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Showing posts with label Foreclosure. Show all posts
Showing posts with label Foreclosure. Show all posts

Monday, July 2, 2012

Avoiding a Real Estate Foreclosure in Kansas City Doesn't Mean You Will Stay in the Home

The feeling of owning your own home is wonderful, especially for those couples that are first time home buyers; however, there are certain problems that can arise for real estate owners, the main one being foreclosure due to lack of payments.

When buying a home you do not expect to lose your job, a hidden bill to emerge, or a lack of money in your bank account, you expect to be able to make the payments just like you did the first few months of owning the real estate.

There are several ways of getting out of foreclosure, not many involve keeping your home. The best way to make sure the foreclosure does not appear on your credit report is to sale your real estate before the foreclosure is processed. If you choose to sell your real estate, the moment that the contract is signed by another individual the process of the foreclosure can be delayed, even if the home is already up for auction.

Foreclosures normally result in the real estate being sold under market value. This makes selling your home during a foreclosure, a better way out. If you sell your home, you can list it for market value and in return make enough money off the sale to pay your mortgage loan off and possibly find another place to live. The protection of your credit record is vital, most United States citizens never recover their excellent credit score after a foreclosure, thus making it important never to have one show up on your credit report.

During the foreclosure auction of real estate, you and your family have already heard the term vacate the premises, but if you choose to sell before the foreclosure, you will be able to stay in the home until the buyer asks you to vacate, which is normally thirty to sixty days after the sales contract was signed. In these thirty to sixty days, it is advised to plan ahead and find another place to live, as well as how you are going to be transporting your personal items and furniture from one place to the next.

No one ever wants to sell their home, especially if they have children and it is hard transferring them while in school, but at some point in your life you have to do what is best for you and your family. Keeping your credit record clean and safely insuring the new real estate that you purchase will be paid for will help your family in the long run when it comes to future foreclosure.



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

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Kansas City real estate, kansas city home, kansas city, dowell taggart, dowell taggart team

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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

Wednesday, April 25, 2012

I lost my job 3 months ago and I'm now behind on my mortgage on my home in Olathe, Kansas. I knew there was a possibility that I would lose my job so I started working on a loan modification a couple months before I lost my job. I have not heard anything about my loan modification for the past 3 months and then yesterday I received a notice that my lender is starting to foreclose on my home. What are my options?

Question: I lost my job 3 months ago and I'm now behind on my mortgage on my home in Olathe, Kansas. I knew there was a possibility that I would lose my job so I started working on a loan modification a couple months before I lost my job. I have not heard anything about my loan modification for the past 3 months and then yesterday I received a notice that my lender is starting to foreclose on my home. What are my options?
Danny F. from Olathe, Kansas


Answer: Sorry to hear about your problem, Danny. According to AmHerst Securities Group who has monitored thousands of mortgages, 95% of the mortgages that are 60 days delinquent never were brought current nor where successfully modified. If a mortgage is 90 days delinquent, the percentage of mortgages never brought current or successfully modified was 99.2%.




Danny, if your mortgage falls into anyone of these categories and you have been trying to negotiate a loan modification and have been unsuccessful, I would suggest negotiating a "Short Sale". 


If you decide that a short sale is the best path, the Dowell Taggart Team would be available to assist you. If you decide to interview real estate agents, keep in mind the two most important questions when hiring a short sale agent.


The two most important questions when interviewing a short sale agent are:
1) How many short sales have you successfully completed? (If the answer is 15 or less, you might consider looking further)
2) How is the BPO process handled? (If the real estate agent says something like "it just happens" or "the lender orders the BPO", then you may consider looking further)


Why look further? An experienced short sale agent may not have the best path for you to successfully negotiate a short sale on your behalf.


Have any short sale questions, feel free to contact the Dowell Taggart Team. We would be happy to answer your questions.




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.


Tuesday, April 17, 2012

I made an offer on a foreclosure home in Olathe last month. According to the contract I need to be approved for a mortgage within 3 weeks. Here is my problem. I conducted inspections and applied for a mortgage. The bank approved me for a mortgage, but not for this home. The banker says the home needs to much work and in order to get a mortgage loan through his bank I would need the seller to make the repairs. Since the bank will not make repairs, my bank issued a denial letter, which was submitted to the listing agent within the 3 week period but not sent to the bank who is handling the foreclosure within 3 weeks. Now the bank wants to keep my $2,500 earnest deposit. Can you help me?

Question: I made an offer on a foreclosure home in Olathe last month. According to the contract I need to be approved for a mortgage within 3 weeks. Here is my problem. I conducted inspections and applied for a mortgage. The bank approved me for a mortgage, but not for this home. The banker says the home needs to much work and in order to get a mortgage loan through his bank I would need the seller to make the repairs. Since the bank will not make repairs, my bank issued a denial letter, which was submitted to the listing agent within the 3 week period but not sent to the bank who is handling the foreclosure within 3 weeks. Now the bank wants to keep my $2,500 earnest deposit. Can you help me?
Henry L. from Olathe, Kansas


Answer: Sorry to hear about your problem Henry. If you still want the home, have you explored a FHA 302K mortgage loan? This mortgage loan will allow you to basically finance the repairs. If that will not work, I would consult an attorney for legal advice regarding getting back your earnest deposit. If you need a referral of a good real estate attorney, feel free to contact me.


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.


Friday, April 13, 2012

Is buying a foreclosed home a good buy or is it usually more trouble than its worth? I've heard sometimes foreclosed homes can land up costing more. Is this always the case? How can you avoid bad foreclosure purchases?

Question:  Is buying a foreclosed home a good buy or is it usually more trouble than its worth? I've heard sometimes foreclosed homes can land up costing more. Is this always the case? How can you avoid bad foreclosure purchases?
Jack H. from Overland Park, Kansas


Answer: It really depends on the property, Jack. I recommend that a comparative market analysis is completed when looking at foreclosure properties. Complete an analysis in "As-Is" condition and in a fixed up condition. In addition have an experienced inspector who has inspected foreclosure properties inspect the property. If a buyer takes their time and do their due diligence, buying a foreclosure property should be very easy. If a home buyer cuts some steps, there maybe many surprises after closing. 


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.


Wednesday, March 28, 2012

I recently submitted an offer on an REO property in Olathe with an expiration so we could hear back quickly and avoid a “highest & best offer” situation due to multiple offers.

Question: I recently submitted an offer on an REO property in Olathe with an expiration so we could hear back quickly and avoid a “highest & best offer” situation due to multiple offers. Come to find out, the listing agent that received the offer from my real estate agent didn’t submit the offer before the expiration because he wanted to wait until more offers came in and present them all to the bank. Is this legal to hold on to an offer past the expiration before submitting it to the bank?
–Julie H. from Olathe, Kansas

Answer: Welcome to my world, Julie. REO and short sale contracts are not handled the same as normal real estate contracts. Typically while you still have deadlines, the banks are not required (and couldn’t care less) about meeting any deadlines you try to put on them. Trying to gain an edge to present an offer that is unacceptable to the bank will not work. The listing agent has had communication with the bank and has an idea of what the bank will accept. The listing agent will typically wait until an acceptable offer is presented. 

If you think you have been dealt with dishonestly, first communicate with the listing agents broker.



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.


Tuesday, March 27, 2012

I receive depressing emails from Kansas City homeowners who have never wondered why they should do a short sale versus having their Kansas City home foreclosed on. - Loan Modification

Weekly, I receive depressing emails from Kansas City homeowners who have never wondered why they should do a short sale versus having their Kansas City home foreclosed on. 
Many of these homeowners write with great emotions, frustration and and irritation about how their banks  have messed around with them for months and still never grant their loan modification. They will write about the over promises, idiotic demands and repetitive steps in getting their loan modification granted. Although every story is different, the theme is the same. The mortgage bank lost my documents, skipped my file, gave conflicting updates by multiple representatives, or gave misleading progress reports. In the end, the homeowners received a foreclosure notice rather than the loan modification acceptance letter. By this time there is very little time to work out a short sale. Some homeowners say the banks lied to them, tricked them into going into default, refused to give them documentation that verified any verbal agreements, and then left them up a creek without a paddle.
For these people, a short sale might be the answer. It's not the answer that results in homeowners keeping their homes, but it is better than a foreclosure. Most clients who we help with a short sale, wished that they would have started the short sale process much sooner.
Most homeowner don't know that there is not cost and in many cases the mortgage lender will offer relocation assistance.
If you know of someone who is struggling to make their house payments and have been fighting for a loan modification, maybe we can help. 


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.


I offered $225,000 for a short sale property in Overland Park, Kansas with 10% down. The seller countered that buyer must be willing to put 20% down if the lender requires. I accepted the counter, hoping 20% will not be needed and escrow has been opened.

Question: I offered $225,000 for a short sale property in Overland Park, Kansas with 10% down. The seller countered that buyer must be willing to put 20% down if the lender requires. I accepted the counter, hoping 20% will not be needed and escrow has been opened. The sellers lender has responded that they want 20% down on this property due to poor condition. I do not have that much cash. Please get back to me asap. Can I get out of this contract?
–Nygen from Overland Park, Kansas

Answer: If you agreed to buy the Overland Park home with 20% down, then you cannot get out of the contract for the reason “my lenders wants 20% down”.

However, if you are in your “contingency period”, which is usually 10 days from the acceptance date, you have other ways out of the contract.

For example, during your contingency period, you can get out of the contract without losing your deposit if: - You get a home inspection and don’t like what you find (this inspection typically runs anywhere from $250-400), or you get a pest inspection and don’t like what you find (this is usually the cheapest inspection to get at about $75), - You read the Natural Hazard Disclosures and don’t like what you find (this is paid for by the sellers).

Your contract outlines these details and your real estate agent should be happy to explain it to you. Frankly, your real estate agent should have instructed you NOT to accept the counter offer in the first place, since you were not truly willing/able to put 20% down. It’s too late now, but in the future, do not sign agreements that do not 100% meet your needs.

If you've past the contingency period, I would suggest contacting a real estate attorney, if you still want out of the real estate contract. An attorney maybe able to negotiate keeping the down payment at 10% if your lender can approve the mortgage loan with 10% down.

I hope this information is helpful.



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.


Thursday, March 1, 2012

As first time home buyers, my husband and I were excited to make an offer on a foreclosure home in Gardner, Kansas.

Question: As first time home buyers, my husband and I were excited to make an offer on a foreclosure home in Gardner, Kansas. Everything seemed to be going great until we got to the inspection. There were lots of little and major things uncovered on the inspection. What burns us up is that the listing agent knew of the problems when we made the offer from a previous inspection on the home and never disclosed this to our buyers agent or us. Since we have little money, if we back out, which we will probably do since we were buying the home "As-Is", we will probably not be able to buy a home for another year. We will lose over $1000 because the listing agent didn't disclose known defects. Isn't this fraud what the listing agent did?
Kamile and Derrick O. from Overland Park, Kansas


Answer: When buying a foreclosure home, listing agents and banks, do not disclose anything about the home. Banks don't think they have to play by the same rules and laws as everyone else. This is extremely common. That is why real estate agents recommend ALL inspection possible when buying a foreclosure home. It is at the buyers mercy to investigate the problems in the home. If a buyer doesn't feel it is in their scope of work, they can always backout of the contract.


Another option for home buyers buying foreclosure homes is to get a FHA Rehab loan like a 203K. These types of loans allow the buyer to build the repairs into the mortgage loan.


Hope this helps! Contact me if you have anymore questions.


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!

kansas city real estate network - dowell taggart team
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.


start kansas city home real estate search, find kansas city real estate house why use kansas city real estate network kansas city home evaluation, house appraisal, kansas city home value

Saturday, February 25, 2012

Bank accepted an offer on an Overland Park, Kansas foreclosure home in 2 hours on a Sunday night

Question: I have been in the market for a home for over 6 months. The perfect home came on the market Friday in Overland Park. It had already been rehabbed by the bank and seemed to be in great shape. All it needed was new decor. Sunday I made an offer on the Overland Park foreclosure home that I thought was reasonable. The list price was $185,000 and my offer was for $191,000 submitted with a $2,500 deposit. I was also putting 20% down. My buyers agent verified through the listing agent that there were no other offers on the house and my agent submitted my offer to the listing agent around 4:00 PM on Sunday night. So I get a text message from my agent at about 5:30PM saying that she just received an email from the listing agent saying that a cash offer has been accepted by the bank on the home I wanted. I want to know what could have happened in those few hours, I have a suspicion of something done under hand. Should I look further into it, or do these things happen often?
Tammy K. from Overland Park, Kansas

Answer: Unfortunately these things happen when buying a foreclosure home. I personally have not seen a bank work that fast, but I guess it is possible. I doubt that the listing agent just received the offer and presented it to the bank and they accepted it that fast on a Sunday. I don’t blame you for being suspicious, but Banks are not in Real Estate business and they don’t follow any rules. As far as the listing agent, they just act on behalf of their seller or asset manager.



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!

kansas city real estate network - dowell taggart team
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.


start kansas city home real estate search, find kansas city real estate house why use kansas city real estate network kansas city home evaluation, house appraisal, kansas city home value

Friday, February 24, 2012

I hear that in areas like Las Vegas, NV and Phoenix, AZ over half of the sales are cash sales. Is that the case in Johnson County, Kansas? How about Kansas City?

Question: I hear that in areas like Las Vegas, NV and Phoenix, AZ over half of the sales are cash sales. Is that the case in Johnson County, Kansas? How about Kansas City?
Jim K. from Shawnee, KS.


Answer: Great question, Jim. In areas where over 50% of the real estate inventory is distressed I would expect that over 50% of the real estate sales to be cash sales. Due to deferred maintenance, it is hard to obtain a mortgage loan on a distressed sale like foreclosures and short sales. 


I'm happy to report that the number of distressed sales in areas like Johnson County, KS. are not 50% of all sales. Less than 25% of the real estate sales in Johnson County, KS. are distressed sales, so it should be no surprise that only 19% of the sales are cash sales.


In January of 2012 in Johnson County, 72 or 19% of the total real estate sales were cash sales. 


As a whole, Kansas City has a fewer percentage of distressed sales than areas like Las Vegas and Phoenix.





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.


Saturday, February 18, 2012

I'm looking at a real estate foreclosure in Olathe, Kansas. How much less than asking price should I bid?

Question: I'm looking at a real estate foreclosure in Olathe, Kansas. How much less than asking price should I bid? Anna B. from Olathe, Kansas


Answer: Great question, Anna. Many Olathe home buyers are making the mistake when looking at distressed homes like foreclosures at dwelling what percentage they can buy the home off off of the list price. Rather than looking at the list price focus on the  value. Every Olathe home has a specific value based on its physical characteristics (design, space, functionality, etc), and area characteristics. Before making an offer review sales data of comparable homes. When determining value factor in the cost of repairs into the sales price. The list price is a starting price to help generate home buyers. There is no set percentage off of list price that distressed homes like foreclosures sell in Olathe, Kansas. I have seen some foreclosure homes sell 30% off list price, I have seen some sell at list price and I have seen a few sell above the list price. You should review the data and make an offer based off of value not off of a percentage off of the list price. 



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!

kansas city real estate network - dowell taggart team
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.


start kansas city home real estate search, find kansas city real estate house why use kansas city real estate network kansas city home evaluation, house appraisal, kansas city home value

Wednesday, February 15, 2012

I saw two foreclosure houses for sale in Olathe, Kansas that are vacant and have HUD notices in the window. I want to find out information on these homes and how much they are for sale. How do I find out this information on these homes and any other HUD home I find?

Question: I saw two foreclosure houses for sale in Olathe, Kansas that are vacant and have HUD notices in the window. I want to find out information on these homes and how much they are for sale. How do I find out this information on these homes and any other HUD home I find?
Erikka B. from Kansas City

Answer: If the homes have HUD notices you should be able to go to www.HUDhomestore.com and add the address of the properties to get the HUD information. Some HUD properties may take a while to get listed on the HUD site, but if they have a notice I find that they typically are listed within a few days. In order to view or make an offer on a HUD property, you will need a HUD registered real estate agent.



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!

kansas city real estate network - dowell taggart team
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.


start kansas city home real estate search, find kansas city real estate house why use kansas city real estate network kansas city home evaluation, house appraisal, kansas city home value

Saturday, February 4, 2012

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

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!

kansas city real estate network - dowell taggart team
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.


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Tuesday, January 31, 2012

I am purchasing a single family foreclosure home in Kansas City that is bank owned and there is a delay in closing due to the title

Question: I am purchasing a single family foreclosure home in Kansas City that is bank owned. According to neighbors, the home that has been vacant for a year and a half. The bank accepted my offer and I submitted an earnest check in early November, 2011. A clear title seems to be the delay. My question is do banks put homes on market without clearing liens and loans?
– Stan K. from Overland Park, Kansas


Answer: Stan, I hope you're working with a real estate agent. If not, your real estate purchase could get tricky. Yes, it is common for banks to put homes on the market before they have clear title. In addition, it is not uncommon for liens to pop up on the home after the foreclosure process. Once the contract was accepted, the contract was probably sent to a title company to start the title process. 


As a real estate agent, I have typically have a title company pull a title commitment the first week.Also typically before closing, I will get a call from the title company that a lien as just been issued on the foreclosed home. The liens can be tax liens, home association liens or a mechanic liens. In addition, sometimes, the title was not cleaned up when the home was foreclosed on by the bank and the title company may have missed the liens.


On a foreclosure home, the liens should be cleared up fairly fast. If they are not, as in your case, I would suggest contacting the title company directly and ask them why there is a delay in closing. Maybe paying off a small lien can solve the problem.


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!

kansas city real estate network - dowell taggart team
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.


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Friday, January 27, 2012

I want to buy a Gardner house. We sold our other house in Gardner, KS. a year ago as a short sale. We were late on payments and between jobs. Our income per household is good. Since selling our home, our income is good.

Question: I want to buy a Gardner house. We sold our other house in Gardner, KS. a year ago as a short sale. We were late on payments and between jobs. Our income per household is good. Since selling our home, our income is good.
Leslie, Gardner, Kansas

Answer: Good thing you sold your home as a short sale versus letting it get foreclosed on. If it was foreclosed on, you will need to wait at minimum 3 years and with some mortgage products, 4 years. Before you jump into buying a home, its a good idea to ensure you’ve taken corrective action regarding what caused you to be late on your payments on the previous home you owned in Gardner. Talk to a lender to see if you meet the requirements to purchase again. The criteria is much stricter today to buy a home then it was last year. Many lenders will require you to wait 2 years and have no late pays before you're able to buy a home again. I hope you will have a better experience in the future.

You may also look into the USDA RD loan. It has less restrictive loan qualifications for Gardner home buyers.

A lender I recommend contacting to get started is Dennis Moser. Dennis can be contacted at:
I'm sure Dennis will get you on the right course for buying a home in Gardner, Kansas.



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!

kansas city real estate network - dowell taggart team
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.


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Thursday, January 26, 2012

My house in Overland Park is in foreclosure. I received notice that the Johnson County Sheriff will auction my house in a few weeks. I don’t know how it works, can they auction my house without us signing any papers?

Question: My house in Overland Park is in foreclosure. I received notice that the Johnson County Sheriff will auction my house in a few weeks. I don’t know how it works, can they auction my house without us signing any papers?
Greg, Overland Park, Kansas


Answer: Well Greg. You're not going to like my answer. Yes, your lender has the right to foreclose on your Overland Park, KS. house and order the Johnson County Sheriff to auction off your house to recover losses.


I would first recommend contacting an attorney to help you. If you do not know of a good attorney. I'll recommend one at the end of my answer. In Kansas, a mortgage lender has strict guidelines on how to foreclose on your house. Next, after the sheriff sale, a Kansas homeowner has at minimum of 90 days to redeem the sale.


Before the sheriff sale, you may also request a short sale from your mortgage lender. If you need guidance on this, feel free to contact the Dowell Taggart Team. 


Real Estate Attorney:

Mark D. Molner, Esq.
PRICE LAW GROUP, APC
2210 W. 75th Street
Prairie Village, KS 66208
Toll Free:  (800) 884-6000
Direct:      (913) 529-1474
Fascimile: (818) 907-2012





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!

kansas city real estate network - dowell taggart team
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.


start kansas city home real estate search, find kansas city real estate house why use kansas city real estate network kansas city home evaluation, house appraisal, kansas city home value