About Sedgwick County, KS

Posted by permission and courtesy of Robert Davis of The Wichita Newsbrief. The Newsbrief is an email editorial newsletter summarizing some area news, with a twist. It also provides a forum for reader opinions and is a very interesting read!

Please support the Wichita River Festival and help make this year a great year!!!

Yes that's right, I'm going on Vacation! Time to go back home and see the family.

We're talking a good ole-fashioned 16 hour car drive with 3 children.

Sounds like fun, right? Don't you wanna join me?

I will be available via email - my life wouldn't be complete without an internet connection!

So if you have questions, concerns, or needs that can be addressed via email, please feel free to ask.

For those that are currently working with me on a deal, if you have anything you need answered immediately, please feel free to call my backup - Brenda Noffert. She is our team leader and absolutely excellent! She will be able to take care of anything that may come up and will be keeping tabs on everything while I'm gone.

You can reach Brenda at 316-260-3300 or you can email cbnoffert@cox.net

But how can you live without me, you might say?

Don't worry - I shall return! We will be leaving on Saturday the 29th,

and returning the following Sunday, April 6th!

*banner photo reprinted courtesy of Brenda Noffert, copyright owner*

If you simply drive Kellogg past downtown, you can't help but notice the giant LOFTS FOR SALE signs going up. A relatively recent phenomenon to Wichita, Lofts are gaining hugely in popularity. The one pictured here is in downtown Wichita, at Exchange Place.

Their similar cousins, Condo's, are also gaining ground. The ones pictured here are townhouse style, near McArthur and West Street. There are many styles and floorplans, in many areas of town.

But how do YOU know if a Condo or Loft is right for you?

A condo/loft may be right for you if:

• You do not want the responsibility of exterior maintenance such as painting, roofing, gutters, etc.
• You want some amenities available such as a clubhouse, pool, playground, tennis courts, etc.
• You don't mind close neighbors (similar to an apartment layout but generally better constructed and less "neighbor noise" that filters through).
• You want lower utility bills.

If this sounds like you, consider a Condo/Loft. What's the difference in these two?

• A LOFT is typically an open floor plan, more contemporary styled, and generally pricier. Lofts in the Wichita area run from the $200's and up over $500's. They are typically only found in the city, particularly downtown areas. Amenities typically range from work-out areas/gyms to roof-top party-spots.
• A Condo is similarly styled to a home, as far as separate rooms and layout. Condo's can be found in the city, but also scattered throughout the less-dense areas of the city, and even outlying areas such as Cheney. They typically have amenities such as a pool, clubhouse, or covered parking. Some have small "yard" areas for each condo. These range in price from the $20's and on up to about the $200's.

Some things to note about Condo's and Lofts:

• There is typically a monthly maintenance fee - this can run from $100/mo (condo) on up to $500/mo (loft). This fee goes towards the Association's maintenance of the building and facilities. This varies from building to building, but can mean lawn service, snow removal, exterior home care, exterior insurance, etc.
• Since you have exterior insurance in place through the association, you typically only need insurance coverage for your contents, and even that is generally optional (though recommended!). This offsets some of that maintenance fee for you, too.
• Some loan programs will not cover a Condo, depending on the number of rental units in the facility. If too many are rented, they may consider it an investment property and not want to loan on it.

Sounds great, right? You get a property that YOU own, you get the tax write-off, and someone else takes care of the hard work? IS there a downside?

Depends on how you look at it! Here's some possible downers:

• Parking availability ranges from curbside, to carport, to rented garages, to parking garages. There may not be a lot of it available (sometimes only 1-2 spots per unit).
• Re-sale typically takes a little longer on Condo's, depending on where they are and what amenities they offer. However, you can generally easily rent the condo out when you are done with it and use the income to offset your next purchase payments!

Still not sure? If you even think you might like a condo/loft, just give me a shout! We can always schedule a few to check out, just to see if they're something you might be interested in. You never know until you go!

It's that time again.

Sedgwick County recently mailed its tax valuation notices. This important little piece of paper tells you what the county thinks your home could sell for as of December 31, 2007. This value is derived from the past 2 years of comparable sales in your area. An increase in value simply means that homes like yours are selling for that percent more, not that you've made that much more in improvements.

Increasing property values are generally good for everyone! It means your property is increasing in value, so your investment is growing. However, it does hit your pocketbook tax-wise.

From that Appraised Value, a small percentage (11 1/2% for Residential) results in your Assessed Value (the amount they base taxes off of). That value is then multiplied by the mill levy in your area to determine the property taxes that you will pay for 2008.

For example, your house is valued at $100,000:

The Assessed Value is $11,500.

The mill levy in your area is 118.05.

Your taxes would then be 11500*.11805 = $1357.57 roughly

So if your value increased by the typical 3% for the area - your taxes roughly went up $40/year.

NOW then. You might happen to not agree with the Appraiser's Office as to your value. Keep in mind that the Appraiser's Office operates off the data it has on record, and only visits a property typically once every 6 years. So any changes, for better or for worse, might not be on their record.

If you want to appeal your property valuation, here's what to do:

1. Fill out the form on the back of your valuation notice and mail it in. Include any days/times that are not good to schedule you on and indicate why you don't agree with the value. This must be done before MARCH 31st!
2. You will receive a letter with a date and time for an informal hearing. If you can't make that, call as soon as possible because times fill up quickly.
3. The hearing is informal. You will meet face to face with one of the real estate appraisers who actually goes out and does the evaluations of property.
4. Bring any supporting documentation - if you disagree about the condition of the property then bring in photos, bids for repairs, etc. If you've had it independently appraised or recently bought it, bring those in. If you disagree about size, amount of basement finish, or such, you'll need to request that they re-inspect the property in person.

They're fairly reasonable people and understand that they do "mass" appraisal and individual homes may vary. They typically have a 60% change rate - meaning that they do change values for 60% of those that appeal. But appealing is the first step!

Now if you get "no change" in value from the hearing, you can appeal to the next level.

The Sedgwick County Appraiser's Office website states that 74% of residential properties did experience an increase in valuation.

So if you've never appealed before, now would be a good time to take a closer look at your home's value.

For more information, do visit the Appraiser's Office website, or call them at 316.660.9110. You can also look up your property's appraised value at this site, if you don't already know it.

And if you do decide to appeal - Good Luck to you!

And if you get your valuation and decide that you're ready to sell that gold-mine of yours, give me a hollar. I'll get those taxes out of your name and into someone else's! :)

- Sheree Wilkerson - Allegiant GMAC Real Estate

316.461.0575 | sheree@ksgreathomes.com

I have started sending out a postcard to folks that are facing a foreclosure. It lists the toll-free hot-line that was created for troubled borrowers. It is a free call and there is no obligation. 1-888-995-4673 is the number and they are available 24/7. Here's a link to an article written about the HOPE toll free number. Or, visit their website at: www.995HOPE.org

If you are in this situation, the first step you need to take is to get educated about your rights and options. There are 6 options you have, 3 will allow you to keep your home, 3 will result in a disposition.

1. Special Forbearance
2. Loan Modification
3. Partial Claim or Claim Advance
4. Short Sale
5. Deed-in-Lieu
6. Assumption (with Lender approval)

I have helped many families facing this situation, and several of them have been approached by investors offering to buy their redemption rights. Then, they have been told, they can rent their own home from the investor for a year or two and eventually, have the option to purchase their home again. Others have been told that the investor will "save" them from a foreclosure by fixing up the house and selling it for them. Before you sell your redemption rights or walk away from your home, contact a neutral party that can explain the foreclosure process and guide you in making decisions. Whether you choose to hire an attorney, talk to a HUD approved Counselor, hire a Real Estate Agent that has training in Foreclosure Intervention or seek other advice, don't delay! Time is of the essence!