About Kansas City's Red Bridge

Council Members to Visit South Kansas City Neighborhood - 5th & 6th District, 2/28/12

South Kansas Citians get a visit from our 5th & 6th District council members to get an update on what’s going on at Kansas City’s City Hall that impact our neighborhoods. The Center Planning & Development Council, an umbrella organization representing Kansas City’s southwest neighborhoods (including Waldo and Red Bridge), is hosting them at our regular, monthly public meeting on Tuesday, February 28, 2012 at 7:00pm. Anyone is welcome to attend. Here’s your chance to hear what our elected officials are currently working on, and what’s coming up legislatively. Let’s get involved and share our feedback and concerns.

There will be a special guest speaker as well as our report from the south patrol police officers. Visit KansasCitySouth.com for regular meeting updates and speaker announcements for 2012.

Keeping us busy, the council members will also be holding a public meeting to present the proposed Kansas City, Missouri budget and answer our questions on February 29, 2012.

Red Bridge - Kansas City Real Estate Market Report: 3 year comparison 2009-2011

Red Bridge subdivision is busy! In this south Kansas City, Missouri subdivision, the number of homes coming on the market has declined over the Fall and Winter months. But, the good news for homeowners is that the number of actual sales was actually up in December 2011. The market in Red Bridge in Kansas City was stronger than it's ever been in 2011 in the last 3 years. What does 2012 hold for us?

Homesellers and homebuyers can rest assured that the home inventory is still strong, homes are selling - while bargains are still abundant in this buyer's market.

If you need more information on Red Bridge in Kansas City - either as a homeowner who may be interested in finding out your home’s value, or as a homebuyer looking to move into the neighborhood, please feel free to contact me. As a neighbor, I am south Kansas City’s real estate expert!

Red Bridge - Kansas City Real Estate Market Report: December 2011

Red Bridge subdivision has a lot of listings on the market now as we end the year! In this south Kansas City, Missouri subdivision, there are 18 houses Active on the market for sale. That is a lot houses of with an average list price of $154,394. There are 3 homes that have contracts Pending and waiting to close with an average price of $136,200. 1 is being shown for Backup Contracts that is part of a family estate (that needed work done) that was listed for $79,950.

There are 3 sales that have closed over the last 30 days in Red Bridge - Kansas City averaging $134,000. Interestingly enough, the average days on the market for Sold homes are 127 vs. 159 for the Active listings. So, the market may be telling the homeowners that the list prices may be too high based on the most recent sales.

If you need more information on Red Bridge in Kansas City - either as a homeowner who may be interested in finding out your home’s value, or as a homebuyer looking to move into the neighborhood, please feel free to contact me. As a neighbor, I am south Kansas City’s real estate expert!

Short Sale vs. Foreclosure: W/Your Brookside, Waldo or Red Bridge Home for Sale How Do You Determine Which is Best for You?
Part III

It was your dream home. The fenced yard, backyard deck, 4 Bedrooms, the huge Kitchen with an island and the perfect street with wonderful neighbors. Then, you lost your job. Your household budget was based on having 2 incomes. Money has run out, and you have decided that you must move out of your home to reduce your costs and be able to survive.

You have 2 basic choices:

1. Short sale (you sell your home & the lender accepts less than what is owed on it)

2. Foreclosure (the lender calls the note due, and forces you out of the house legally)

If your goal is to preserve your credit rating as much as possible, then you should try to avoid foreclosure at all costs. Of course, settling your debt for much less than what you owe with a short sale will have a negative impact on your credit rating.

If your pride will not let you just walk away because of the possible social stigma associated with a foreclosure, or your circumstances allow you the time, you may choose to try to offset the costs of the lender that made the loan to you in good faith as much as possible with a short sale. The bank may not lose as much money (as with a foreclosure) since it won’t incur a lot of costs involved in a short sale (attorney fees, property maintenance and repairs, loss on the loan, etc.). While you still live in the house, it is protected from the vandalism that vacant houses are subject to. Some of the property maintenance and repairs will be taken care of by you while you live there, too.

Another benefit of choosing to go the short sale route is that you can buy yourself some time if you've missed payments. Once find a buyer and submit a signed contract to the bank, the clock slows down for a while as they take the time to review your file (along with your most recent paystubs, take returns, bank statements, etc.) to see if they will approve your short sale.

You will also be able to qualify for another mortgage loan sooner with a short sale than with a foreclosure should you decide that you ever want to consider home ownership again.

While neither scenario is ideal, a short sale can be more beneficial for both the lender and you potentially.

Basic differences between a short sale and a foreclosure:

From the National Association of Realtors

So, if you live in the Metropolitan Kansas City areas, including Brookside, Waldo or Red Bridge and other South Kansas City neighborhoods and determine that you need to short sale your home, feel free to contact me to discuss your options, and see if it's right for you.

Considering a Short Sale? Homeowner Tips for Hiring an Expert in Brookside, Waldo & Red Bridge in Kansas City – Short Sales Series: Part II

Who should you hire to help you through this tough transition?

You are struggling to make your mortgage payment because of a change in your financial situation or a loss of income, and you determine that you must sell your home. Now, you must carefully select who to hire to guide you through this process successfully. You’ve decided that a short sale, selling your home for less than you owe on it, is the best course of action for you. Now, how do you choose between hiring an attorney, a Short Sale Negotiator or a real estate agent?

Which expert is right for your situation?

In this market, you will hear about these different “experts” who may offer to help you resolve your tough financial situation. As a real estate agent, I suggest hiring an expert whose job it is to sell houses. Your real estate agent will be able to help you from the very beginning, starting with sharing what the values are in the neighborhood, and what your home could sell for in today’s market. This is how you will determine if you will have a deficit. There are short sales in many Kansas City neighborhoods including Brookside, Waldo and Red Bridge. You can always consult with an attorney to make sure you are aware of any legal implications a short sale could have on you as well as your accountant to determine how it may impact your financially.

Does the agent have the knowledge and desire to help you?

The agent that you ultimately hire should have actually worked to sell other short sale listings. Not only is the short sale market very different from the regular home sales transactions, but the work is more intense and time sensitive. It can take from 3 months to 12 + months to close a short sale contract. The agent must have a process in place to proactively track your transaction successfully. Many banks need to have a constant reminder that someone’s life is on the line and to make sure they keep track and move each transaction forward towards closing. Be sure to hire an agent who is knowledgeable about short sales and commits to handling the immense follow up and follow through. Remember, while I use the term “hire”, the bank actually pays the real estate agent’s fess at closing. So, there is no cost to you to hire the agent who will help you resolve this major financial hurdle.

Your agent’s first steps

You must give the bank written authorization to share your account information with your agent. Most banks won’t talk to your agent and start the process until you have an interested buyer and send them a written offer. Your agent will ask you to gather for them the typical documents that the bank will need (including the past 2 bank statements, 60 days of pay stubs, last 2 years tax returns, etc.). The challenge with Short Sales is that all parties must be flexible: the homeowner, the homebuyer, and the real estate agents. Flexibility and stamina are necessary traits when working with short sales in Kansas City.

Again, the timeline can go on for months, and a carefully planned process ny your agent can shorten the processing time and keep the banks moving. To make sure you increase your chances of even getting to the closing table, you should have a dedicated real estate expert who is familiar with short sales working on your behalf. Don’t be afraid to ask them about their qualifications, and more importantly if they have the time and desire to work with you. Remember, there is no cost to you to hire a real estate agent to manage the process, so if you live in the metropolitan Kansas City area, you can get started by calling me for a confidential consultation today.

In my Short Sale Series – Part III, I will share the potential benefits of choosing a short sale over a foreclosure.