Kansas City Foreclosed Homes For Sale Listed on WelcomeToKC.com!

Kansas City Foreclosed Homes For Sale Listed on WelcomeToKC.com!

Welcome to one of Kansas City’s mosrt powerful home search sites, http://www.WelcomeToKC.com!  This site was designed with the home buyer in mind,  providing home buyers a quick, easy resource to locate homes that interest them with easy click of a mouse! 

From this website, you will be able to easily locate any type of home currently for sale such as foreclosures for sale, short sale homes for sale, HUD Owned Homes for sale, Bank Owned Homes for sale, REO’s for sale and privately owned homes for sale!  We have categories such as Acreages, Homes with Swimming Pools, Homes nearby Golf Courses, etc…!

Narrow your home search by popular cities like Lees Summit, Raymore, Liberty, Blue Springs on the Missouri side or Overland Park, Leawood, Lenexa, Olathe and Roeland Park on the Kansas side.

From the home page, under neath some of our personal favorite featured listings, you can scroll down and search by our popular categories like:

•Foreclosed Homes For Sale in 36 Cities!
•All Homes For Sale categorized by 36 Cities!
•All Homes For Sale in 12 different Counties!
•Search For Homes For Sale by nearby Golf Courses!
•Search all Homes For Sale with Swimming Pools!
•Search Homes For Sale with Acreages!
•Narrow your Search by price range, bedrooms and so much, much more!
!
When you do find a home that you would like to go see, please contact us at .(JavaScript must be enabled to view this email address) or call us at 816-875-6250 and we will schedule a private tour for you!
We look forward to helping you buy your next home and making it as easy as possible!

Posted by Mark Gipple on 11/06/2012 in Kansas City Market, — Add a Comment

Top 5 MUST READ Tips For Buying a Foreclosure

Certified Foreclosure Resource serving Leawood, Overland Park, Lees Summit and surrounding cities.

1. Be prepared for competition. Experts reports that foreclosures sold for an average of 27% below non-foreclosed property in 2011. Naturally, most home buyers are looking to get the biggest bang for their buck, and foreclosures are a popular option.  Buyers in today’s market are also competing with investors who are looking to flip properties or rent them out.  So far this year in Lee’s Summit, the foreclosures that are priced the most aggressively and are in the best condition are under contract within the first 14 days on market, and often there are multiple buyer bids on a home.

2. Have your financing in order before you begin your home search. Once you locate the Lee’s Summit home you are interested in buying, it is likely too late to get your financing in place. You can’t afford to waste time because competition is so fierce when buying a foreclosure. If you need a loan, meet with a reputable lender and get full loan approval- not just preapproval based on an online application, but submit your documents and send it through underwriting.  If you are a cash buyer, have a letter of proof of funds available on a few hour’s notice.  These steps can give you an edge over other buyers in a multiple bid situation.

3. Make sure you factor in repair costs. Foreclosures are sold in AS-IS condition. Keep in mind that a $200,000 house with $50,000 in needed repairs is the same overall cost as a $250,000 move-in ready home… and the move-in ready home may be a lot less headache.

4. Have a professional home inspection. I highly recommend performing a thorough home inspection so you know what you are getting yourself into.  If you suspect there are problems with a certain area of the home, for instance an old HVAC unit, have a licensed professional in that trade do a specific inspection on that area. Your inspection period is an excellent time to have skilled professionals give estimates for repair too.  When buying a foreclosure, it is critical that you comply with your inspection time frames, which generally give you 7-10 days after an accepted contract to conduct all inspections.  This may be your only opportunity to get out of the purchase contract if you find out the condition of the foreclosed home is worse than you initially thought.

5. Just because it’s a foreclosure doesn’t necessarily mean it’s a deal. There are many factors that influence the value of a home, including the desirability of the community and school district, how many houses are for sale in the neighborhood, and how many foreclosures are there in the area. It’s important to look at the big picture when deciding if a foreclosed home is a “good deal”.

If you or someone you know is in the market for a home and might consider working with a real estate agent and Realtor who focuses on foreclosures, contact The Mark Gipple Team today at 816-875-6250 or via e-mail at .(JavaScript must be enabled to view this email address). Additional information is available at my website, http://www.welcometokc.com, where you can search all local foreclosures for free, and it is updated daily.

Let us aggressively represent you in finding and negotiating on your next home.  There is never a cost to buyers for our services. 

Posted by Mark Gipple on 02/27/2012 in — Add a Comment

Kansas City Home Sales May 1 through September 7 2010

Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673337
Sold
7115 E 17Th Street
$5,900
$8,500
05/10/2010
$5,900
08/10/2010
Kansas City
Manchester
Single Family
73
3 1.0
None
Kansas City Mo
101 Years/More
Stone
Bungalow
**Property Sold AS IS**No Seller’s
Disclosure**Special Addendums
Apply**Earnest Money Needs to be
Certified Funds **No
Contingencies or Assigns*
Information is Deemed Reliable
But Not Guaranteed**THIS IS A
FANNIE MAE PROPERTY
Details
1673649
Sold
5319 Indiana Avenue
$7,900
$7,900
05/11/2010
$7,900
06/14/2010
Kansas City
Carol Berenice Add
Single Family
28
2 1.0
1 Built-In
None
Kansas City Mo
51-75 Years
Concrete
Raised Ranch
In The Basement
Good opportunity for the handy
homeowner or investor. This is a
Fannie Mae HomePath property.
Selling as-is. No seller disclosure.
Proof of funds/financing required
with offer. Special addendum
applies.
Details
1674138
Sold
2027 Spruce Avenue
$8,500
$8,500
05/12/2010
$7,900
06/25/2010
Kansas City
Winchester Place
Single Family
28
2 1.0
30x123x30x123
None
Kansas City Mo
76-100 Years
Full, Inside Entrance
Bungalow
In The Basement
Excellent potential-needs repair &
updates-several items removed-no
utilities will be on for
inspections-purchased AS IS
condition.Fannie Mae Homepath
Property-Sold As Is-No Seller
Disclosure-Addendums & Proof of
Funds or Preapproval required with
Offer-No Contingencies-Earnest
Deposit in Certified Funds-All
Accepted Offers must be Originals.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673459
Sold
1810 Kensington Avenue
$11,500
$11,500
05/10/2010
$12,000
06/22/2010
Kansas City
Oakhurst
Single Family
17
4 2.0
Off Street
None
Kansas City Mo
101 Years/More
Concrete
2 Stories
In The Basement
This is a great investment
property!! Bring your investors
large floor plan create your dream
home from this. Won’t last long
this property is **Being
Sold-As-Is** this home has new
windows, new roofing, and new
front porch.
Details
1674073
Sold
3816 Benton Boulevard
$11,500
$11,500
05/14/2010
$11,500
07/09/2010
Kansas City
Maryland
Single Family
10
3 1.0
Central Electric
Kansas City Mo
76-100 Years
Concrete
2 Stories
sold as is where is proof of funds
and addendum a must accompany
all offers
Details
1674118
Sold
3932 E 47Th Terrace
$11,500
$11,500
05/12/2010
$11,500
05/27/2010
Kansas City
Vineyard Gardens
Single Family
12
3 2.0
63x147x63x151
1 Basement, Built-In
Central Electric
Kansas City Mo
51-75 Years
Inside Entrance, Partial
Side/Side Split
In The Basement
Excellent opportunity-needs repair
& updates-Large enclosed
patio-Only electric will be on for
inspections.Fannie Mae Homepath
Property -Sold As Is-No Seller
Disclosure-Addendums & Proof of
Funds or Preapproval required with
Offer-No Contingencies-Earnest
Deposit in Certified Funds-All
Accepted Offers must be Originals.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673559
Sold
3816 Park Avenue
$12,000
$16,000
05/10/2010
$10,000
06/28/2010
Kansas City
Aberdeen
Single Family
49
3 1.0
33x131x33x131
1 Rear Entry
None
Kansas City Mo
76-100 Years
Full, Inside Entrance, Stone
Bungalow
In The Basement
Excellent opportunity-needs repair
& updates-Spacious 1.5
bungalow-No drive to rear entry
garage-Only electric on for
inspections. HomeSteps
Home-Sold As Is-No Seller
Disclosure-Special Addendums &
Proof of Funds or Preapproval
required with Offer-No
Contingencies-Earnest Deposit in
Certified Funds-All Accepted
Offers must be Originals.
Details
1673860
Sold
3410 Forest Avenue
$12,622
$12,622
05/12/2010
$8,250
06/21/2010
Kansas City
Arcade Place
Single Family
34
2 1.0
Off Street
805
0 Central Electric
Kansas City Mo
76-100 Years
Full, Walk Out, Walk Up
Bungalow
In The Basement
Lender repossession, needs little
work to be rent ready. Motivated
seller easy to work with. Newer
Roof, Vinyl Siding, 2 bedroom with
smaller 3rd room that could
function as a bedroom. Central
Air, newer furnace and hot water
heater in place. Off Street Parking.
Proof of funds and or pre approval
must be submitted with all offers.
Details
1673644
Sold
5401 Wayne Avenue
$14,900
$14,900
05/11/2010
$16,000
06/29/2010
Kansas City
Kathleen Ridge
Single Family
38
3 1.0
43 x 100
None
Kansas City Mo
76-100 Years
Stone
2 Stories
In The Basement
This is a great opportunity for the
handy homeowner or investor.
Large living room with decorative
fireplace. Comfortable front porch.
Fenced yard. This is a Fannie Mae
HomePath property. Selling as-is.
No seller disclosure. Proof of
funds/financing required with offer.
Special addendum applies.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673480
Sold
1877 N 31St Street
$15,000
$25,000
05/11/2010
$10,000
08/31/2010
Kansas City
Kensington
Single Family
87
2 2.0
Window Unit(s)
Kansas City Ks
51-75 Years
Inside Entrance, Stone, Walk Out
Ranch
In The Basement, In The Kitchen
$30,000 under Tax Appraisal. One
family owned, two generations.
Home has 3 season front porch, 2
bdrms & 1 bath up, full bath LL, liv
rm, eat in kitchen, hardwood flrs.
BASEMENT HAS High ceilings,
wall of tall windows, full bath, utility
sink, workshop with garage door
access, could be second living
area.
Details
1673442
Sold
3238 Wabash Avenue
$15,900
$15,900
05/10/2010
$14,000
06/11/2010
Kansas City
Mystic
Single Family
22
3 1.0
137x40
0 2,113
Central Electric
Kansas City Mo
101 Years/More
Stone
1.5 Stories
In The Basement
Selling as-is, no seller’s disclosure.
$1k minimum EMD plus proof of
funds or pre-appvl letter req’d for
all offers. Good rental income, was
formerly renting for $750/mo.
Home has large rooms and
potential for 4th bdrm upstairs or 1
very large mstr. Home needs some
minor TLC.
Details
1673663
Sold
9424 Bristol Avenue
$18,900
$18,900
05/11/2010
$20,000
07/08/2010
Kansas City
Nance’s 2nd Addition
Single Family
16
3 1.0
1 Attached, Front Entry
Central Electric
Hickman Mills
51-75 Years
Other
Ranch
In The Garage
TO NEW
BEGINNINGS…SPACIOUS 3
BEDROOMS WITH EASY
ACCESS TO SHOPPING AND
INTERSTATE…Property to be sold
“As-Is/Where-Is”, no warranties, no
guarantess, OFFERS MUST
INCLUDE THE FOLLOWING TO
BE PRESENTED TO THE
SELLER: Complete contract,
Pre-Approval letter or proof of
funds & earnest dep. in the form of
CERTIFIED FUNDS!
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673408
Sold
8526 Garfield Avenue
$19,900
$19,900
05/10/2010
$19,400
06/01/2010
Kansas City
Center Circle
Single Family
7 3
1.0
1 Attached
Central Electric
Center
41-50 Years
Full
Ranch
ANOTHER GREAT INVESTMENT
PROPERTY! This property is being
sold “AS IS” “Where Is” or on
terms that are satisfactory to
sellers. The seller nor the agent
have any disclosures on this
property. There is evidence of
water in the basement, furnance &
hotwater shows evidence of water
damage. Evidence of mold
inherent in this property.
Details
1673902
Sold
2317 Jarboe Street
$19,900
$19,900
05/11/2010
$19,900
07/21/2010
Kansas City
Fairmount Park
Single Family
71
3 1.0
None
Kansas City Mo
101 Years/More
Full, Walk Out
Ranch
In The Basement
CONVENIENT LOCATION,
ENTRY PRICING! Perfect for
investor expanding rental
inventory. Corp owner selling “As
Is”. NOTE: Jarboe is One-Way
south bond at this location.
Details
1673561
Sold
1230 Orville Avenue
$20,000
$20,000
05/11/2010
$13,000
06/23/2010
Kansas City
Gray/Woods Central
Single Family
35
3 1.0
30 X 138
0 Central Electric
Kansas City Ks
76-100 Years
Stone
2 Stories
In The Basement
BANK OWNED TO BE SOLD
AS-IS ONLY
FANTASTIC INVESTMENT
OPPORTUNITY IN A WELL
CARED FOR NEIGHBORHOOD
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673763
Sold
5117 Ne 60Th Terrace
$24,000
$24,000
05/10/2010
$38,130
06/22/2010
Kansas City
Dr. Thompson
Single Family
25
3 1.0
1 Attached, Basement, Rear Entry
Central Electric
North Kansas City
51-75 Years
Full
Raised Ranch
In The Basement
Home being sold As-Is. No
disclosures available. Must be
pre-approved or show proof of
funds with offer. Earnest money
must be certified funds.
Details
1673878
Sold
2516 N 64Th Terrace
$25,000
$25,000
05/12/2010
$26,600
06/29/2010
Kansas City
Hazel Grove
Single Family
16
3 2.0
9750
2 Attached, Front Entry
1,190
Central Electric
Kansas City Ks
51-75 Years
Concrete
Ranch
Off The Kitchen
Property does need work & priced
accordingly. Could have
non-conforming bedroom in
basement. All offers must include
proof of funds & EMD
(CERTIFIED).Please allow a few
days for response. Inspections ok
for buyer info - no repairs or
concessions to be made. Lot Sz &
Sq Ft deemed reliable, but not
guaranteed. MOLD noted on
property.
Details
1674139
Sold
4211 Pittman Road
$25,000
$25,000
05/14/2010
$15,000
07/06/2010
Kansas City
Other
Single Family
20
3 1.0
1.3 Acres
2 Attached
1 Central Electric
Kansas City Mo
41-50 Years
Concrete
Ranch
In The Kitchen
Baseball Fans - 3 BR Ranch on an
acre of land, just east of Kauffman
Stadium. Rehab project - priced
accordingly.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674129
Sold
816 E 75Th Terrace
$27,000
$27,000
05/14/2010
$30,002
08/20/2010
Kansas City
Garden Place
Single Family
25
2 1.1
1 Attached, Front Entry
952
Central Electric
Kansas City Mo
51-75 Years
Concrete, Crawl Space, Full
Ranch
In The Basement
This Home is Owned by the U.S.
Dept. of Housing & Urban
Development (HUD). This HUD
Home is Sold AS-IS/WHERE-IS
with Any and All Faults. Agents
Must be Registered with HUD for
the Bidding Process. Call Listing
Office for Help Bidding Any Price
You Want to Offer. Buyer Must
Have a Mortgage Commitment or
Cash. This Home is Case Number:
291-246257.
Details
1673855
Sold
4405 Ditzler Avenue
$29,900
$29,900
05/11/2010
$29,000
06/14/2010
Kansas City
Nance’s Highland Ridge
Single Family
31
3 1.0
840
Central Electric
Raytown
41-50 Years
Concrete, Full
Ranch
In The Basement
This could be a great starter home
just needs some finishing touches.
Nice privacy deck on the back of
the house, half circle driveway in
front. Just blocks from the KC
Stadiums. Sold AS-IS, no sellers
disclosures, seller will make No
Repairs. Must be pre-approved or
have proof of funds to submit offer.
$1000 min EM required, 10% on
cash deals.
Details
1673955
Sold
2606 Yates Street
$31,900
$39,900
05/13/2010
$30,500
08/13/2010
Kansas City
Wyandotte Gardens
Single Family
68
3 1.0
2 Detached
Central Electric
Turner
51-75 Years
Crawl Space
Ranch
Great Potential! New roof, interior
just needs your personal touch!
Located in the desired Turner
school district. Being sold as is,
cash only, no repairs will be made
by the seller. Please allow 2-3
business days for seller response.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673802
Sold
5132 N Richmond Avenue
$49,000
$49,000
05/12/2010
$45,000
06/11/2010
Kansas City
Randolph Corners
Single Family
30
3 1.0
1 Attached
Central Electric
North Kansas City
41-50 Years
Concrete
Side/Side Split
In The Garage
Details
1673845
Sold
4141 Kenwood Avenue
$57,000
$57,000
05/12/2010
$57,000
06/15/2010
Kansas City
Vanderbilt Place
Single Family
6 2
1.0
33x131
0 913
0 Central Electric
Kansas City Mo
76-100 Years
Full, Stone
Bungalow
In The Basement
This is Fannie Mae property.
Purchase this property for as little
as 3% down! This property is
approved for HomePath
Renovation Mortgage Financing.
To support owner occupants, only
owner occupant offers will be
considered by this Seller during the
first 15 days a property is on the
market. Take advantage of Fannie
Mae special incentives.
Details
1673775
Sold
1416 Nw 64Th Terrace
$59,500
$61,900
05/10/2010
$55,000
07/28/2010
Kansas City
Clayton
Condo/Loft
58
2 1.0
Off Street
Central Electric
North Kansas City
21-30 Years
Slab
Ranch, Reverse 1.5 Story
Main Level
Corner Lot Condo with Private
Patio. Newer A/C, windows,
French Doors, dishwasher, smooth
top stove, paint, bath fixtures, light
fixtures and ceiling fans. Move in
Ready. Immediate Possession.
Seller leaving refrigerator. Window
coverings staying.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673829
Sold
4615 N Agnes Avenue
$60,000
$60,000
05/12/2010
$60,000
06/18/2010
Kansas City
Glendale Heights
Single Family
21
3 2.1
1 Front Entry
Central Electric
North Kansas City
41-50 Years
Finished
Ranch
Selling As-Is, no contingencies,
Bank Addendums to apply. Earnest
money of $1000 or 1% whichever
is greater
Details
1674112
Sold
2745 S 49Th Street
$64,900
$79,000
05/14/2010
$62,000
08/10/2010
Kansas City
Highland Crest
Single Family
62
3 1.0
0 Off Street
Central Electric
Turner
51-75 Years
Slab
Ranch
Off The Kitchen
Beautiful 3 Bedroom Highland
Ranch Renovation. New Roof &
A/C. New Kitchen Cabinets,
Countertops, Ceramic, and
Appliances including Range,
Refrig, Disposal, Microwave,
Washer, and Dryer. Upgraded
Bath with Ceramic and Pedestal
Sink. New Water Heater. New
Fencing. New Paint, Faucets, and
Fixtures. RENOVATONS BY
KIMBERLY of Corder Capital
Management.
Details
1673896
Sold
2907 Shearer Road
$66,950
$66,950
05/10/2010
$66,950
07/16/2010
Kansas City
Argentine Heights
Single Family
67
3 1.0
76 x 150
2 Attached, Front Entry
Central Electric
Kansas City Ks
41-50 Years
Full, Walk Out
Ranch
In The Basement
POSSIBILITIES GALORE AWAIT
BUYER FOR THIS CORP
OWNED RANCH! Wood floors,
walk-out lower level, 2 decks. Bring
decor ideas & you’ve got yourself a
winner. Seller provided home
warranty on owner occupied sales.
Corp addenda must accompany all
offers - contact lister before writing.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673448
Sold
7412 Harrison Street
$67,000
$67,000
05/11/2010
$64,500
08/16/2010
Kansas City
Rockhill Gardens
Single Family
10
3 3.0
1 Built-In, Front Entry
1,783
Central Electric
Kansas City Mo
51-75 Years
Concrete, Full
2 Stories
This Home is Owned by the U.S.
Dept. of Housing & Urban
Development (HUD). This HUD
Home is Sold AS-IS/WHERE-IS
with Any and All Faults. Agents
Must be Registered with HUD for
the Bidding Process. Call Listing
Office for Help Bidding Any Price
You Want to Offer. Buyer Must
Have a Mortgage Commitment or
Cash. This Home is Case Number:
291-171403.
Details
1673811
Sold
7714 Ne 54Th Street
$69,000
$69,000
05/12/2010
$65,000
06/30/2010
Kansas City
Gracemor
Single Family
49
3 2.0
2 Attached
Central Electric
North Kansas City
41-50 Years
Concrete
Side/Side Split
Details
1673833
Sold
736 E 121St Terrace
$69,900
$69,900
05/11/2010
$65,000
06/11/2010
Kansas City
Mission Lake
Townhouse
29
2 1.1
1 Built-In, Front Entry
1,000
Central Electric
Grandview
31-40 Years
Slab
2 Stories
Off The Kitchen, Laundry Room
One of Best Maintained
Townhomes. Plush carpets, firepl,
gas logs. vaulted LR w/dining area.
Pass thru window from kitchen.
New Furnace/Air 5/2010. Includes
all appliances. Just Move in and
Enjoy. 2 patios, loft bedrooms
w/walk in closets. Mission Lake, 2
pools, fishing lakes, clubhouse,
game/exercise rms. Exterior, roof
maintenance.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674084
Sold
8362 Nw Overland Drive
$89,950
$89,950
05/13/2010
$82,000
08/27/2010
Kansas City
The Coves
Townhouse
106
3 1.1
2 Attached, In Building, Rear Entry
1,600
Central Electric
Park Hill
31-40 Years
Full, Walk Out
2 Stories
Lower Level
X-large master bdrm with a walk-in
closet nice deck off dining area
HOA dues covers a lot. New roof 2
yrs ago. Owner lived here for 34
years pool will open memorial day.
Excellent schools, shopping & fine
dining at Zona Rosa. Move in
Today. Clubhouse has tennis and
is available to rent. Nice walking
trails around lake.
Details
1673475
Sold
7934 Nw 79Th Place
$97,500
$97,500
05/11/2010
$98,000
07/26/2010
Kansas City
Squire Hills
Half Duplex
76
3 2.0
1 Built-In, Front Entry
Central Electric
Park Hill
21-30 Years
Concrete, Finished, Walk Out
Split Entry
Lower Level
Clean! Clean! Clean! You will not
show a cleaner property in this
price range. Kitchen recently
remodeled. New roof in ‘06.
Fenced bkyrd w/storage bldg.
Downstairs bdrm is
non-confirming. Has full bath.
Previous owner finished off 1/2 of
garage. Can be easly converted
back. Great Property!! All
measurements approx.
Details
1673368
Sold
11225 N Tracy Avenue
$115,900
$115,900
05/10/2010
$115,000
06/11/2010
Kansas City
Lakeside Heights
Single Family
17
3 2.1
78x192
2 Attached
Central Electric
North Kansas City
21-30 Years
Daylight, Finished
Tri Level
In The Basement
Very nice home in great
neighborhood.
Huge,secluded,treed backyard.
Updated roomy kitchen, neutral
colors,big bedrooms,walk-in
closets in two bedrooms. Extra
deep garage… Buyer’s must be
preapproved with Bank of America.
VERBALLY ACCEPTED OFFER
AS OF 05/19/10.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674137
Sold
6601 Nw Hidden Valley Road
$120,000
$120,000
05/14/2010
$112,000
08/18/2010
Kansas City
Hidden Valley
Single Family
14
3 2.0
2 Built-In
1,224
Central Electric
Park Hill
21-30 Years
Concrete
Front/Back Split
This Home is Owned by the U.S.
Dept. of Housing & Urban
Development (HUD). This HUD
Home is Sold AS-IS/WHERE-IS
with Any and All Faults. Agents
Must be Registered with HUD for
the Bidding Process. Call Listing
Office for Help Bidding Any Price
You Want to Offer. Buyer Must
Have a Mortgage Commitment or
Cash. This Home is Case Number:
291-332751.
Details
1673773
Sold
307 W 97Th Terrace
$127,500
$127,500
05/12/2010
$122,300
07/23/2010
Kansas City
Indian Creek Highlands
Single Family
40
3 2.0
147x100
2 Attached, Tandem
Central Electric
Center
51-75 Years
Slab
Ranch
Main Level
Exquisite Contemporary. Open
Floor Plan w/Two Living Areas.
Completely Remodeled w/New
AC/Furnace, Roof, & Siding.
Updated Electrical & Plumbing.
New Kitchen Cabinets, Counters,
Ceramic, Refrig, Range, Disposal,
& Microwave. Large Kitchen Island.
Frieze Carpet. Two Full Bath with
Ceramic. New Master Suite
w/Ceramic. Great Patio for
Entertaining.
Details
1673790
Sold
8341 Greeley Avenue
$130,000
$130,000
05/12/2010
$124,500
07/27/2010
Kansas City
Parkway Village
Half Duplex
76
2 2.0
2 Attached, Front Entry
Heat Pump
Kansas City Ks
6-10 Years
Slab
Ranch
Main Level
This villa is attached to club house
for easy entertaining and shelter
from storms. Handicap assessible
doors, high rise toliets, two sliding
doors, sun room walks out to patio
and green space. Loads of
windows, two car garage
w/openers. Custom cabinets in
kitchen and extra cabinet in main
bath. 4 ceiling fans. Tile flooring in
Kit/DR. Won’t last.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673253
Sold
10011 Nw 86Th Terrace
$147,900
$147,900
05/10/2010
$147,000
06/24/2010
Kansas City
Wildwood West
Single Family
7 3
2.0
73x120
2 Attached
1,528
Central Electric
Park Hill
11-15 Years
Full
Atrium Split
***CORPORATE OWNED***
Close before June 30 and receive
extra 3.5% in closing costs or
appliances!
Details
1674059
Sold
8019 N London N/A
$155,000
$155,000
05/12/2010
$140,000
07/23/2010
Kansas City
The Coves East
Single Family
14
4 3.0
2 Basement, Front Entry
Central Electric
Park Hill
31-40 Years
Concrete, Finished, Garage Entrance
Raised 1.5 Story, Raised Ranch
Main Level
Tons of Room. 4 Large
Bedrooms-Master and 2nd
Bedroomon Main level. Main level
Laundry. Great Subdivision and
Park Hill Schools. Attractive Family
Room and updated kitchen. Huge
Garage. This is NOT a foreclosure
or a short sale!!
Details
1673426
Sold
9824 N Stark Avenue
$178,000
$203,208
05/10/2010
$185,000
08/13/2010
Kansas City
Brentwood Manor
Single Family
2 2.0
2 Attached, Front Entry
Central Electric, Heat Pump
Liberty
Under Construction
Concrete, Full
Ranch
Main Level, Laundry Room
The Wellington is an awesome
ranch villa with a huge vault over
the great room, kitchen, and dining
area. Upgraded cabinets, raised
bar, wood floors in the kitchen &
entry. Full basement adds plenty
for expansion. The best villa value
in the Northland. Pics are from the
model home, also a Wellington
plan. Annual HOA $375 includes
community pool.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673983
Sold
4538 Wyoming Street
$179,900
$179,900
05/12/2010
$175,000
06/25/2010
Kansas City
Vogel Heights
Single Family
44
2 2.0
40 x 84
2 In Building, Basement, Front Entry, Tandem
Central Electric
Kansas City Mo
76-100 Years
Inside Entrance, Stone, Walk Out
Bungalow, Raised Ranch
Laundry Closet, Main Level
WOW!!! Completely redone home
in hip West Plaza area! Awesome
new kitchen includes granite
counter tops, gas stove, stainless
appliances, handsome tile
backsplash & under cabinet
lighting! Brand new everything
including: furnace, air, water
heater, electrical, roof, siding &
windows! Even a fenced back yard
with a 12 x 12 deck. Don’t
hesitate…
Details
1673841
Sold
3524 N Park Avenue
$190,000
$190,000
05/28/2010
$179,000
08/09/2010
Kansas City
Hills Of Rock Creek
Single Family
45
5 3.1
140 X120X130X90
2 Attached
Central Electric
North Kansas City
6-10 Years
Finished, Full, Walk Out
2 Stories
Main Level
This 5BR 3.5BA w/POOL is in
Immaculate
condition.

The large
Master BR enjoys a Whirlpool and
Huge Walk IN. The Kitchen has
loads of cabinets,granite counter
tops and a large pantry. 5th BR
w/Full Bath in LL. Perfect for the
large family.
Details
1674070
Sold
6107 Main Street
$199,500
$210,000
05/14/2010
$198,000
08/18/2010
Kansas City
Morningside Park
Single Family
96
4 2.0
50 x 131
1 Detached
1,747
Central Electric
Kansas City Mo
76-100 Years
Full, Stone, Walk Out
1.5 Stories, Bungalow
In The Basement
Simply Charming Arts-n-Crafts
Bungalow. Natural Oak Woodwork
with Leaded Glass Built-in
bookcases. Stained glass
windows. Hardwood Floors. Box
and Beamed Ceilings. Updated
Kitchen w/Breakfast nook. Larger
than it looks - 4 Bedrooms. Wrap
around open front porch. Fenced
yard. Close to Brookside shops
and the walking trail. Must see.
Priced to sell
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673853
Sold
9600 Jarboe Street
$204,950
$204,950
05/12/2010
$193,000
08/09/2010
Kansas City
Lea Manor
Single Family
45
3 2.1
156’ x 193’
2 Attached, Side Entry
1 Attic Fan, Central Electric
Center
51-75 Years
Concrete, Finished, Inside Entrance
Ranch
Lower Level, Laundry Room
Relax on the Patio by your
Inground Pool! Beautiful Parklike
Setting for this Gracious Ranch
lovingly maintained by Owner of 46
Years! Opportunity to do your own
updating & make it your Dream
Home! Larger Lea Manor Home -
check room sizes! Lot & a half, too!
Formal Living & Dining plus Family
Room & Eat-in Kitchen on One
Level! “Retro” Rec Rm down!
Details
1673671
Sold
8925 N Essex Drive
$214,000
$214,400
05/11/2010
$214,000
08/13/2010
Kansas City
Highlands of Northview
Single Family
64
4 3.0
3 Attached, Front Entry
2,190
Heat Pump
North Kansas City
2 Years/Less
Egress Window, Stubbed for Bath, Walk Out
Atrium Split, Tri Level
Bedroom Level
Four Bedroom Atrium Tri level with
big bedrooms!! Open floorplan.
Vaulted ceiling, floor to ceiling
windows, huge living room!!Huddle
around the fireplace in the winter.
Also includes sub basement
stubbed for bath. Possible 5th
bedroom or rec room !! Staley
High. Walk to Northview Elem.
Details
1673445
Sold
11001 N Laurel Avenue
$225,000
$225,000
05/11/2010
$217,500
08/04/2010
Kansas City
Somerbrook
Single Family
70
5 3.0
2 Attached
Central Electric
Liberty
6-10 Years
Finished, Walk Out
Ranch, Reverse 1.5 Story
Main Level
So much character in this fabulous
ranch! Lots of pottery barn colors
throughout. 3 Bdrms on main level
with an additional 2 in the
basement. Great Kitchen,
hardwoods, lots of counterspace.
The Basement has the “Wow
Factor”: Dark floors, Wet Bar,
Wired for surround system. Great
Deck, fenced backyard & backs to
the neighborhood pool area.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1673244
Sold
7812 N Prospect Avenue
$289,950
$289,950
05/10/2010
$303,000
07/19/2010
Kansas City
Maplewoods Estates
Single Family
38
4 3.1
3 Attached, Front Entry
Central Electric
North Kansas City
16-20 Years
Concrete, Full, Walk Out
1.5 Stories
Main Level, Laundry Room
Beautiful 1 1/2 story-New paint,
New carpet-Lots of
windows-Unfinished 2 tiered
basement-4th bdrm and bath in
roughed in bonus room.
Details
1673268
Sold
9530 N Myrtle Court
$294,900
$294,900
05/10/2010
$292,500
07/23/2010
Kansas City
Northview Place
Single Family
34
4 3.0
3 Attached, Front Entry
2,082
Heat Pump
North Kansas City
3-5 Years
Walk Out
1.5 Stories
Main Level, Off The Kitchen
CUL-DE-SAC WITH NOBODY
BEHIND YOU! Walkout basement,
Large deck with views of trees.
Main floor master bedroom.
Spacious Closet space. Many
extras and custom features maybe
added by orginal builder. Staley
High School. Private access to
elementry school. Clean and
comfortable. MUST SEE
Details
1674080
Sold
11601 Pennsylvania Avenue
$310,000
$375,000
05/14/2010
$265,000
08/23/2010
Kansas City
Verona Hills
Single Family
101
4 3.0
2 Attached, Side Entry
Central Electric, Zoned
Grandview
21-30 Years
Concrete, Daylight, Full
Ranch
Main Level, Off The Kitchen
Custom blt huge true ranch 4br
(4th br is den/off). Note room sizes.
9ft ceilings 1st and bment, huge
lot, great street appeal, new carpet,
paint, etc. sprinklers, Corian island,
pull outs in all custom cabinets (kit
& offices) utility/mud room off kit
w/sink & pantry & builtins. This
home will awe you! Zoned
HVAC/marble entry.Over 3200 sq.
ft.
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
MLS#
Status
Address
L Price
Orig LP
L Date
S Price
Sold Dt
City
Subdiv
Type
DOM
Beds
Tot Bth
Lot Size
Parking
Garage
SqFt
Acres
Cool
S Dist
Age
Bsmt
Plan
Utility
Rmrks
Details
1674087
Sold
9615 Georgia Avenue
$345,000
$350,000
05/14/2010
$335,000
07/15/2010
Kansas City
Other
Single Family
62
4 3.2
7.438
2 Attached
7 Central Electric
Kansas City Ks
6-10 Years
Finished, Full, Walk Out
Ranch
In The Basement, Main Level
IT’S ALL ABOUT YOU! Are YOU
looking for an Open & Bright Plan
w/ Sky Lights, Vaulted Ceilings, &
Perfect for Entertaining? Are YOU
wanting a 7+ Acre w/ Views,
Wildlife, Deck, Patio, Pool &
Fenced Yard? Are YOU looking for
a Wlkout Bsmt w/ FP, Bar, 2 BR w/
2nd Lau Rm, Exercise Rm, Tons of
Storage & a Safe Rm? If so, YOU
have found YOUR dream home.
Details
1673197
Sold
814 W 74 Street
$389,000
$389,000
05/10/2010
$388,000
08/02/2010
Kansas City
Westmoreland Place
Single Family
84
3 2.1
2 Detached
Central Electric, Zoned
Kansas City Mo
76-100 Years
Finished, Stone
2 Stories
In The Basement
STUNNING DESIGNER HOME!
THIS 1925 MASTERPIECE SITS
ON A LARGE CORNER LOT. IT
CHALLENGES COMPARISON!
FEATURES INCLUDE: NEW
KITCHEN W/ GRANITE
COUNTERS, NEW HIGH END
APPLIANCES, ZONED
HEATING/COOLING,
GORGEOUS FLOORS,
BEAUTIFUL BUILT-INS, LOTS OF
CHARACTER! INCREDIBLE
FINISHED BASEMENT/MEDIA
ROOM! WINE CELLAR!
INCREDIBLE YARD W/
WATERFALL/POND! WOW!
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple
Tuesday, September 7, 2010
Full Summary of Compared Listings
This page summarizes the comparable listings contained in this market analysis.
Summary
Status Total Avg Price Avg $ Per SqFt Median Low High Avg DOM
ACTIVE
AUCTION
CONTINGENT
PENDING
SOLD 50 $95,655 $61 $61,000 $5,900 $388,000 42
EXPIRED
WITHDRAWN
TEMP OFF MRKT
CANCELLED
Show for Backup
Total 50 $95,655 $61 $61,000 $5,900 $389,000 42
Keller Williams Southland 816-331-2323
Researched and prepared by Mark Gipple

Posted by Mark Gipple on 09/07/2010 in — Add a Comment

Top 7 Things You Should Know about Financial Regulation Overhaul

Top 7 Things You Should Know about Financial Regulation Overhaul
By Kevin G. Hall Print Article
RISMEDIA, July 17, 2010—(MCT)—With final Senate passage of the broadest overhaul of financial regulation since the Great Depression, the hard work really starts. Regulators must fill in the blanks in the legislation, and a new agency to protect consumers must be erected from scratch. The landmark legislation will bring lots of changes. Here are some answers to common questions about the changes that will come about under the overhaul of financial regulation, and how it will address some root causes of the deep financial crisis.
Question: What does the legislation do for ordinary folk?
Answer: The most significant change is the creation of a Bureau of Consumer Financial Protection, which will be independent but housed in the Federal Reserve, the nation’s central bank. This new bureaucracy will have a single mission: consumer protection for credit products such as mortgages and credit cards. That responsibility had rested with multiple bank regulators, none of whom treated it as a priority.

Q: What does that mean for home buyers?
A: The law includes a number of provisions that restrict predatory lending. The question is how aggressively the new bureau oversees mortgage lending. For example, will it set ironclad limits on so-called “liar loans,” in which there was no income verification for mortgages? Will it ban adjustable-rate mortgages with low teaser rates that allowed borrowers to get into homes they couldn’t afford? The bureau is also expected to force lenders to use clear language about borrowing costs.

Another important change is tough regulation for mortgage brokers. Many borrowers erroneously assumed that these brokers had their best interests at heart, when in fact there was no fiduciary duty to borrowers. Rather, lenders rewarded many brokers for getting borrowers into ill-suited mortgages.

The new law “ends steering payments that put mortgage brokers’ interests out of sync with buyers’ interests,” said Sen. Jeff Merkley, D-Ore. He also authored some of the tough restrictions on what banks can invest in if they’re also investing money on behalf of clients.

The new bureau is expected to be most aggressive on mortgages, after the Fed failed to use the power it’s had since 1994 to rein in reckless mortgage lending.”We can’t have that happen again. We’ve got to be very, very tough and consistent on this point,” said Sen. Jack Reed, D-R.I.

To the ire of consumer advocates, however, the new agency will have only limited powers over auto lending.

Q: Would this legislation have prevented the financial crisis?
A: That’s hard to say for sure, but it certainly would have given regulators the power to break up large failing financial firms, and there would have been transparency about who owes what to whom. The absence of such factors amplified the crisis of September and October 2008.

Q: How does this legislation fix what went wrong?
A: Various federal regulators will sit together on a “systemic risk” council that will police threats to the entire financial system. They’ll also get so-called “resolution authority” that allows them to deconstruct a failing large financial firm in orderly fashion.

During the crisis, bankruptcy was the only option. That would have pitted creditors against shareholders and created panic. The Bush administration orchestrated the fire sale of investment bank Bear Stearns in March 2008, preventing panic. It tried to do the same with Lehman Brothers in September 2008, but when that failed, Lehman went bankrupt.

The ensuing panic nearly caused the collapse of global finance. That was prevented only by a massive government bailout program that was deeply unpopular with voters, and by the Federal Reserve’s direct intervention in financial markets.

Those dark days occurred in an environment of little transparency about complex financial instruments called “derivatives.” Investors, regulators and even CEOs of major financial firms were in the dark about some of these instruments. Absent clear information, everyone ran scared.

Q: We hear about transparency all the time. Why does it matter?
A: The lack of information about complex bets made on the probability of bond defaults was one reason the Federal Reserve stepped in and took majority ownership in insurance giant American International Group (AIG). Trillions of dollars’ worth of private two-way bets were occurring outside regulators’ view, and AIG was the biggest player. Today, taxpayers could still be on the hook for about $162.5 billion, partly due to AIG’s involvement in credit-default swaps.

Under the new law, however, deposit-taking institutions will be forbidden from significant involvement in the market for these swaps, which are bets on the chance of a bond default. Most derivatives transactions will have to occur on an exchange or central clearinghouse. There’ll be real-time information about any given trade and, more broadly, about the swaps market—data that didn’t exist when the meltdown hit in 2008.

Greed or malfeasance won’t disappear from Wall Street, but regulators and investors will have more information than ever before to combat it.

Q: How does the legislation deal with Fannie Mae and Freddie Mac?
A: The Obama administration and congressional Democrats opted to leave Fannie and Freddie out of the bill, ostensibly to address them in separate legislation once the housing market recovers.

Fannie and Freddie buy mortgages originated by banks, then bundle them for sale to investors as bonds. From 2000-2006, Wall Street banks jumped aggressively into this business and out-competed Fannie and Freddie. In 2007, these Wall Street bonds backed by pools of U.S. mortgages began blowing up, and on came the financial meltdown.

Right now, Fannie and Freddie are the only mortgage-bond game in town. The private sector’s secondary market, where Wall Street banks passed on their mortgages, is frozen. When this market revives, banks and other mortgage originators will have to keep a portion of what they generate on their own balance sheets to ensure they have capital at risk. This wasn’t required during the run-up to the crisis.

Q: Will the bill prevent financial crises?
A: Probably not. The legislation mostly fights the previous crisis, not the next one, and Wall Street always finds innovative new ways to make markets spin. Regulators are empowered with new authority to police for risk. Banks will be required to have more cash on hand to cover losses. This will limit their risk-taking capabilities, and the authorities can order big financial firms to get smaller or face government intervention.

Financial markets are highly complex and ever-innovating. A hard lesson of the financial crisis is that markets are profoundly interconnected, and in unexpected ways.

When Lehman Brothers filed for bankruptcy in September 2008, an unpleasant surprise followed days later.

Investors fled money market funds that pay 2 or 3% interest. To pay that interest, the funds take deposits or contributions and invest them in short-term debt issued by corporations called commercial paper. This sort of activity was always viewed as risk free.

However, Lehman was an issuer of commercial paper, and when it went bankrupt, panic ensued in places no one expected. Big manufacturers such as General Electric suddenly couldn’t find buyers for their short-term debt, and investors frowned on putting savings at risk for the small returns offered in the money market funds that days earlier had been considered as safe as cash.

That’s all to say that linkages are often hard to see. The best the legislation can hope to achieve is to provide regulators with an ample tool box, and it appears to do that. It will be up to the regulators to use the tools wisely.

(c) 2010, McClatchy-Tribune Information Services.

Posted by Mark Gipple on 07/17/2010 in — Add a Comment

Simplifying the Process: Lowe’s and RE-buildUSA Streamline the 203k Loan Process for Agents and Th

Simplifying the Process: Lowe’s and RE-buildUSA Streamline the 203k Loan Process for Agents and Their Clients
By Stephanie Andre
RISMEDIA, May 7, 2010—In today’s stringent credit climate, the process of securing a loan approval involves many details that can be easily overlooked by prospective home buyers. The 203k loan—an FHA loan that enables home buyers to purchase and renovate properties—adds a new dimension to the loan approval process. From finding licensed and trusted contractors to detailing the scope of work involved in the renovation plans, obtaining a 203k loan requires a special degree of knowledge.

So why not simplify the process? Well, that’s just what industry veterans Dennis and Teresa Walsh did last year by launching RE-buildUSA, a designation/membership program that turns agents into 203k Specialists.

Together with Lowe’s, the Walshes educate real estate professionals and prospective home buyers about 203k, most recently on the West Coast where Lowe’s recently launched its 203k initiative in a region that encompasses major metros such as San Francisco, Salt Lake City, Sacramento, Lake Havasu and Las Vegas.

“Lowe’s is partnering with RE-buildUSA to help facilitate the home-improvement needs of home buyers acquiring distressed properties,” explains Nick Mraz, Lowe’s regional sales director who works extensively on the 203k initiative. “The Walshes brought a real asset to the table…the 203k certification. It’s an asset to both an agent’s clients and to the community as a whole.”

Why It Works
The reason the 203k certification works is because it’s comprehensive training that offers an agent entrance into RE-buildUSA’s 203k program and online member center. The full program includes a Project Portal and access to marketing ideas and materials, blogs and forums and information on the program’s additional partners, such as Lowe’s, Oakley Sign, Pillar To Post, Merrill, Obeo and PODS.

“We’ve been working for a long time to build the technology platform to support the program,” explains Dennis Walsh, CEO of RE-buildUSA. “The way the program is structured, the real estate professional only becomes a member after completing the five-hour certification course. It’s only at that point that he or she gets full access to the RE-buildUSA Membership Center and Project Portal.

“One of the frustrations when working on a 203k loan is finding licensed contractors and handling the paperwork and financing,” adds Walsh.

From Lowe’s perspective, the program is a win for all involved.

“We fit in this scenario perfectly,” says Mraz. “Lowe’s is a perfect fit because we can help the lender by outlining what they need and help the customer by taking away the stress of trying to find a contractor or installer*, or both.”

Simple as Filling Out a Form
A key component to the 203k certification is access to what RE-buildUSA calls the “Project Portal.” It’s there that the truest value comes into play.

The idea is that once the agent has a 203k deal ready to go, the process takes just minutes to complete. From the Project Portal, the agent fills out an online form, which includes detailed information on the buyer and project. From there, once the offer is accepted, it becomes contingent on inspection, the submission of the scope of work and the 203k financing itself.

“It can be a challenging process for the average buyer or untrained agent,” says Walsh. “This was the reason we created the Project Portal. We said, ‘We really have to simplify this process.’ Using the Project Portal, our 203k Specialists can easily submit key project information in less than five minutes. That information then gets disseminated to our partners in the program to help expedite the process in a much faster and streamlined way.”

For example, once the Project Portal data is received by Pillar To Post, RE-buildUSA’s home inspection partner, the company immediately contacts the agent to conduct the home inspection, which, in this case, is designed specifically to meet the FHA standard requirements of the 203k loan.

“Their entire inspection revolves around making sure the home meets proper FHA standards and guidelines,” says Walsh. “While there, they’ll also make additional recommendations about repairs that may make sense to include in the 203k renovation. Rather than being confronted with costly repairs a few years down the line, the homeowners can roll these expenses into their mortgage at a lower cost and interest expense.”

While all of this transpires, Lowe’s is working for the client at the same time.

“Lowe’s contacts the customer immediately,” Walsh says. “The idea is to help them immediately begin the process of choosing flooring, cabinets, appliances, etc., so they can move quickly to the closing table. The product specialists at Lowe’s help customers finalize their choices, review their scope of work and ensure that each customer has all the proper documentation and paperwork needed for the lender to finalize the deal.”

Lowe’s also is able to track the customer’s 203k progress through the Project Portal to schedule appointments, access project data and coordinate communications.

All Points East to West…and Soon, in Between
Already a success in Florida, in late March, Lowe’s rolled out its 203k initiative on the West Coast, starting in San Francisco at Prudential California/Nevada Realty.

According to Prudential California/Nevada Realty President and CEO Ed Krafchow, Lowe’s and Re-BuildUSA rolled out the program to more than 120 agents at an event this past April. Of those 120 in the room, 94 of them signed up on the spot for the Walshes’ 203k training. For Krafchow, education in the 203k area is an essential next step for agents who want to succeed in the current marketplace.

“This company went through a process of certifying more than 1,000 agents as short sale specialists,” Krafchow explains. “We wanted to go into where the market is selling, and short sales are selling up a storm. We have to give agents tools and the ability to speak to people with good knowledge. We believe the 203k program is right behind short sales in terms of what the market will become. The Walshes’ 203k training will allow people to go into their communities and support people who really want to buy a house to get the house they want and have it fixed up and repaired at the same time.

“This rebuilding process is critical to changing the valuation process. Everyone knows that a house with recent repairs is more valuable than a house in disrepair.”

The event at Prudential CA/NV is just one of many to come as Lowe’s and RE-buildUSA continue to educate real estate professionals and consumers on the power of the FHA 203k.

“Our relationships with real estate professionals all across the country have really blossomed over the past year,” says Mraz. “We’ve received a lot of interest from people who have heard about what’s been happening with our program in Florida, so we’ll be moving pretty quickly this year to expand the program.”

Lowe’s is clearly ready for a larger rollout, having an already well-developed installation services department that boasts more than 10,000 installers nationwide who specialize in over 40 product categories across the store.

Down the Road
For the Walshes and Lowe’s, the ultimate goal is to make 203k education viral and have it spread through the people actually doing the deals—the agents.

“One example is that our 203k Specialist can use a customizable, consumer-directed PowerPoint presentation we provide in the Membership Center to put on their own seminars,” says Walsh. “Many have done this successfully with first-time buyers’ seminars. 203k seminars appeal to a broad segment of prospective buyers and are a great opportunity to drive more business.”

In fact, at press time, Krafchow’s company was getting ready to put on the first in a series of consumer seminars geared toward learning about the 203k loan.

“The nature of our relationship with Lowe’s is very positive,” Krafchow explains. “We’re planning on doing consumer-facing workshops based on the 203k program where Lowe’s will come in with samples, and consumers in the room will literally be able to pick out colors, fabric and tile…and then buy the house.”

“His company is going to have 203k-certified agents put on the seminar and have their local lending partners sponsor it,” says Walsh. “It’s a great way to inform the public, and also help loan officers and certified agents connect with consumers.”

*Lowe’s installers are licensed, bonded and insured. The company also stands behind the quality of its work with a 100% satisfaction guarantee.

Posted by Mark Gipple on 05/06/2010 in — Add a Comment