Overland Park KS – The Stop Foreclosure Institute recently received a question from Aggie. Here was Aggie’s Question.

“We received a short sale approval on the 1^st. They will only pay the second mortgage $3,000. The problem is that the second mortgage wants $5,500.

We are arguing back and forth with the second mortgage. The negotiator there said management decided they won't take less.

I told her the final decision should come from the investors not from management. Any help greatly appreciated. Aggie.

” Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

Here is the answer to Aggie’s Question.

It sounds like the first is Fannie Mae or Freddie Mac. They will only pay $3,000 to the second.

To get the 2nd to take less money, you have to escalate the file. Contact the CEO, ask for a supervisor, etc. When you talk to the supervisor remind them they will get zero thru a foreclosure.

Now, you will need more bargaining power than a simple "reminder." How close is the first to foreclosing? If they are close, just play chicken.

Tell the negotiator that if the first forecloses and they lose everything, then you will be in contact with the CEO to let them know.  Another tactic is to tell them the first is Fannie Mae and that is the most they will pay.

If you stay firm, refuse to take less, sell them on why they should approve the short sale on your terms, and threaten to contact the loan owner directly, then they will usually budge. We have gotten lenders to agree to lots of stuff by staying firm and refusing to back down.

But at the same time we stand firm we also go on the offensive. "If you don't approve this short sale and as a result you lose more money, then we will contact the loan owner, your stockholders, and the press", we tell them.  

This business requires sales skills. Use your sales skills to sell the people at the lenders on approving the short sale. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at ron@themowerygroup.com. I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (913) 825-4025

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Ron Mowery.

Ron is a Real Estate Agent at Keller Williams Realty Partners, Inc. Overland Park Short Sales Realtor: Phone: (913) 825-4025. ron@themowerygroup.com.

View My homes for sale at www.PropertiesInOverlandPark.com.

Ron Mowery specializes in loan modification assistance and short sales in Overland Park Kansas. Overland Park Loan Modification Help, Overland Park Short Sales. Overland Park Short Sale Realtor Overland Park KS Short Sales. Overland Park Realtor.

Copyright 2011 SFI Marketing Institute, LLC. All Rights Reserved. Important Notice Ron Mowery, Keller Williams Realty Partners, Inc, and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.

We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.

This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Ron's personal views and do not reflect the views of Keller Williams Realty Partners, Inc.

This information on Overland Park Short Sale Q & A: The Second Mortgage Wants More Than The First Mortgage Will Give Them is provided as a courtesy to our viewers to help them make informed decisions.

It's no secret. Rates are low right now. And, it's not just mortgage rates, either -- all types of rates are scraping rock-bottom. Borrowing rates, lending rates and savings rates are at or near their all-time lowest levels.

As a homeowner in Leawood , one way to take capitalize on today's low rates is to apply to refinance your home. But there are other ways to take advantage, too.

In this 5-minute piece from NBC's The Today Show, you'll learn of a half-dozen ways to exploit the current rate environment, including:

• Refinance a car loan from a high rate to a low rate, for cheap, in an hour
• Balance transfers between credit cards with teaser rates lasting up to 20 months
• Move some savings to an "online" bank where savings rates are higher

The interview's theme is to examine both where you're spending and saving your money, and make sure you're doing what's best for your budget.

Federal Reserve Chairman Ben Bernanke has pledged to hold the Fed Funds Rate near 0.000% until at least 2013. So long as the Fed Funds Rate is low, there will be places you can save.

Rental Vacancy Rate at 6-Year Low

According to recent article from Rismedia, rental vacancies    are the lowest they have been since 2003 and expected to go lower.

I guess you could guess that if you drive down 135^th street in South Overland Park.  There are rental apartments everywhere and more on the way.  Most of the newer complexes are over 99% percent full and have waiting lists.

This year has been the best year for The Ron Mowery Home Selling Team for selling investment properties.  We have had great success representing buyers who are looking to diversify into real estate, especially in light of the turmoil in the stock market.  According our investors they are averaging around 8 to 9% return on investment and getting very close to renting the single family homes for almost 1% of acquisition cost per month.  For example, that would be $1500.00 per month on a home that cost $150,000.00 and they are able to get long term leases signed.  This is not expected to end anytime soon according to the article.

In fact, real estate investors expect that return to greatly increase when they go to sell the properties in 5-10 years as the economy improves and renters become home owners. Most of these homes are being purchased at least 10% under current market value with the hope that that will increase in the future.

Home buyers have similar expectations.  Since there are a lot of foreclosures and short sales in the market, they are able to purchase these at discounts almost unheard of.  Recently we represented a buyer on a home in Prairie Village who bought a home for $177,900 when a home four doors down sold for $290,000. The home buyers estimate they will need to put about $40,000 into improvements, but that still leaves them with over $70,000 in equity.  These deals are not prevalent, but buying homes 10-20% under value after improvements is not uncommon and if they plan to live in the home for awhile they should increase their returns through principle reduction payments and possible increased values.

Ron Mowery, Managing Partner of The Ron Mowery Home Selling Team has recently started representing clients who want to purchase distressed properties and have his team of contractors and sub-contractors do the improvements before they move in.  “We have 2 different investment plans where we represent the clients, manage the repairs and sell the home and split the profits with the investors.  We offer them the same guarantee as we do our home sellers, If We Don’t Sell Your Home In 59 Days, We Will Sell It For Free!”  This gives the investors options to reduce their exposure and provide them with a comfort level knowing we have some skin in the game so we are sure to find properties that with the right improvements, can be flipped back into the market in a reasonably short period of time. 

If you would like to find out how you might invest in real estate, give Ron a call at his office.  913.825.4025 or you can email him at info@propertiesinoverlandpark.com.  You can search for homes on his website at www.propertiesinoverlandpark.com.  Ron is a licensed Realtor with Keller Williams Realty Partners, Inc. in Overland Park, Kansas.

Dear Friends,

As an agent with Keller Williams Realty Partners, I spend my days working to help families find homes and build communities. That's why I am so passionate about giving where I live. There are so many ways we can make a difference and help those that may need it the most.

With that spirit in mind, I want to invite you to participate with me in the 3rd annual Keller Williams RED Days on May 10-12. In the past we celebrated on just the one day but we have decided to extend that to 3 days of giving back. On the 10th, we will be have the Shred truck to come and do the shredding of any papers you need to have destroyed. On Wed, the 11th, we be participating in a build day with habitat for humanity. (More details on these activities will be coming soon). And on the last day, the 12th, we will be heading up our Kolors 4 Kids campaign.

Many of you may be familiar with Kolor 4 Kids. From now thru Wed, May 11th, we're asking you - our clients, business partners, family and community for donations of new crayons, chalk, children's paints, coloring books or other art supplies. These items can be dropped off at our office or I'd be glad to stop by and pick up any donations. Once boxed up, we will load our wagons as we've done for the last 2 years and walk them down to Children's Mercy Hospital South - just down the road from our office. There are plenty of kids who need a little color in their day and we want to help provide that for them.

On Thurs, the "official" RED Day, Keller Williams agents across North America are partnering with our families, friends and business associates to volunteer in our community. Keller Williams is the second largest real estate franchise in the United States! Can you imagine what that many individuals working together on RED day can accomplish? The possibilities are endless!

Please join me and be a part of RED day. Together we can make a difference!"

Gorgeous Former Model Home in Excellent Condition

Welcome home to 11004 S. Barth Road in the Prairie Brook community of Olathe. At Prairie Brook you will be welcomed by classic Prairie style architecture reminiscent of a time when neighborhoods were designed with timeless styling and comfort in mind.

This is a GORGEOUS FORMER MODEL HOME IN EXCELLENT CONDITION. Beautiful entry with curved staircase, and new paint is found throughout. The family room features a soaring 2-story ceiling and a beautiful wall of windows. The kitchen features a large island, huge walk-in pantry, Corian countertops, wood floors and custom gel-glazed cabinetry. The cozy hearth room offers a 2nd fireplace and tons of space.

The huge master offers an enormous walk-in closet, ceiling insets, fan and private bath with a walk-in shower with block glass, garden soaking tub and abundant tile. The 2nd and 3rd bedrooms share a Jack & Jill bath, while the 4th bedroom features a full bath. The upstairs hall overlooks the family room, and the laundry room is conveniently located on the 2nd floor.

The large fenced backyard showcases new landscaping, including new trees and an herb garden, and there is also a 3-car attached garage.

Prairie Brook's warm, inviting surroundings make it the perfect place to call home and to raise a family. Nestled among the prairie grass and wildflowers of unspoiled northwest Olathe, the family-friendly community is situated just west of K-7 and College Boulevard in the nationally recognized Olathe School District. Children will attend nearby award winning schools that include Cedar Creek Elementary, the new Prairie Trail Middle School and the new Olathe Northwest High School. K-10 and I-435 highways are also conveniently located for quick and easy access to anywhere in the metro area.

You will love the added amenities Prairie Brook provides including walking paths, a children's play area and a pool complex featuring something for every age group. From the reef ledge and fountains in the main pool, and the separate baby pool, to the Prairie style cabana and covered pool deck, Prairie Brook was designed to bring friends and families together. 

For more information on this home, you can call Ron at 913.269.0479 or by email at Ron@JoCoHomesOnline.com.  You can view a tour of the home by clicking on 11004 S Barth Road, Olathe Kansas 66061. You can view this home and other homes at www.JoCoHomesOnline.com.

Overland Park KS – This is one of the first questions potential short sale sellers ask us. “I heard of something called “forgiveness of debt income and that it is taxable. How does that work?” they ask.

The following article is my personal opinion only. I recommend that you consult with a competent legal or tax professional before moving forward with a short sale.

In most cases the answer is that a short sale will usually not cause you to owe income tax.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

It used to be that you owed income tax on any forgiveness of debt. When a lender decides to forgive all or a portion of a borrower's debt, the forgiven amount is considered as income for the borrower and is liable to be taxed.

Here are the following ways you can qualify to short sale a property without any tax liability. Short Sale of a Primary Residence.

The Mortgage Forgiveness Debt Relief Act of 2007 (and it’s extension in the 2008 Federal Bailout) now allows you to short sale a primary residence without any tax liability. Today when a homeowner short sales a primary residence, they can file a simple form and the forgiven debt is no longer taxable. The amount of forgiven mortgage debt allowed to be excluded from income tax is limited to $2 million per year.

Short Sale of a Non-Primary Residence: If the property you are selling is not a primary residence, then you may be eligible for tax relief if you are considered insolvent. I don’t know the exact guidelines, but insolvent is usually considered when your total gross debts are more than your total gross assets. I’m sure a good tax professional can give you more information.

Click here to view the IRS’s website about the Mortgage Forgiveness Debt Relief Act and Debt Cancellation.

Click here to view the article on the IRS’s Website: Mortgage Workouts Now Tax-Free for Many Homeowners.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ron@themowerygroup.com.

I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (913) 825-4025

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park loan modification kit has the instructions you will need to get a loan modification approved with your bank.

Click here to request a copy. Thanks for reading this, ron mowery. Ron is a Real Estate Agent at Keller Williams Realty Partners, Inc. Overland Park Short Sales Realtor: Phone: (913) 825-4025. ron@themowerygroup.com.

View My homes for sale at www.JoCoHomesOnline.com.

Ron Mowery specializes in loan modification assistance and short sales in Overland Park Kansas. Overland Park Loan Modification Help, Overland Park Short Sales. Overland Park Short Sale Realtor Short Sale Realtor. Overland Park KS Short Sales. Overland Park Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are ron mowery's personal views and do not reflect the views of Keller Williams Realty Partners, Inc. This information on Overland Park Short Sales: Will I Owe Income Tax After A Short Sale? is provided as a courtesy to our viewers to help them make informed decisions.

Why Builder Confidence Surveys Matter To Buyers Of New Homes

By Ron on December 17th, 2010

 

Home builder confidence is holding firm this month, according to the National Association of Home Builders.

The group’s monthly Housing Market Index surveyposted 16 for December. That’s the same value as from November. It’s also equal to this 2010′s average HMI reading.

HMI is scored on a scale of 1-100, and is a composite of 3 separate home builder surveys measuring single-family sales; projected single-family sales over the next six months; and prospective buyer foot traffic.

The results of the 3 surveys were as follows:

• Single-Family Sales : 16 (unchanged from November)
• Projected Single-Family Sales : 25 (unchanged from November)
• Prospective Buyer Foot Traffic : 11 (from 12 in November)

Values of 50 or better indicate favorable conditions for home builders. Values below 50 indicate unfavorable conditions.

In other words, although improving, conditions for home builders remain less from excellent. Home buyers in Leawood can use this to their advantage. When builders feel pressure from the market, they’re more likely to offer discounts.

On the other hand, job growth is returning, the economy is expanding, and mortgage rates are rising. These 3 factors are thought to boost housing markets. So, despite an unfavorable HMI reading, home builders might still be less willing to “make a deal”; holding out for a better 2011.

November’s strong Housing Starts data supports that line of thinking.

If you’re buying a newly-built home , or expect to buy sometime in 2011, keep an eye on home builder sentiment surveys. The better the builders feel, the more you may be asked to pay to buy your next home.

BusinessWeek recently released its America’s Best Place to Raise a Family list. Chicago suburb Tinley Park, Illinois, topped the list.

2010 marks the second straight year that a Chicago suburb took top honors. Last year’s winner was Mount Prospect, Illinois.

The BusinessWeek survey uses data from Onboard Informatics, compiling statistics in areas including education, crime, and access to parks, jobs and affordable homes.  Selections are limited to towns with 45,000 residents or fewer, and a median income of between $40,000 and $125,000.

One winner and 2 runner-ups are named for each state; the 10 most populous of which are listed below:

1. California : Arcadia (Monterey Park, Diamond Bar)
2. Texas : San Marcos (San Antonio, Houston)
3. New York : Tonawanda (Irondequoit, Cheektowaga)
4. Florida : Pembroke Pines (Sunrise, Tamarac)
5. Illinois : Tinley Park (Arlington Heights, Schaumburg)
6. Pennsylvania : Scranton (Erie, Allentown)
7. Ohio : Lakewood (Parma, Strongsville)
8. Michigan : Ann Arbor (Royal Oak, Portage)
9. Georgia : Warner Robins (Valdosta, Roswell)
10. North Carolina : Chapel Hill (Cary, Jacksonville)

Rankings like this BusinessWeek report can be useful for home buyers, but like all of real estate, it’s important to remember that statistics don’t apply to all parts of town equally. Some parts will have better schools, or better crime prevention, or more amenities.

Therefore, before you make a buying decision, talk with a real estate agent who has local market knowledge. It’s the most reliable way to get data that matters.

Yes, you can Short Sale and buy another home.

Overland Park KS – We get this question a lot from people. “I am upside down and need to move. I would like to buy another home. Can I do that?” they ask us. Today they can.

FHA (the Federal Housing Administration) has a new program that enables you to short sale your existing home and buy a new home at today’s reduced prices.

Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here.

The home you purchase would have to meet FHA’s standard lending guidelines. FHA is a great mortgage program. In fact, more people buying a home in today’s market are getting an FHA loan.

Here is what you would need to do to participate in the program:

1. Determine if you qualify to participate in the program.

We have been told that you will need the following. (Guidelines can change at any time, so make sure you check them with a Mortgage Professional familiar with the program.)

A. A 640 FICO credit score or better.

B. You must be current on all installment payments and your mortgage.

C. No bankruptcy or foreclosure on your credit in the last 7 years.

D. The home you are purchasing must be inferior to the one you are selling. I don’t know the exact guidelines, but I think it means it is a smaller home, or it has less bedrooms or a lower price.

E. You will need the 3.5% down payment for the new purchase.

2. Continue making your mortgage payments each month.

3. Talk to a Mortgage Professional and fill out FHA’s Short Sale and Buy Application.

4. Get pre-approved for your next home loan.

5. Put your home on the market with a licensed short sale realtor.

6. Once the short sale is approved, then you can start looking at other homes.

7. Close on selling your home and on purchasing the new property.

Thinking about a short sale? I can help you short sale your property and never pay the bank another penny. Send me an e-mail at ron@themowerygroup.com.

I will contact you for a free consultation. When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (913) 825-4025

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Overland Park loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, ron mowery. Ron is a Real Estate Agent at Keller Williams Realty Partners, Inc. Overland Park Short Sales Realtor: Phone: (913) 825-4025. ron@themowerygroup.com.

View My homes for sale at www.JoCoHomesOnline.com.

Ron Mowery specializes in loan modification assistance and short sales in Overland Park Kansas. Overland Park Loan Modification Help, Overland Park Short Sales. Overland Park Short Sale Realtor Short Sale Realtor. Overland Park KS Short Sales. Overland Park Realtor.

Copyright 2010 SFI Marketing Institute, LLC. All Rights Reserved. This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing. The views expressed here are ron mowery's personal views and do not reflect the views of Keller Williams Realty Partners, Inc. This information on Overland Park Short Sales: Can I buy again right after a Short Sale? You Decide is provided as a courtesy to our viewers to help them make informed decisions.