Former Model Home on The Golf Course!

Home on the golf course

This FORMAL MODEL home which is priced below appraised value is that one won’t last long! This lot will be love at first sight. Spectacular from Interior Park like setting located on semi-private golf course. Large deck wraps around the back of house with three French door entries.

Granite coutertops and up to date appliances await you!

Entertain with ease while enjoying this gourmet kitchen with Granite countertops, island and hearth room with fireplace. Impressive large foyer and great room that features 28’ ceilings with expansive windows all allowing for natural light.

Do your own MLS Search Here!

Choosing a Mortgage for Lees Summit Real Estate

Choosing between a 15-year mortgage and a 30-year mortgage can be a difficult decision, one which will have a major financial impact on your life. On the one hand, the 30-year mortgage will have lower monthly payments, but you will pay a higher rate of interest. On the other hand, a 15-year mortgage requires higher monthly payments (at a lower interest rate), but your Lees Summit real estate will be paid off in half the time.

In order to decide which of the two is better for you, you need to carefully analyze your life situation in the following areas:

1. Current Financial Situation

Can you presently afford to pay the higher monthly payment of a 15-year loan on your  Lees Summit real estate? In addition to income, factor in other expenses such as credit card debt, car payments, food, clothing, and entertainment. As a guiding principle, your total housing expense should not exceed 40% of your gross monthly income minus taxes. Beware of becoming house poor and having few liquid assets. It is essential that you have a hefty nest egg to rely on I n case you lose your job or are unable to work.

2. Spending Habits

If you choose a 30-year mortgage, what will you do with the money you save each month?

Will you save/invest it? Put it in a retirement or college fund? Can you live on a budget, avoid credit card debt, and save regularly? If so, then the 30-year loan may work well for you. If, however, you can afford the higher payment and will most likely “fritter away” any extra money, you just may be better off borrowing for 15 years.

3. Tax Ramifications

You should certainly check with your accountant regarding the tax benefits and /or disadvantages of each type of mortgage. Because mortgage interest is a major income tax deduction, many people want to keep paying the mortgage on their Lees Summit real  estate for as long as they can.

4. Future Expenses

Buying a Lees Summit Home? Understanding Pre-qualification vs. Pre-approval

Although the terms pre-qualification and pre-approval are often used interchangeably, the two differ greatly in the process involved in obtaining them and in the benefits they provide when buying a Lees Summit home. Here’s what you need to know about each of them:

Pre-qualification:

This is a lender’s informal way of estimating how much you may be able to borrow. It is based on the information you provide (often by phone), none of which needs to be verified or documented. Since a letter of pre-qualification gives you an idea of how much house and the amount of mortgage payments you can afford, the best time to get pre-qualified is as soon as you decide you want to buy a Lees Summit home.

You supply to the lender unverified information about your income, assets, debts, and possible amount of a down payment. There is no cost involved in obtaining pre-qualification, and there is no commitment for either party. Understand, however, that a letter of pre-qualification does not mean you will get a loan; it is simply a ballpark figure of the amount you can afford to spend on your Lees Summit home and an indication that you might qualify for a mortgage in that amount.

Here you can get an informal and quick estimate of your pre-qualification or for a more in-depth analysis.

Kansas City MO Foreclosure Statistics – September 2010

Jackson County and Kansas City MO had 6,401 foreclosure homes in September 2010. The average price of a Kansas City MO home was $143,422 and the average sales price of a foreclosed home was $102,455, according to RealtyTrac.com. A $40,967 savings.

Jackson County and Kansas City MO Foreclosure Activity and Home Price Index

Kansas City MO foreclosure activity increased in Sept with 870 new foreclosures while price appreciation was 0.0%.

Jackson County MO foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Jackson County and Kansas City MO Foreclosure Geographical Comparison

Tips For Avoiding Foreclosure Of Your Lees Summit Home

In our present economic situation, many people are currently facing the loss of their homes. However, because foreclosure is expensive for lenders, mortgage insurers, and investors, the FHA, HUD, Freddie Mac, Fannie Mae, and private companies are being required to work with borrowers who are experiencing money problems. As a result, lenders do have workout options to help you keep your Lees Summit home. Warning: Do not mistakenly assume that your mortgage situation will correct itself; you must take the steps suggested below to avoid, or at least forestall, foreclosure.

1. ACT NOW! Time is of the essence. Do not ignore letters or calls from your lender. If you do, chances are that action to foreclose will begin quickly.

2. CONTACT YOUR LENDER: When you reach the lender, you should be prepared to provide him/her with your account number; a brief explanation of your circumstances; income documents or evidence of unemployment, public assistance, or business losses; and a list of your household expenses. Ask about a reduced interest rate, refinancing, lengthening the term of the loan, and a repayment plan for missed payments. In all probability, the lender will mail you a loan workout package. It is important that you complete and return these forms quickly.

3. DO RESEARCH; Reread your loan documents to determine what is said about unpaid mortgage payments. Learn about specific foreclosure laws in your state Get in touch with the government housing office where you live.

4. CONSIDER SELLING: Lenders will most likely suspend foreclosure proceedings while your Lees Summit home is on the market and possibly even eliminate mortgage payments during this time. Explore a short sale. If the market value of your house is less than you owe, your lender may consider taking the sale proceeds and forgiving the rest of the debt. Or you might give your deed to the lender in return for the loan balance being cancelled. Check with an attorney or housing counselor before taking these actions.

5. BEWARE OF SCAMS! Avoid “foreclosure prevention” companies who offer to negotiate with your lender, will cost you thousands of dollars, and may even “rescue” your home away from you. Do not sign anything from these firms!

Remodeling Your Lees Summit Home–Trends for 2010

Just as fashion styles and automobile designs vary with time, so do house features most desired by potential home buyers. Current surveys concerning home trends indicate an emphasis on open space, use and function, size, design, and environment. The majority of these topics involve changes that go beyond the scope of home improvement projects and require actual remodeling of your Lees Summit home.

Probably having the greatest impact on a potential buyer is your floor plan. Open spaces which make the living area appear large, airy, and unobstructed are most desirable. Flexible floor plans feature an eat-in kitchen which opens up into the dining and family rooms, thus allowing for family togetherness and ease of entertaining. To achieve this sense of space and unity, you should provide multiple accesses to the kitchen and ensure an unobstructed line of sight and a practical traffic flow. Here are specific suggestions regarding these layouts.

Multiple Uses

While buyers are no longer clamoring for extremely large homes with excess square footage, they do insist on functional areas with both specific and multiple uses. Home offices are still in demand, but several smaller work stations spread throughout your Lees Summit home are also in vogue. Dual office/bedrooms, large and plentiful storage spaces, and a children’s retreat for study and recreation have become popular, as have entertainment centers such as a bar, a home theater, or an exercise room. Of primary importance is the idea that no space is wasted and that the need for both privacy and togetherness has been considered throughout your home.

Is a Reverse Mortgage for Lees Summit Home Right For You?

There may come a time when, after exploring all your real estate options for the future, you decide that you really don’t want to sell your Lees Summit home and that you’d rather “age in place.” In that case, you should investigate applying for a reverse mortgage, also known as home equity conversion mortgage (HECM). As with any program or plan that is financially based, there are many pros and cons to be considered before you make a final decision.

Eligibility: you must be at least 62 years of age, own your own home (or have a very low balance that can be paid off), and be living in it as your primary residence. Your Lees Summit home must meet FHA property standards, and you must provide on-going maintenance and pay property taxes, association dues, and insurance. In addition, you must also agree to attend an information counseling session

Amount: Factors used to determine the amount of your eligibility include your age, interest rates, and the value of your home. Most reverse mortgages provide you with a monthly payment. The are online websites that allow you to calculate/estimate the amount. Go to www.AARP.com, www.USAReverseMortgageAdvisor.com, or www.ReverseMortgageGuides.org for assistance.

Advantages: As stated in Gilbert’s Guide, a reverse mortgage includes these advantages:

• Reverse mortgages for seniors can be set up as a monthly payment, line of credit or a lump sum—whatever works best.
• No matter how the reverse mortgage is set up, the home owner does not make any monthly payments.
• No monthly payment is due from the home owner unless he or she dies, moves or sells the home. At that time, the loan is due in full, plus interest and fees.
• The home owner can receive monthly income from a reverse mortgage as long as he or she lives in the home as a primary residence. A home owner could potentially continue to receive monthly payments even after the loan balance is higher than the amount that the house is worth.
• Neither the home owner nor his or her heirs will ever owe more than the home is worth, no matter how many payments are received or how high the interest rates become.
• It’s fairly easy to qualify for this loan since credit scores and income are not part of the qualification process.
  

An Insurance Guide For Your Lees Summit Real Estate, Part III

This third portion of your guide to homeowners insurance gives you information you hope you’ll never use–dealing with damage to your Lees Summit real estate. Most likely your policy will explain how to file a claim, but here are the basic steps:

• If a crime has been committed, report it to the police. You should get a copy of the police report.

• Contact your insurance agent or company immediately.

• If necessary, try to protect your property from further damage. Save your receipts.

• Don’t dispose of damaged items until the adjuster has seen them.

• Prepare a list of damaged items. Take pictures of the damage. (Now aren’t you glad you made an inventory list/video?)

• Get the appropriate claim forms and fill them out completely. Return them within the time limit.

If you encounter problems (such as denial or inaction within a reasonable period of time) settling your insurance claim for your Lees Summit real estate, you can follow these steps:

Kansas City MO Foreclosure Statistics – August 2010

Jackson County and Kansas City MO had 6,294 foreclosure homes with 958 new foreclosure homes in August 2010. The average price of a Kansas City MO home was $150,727 and the average sales price of a foreclosed home was $102,977, according to RealtyTrac.com. A $47,750 savings.

Jackson County and Kansas City MO Foreclosure Activity and Home Price Index

Kansas City MO foreclosure activity decreased in August with 958 new foreclosures while price appreciation was 0.0%.

Jackson County MO foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Jackson County and Kansas City MO Foreclosure Geographical Comparison

An Insurance Guide For Your Lees Summit Real Estate – Part II

Just because you have purchased insurance for your Lees Summit real estate, don’t think that your responsibility has ended there. It is important that you inventory your possessions and keep that list up to date, at least annually. In addition to making a list of items, it is wise to also photograph them–and even better, videotape entire rooms! (And do remember to keep the list, photos, and/or tape in a place where they can not be destroyed by fire, flood, etc. A bank safety deposit box would be ideal.) Suggestions for making a Lees Summit Real Estate inventory include:

• Organize it by room.

• Describe each item, including make and model, and where it was bought. Record the serial number, if the item has one.

• Attach sales receipts, purchase contracts, and appraisals to your list.

• For clothes, count each type of item, such as pants, shoes, shirts, coats, etc. Particularly note those that are valuable.

• Supplement your written list with photographs. Make sure you label the photos.
• If you have a video camera, videotape each room. You can also add a narration as you tape.

• Don’t forget items that are in drawers, closets, attic, and basement.

• Use your computer. Make your list, scan in receipts, photos, and other papers. Keep these in a fireproof box. Make a copy of your inventory and photos and store them away from the house.

• Add valuable new items (such as a new entertainment system) to the inventory when you purchase them. Review and revise the list annually.