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Foreclosure in Kansas City : Real Estate Advice

  • All497
  • Local Info52
  • Home Buying201
  • Home Selling32
  • Market Conditions12

Activity 15
Fri Sep 14, 2012
Kim Glass answered:
Hi Dsledler55,

My limited understanding is that TOPA (Tenant Opportunity to Purchase Act) is a unique law that tends to favor tenants in the event of landlords selling the home they reside in. Giving them an opportunity to purchase the home is the basis of the act.

Hope that helps a bit!
-Kim, Community Manager
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Mon Mar 5, 2012
Scott Hulen answered:
Sun Jan 22, 2012
Roswell Moore, answered:
You can go to & then click on the map where you want to look for a property. They have all the foreclosures.

All the best,

Roswell Moore, CMPS

Certified Mortgage Planner
480-422-5095 direct

We are a Direct Lender, Mortgage Bank where we originate, process, underwrite, fund, AND SERVICE our loans, in-house, with FHA (starting at a 580 score AND still only 3.5% down), FHA Streamline loans (NO minimum credit score, NO appraisal required) Go Green rehab loans, HomePath, Investor Friendly (10 financed properties), VA, USDA, Jumbo, Conventional, plus, we allow Escrow Hold-Backs!
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Wed Sep 7, 2011
Trang Beuschlein answered:
My guess is the lender will not allow this since you will be getting paid commission on this deal or they will allow it and say that your commission is zero. Most lenders do not allow non arms length short sales and this would be considered non arms length because you are the principal (seller) and the listing agent. ... more
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Wed Jun 30, 2010
Chris Dawson answered:
There are plenty of houses in that area of the city selling for under $10,000. We several listings in that area. Please call or email to discuss.
Chris Dawson
Just Right Real Estate, Inc
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Thu Feb 11, 2016
Grace Hanamoto answered:
Hello Marmar:

Sorry, but even if you were to get in touch with someone at HSBC, unelss you are preauthorized or recognized by the REO department prior to the call, you will not be able to contact anyone in a decision making position.

In most cases, an REO department will assign a bank foreclosure home (one that has already been sold at a Trustee's sale) to a local Realtor to sell. The Realtor is often chosen by the asset management company assigned to negotiate the sale of the home. In a "perfect (banking world)", someone will purchase the home for the price preapproved by the bank and for which the asset manager has been authorized to negotiate, and the bank and its personnel will never be involved in the sale of the home. That is not always the case, but should the bank need to be contacted, the only individuals authorized to talk with the bank or the person in charge will be the asset manager assigned to the file.

If you are interested in a home to be sold at a Trustee's sale, you may be able to purchase the property at the auction, and will be required to pay for the home with "cash" or cash equivalents (no loans). Contact the County office to determine when the home will be sold. If the property reverts to the bank, then it will eventually be sold to a buyer after the home is cleaned and the title issues have been cleared. Again, however, banks will neither entertain calls nor offers from individuals prior to the transfer of title to the bank after or during the Trustee's sale.

Good luck!!

Grace Morioka
Area Pro Realty
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Sun Nov 13, 2011
Jimmy Johnson. answered:
im in the same boat as you except , I was subleased the house i live in and it was in foreclser for a year at this time and i was nevr notified.I found out from niehbors that it was in forcloser the same month i moved in. I went to poilce station and filed a complaint they told me it was perfefctly legal...when i heard that i called landlord and told him i was informed by police sayin dont pay rent and live there til the bank comes and takes the home. hope this helps you cause i remember what it felt like. It suckked!!! ... more
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Sat Apr 3, 2010
Ronda Allen answered:
Neither one of them are right for you. If you haven't signed a respresentation agreement, advise them both via email that you are going to find another agent, and then do so. You don't need a cheerleader to keep you motivated to buy a home. If you're motivated, you're buying one without being pushed into it.

Ask around through co-workers, friends, and relatives for a personal referral to a good agent in your area. Ask to meet them for coffee and interview them to be your agent. If they're a good agent, they'll turn the interview around on you and ask you a bunch of questions about yourself and the home you want. Their job is to get to know you so that they can adequately represent you in the home search and show you homes you'd truly want to buy. That's your motivation.

Have a blessed day!

Ronda Allen, Realtor and Certified Purchasing Manager
RE/MAX Dallas Suburbs
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Sat Dec 19, 2009
Ben Edsall answered:
Depending on the property and just how desirable it is, I have seen sales prices exceed the asking price. When the lender asks for highest and best price they are going to take the highest offer. Other considerations may play into it also, such as a cash offer is preferable to a financed offer.

Lenders will not generally pay any closing costs, they want a clean deal to get it off the books fast.

D. Ben Edsall
Broker – ARM, AEREP
Turn-Key Properties LLC
7312 E 67th St.
Kansas City, MO 64133
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Wed Jul 8, 2009
Barbara Novitsky answered:
The best source of information is a local real estate professional (REALTOR). REALTORs maintain the most up-to-date knowledge to assist in the buying process.
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Thu Jun 11, 2009
Krisan Mitchell answered:
Hi Dmhfactor,
That listing agent is right- many, many REO properties, including Fannie Mae and HUD homes, do not allow changes to be made on their special addendums. Basically, as the seller, their stance is that if a purchaser doesn't like their terms, the next one will. And their terms and special addendums, when in conflict with our basic contract, supersede any conflicts.

Please note, it is not that the listing agent is trying to be difficult, they are just working for their client.

Hope this helps,
Krisan in KC
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Mon May 4, 2009
Krisan Mitchell answered:
I've dealt with a lot of situations where I was the agent offering the Cash for Keys- it all varies from bank to bank, on amounts, time frame, etc- or if they offer it at all. To answer the other part of your question, I have never had a bank say that the occupant can rent until the house sells- what would prevent the occupant from not allowing the house to be shown in that circumstance?

If I were in your shoes, I would start making plans, assume that your options are just as they are today- that way, if CFK is offered, it isn't something you are counting on. I recently oversaw an eviction where the occupant had rejected CFK as too small, couldn't cover his expenses, etc- and his wife was watching tv when the crew of 9 men, and the sheriff, showed up and legally began to pile her household goods onto the lawn. That was NOT a good situation, and I'd hate for any family to have to go through that.

so sorry that you find yourself with this situation.
Take Care,
Krisan in KC
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Fri Apr 3, 2009
Sean Dawes answered:

Have you hired a realtor to do a short sale? Banks typically do not want to do a foreclosure and more inclined to do a short sale. How much is owed on the home? And what was the list price of the short sale? Any offers?

Give us some more info please.

-Sean Dawes
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Sun Mar 22, 2009
Krisan Mitchell answered:
HI Rhonda,
In the past, the homeowner was usually responsible for the difference between the sale price and the amount owed. Keep in mind, that amount is significantly less than the mortgage- so if they don't forgive the difference, it isn't that huge entire mortgage, and I don't believe it is owed in 1 large lump sum. If they did forgive the difference, it used to be that then you had to count the difference as income, and pay taxes on it(so if the house sold for $20,000 less than what was owed, you would have had to pay income tax on that)

With all of the changes, as I currently understand it, the amount forgiven isn't taxable for 2008. To be sure, consult your attorney and your mortgage company.

Hope this helps!
Krisan Mitchell
Coldwell Banker All American
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Wed Oct 1, 2008
Scott Godzyk answered:
They definately can put a lien on your principal residence. The investment property will go to foreclosure, an auction will be held, if no one buys it the bank will take it back at 80% o fteh amount you owe. The bank will hire an assett manager to sell off the property. You then will be on the hook for tha balance of what you owed plus foreclosure costs minus what they get for the property. the bank will assess if yo have the ability to pay this now or in the future, if so they can seek collection against you. if not they will send you a 1099 and you will be responsible for teh taxes on that amount as a gain. Your best bet is to try to work with the bank. If you want to keep the property ask for the home retention department where you will have several options including rewriting the loan. if you do not want to keep ask if you can do a short sale, where the bank will take less than what you owe and allow you to sell it, you will want to hire a broker with great experience in short sales to negotiate on your behalf. if all eslse fails ask to do a deed in lieu of foreclosure an dtry to negotiate it so you are not responsible for teh deficience balance. this willbe cheapr than just letting it go. good luck Jean ... more
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