Open house Oct. 14th, 1-3PM. Renovated Golf Course Villa for sale!

Newly renovated town home on Teetering rocks golf course! Most exterior maintenance provided. Live life on the greens! MLS# 1801517

Here is a link to our virtual tour!

Golf Course Villa FOR SALE! 12109 E 86th St, KCMO, 64138

Some new items include:

30 year roof
Water heater
Furnace
A/C
Complete kitchen and bathroom overhaul with ceramic tile, marble / granite countertops and appliances
New carpet, custom paint, thermal windows, and lighting fixtures

Please let Scott, Don, or Kim Tucker know if you are interested in seeing this house. Give us a call @ 816-523-4400! Thanks

What NOT to do when applying for a Real Estate Loan

As you start to think about buying a home, you must first get pre-approved before many agents will physically show you properties. Remember, getting pre-approved or pre-qualified is not a guarantee or commitment of getting a loan, and your credit gets checked twice, once when you get pre approved and then again once you are qualifying for a loan, so don’t think you’re on the home stretch after you get pre approved. the biggest mistake people do is make these 7 mistakes in between the time you get pre-approved and the time from actually buying a house:

1. DO NOT change jobs. – Banks enjoy stability so they usually require at least 3 months of employment.

2. DO NOT use your credit cards to rack up debt or let your accounts fall behind. – Banks qualify you based on your ’debt to income’ ratio, and raising your debt alters how much buying power you have by decreasing your income to debt.

3. DO NOT  buy furniture. – This is the biggest mistake of all! Especially after you have a house under contract and want to start buying furniture for the house. Making big purchases decreasing cash on hand or increases your debt, altering your approval limit.

4. DO NOT spend money you have set aside for closing – you’ve gone this far, make sure you can buy the house once it happens.

 5. DO NOT leave out debts or liabilities from your loan application. – Has anybody told you not to lie? It’s called mortgage fraud… not fun.

6.  DO NOT buy a car. – Big purchases will alter either your cash on hand or your debt, depending if you get a loan, and will affect your income.

7. DO NOT co-sign a loan for anyone – this will show up on your credit report as more debt and alter how much banks can loan you.

I hope this helps! If you have more questions about getting pre approved or finding an Accredited Buyer Agent such as me, contact me anytime.

How do I narrow my search to buy a home?

There are thousands of houses for sale in the Kansas City area at any given time. If you plan to buy a home soon,  It’s best to narrow your criteria of your dream home.

Keep in mind that it may take a week to look through the list of houses that fit your criteria, a couple of days to a month before you find the perfect house (depending on your availability to look at houses) and 30-45 days (or more) to secure financing if you’re getting a loan. With that in mind, you should start looking 2-3 months before you have to move.

The first criteria is price. Although you may know what price range you want to stay in, getting pre-approved from a local lender is the best way to get yourself on track. They will let you know the top dollar their company will lend you for a home so you’re not wasting your time looking at  houses you can’t buy. Lenders can also help you figure out what type of financing is best for you, different programs you may qualify for and answer any questions you have about loans.

The next priority is to develop a detailed description of the home you hope to find.  Be as specific as you want. Variables to consider include style and layout of house,  number of bedrooms and baths, location (city, county, zip code..) , lot size, and other special requirements. If you have kids or plan to have kids, think about which school districts you prefer and look there first.  Number your preferences in order of greatest importance to you. 

                                                                                            

After you have selected your criteria, find an Accredited Buyer Representative (Like me) who can help you throughout the process and show you homes. If you don’t know any ABR certified REALTORS, check the ABR website here: http://www.rebac.net/MembershipDirectorySearch.aspx

I hope this helps you think about the different aspects of searching for a home. Knowing exactly what you want helps reduce the time it takes to find your dream home! If you have any questions, feel free to contact me.

Do I need to wait 15 days to purchase an investment property?

Yes and No. First let me explain what an investment property is:

What is the definition of ‘investment property’?

An investment property is a home you buy that is not your primary residence, that you don’t intend of living in within 60 days or purchase and live in for at least 1 year. Some investors get around that by living in the property while they fix it up, then sell it a year later, but most investors choose not to do this, because they would rather flip multiple homes within a year instead of holding a single one.

So what type of properties have a day restriction for investors?

It depends on who is selling the property. If you are looking at a Freddie Mac / Fannie Mae property, they have an initiative called the ‘First look initiative’ which prohibits investors buying within the first 15 days. Whether or not you think this is ‘fair’, it allows actually home owners the first chance to purchase a home instead of investors buying them and charging a premium later. It usually doesn’t interfere with investor houses, because the houses that stay on the market longer than 15 days are houses that need extensive repairs, upwards of $20,000-60,000.

Some banks allow a ‘grace period’ for home owners to buy first, but each bank is different. Consult your real estate agent whether the house is under any constraints for investors or not.

What about HUD houses?

HUD houses (housing of urban development) are houses that used FHA loans that were foreclosed on. Once HUD puts them up for sale, investors can’t make an offer until the 11th day, but the initial owner occupant period can be shorter or longer, depending on what the asset manager (listing agent) chooses to do.

HUD offers great incentives to buy their houses, from $100 down payments to 50% off the price! I will discuss those incentives in the next blog post!

First Time Home Buyer? Read This!

Hi everyone!

I’ve recently noticed that a lot of my buyer clients are first time home buyers. Every time I help them, I show them this great website called KC Home Programs, and I figured I should tell everyone about it!

If it’s your first time buying a home, you are at a great advantage, because there are lenders, grants, and other programs that offer to help you.

KC home programs, in my opinion, it is the most complete and coherent website that gives you information and links guiding you through the entire process of buying a home, from getting prequalified to closing. They offer articles about finding a home, getting prequalified, the closing process, types of mortgages, and other helpful steps and education to learn before jumping into purchasing your new home.

Here are a few examples of what the programs help with:

–Closing cost assistance (typically 1-3% of the sales price)

–Down payment assistance (depending on your mortgage, down payment ranges from 3.5-20%)

–Additional loans for houses that need improvements.

–Special discounts if you are a teacher, firefighter, police officer, or EMT.

If you are thinking about purchasing a home soon, and are a first time home buyer, I encourage you to look at this website. Even if you are well versed in real estate, I guarantee you will learn something new!

http://kchomeprograms.com/program/index.php

What is Earnest Money and Escrow?

I’ll be honest, I had no clue what earnest money or escrow meant until I started my career in real estate. When buying a home, most people don’t realize they need to submit earnest money, how much, and where it goes. I will help answer those questions today.

Earnest money is  simply an initial down payment that isn’t cashed until closing, letting the bank and seller know that you are truly interested in buying their house. It demonstrates that you have sincere interest about buying the house, and is usually about $1,000, but when dealing with larger priced homes, can be as much as 1% of the price of the home. Earnest money is submitted with the offer to buy someone’s house, and once that offer is accepted, the earnest money check is sent to a title company, which puts the money into an escrow account.

The escrow account is where the money sits until further notice. Just think of it as a savings account that a third-party holds until you close the contract. The third-party is usually a title company, since they are responsible for handling the money and transfering the deed of the house.

Some buyers worry that they will never see their earnest money check if they decide to cancel the contract and find another house. You can get your earnest money back if you cancel the contract for a legitimate reason, like an unacceptable condition found during inspections. If inspection comes back with extensive mold damage that you didn’t notice when you made your offer, then you have about 5 days to decide whether you want to renegotiate the price or back out of the contract. In that case, that is a legal cancellation, and you will get your money back.

I hope that helps clear things up. Let me know if you have any questions!

What Is Syndication?

Part of my goal of this blog is to educate the general public about real estate lingo and various topics in real estate.

This week, I wanted to explain what syndication is, because it’s a huge part of my companies marketing plan, and how we reach everyone on the internet looking for your home.

Syndicating is when we take our listing – your home – and advertise its information among multiple other websites. At our company, we syndicate, or market your house for sale on over 40 real estate websites! This allows maximum coverage, so no matter what, when someone searches for a home, no matter what website they use, your home will pop up. The house can pop up using similar price, area, city, or certain keywords they might be looking for.

Here is a sample list, as I don’t want to bore you the list of over 40 websites that your home is now being advertised through.

Craigslist, Backpages, Point to homes, Trulia, Oodle, Homefinder, Realty showcase, Zillow, Real estate active, The housing block, Real buzz.com, Listing free, Vast.com, Realtypin.com…etc

So when you choose me, you’re not just relying on me to market it to my circle of agents,  i’m marketing it to everyone looking on the internet! Contact me if you would like to sell your home, or if you have been looking on the internet for a home and need help taking the next step.

That’s all for now! Have A Great Weekend Everyone!

5 Myths About Selling Your Home

Myth #1: Your home must be in PERFECT condition in order to sell.

Truth: If you get carried away with repairs and replacements to your home, you may end up over
improving the house. There is a point where improving your home doesn’t pay off. The key is to consider
what competing properties feature and look like.

Myth #2: You should always price your home high and negotiate down.

Truth: Pricing too high can be as bad as pricing too low. If you list too high, you’ll miss out on buyers
looking in the price range where your home should be. Offers may not even come in, because buyers who
are interested in your home are scared off by the price and won’t even take the time to look at it. By the time you correct the price and list your home at its fair market value, you will have lost that window of opportunity when your home draws the most attention from the public and real estate agents; i.e. the first 30 days that it is on the market.  

Myth #3: Once a potential buyer sees the inside of your home, curb appeal won’t matter.

Truth: Buyers probably won’t make it to the inside of the home if the outside of your home does not
appeal to them. Buyers and their agents often do drive-bys before deciding whether a home is worth their
time to look inside. Your home’s exterior must make a good first impression so that buyers are compelled to stop and come inside. All it takes is keeping the lawn mowed, shrubs and trees trimmed, gardens weeded
and edged, and clutter put away.

 
 Myth #4: You are better off selling your home on your own and saving money on the commission you
would have paid to a real estate agent.

Truth: If you read my previous post about the stresses of selling your home by yourself, then you know that selling your home without an agent is like going to court without a lawyer. Statistically, many sellers who attempt to sell their homes on their own cannot consummate the sale without the service of a real estate agent. Homeowners who succeed in selling their home by themselves usually net less than if they had a real estate agent working for them. The National Association
of REALTORS® surveys consumers every year, including homeowners who succeeded in selling their home without a real estate agent. Over 70% of these homeowners say that they would never do it again.

Myth #5: Selling my house is hard work!

Truth: While selling your house by yourself is hard work, using an agent is pretty easy and stress-free. We do all the work for you! We handle the agent tours, the open houses, showings on your house during the day. We handle all the marketing, contracts and paperwork too!

If your ready to sell your home, let me help you! I can quickly give you a free estimate of your home value and guide you through the entire process until you have a check in your hand! And after you sell your home, I can even help you find your new home or help you find an agent if you’re relocating. Contact me if you have any questions!

Should I Sell My House ‘For Sale By Owner’?

Selling your home is a big deal; it’s one of the biggest transactions you will make in your life.  Some of you may try to sell your home “For Sale By Owner”, but you may not realize the benefits of listing your home with an agent. Here are questions to ask yourself before you decide to sell it yourself.

• Do you have the time and energy during the day to show your house, and often, on short notice?
• Are you knowledgeable about real estate contracts, disclosures and addendums?
•  Do you know which contracts and disclosures are required in a sale?
• Do you have access to any legal real estate contracts? (and no, you can’t write your own) if not, you have to pay  an attorney to write your contracts.
• Do you know how much your home is worth? In my experience, people think their house is worth 15-30% more than what it is. For instance, how old is the roof, water heater, furnace, a.c. unit, does your bathrooms and kitchen need updated? What about the paint, carpet, windows, doors, light fixtures, plumbing, wiring…etc. You may find out that once you find a buyer, the inspections will leave you with a large laundry list of things you must do before it can be approved for a loan.
• Do you know how to effectively market your home, or do you plan on putting a sign in the yard and waiting for someone to drive by?
• Do you know which of your buyers are actually financially qualified, or pre-approved to buy your house, or are they just wasting your time?

Real estate agents, such as myself, are well versed in real estate contracts. We don’t require a lawyer to approve our transactions, and are experts at selling houses. While you are busy at work, we are doing our job marketing your house, finding qualified buyers, and making the process as simple and painless for you! Remember, agents don’t get paid until your house sells, so we are motivated to sell your home quick!

Still not convinced? Take the FSBO quiz to see if you should sell yourself or hire an agent.

Curious how much your house would sell for, or are you ready to sell? Contact me for a free estimate.

What Is The Difference Between a Short Sale & REO?

I felt this was a timely question to answer (more so a year ago). I will tell you the big differences between Short Sales and REO properties.  Also, if you are in this situation, or are looking to buy a short sale or REO property, follow the link posted below.

A Short Sale is basically a pre-foreclosure stage. Once the homeowner realizes they cannot support their monthly payments, they attempt to sell it on the market using a real estate agent at current market value. Note: the current market value of their home is lower than their mortgage, so their “upside down” on their mortgage. The process is complicated but it has some benefits:

• A Short sale is usually less damaging than a foreclosure on your credit. (Foreclosures stay on your credit for 7 years, making it very hard to purchase a home or obtain another loan.
• There are no deficiency judgments on a short sale. A deficiency judgment is when the bank tries to make up its losses after you foreclose on your house, like collections agency would on unpaid bills.
• The bank realizes that some money is better than no money (unlike with a foreclosure).
• From the buyers’ perspective, buying a short sale, while it may take 6 months, is worth it when you can buy a house that is generally worth more in the long run.

And Short Sales have some negatives too:

• Short sales are a notoriously lengthy process. Some short sales can take as little as a month, but can take as long as 11 months!
• After a buyer makes an offer, the bank may not accept the offer, lengthening the buying process.

An REO property stands for Real Estate Owned. It’s a property that has already been through foreclosure and has failed to sell at a foreclosure auction. The bank now owns it and allows a real estate agent to list their house. The bank usually cleans the house of any debris, which is different from a foreclosure, which may have all of the previous owner’s possessions that were left. Also, REO’s typically take a couple of weeks to close the transaction, which is far better than waiting for a bank to approve a short sale.

If you need to sell your house, but are afraid you may owe more than the house is worth, contact me, and I’ll see if I can help you.

Also, contact me if you are interested in buying short sale or REO properties in Kansas or Missouri, I can easily find properties that fit your criteria and find you a great deal!