Checking The Pulse Of The Kansas City Real Estate Market

If you are upside down on your home or needing to sell and teetering on a break-even, it can be a very stressful time. If this is you, you’re not alone because around 10% of the homes for sale in Kansas City, Johnson County Kansas and the surrounding areas are Short Sales. We get calls all the time from people needing help in determining if they’ll be able to sell in a traditional sale or if they’re going to need to get short sale approval from their lender.

Seller’s who are upside and in a situation they need to sell, can bring the cash to closing to make the sale happen. This happens more than you may realize and is a way to save your credit and make the problem go away. But for the majority of seller’s who are upside down on their home, they don’t have the cash needed and they’ll need to get their lender on board with selling the home in a Short Sale. If you know someone who is facing losing their home in foreclosure, you can recommend they contact us to discuss the process and their situation. If we can achieve a successful short sale, the lender pays all the real estate commissions and many sellers are unaware of that important detail.

Anyone who needs to sell their home in a short sale will want to act quickly because the law that has allowed short sale sellers to avoid tax consequences is set to expire December of this year. If that happens, sellers could have tax consequences on the amount of the loan written off as a loss by the lender. I’m just a real estate agent so be sure to contact a tax adviser with all tax related questions. The average short sale is taking more than four months to complete, so if that tax law isn’t renewed, selling a home in a short sale next year will be less appealing than it is today.

Posted by Jason Brown