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Commentary and market information for Kansas City Real Estate. Published by Rochelle Walker, Realtor, Natalie Burton Five Star Realty, LLC Contact me Local: 816-305-4140 Have you looked around your neighborhood lately and seen a lot of foreclosed homes? You know, the ones with the white paper signs in the windows or on the storm door that no realtor sign has appeared yet. Did you wonder what happened to the nice family that moved in and are now gone? Most likely, the family was faced with predatory mortgage lending practices. These practices strip borrowers of home equity and threaten families with foreclosure, destabilizing the very communities that we work and live in. All one has to do is look at the list of mortgage companies that have filed bankruptcy, halted major operations, or are significantly scaling back. Everyday one hears about some plight the purchaser of homes may be in because of lending practices that are rapidly changing. According to the National Conference of State Legislatures the most prevalent categories of abusive practices include: - Loan flipping -- repeatedly refinancing loans, charging high fees each time.
- Excessive fees and "packing" -- adding fees far exceeding those justified on economic grounds, often through loan terms, such as the financing of points, fees and pre-payment penalties, single-premium insurance (to cover the balance of the loan should a borrower die, paid in one sum and added to the amount financed) and balloon payments (those due at the end of a loan that are significantly higher than monthly payments).
- Asset-based lending -- lending based on a borrower's overall assets, rather than income and ability to repay.
- Outright fraud and abuse.
As a home buyer one should constantly check with their mortgage lender to ensure the status of their loan especially if you received a preapproval letter. Preapproval doesn't guarantee your loan. It is also more advisable to work with long standing institutions for your home loan and clear up your credit issues prior to using an organization that you know little about!
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Advice for Nice People Facing Financial Disaster is by Realtor Cathy Clark of Rivet Realty Group in Cape Cod and was posted on a Realtor Blog on
Tuesday, July 31, 2007. In today's environment, I thought it was worth sharing with anyone that visits my website. Hopefully, this will save your home should you be in a financial situation that is disastrous.
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I had a call from my favorite former Clients a few weeks back. I sold them their house about a year ago. Young couple just starting out. First-time home buyers. I didn't like the mortgage then and certainly don't like it now. I tried getting them to shop for someone local and more reputable (or at least someone I had heard of before!) but the mortgage broker was a friend of great uncle Harry's second cousin, twice removed. The closing was a nightmare.
Flash forward one year. I've stayed in touch with them. New baby, a two year old with health problems, an ex-wife taking him to the cleaners. New wife couldn't get her job back after the baby was born (hairstylist, so independent contractor, just like most of us). He's working as a mechanic, even though he's a Paramedic. He needs additional certification to get a job locally in his chosen profession so he's going to school nights. He'll graduate in two months and find a higher paying job, no problem. She's now found another job, grandmother's taking care of the kids for free. Needless to say, they fell behind, called me, put the house on the market. Find us a smaller place? Someone mentioned a short sale to them. "How does that work?"
"Step back a minute", says I. "Take a deep breath. Let's think about this for a moment. Have you spoken with your lender? They don't want to own your house, Jim. If you don't speak with them and explain the situation, how can they help you? And believe me, they want to give you a chance. There are a lot of expenses in short sales and foreclosures. They would rather work something out for you. Just CALL THEM! Explain and ask for help."
Jim called me today. They have a six-month reprieve! No mortgage payments for SIX MONTHS! Restructuring the loans to incorporate overdue payments into future payments over the life of the loan. They were going to borrow money from Mom & Dad to get caught up, but now will not have to swallow that "pride pill". Family has no idea what's going on. Odd, isn't it, that they called the Realtor before the family?
They'll be back on their feet very soon. He's already had that job offer, pending his passing the exam (at the top of his class, so no problem).
Result: They'll keep their home. I lost a listing and, potentially, three sides. But I feel like I'm on top-o-the-world!
How Good Is My Life!
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Commentary and market information for Kansas City Real Estate. Published by Rochelle Walker, Realtor, Natalie Burton Five Star Realty, LLC Contact me Local: 816-305-4140 Are you wondering what day school starts for your students? Look no further! Here's a convenient list of the official start days all in one location (exceptions may apply based upon grade level)! Did I forget a school district in the area? Send me an email at rochelle@rochellewalker.com! I'll gladly add it if it is early enough this year or add it for next year...
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Commentary and market information for Kansas City Real Estate. Published by Rochelle Walker, Realtor, Natalie Burton Five Star Realty, LLC Contact me Local: 816-305-4140 Section 144.049, RSMo, establishes a sales tax holiday effective during a three-day period beginning at 12:01 a.m. on the first Friday in August and ending at midnight on the Sunday following. Certain back-to-school purchases, such as clothing, school supplies, computers, and other items as defined by the statute, are exempt from sales tax for this time period only. The sales tax holiday applies to state and local sales taxes when a local jurisdiction chooses to participate in the holiday. However, local jurisdictions can choose to not participate in the holiday if they enact an ordinance to not participate and notify the department 45 days prior to the sales tax holiday. The sales tax exemption is limited to: Clothing - any article having a taxable value of $100 or less School supplies - not to exceed $50 per purchase Computer Software - taxable value of $350 or less Personal computers - not to exceed $3,500 Computer peripheral devices - not to exceed $3,500
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Commentary and market information for Kansas City Real Estate. Published by Rochelle Walker, Realtor, Natalie Burton Five Star Realty, LLC Contact me Local: 816-305-4140 In Kansas City, new home housing values have increased at a more moderate pace, and continue to go up now even as some parts of the country are seeing a decline. New-home values are up more than 5 percent in metro Kansas City this year and forecast to increase again next year. If you're waiting for prices to drop in metro Kansas City for new homes, it may cost your family more money to make the move to homeownership down the road. The recent increase in foreclosures in Kansas City has decreased the average price of existing homes as well as the number of homes on the market. However, home sales have shown a steady pace due to historically low mortgage rates. While it is currently a buyer's market (they have their pick), they can expect prices to increase for existing homes as it gets closer to 2008. Sellers can expect for existing homes to stay on the market slightly longer as more homes enter the market and buyers take their time selecting homes. Kansas City's average days on market for May 2007 was 41 days while April 2007 was at 40 days. This is still lower than the national average which is approximately 6.7 months. Delaying a home purchase may also be affected by the current mortgage rate. Mortgage rates have fallen in recent months to the point where they are actually lower than they were a year ago for fixed-rate mortgages. Economic forecasters expect mortgage rates to go up in 2007, which means your buying power will be decreased -- you will have to pay more for monthly mortgage payments and will qualify for a smaller loan amount. The combination of rising prices and rising mortgage rates are a double whammy for consumers.
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Commentary and market information for Kansas City Real Estate. Published by Rochelle Walker, Realtor, Natalie Burton Five Star Realty, LLC Contact me Local: 816-305-4140 For many people, buying a home is the single biggest investment they will make in a lifetime. Therefore, the "right time" to buy is different for everyone. You need to consider many things before deciding to buy a home, including how much house you can afford, the amount of money you can put toward a down payment and your personal financial goals. Last, but not least, you'll need to consider your credit history. All lenders require a credit report that contains personal financial data, including past loan payment information, bank and credit card accounts and more. If you are interested in obtaining a copy of your credit history, call one (or all) of the major credit bureaus in the U. S. Experian, TransUnion and Equifax.
If you live in the Kansas City area and are interested in home ownership, find no- and low-down payment programs, forgivable loans, grant programs and more -- go online to learn about programs like these that can help pave the way. Learn more at www.kchomeprograms.com or look for Realtors that display the Workforce Housing Specialist logo on their websites  .
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 Commentary and market information for Kansas City Real Estate. Published by Rochelle Walker, Realtor, Natalie Burton Five Star Realty, LLC Contact me Local: 816-305-4140 Ever wonder if you’re better off renting a home or apartment than buying a home? Here’s what most people discover when thinking about making that gigantic leap into home ownership: ☺You accumulate wealth because the value of your home increases each year as long as you maintain it. ☺Your state and federal income taxes are reduced each year because you can deduct the interest and real estate taxes on the home on your annual tax return. ☺You have more space and privacy in your own home than in an apartment. ☺You aren't making someone else wealthy with your payments and don't have anything to show for it at the end of the lease term. ☺Finally, you always have a parking space inside when it rains or snows! To Help Determine if You are Better Off Buying a Home Checkout Chase Manhattan’s “Better Off Renting Calculator Tool” at http://homeloan.chase.com/svcport_10?Reset=Chase/PubView001&CS=GeneratePage+BetterRentCalc&SSR=B 
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Arrowhead Village, Kansas City
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The ranch at 1605 N. 81st Terrace has been sold.
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Awesome 2-Story Corner Lot
• 3,020 sq. ft., 3 bath, 4 bdrm 2 story
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MLS®
#1397537
$209,900
- Awesome Normandy West!
Normandy West, Kansas City
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Awesome Corner Lot Presence for Fantastic 2-sty! Circular drive. Over 3000 sq ft for this price! SELLER IS MOTIVATED BRING OFFERS!
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Hunter Gardens, Grandview
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The 3-level split at 7502 E. 126th St. has been sold.
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