What a month March, 2011 was for short sales in the Kansas City metro area . We’ve closed many short sale transactions recently from various lenders including Bank of America, Citi, Carrington, Wells Fargo, Suntrust, AmTrust/New York Community Bank, US Bank, SLS and others. We’ve closed sales in Shawnee, Overland Park, Olathe, Mission Hills, Bonner Springs, Kansas City, MO and other cities/communities in the Kansas City metro area. Fortunately, while it remains a possibility for all borrowers to have a deficiency that they need to address as part of the approval, we had only two such instances in March. Of those two, the amount required by the lenders were far less than the total deficiency. And in these sales, the sellers had the ability to address the deficiency requirement from the lender. Even in these two cases, hundreds of thousands of dollars were written off by the seller’s lenders.
In addition to closed transactions, we have a large number of other transactions that have been approved by the sellers lender that are merely awaiting the buyers closing. These are in most of the Johnson County communities including Leawood, Overland Park, Shawnee, Lenexa, Merriam, Olathe and Gardner as well as Kansas City, KS and Kansas City, MO. In this day of still increasing delinquencies and foreclosures, lenders are very willing to consider a short sale. There isn’t a lender out that that wants to increase their inventory of foreclosed homes and will gladly review a properly formatted and presented short sale. The key is “properly formatted” and an experienced and knowledgable real estate agent to guide you through the process.
If you’re behind on your payments or see that as a real possibility in the near future, considering a short sale may be your best option. We’re here to help you understand the process, get the job done and help you put the stress behind. Call us today!
