leawood, Kansas home does not sell with 1 year - What should we do? Leawood, KS. Real Estate

Question: Our Leawood house has been listed for over a year with no showings other than the ones we show ourselves at open houses we hold! Our Realtor has offered no guidance on what we can do to prepare our home and buyers at our open houses say the home is spotless and looks great. Other homes in the area are selling within 90 days and our home is now priced below them. Our current REALTOR is our second REALTOR, both are from large are brokerages. It does not seem both REALTORS did much to market our home. Both relied on their companies name and offered no samples of marketing when requested. What else can we do? We are located close to schools in a wonderful subdivision and have great parks nearby. The house is two years old, has granite countertops, stainless steel appliances, a large custom deck, and a spacious finished basement with a media room. Our yard is professionally landscaped and the backyard is fenced. We hold open houses at least three weeks a month. What should we do now? 
Kenneth R. from Leawood, Kansas


Answer: Thanks for your question, Kenneth. I tried to look up your home on the MLS to offer some advice but I was not able to find your home, so I will be kind of generic on my advice.


First, you are experiencing what we call in the real estate community as "Worn". When a nice home is on the market for a long period of time and it doesn't sell, home buyers think that their is something wrong with the home. Although pricing is the number 1 reason for homes to not sell, home buyers figure that homes that have been on the market for a long period of time is probably because there is a structural, cosmetic or mechanical issue. 


Typically, homes that are listed to high will eventually sell, but at a much lower priced than if they were listed at the correct price at the beginning.


I would suggest having a Salablity Checklist preformed on your home; as well as, an updated pricing analysis. We do this on all pf our listings. The 500 websites we choose to market our listings will not be effective if we have listed the home at the wrong price and have staged the home incorrectly.


Here is a copy of our Salability Checklist. This is why our listings sell for Top Dollar in 30 days.


Saleability Checklist

Perils Of Overpricing
When selling a home, the price you set is a critical factor in the return you'll receive. The correct price is determined by the size, condition and location of your home, what comparable homes are selling for at the time you list your home, and the balance of supply and demand in your area.
Overpricing your home is one of the biggest mistakes you could make. If you know what your home is truly worth, you should set your price no more than 5% higher. That gives you plenty of room for negotiation.
There are several reasons why overpricing won't work to your advantage, namely:
- Limits Buyers
Prospective buyers that you want to attract won't see your house because they are only looking at homes within their price range. Other buyers who may see your house realize that they can get more for their money elsewhere.
- Limits Showings
Other real estate agents may be reluctant to show your property if it is overpriced.
- Sells The Competition
Agents may use this home to sell against other homes that are more attractively priced. If your home is the highest priced in the area, it may sit unsold until all the similar homes have sold. Because new homes keep coming on the market, this could continue until you reduce your price.
- Lose The '30-Day' Advantage
A home sells best the first 30 days after it goes on the market. There is typically a backlog of buyers waiting to look at homes as they first come on the market. If your home is initially overpriced, you'll lose these buyers and the 30-day advantage.
- Listing Gets Stale
When a home is on the market beyond the average selling time, buyers may think that there's something wrong with the property.
- Difficult To Finance
Even if a buyer is willing to pay the high price, an appraisal at that price may be difficult to get and lenders may not be able to provide a loan.
- Lower Price
To eventually sell the home, you may have to reduce the price, sometimes, several times. In the end you lose twice, a lower sales price and a slower sale.


If 25 of the 33 criteria are checked it is almost certain that your property will sell.

  1. Priced below the RealEstate.com estimated home value [ ] Yes [ ] No
  2. Priced below the Zillow Estimate [ ] Yes [ ] No
  3. Priced below the Yahoo Real Estate Estimate [ ] Yes [ ] No
  4. Priced below within the RPR estimate [ ] Yes [ ] No
  5. Priced below the average square foot pricing [ ] Yes [ ] No
  6. Priced below average for area [ ] Yes [ ] No
  7. Priced below county tax appraisal [ ] Yes [ ] No
  8. Condition of home is above average excluding distressed homes [ ] Yes [ ] No
  9. Owner financing is available [ ] Yes [ ] No
  10. Special financing available [ ] Yes [ ] No
  11. Seller to pay buyer normal buyers closing cost [ ] Yes [ ] No
  12. Postdated price reduction [ ] Yes [ ] No
  13. Even sales price [ ] Yes [ ] No
  14. Above average DOM listing agreement [ ] Yes [ ] No
  15. Above market commission [ ] Yes [ ] No
  16. Easy access to property- Go and Show [ ] Yes [ ] No
  17. Yard sign in front of home [ ] Yes [ ] No
  18. Immediate possession available [ ] Yes [ ] No
  19. Matching stainless steel appliances [ ] Yes [ ] No
  20. Refrigerator included [ ] Yes [ ] No
  21. Home has granite counter tops [ ] Yes [ ] No
  22. Home features a 2 story entry [ ] Yes [ ] No
  23. Home sits on a desirable cul-de-sac lot or similar lot [ ] Yes [ ] No
  24. Home has a finished basement [ ] Yes [ ] No
  25. Home has a walkout basement [ ] Yes [ ] No
  26. Home has neutral matching décor [ ] Yes [ ] No
  27. Home has great curb appeal [ ] Yes [ ] No
  28. Seller has pre-ordered an appraisal [ ] Yes [ ] No
  29. Seller has pre-ordered an inspection [ ] Yes [ ] No
  30. Seller is offering a Home Protection Plan [ ] Yes [ ] No
  31. No required contingencies are involved [ ] Yes [ ] No
  32. Seller will complete obvious repairs [ ] Yes [ ] No
  33. Seller has signed the Saleability Checklist [ ] Yes [ ] No
We just listed a ranch home in Olathe, Kansas that had been on the market for over a year with several real estate agents. After doing the Salability Checklist and sharing with the seller, we got an accepted contract within 30 days.
   






RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question


Overland Park Short Sale is Taking Over 9 Months. Why? Overland Park, Kansas Real Estate

Question: My husband and I put a offer on a "Short Sale" home in Overland Park, Kansas 9 months ago and we have heard very little from the seller's lender. With all of the changes in short sales and supposedly banks are to respond within 60 days, how is that possible? Why is taking that long? Sometimes I think our Realtor is not really helping us. What should we do? Walk away and try to find another house in Overland Park or Olathe or stick it out? How much longer do you think it will take?
Janet S. from Overland Park, Kansas


Answer: Sorry to hear about your frustration about buying a short sale in Overland Park, Kansas. First, the REALTORS are communicating probably with the mortgage servicer, not the mortgage lender. Why does this matter? It takes 30-90 days for the mortgage servicer to complete a short sale package and send it to the mortgage lender. If the seller takes longer to provide docs, the BPO (Broker Price Opinion by a Broker) and the appraisal take longer the package takes longer to prepare for the mortgage lender.


Next, once the mortgage lender receives the short sale package, the negotiator does their research. The negotiator will start communicating with the insurance companies, lien holders and additional mortgage companies involved. The more entities involved the longer the process will take. I had a short sale that had 3 mortgage companies, 2 insurance companies and 4 lien holders involved. This file took nearly 2 years to close because of the many entities involved and the constant need to update documents from the seller. The buyer stayed in contract because we provided communication and the buyer was getting an awesome deal.


The negotiator will also look at the homes value, amount being written off and the sellers hardship. If any of these don't make sense, the short sale will probably not be granted. That means if the seller has $50,000 in the bank and the home appraised $100,000 above the contract price, the negotiator will probably not grant the short sale.


Not all short sales are the same. There are simple pre-approved portfolio short sales that take less than 1 month to close to complicated short sales as mentioned above. It is best to find out how many entities are involved, how much is being written off and what is the sellers hardship for requesting the short sale.


Since less than 25% of the short sales close that take longer than 6 months, I would say that if you don't get the answers needed, I would move on.


Hope this helps, Janet. 




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question


Wednesday, May 9, 2012

Overland Park New Home Buyer wants to renegotiate real estate contract

Question: The REALTOR selling our home is also the Realtor for the new home subdivision where our new home is being built. Is the Realtor going to make commission off of both sales? The reason why I'm asking is they're doing nothing to sell my home other than placing a sign in the yard and placing it on MLS. Can we ask them to lower their real estate commission? 
Jerry T. from Overland Park, Kansas


Answer: Jerry, if you're under a contract with your Realtor for selling your home, you have already agreed to the commission. As for the purchase, the builder on that side is the one paying the commission so you don’t have the ability to change that one since you are the buyer. You can always ask for a change in the amount being paid – but if you signed a contract the Realtor may hold you to that. 


It is common for new home real estate agents to not aggressively market their resale listings. They owe their time and marketing to the developer of the subdivision. When selling a home, I always recommend reviewing your options BEFORE you sign on the dotted line.




RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Ask a Kansas City real estate question


My husband is thinking about accepting a job in Kansas City. While we were in Kansas City for his job interview my wife and I explored some of the cities. We really like Overland Park. In addition my wife is crazy about a floor plan in Windsor Hills subdivision that we saw at an open house. Is there much real estate activity in the Windsor Hills subdivision and what are homes selling for? Overland Park Real Estate

Question: My husband is thinking about accepting a job in Kansas City. While we were in Kansas City for his job interview my wife and I explored some of the cities. We really like Overland Park. In addition my wife is crazy about a floor plan in Windsor Hills subdivision that we saw at an open house. Is there much real estate activity in the Windsor Hills subdivision and what are homes selling for?
Patti K. from St. Louis, MO.








Answer: Congratulations on your new job in Kansas City. Overland Park is a great city with many great subdivisions. 


The Windsor Hills subdivision is one of the nice subdivisions in Overland Park. According to the Heartland MLS the average Windsor Hills home in Overland Park, Kansas sold for $444,750 in    140 days during the past 180 days.

The highest priced home sold for $553,500 and the lowest selling price was $335,000.

With 8 homes for sale in the subdivision, the Windsor Hills subdivision has seen lots of activity the past 6 months. 

When you come back in town lets discuss your needs and wants and see if the Windsor Hills subdivision is a perfect fit.



RE/MAX sells more homes than any other real estate company.
For a reason...should we talk?

Another blog post written by:
The Real Estate Wizard of Kansas City
The Real Estate Wizards of Kansas City

Comments are appreciated! Go ahead and add your 2 cents . . .
Short sales, foreclosures, luxury homes, investor homes, first time home buyer homes, land, investment properties and move up buyers.
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