Bob & Karen Winney

Short Sales Can Help Stem the Tide of Foreclosures

Bob & Karen Winney — Wed, 17 Sep 2008 14:17:00 GMT

Most people have begin to hear about short sales. It is heating up to be one of the hottest segments of the industry and can be a boon to buyers, sellers, agents and the market itself.

With the precipitous rise in foreclosures every major lender has adopted short sales as a way to keep their bank owned inventory from going through the roof. Simply stated, when faced with taking a home through foreclosure, the bank would prefer to accept less that the full amount owed from a sale by the sellers.

The reason they are willing to do so is multi faceted. On average, according to Freddie Mac, it costs the lender from $20,000 to $40,000 to take a house back. That comes in the form of legal fees, carrying costs, maintenance and other associated costs. Often, they are restricted from marketing the property for at least 6 months and the house has gained no value in that amount of time.

If they can entertain a short sale offer without going through the entire foreclosure, it is a win-win for all parties concerned. One less foreclosure equals one less thorn in the side of the entire housing market. The seller emerges without a foreclosure on their record, the buyer often ends up with a stellar value, the agents both have a sale and the neighborhood is spared a vacant house which often detracts from the rest of the neighborhood.

Since the word got out that Karen & I have had great success with short sales, sellers in distress just keep finding us. We have helped people all the way from low income houses to upper bracket homes, all finding themselves upside down and needing to sell.

Feel free to contact us to discuss a short sale or any real estate need. 913 385 4000

The Market Today

Bob & Karen Winney — Tue, 21 Aug 2007 20:50:00 GMT

There is much concern in the housing market today. Much of this is fueled by the constant negative bombardment from the media which in turn becomes a self fulfilling prophecy. The beauty of the Kansas City market is that we never have had a "bubble" to burst.

Secondly, the mortgage market is tightening up to levels we have not seen in many years. All of the bad loans that were made in recent years have caused many of the "easy qualify" programs for marginal borrowers to disappear. Many mortgage companies have closed their doors and many more have had to restrict their qualifications to semi extreme measures.

All that being said, we have had luck selling our properties. Sellers need to realize that there is a glut of inventory and in order to sell, the home needs to stand out, either in price or condition. I see so many homes that I view as so-so and not priced accordingly. In years past they stood a chance to sell but in this market, dream on! We work with our sellers to make the proper improvements that will make the house sell. Even so, nudging the price downward somewhat is key if the home getting lots of looks but no offers.

Buyers: If you are a first time buyer with no home to sell before you buy...what are you waiting for?? I have never seen a better time to buy than right now. Mortgage rates are good. We have lenders who can get your deal done. There are some desparate sellers out there. Talk to us! You will be glad you did.

Never hesitate to call Karen or I to ask us any house related question. This is all we do and are always happy to talk "houses" with anyone.

913 385 4000

Ranch For Sale in Leawood

Anonymous — Tue, 21 Aug 2007 06:00:00 GMT

Total renovation

• 2 bath, 3 bdrm ranch "Finished Lower Level" - MLS® #1423027 $349,000

Leawood, Leawood - Here is your chance for a completely remodeled ranch in the heart of Old Leawood. New, new, new...the list is too long to mention...just about everything is new... a first rate remodel with top of the line materials..glistening hardwoods, granite, Italian tile...its all here and waiting for you!

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Townhouse For Sale in Lido Villas

Anonymous — Sun, 12 Aug 2007 06:00:00 GMT

• 3 bath, 3 bdrm townhouse "Wonderful location" - MLS® #1421885 $225,000

Lido Villas, Mission - Here is a wonderful opportunity for a rare reverse story and a half plan in Wonderful Lido Villa. This sits in a superb location, south & east of SM Pkwy and Nall. First floor master and a beatiful finished walkout. If you are looking for a ranch or reverse 1.5, this is the best buy in North Johnson County

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3 Story For Sale in Hyde Park South

Anonymous — Sun, 29 Jul 2007 06:00:00 GMT

Total Rennovation

• 5 bath, 4 bdrm 3 story - MLS® #1417961 $339,000

Hyde Park South, Kansas City - What a find in this exquisite 3 story classic home, totally renovated. This is a lot of house!
Do you love hardwoods? The hardwoods glisten throuhout this expanive home. Electical and plumbing have been updated and the zoned heat and air are new as well.
This is a must see home. Every sqare inch has been totally redone. Wait to you see the master suite with fireplace and gorgeous master bath.

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Ranch For Sale in Noland Acres

Anonymous — Wed, 13 Jun 2007 06:00:00 GMT

• 1 bath, 3 bdrm ranch - MLS® $134,900

Noland Acres, Shawnee - Absolutely beautiful 3 bedroom home in a great Shawnee location. Really beautiful decor and totally move in ready. Love hardwoods? Hardwoods galore! Huge, fenced yard, deck.

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5-Level Split For Sale in Tu Lakes

Anonymous — Tue, 08 May 2007 06:00:00 GMT

1.5 Acres - Close in Overland Park

• 3 bath, 4 bdrm 5-level split - MLS® #1399149 $299,900

Tu Lakes, Olathe - Hard to find nice house 1.47 acres, close in. With an attached and detached garage plus a huge outbuilding with garage door, there is lots of room for cars & toys. Inside, the house is much larger than appears with 4 separate living areas on 3 levels. Updated and fresh, inground pool and hot tub, well worth a look!

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