What is a short sale?
A Short Sale is a sale of a property where the lender agrees to accept less than what is owed to pay off the loan. In a Short Sale situation the owner owes more on the property than they can sell the home for on the open market. The Owner can request that the bank allow them to sell the property to the highest offer and forgive the difference between the amount received and the amount owed. Not all Short Sale scenarios allow the Seller to be "forgiven" the difference between sale price and what was owed on the property. Please consult with a tax consultant to find out the correct answer for your situation as you may have a tax consequence for the difference or be asked to sign a Note to repay the difference. This is a viable option for many Sellers and Banks as it is a less expensive option for the Bank than to take the property through foreclosure.
Short Sale properties are typically sold in “as-is” condition, similar to purchasing an REO property. It is ALWAYS our recommendation that you hire an independent inspection of the property when purchasing any home. Selling “as-is” is most often due to the Seller’s inability to afford repairs. As a Buyer of a Short Sale, you can expect a sometimes lengthy process in obtaining a Bank’s approval of your offer.
Who can qualify to sell their house as a short sale?
A home owner who has a mortgage on their home and owe more than the home is worth may decide to sell their home as a short sale. The lenders will look at the sellers circumstances and any hardship they may have encountered since obtaining the loan. This hardship can be illness, divorce, loss of a job, reduction of income, mortgage rate adjustment etc. The seller will have to submit a hardship letter to the lender along with complete financial statements and short sale package. The seller will have to prove hardship to the lender.
It is everyone’s goal to keep you in your home whenever possible. It’s important to talk to your lender to try to work out a solution
to keep you in your home. If that process fails and a Short Sale can be your next option. A Short Sale is typically less detrimental to your credit in the long term.
We are trained and here to help you through the process of a Short Sale. Selling your home as a Short Sale does not always work, but we can help you navigate the process. It has been a viable alternative for many people.
If you would like a caring and private consulation, please call Debbie at 816-994-0444.
Thursday, September 16, 2010
Thursday, August 26, 2010
Why Use A Buyer's Agent?
I am often asked, "Why do I need a Buyer's Agent? Isn't it easier just to call the name on the sign?" Two really good questions. Let me help explain why representation is to your advantage. A Buyer's Agent works exclusively for you. They provide you with:
Loyalty - Your real estate agent acts in your best interests.
Obedience - Your real estate agent must follow all of your lawful instructions.
Disclosure of Material Facts and Material Defects - Your agent must disclose to you all material facts of the property.
Examples include but are not limited to:
Relationships between the agents and other parties
Existence of other offers or counter-offers
Status of earnest money deposit
Seller’s ability or lack of ability to close the transaction
Property’s market value
Impact of important contract provisions
Confidentiality - The real estate agent must keep your confidences. Any information which you reveal to the agent about your motivation to purchase, your time requirements, or any other information which would put the seller at an advantage over you must remain confidential between you and your buyer agent. However, our state laws require your buyer agent to disclose to the seller or the seller’s agent any material facts about your ability to complete the transaction.
Accounting - Reporting where any monies place in the the hands of the broker or escrow agent are kept and careful administration of monies or property placed in the care of the agent.
Reasonable Skill and Care - Negotiation for a reasonable purchase price. Affirmatively discovering material facts and disclosing them to the buyer. Investigating, when possible, the important information related to the purchase decision and process.
To answer the other frequent question, "Why can't I call the name on the sign?" Let me explain. The listing agent (name on the sign) has gone under a listing contract in most instances to represent the Seller. Many assume that they can obtain a better financial deal working with the Seller's Agent. The Seller and Seller's Agent enter into a listing agreement that spells out the amount of commission the Seller(s) are willint to pay to sell the house. Whether the Seller's Agent sells the home themself and collects the full commission or cooperates with your Buyer's Agent and splits the commission, the agreed commission remains the same with the Seller. Why not be represented?
Remember, unless you agree to other terms in writing with an agent, Buyer's Agency costs you nothing.
Make sure your best interests are taken care of in one of your most important financial decisions.
If you would like competent and caring representation, give me a call at 816-994-0444.
Loyalty - Your real estate agent acts in your best interests.
Obedience - Your real estate agent must follow all of your lawful instructions.
Disclosure of Material Facts and Material Defects - Your agent must disclose to you all material facts of the property.
Examples include but are not limited to:
Relationships between the agents and other parties
Existence of other offers or counter-offers
Status of earnest money deposit
Seller’s ability or lack of ability to close the transaction
Property’s market value
Impact of important contract provisions
Confidentiality - The real estate agent must keep your confidences. Any information which you reveal to the agent about your motivation to purchase, your time requirements, or any other information which would put the seller at an advantage over you must remain confidential between you and your buyer agent. However, our state laws require your buyer agent to disclose to the seller or the seller’s agent any material facts about your ability to complete the transaction.
Accounting - Reporting where any monies place in the the hands of the broker or escrow agent are kept and careful administration of monies or property placed in the care of the agent.
Reasonable Skill and Care - Negotiation for a reasonable purchase price. Affirmatively discovering material facts and disclosing them to the buyer. Investigating, when possible, the important information related to the purchase decision and process.
To answer the other frequent question, "Why can't I call the name on the sign?" Let me explain. The listing agent (name on the sign) has gone under a listing contract in most instances to represent the Seller. Many assume that they can obtain a better financial deal working with the Seller's Agent. The Seller and Seller's Agent enter into a listing agreement that spells out the amount of commission the Seller(s) are willint to pay to sell the house. Whether the Seller's Agent sells the home themself and collects the full commission or cooperates with your Buyer's Agent and splits the commission, the agreed commission remains the same with the Seller. Why not be represented?
Remember, unless you agree to other terms in writing with an agent, Buyer's Agency costs you nothing.
Make sure your best interests are taken care of in one of your most important financial decisions.
If you would like competent and caring representation, give me a call at 816-994-0444.
Thursday, August 19, 2010
Kansas City's Wealthiest ZIP Codes
The Kansas City Business Journal recently posted a list of the wealthiest ZIP codes. Did your ZIP code make the cut? The top ten ranked on factors including, but not limited to, income, median net worth and average home values are listed below:
1. 66221 Overland Park
2. 66209 Leawood
3. 66211 Leawood
4. 66224 Overland Park
5. 66220 Lenexa
6. 66085 Stilwell
7. 66206 Leawood
8. 64113 Kansas City
9. 64064 Lee's Summit
10. 66213 Overland Park
Research data was supplied by Esri, a Redlands, California research firm.
Regardless of ZIP code we can help you find your dream home. Visit our website at www.debbiewhitehomes.com or just give me a call at 816-994-0444. We have the keys that open doors!
1. 66221 Overland Park
2. 66209 Leawood
3. 66211 Leawood
4. 66224 Overland Park
5. 66220 Lenexa
6. 66085 Stilwell
7. 66206 Leawood
8. 64113 Kansas City
9. 64064 Lee's Summit
10. 66213 Overland Park
Research data was supplied by Esri, a Redlands, California research firm.
Regardless of ZIP code we can help you find your dream home. Visit our website at www.debbiewhitehomes.com or just give me a call at 816-994-0444. We have the keys that open doors!
Monday, June 14, 2010
Getting Ready To Own
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Keep Your Home Purchase on Track
You’ve found your dream home. Make sure missteps don’t prevent a successful closing. Read
-
Understanding Real Estate Representation
Whether you’re buying or selling, it’s important to choose representation that meets your needs in the transaction. Read
-
4 Tips to Determine How Much Mortgage You Can Afford
By knowing how much mortgage you can handle, you can ensure that home ownership will fit in your budget. Read
-
7 Tips for Improving Your Credit
Here’s how to clean up your credit so you get the least-expensive home loan possible. Read
-
7 Steps to Take Before You Buy a Home
By doing your homework before you buy, you’ll feel more content about your new home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
Wednesday, June 9, 2010
Seven Advantages Of A Home Warranty
1. Seller(s) peace of mind during the listing period. Yes, most home warranties cover you, the Seller, during this period.
2. Buyer(s) peace of mind during the first year of home ownership. Should that 8 year old water heat go out, the Buyer(s) has coverage for repair or replacement.
3. Seller(s) does not pay for the policy coverage until closing whether they have used it during the listing period or not.
4. Home warranties cover the repair or replacement of a home's mechanical systems and major built-in appliances in the event of a breakdown due to normal wear and tear during the agreement period.
5. Access to licensed, trained and certified technicians. No more thumbing through the Yellow Pages.
6. Low deductables for service call fees.
7. A Money Saver! Should you need repair or replacement of a covered item, you pay a service call fee instead of actual costs!
2. Buyer(s) peace of mind during the first year of home ownership. Should that 8 year old water heat go out, the Buyer(s) has coverage for repair or replacement.
3. Seller(s) does not pay for the policy coverage until closing whether they have used it during the listing period or not.
4. Home warranties cover the repair or replacement of a home's mechanical systems and major built-in appliances in the event of a breakdown due to normal wear and tear during the agreement period.
5. Access to licensed, trained and certified technicians. No more thumbing through the Yellow Pages.
6. Low deductables for service call fees.
7. A Money Saver! Should you need repair or replacement of a covered item, you pay a service call fee instead of actual costs!
Tuesday, May 18, 2010
Looking For Something To Do In Kansas City?
Check out these great deals at http://www.visitkc.com/. There is a wealth of information for the best places to stay, best places to eat and things to do. You'll love the 2-for-1 Specials. I especially think the Royals and Worlds of Fun Double Play is a great deal! Spring is in the air and Summer is around the corner. Let's enjoy Kansas City!
Monday, May 17, 2010
Real Estate Corner - Answers To Your Questions!
Q. We have just bought our first brand new home, but we have a few issues that need to be completed by the builder. How should we go about getting those items addressed?
A. In order to schedule repairs, most builders require these items to be in writing. Use the following guidelines to make the most of the communication.
• Familiarize yourself with your home warranty coverage. Follow the procedure for making claims as stated in the written warranty. Some builders handle the warranty repairs themselves, while others contract with home warranty companies to handle all warranty claims. Some items, such as appliances, are usually covered by a manufacturer’s warranty, and are not the responsibility of the builder. If a problem develops after the express warranty has expired, the builder may not be required to respond under the terms of the written warranty. It is important to know what your builder's policy and procedures are before you enter into a contract to purchase a home built by them. Most builders have a timeline for you to follow giving you an opportunity to live in the home for a period of time. This allows you to discover any issues that need to be addressed that might not have been noticed at the time of your final walk-through. The builder will also want a list, also called a punch list, so they may take care of any items at the same time rather than coming out multiple times.
• Write your letter. Include the date of the request, your name, contact details, and the date you moved in. Include all relevant details. State exactly what you want done and how soon you expect it to be resolved. Include all relevant documents and photos regarding the problem, and send copies, not originals. Keep a copy of the letter for your files.
• After you alert your builder to the problem, provide them an opportunity to inspect and correct the problem within a reasonable period of time.
If you have any questions, or are in need of capable and trustworthy representation, please call us at 816-246-7500.
A. In order to schedule repairs, most builders require these items to be in writing. Use the following guidelines to make the most of the communication.
• Familiarize yourself with your home warranty coverage. Follow the procedure for making claims as stated in the written warranty. Some builders handle the warranty repairs themselves, while others contract with home warranty companies to handle all warranty claims. Some items, such as appliances, are usually covered by a manufacturer’s warranty, and are not the responsibility of the builder. If a problem develops after the express warranty has expired, the builder may not be required to respond under the terms of the written warranty. It is important to know what your builder's policy and procedures are before you enter into a contract to purchase a home built by them. Most builders have a timeline for you to follow giving you an opportunity to live in the home for a period of time. This allows you to discover any issues that need to be addressed that might not have been noticed at the time of your final walk-through. The builder will also want a list, also called a punch list, so they may take care of any items at the same time rather than coming out multiple times.
• Write your letter. Include the date of the request, your name, contact details, and the date you moved in. Include all relevant details. State exactly what you want done and how soon you expect it to be resolved. Include all relevant documents and photos regarding the problem, and send copies, not originals. Keep a copy of the letter for your files.
• After you alert your builder to the problem, provide them an opportunity to inspect and correct the problem within a reasonable period of time.
If you have any questions, or are in need of capable and trustworthy representation, please call us at 816-246-7500.
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