Tick tock, tick tock, tick tock…. Time is running out.  If you count the days left until the federal government’s tax credit is scheduled to expire on November 30th, if not extended, there are 91 days left counting today. Those qualified real estate buyers who plan to [...]]]> See All Kansas City Properties

Tick tock, tick tock, tick tock…. Time is running out.  If you count the days left until the federal government’s tax credit is scheduled to expire on November 30^th, if not extended, there are 91 days left counting today. Those qualified real estate buyers who plan to close by the aforementioned date (which is a requirement of the program) might want to take a long look at the calendar. 

There may not be a worse day to close on a house in greater Kansas City or anywhere else in these United States. Consider this: Everybody and their dog so to speak will aim to close on November 30^th. November 30^th is the Monday after Thanksgiving; November 28^th and 29^th are weekend days (probably no closings); November 27^th is the Friday after Thanksgiving an unofficial holiday for many.  

Monday, November 23^rd or Tuesday, November 24^th are more practical dates, however if something goes wrong which often happens, one might have a heck of a time rescheduling by November 30^th. Its my opinion the best time to schedule closing if it is not already scheduled is the week of November 16^th.  

It is not unusual for loans to require 45-60 days of processing time. A 30 day closing is considered quick. So worse case let us say your loan process will take 60 days. If you want to close by November 16^th, you need to have an approved, fully ratified contract by no later than September 16^th or a little over two weeks from today.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net  or visit http://www.kansascityerealestate.com/

REMEMBER THE MILK doggone it!

Go to http://www.REMEMBERTHEMILK.com

Are you aware of any great applications to make all of [...]]]> We all have our daily to do lists.  After all how would we get anything done with out them?  The best way and FREE way to manage your to do tasks. Never forget the milk (or anything else) again.

REMEMBER THE MILK doggone it!

Go to http://www.REMEMBERTHEMILK.com

Are you aware of any great applications to make all of our lives a bit more manageable.  Gas prices are at least not rising and the KC Star said heating costs for natural gas should rise little or NOT at all.  It is a great time to buy or sell real estate in Kansas City.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates
800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace.email  tfarrell@remax.net  or  www.kansascityerealestate.com

A digital model is stored and secure data electronically collected and saved on a computer. To complete the model a RE/MAX Best Associate will ask questions and your answers will be stored on a password protected [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

A digital model is stored and secure data electronically collected and saved on a computer. To complete the model a RE/MAX Best Associate will ask questions and your answers will be stored on a password protected secure web based form. 

You will be asked questions such as your price range, the minimum # of bedrooms and baths you require and the geographic boundaries of your search. The online form will save your specific needs such as a minimum number of garages or your need for a fenced yard or a finished basement.   Next your model is “matched” to the central Heartland MLS database for all properties that meet or exceed your specific needs. The list of matches returned from the central database becomes our baseline list. You will receive a copy of the baseline list of properties.

As you see more properties your criteria may change and your digital model will be constantly updated. A match search on your model is run as often as required, weekly, daily or even hourly. The advantage of using a digital model is you always stay current with the market. As new properties reach the market matching your model, you will be notified via email or by another method you prefer.

Building your digital model takes under an hour including time to explain and provide you with a package of valuable information.  If you are serious about buying a home, building your personal digital model is the first step. Please send your request for an appointment to create your personal digital model to tfarrell@remax.net in the subject line please type digital model.

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace.email tfarrell@remax.net  or  www.kansascityerealestate.com 

To receive a free computer generated market appraisal please provide your name and address, subdivision name if known and a brief description of your property and an email address or fax number where appraisal may be [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

To receive a free computer generated market appraisal please provide your name and address, subdivision name if known and a brief description of your property and an email address or fax number where appraisal may be sent. The computer appraisal may be sent by email or by facsimile. Please indicate your preference when transmitting your property information. 

All the data for your appraisal will be obtained exclusively from the Heartland Multiple Listing Service. You will be
presented with all sold and on the market data for your area. Appraising is an inexact science. If you’d like a more comprehensive analysis of your property’s value, have questions or simply do not agree with the analysis after you review it, please let us know. When it comes right down to it, any product is only worth what a buyer is willing to pay. The market determines value. It is our hope that the appraisal gives you the awareness you seek in establishing the value of your property. To receive your free computer generated market appraisal, please email your request to tfarrell@remax.net

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace.email  tfarrell@remax.net  or  www.kansascityerealestate.com

If you plan a move across town or anywherein North America you may request a free relocation package filled with information about your destination city delivered to you within three working days. Often the fear of [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

If you plan a move across town or anywherein North America you may request a free relocation package filled with information about your destination city delivered to you within three working days. Often the fear of anything is the unknown. Fortified with the knowledge contained in these informative packages you’ll be prepared for what ever new and exciting adventures await you. Please provide your destination city, state and zip code. Please also include your name, phone number with area code if outside of Kansas City and the address where you’d like the package delivered.   Please, no post office boxes and phone numbers must be included for package  delivery, routing information and verification. Please email your request to tfarrell@remax.net  

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace.email  tfarrell@remax.net  or  www.kansascityerealestate.com

 Have a real estate question? Please email your questions to tfarrell@remax.net    

This forum is used to field Real Estate questions and to disseminate pertinent information about real estate trends and practices. Answers to your questions may be [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

 Have a real estate question? Please email your questions to tfarrell@remax.net    

This forum is used to field Real Estate questions and to disseminate pertinent information about real estate trends and practices. Answers to your questions may be found here. 

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace.email to  tfarrell@remax.net  or  www.kansascityerealestate.com

It is most frustrating to find the perfect place, negotiate an offer everybody’s happy with and not qualify for the needed financing. The best way to avoid frustration is to qualify for a mortgage through [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

It is most frustrating to find the perfect place, negotiate an offer everybody’s happy with and not qualify for the needed financing. The best way to avoid frustration is to qualify for a mortgage through a lender before you begin to look at houses.

Use a lender

Qualification through a lender doesn’t have to commit you to finance your home through that same lender. It is simply a chance for the lending company to market its services. If you want, you can continue to shop for the best mortgage deal while you’re house hunting. Your real estate agent can provide you the names of reputable lenders and set up a qualification
meeting.

After you’re qualified, it’s worth moving forward with the loan application process as early in your house hunting as possible. The process can be lengthy, with lenders requesting highly detailed information about your debts, assets and credit history. By starting early, everything can be in place when you find the right home.

Sellers know you’re serious  

 In addition to clearly letting you know how much home you can afford, qualifying shows sellers know how serious you are. One of the first concerns a seller or listing agent has when an offer is submitted is: “Is the buyer qualified?”

When it’s a seller’s market with multiple offers and quick sales, qualification through a lender is vital. And regardless of market conditions, qualification always increases a buyer’s standing in comparison to buyers who aren’t qualified. Sellers don’t like having a property tied up in negotiations – only to have the transaction disintegrate in the 11th hour because the buyers don’t qualify for the necessary financing.

Get qualified

If you’re not ready to talk to an agent or lender, you can qualify yourself using the same basic formulas used by the mortgage industry. This will give you a good idea of your price range. But when it’s time for serious shopping, it’s worth knowing exactly what a lender thinks. And it’s worth confirming that your credit history doesn’t hold any surprises. An experienced real estate agent can help you through this process.

How much do I Need

There is no strict formula used by all lenders to determine a home loan amount, but a good working rule of thumb is that you can afford a home equal in price to three times your gross annual income. This formula, of course, needs to be adjusted to a number of factors:

•Amount of available cash for a downpayment.

•Closing costs and cash reserves required by the lender

•Your outstanding debts (your total debt to income ratio should be under 40 percent)

•Your credit history

•The type of mortgage you select

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit www.kansascityerealestate.com

A reverse mortgage is a special type of loan that enables older homeowners to stay in their home and maintain a comfortable lifestyle. It allows these homeowners to convert the equity in their home to [...]]]> Click this text to return to the RE/MAX Best Associates Website to see All Kansas City properties!

A reverse mortgage is a special type of loan that enables older homeowners to stay in their home and maintain a comfortable lifestyle. It allows these homeowners to convert the equity in their home to cash without selling the property or giving up title.

The loan is called a reverse mortgage because the direction of payments is reversed — the lender pays the borrower rather than vice versa. The loan provides funds to the homeowner as a one-time lump sum payment, a line of credit (the most popular method), or fixed monthly payments for life (called tenure) or a shorter period chosen by the borrower. The loan amount is based on the owner’s equity in his or her own house, the value and location of the property, current interest rates, and the owner’s age at the time of application. The older the borrower, the larger the loan amount may be. Single-family one-unit dwellings are eligible properties for all reverse mortgages. Some programs also accept 2-4 unit owner-occupied dwellings and some condominiums and manufactured homes. Cooperatives are ineligible.

There are no credit or income requirements to qualify for a reverse mortgage. Instead, the borrower must be at least 62 years old and, in general, the borrower must receive counseling or consumer education in advance. The maximum loan amount is larger if the home is debt-free or nearly so, but this isn’t required to obtain a reverse mortgage. Although age affects the size of a loan, medical history does not – applicants are NOT required to furnish medical records or undergo an exam.

A reverse mortgage does not have to be repaid until the death of the last surviving borrower, the home is sold, or a permanent move out of the home by the borrower. And the home does not have to be sold to repay the loan. The loan can be repaid using other sources of funds and the home kept, if the heirs or estate desire.

Several Products Available

Four types of reverse mortgage products are available today. These include: the federally insured Home Equity Conversion Mortgage (HECM); the Fannie Mae Home Keeper reverse mortgage; and the Financial Freedom Equity Guard and Cash Account Plans, two proprietary “jumbo” products. The HECM is a reverse mortgage, made by private lenders, that is insured by the Federal Housing Administration, an arm of the U.S. Department of Housing and Urban Development. First offered in 1989, the HECM is the oldest nationally available reverse mortgage product. More than 40,000 have been originated to date, including 8,000 in the federal fiscal year that ended September 30, 1999.

The Home Keeper loan is a reverse mortgage product designed by Fannie Mae, a national company that invests in home loans. Fannie Mae is the largest investor in reverse mortgages and has a current portfolio of over 35,000 reverse mortgages. Of this total, about 90% are FHA HECMs and 10% are Home Keeper mortgages. Home Keeper mortgages offer some different features than FHA HECM loans and can be large in size, particularly for couples. Home Keeper mortgages are originated by private lenders.

Fannie Mae also offers a unique program called Home Keeper for Home Purchase. This allows a senior to obtain a Home Keeper reverse mortgage to help finance the purchase of a new home. The advantage of this arrangement is that a senior can purchase a new home with less out-of-pocket cash, keep more of the sales proceeds from the old house, and avoid taking on a monthly mortgage payment.

About NRMLA

Established in January 1998, the National Reverse Mortgage Lenders Association is a non-profit trade association that represents lenders, financial services, and other professionals involved with reverse mortgages. NRMLA’s member firms originate and service more than 90% of all reverse mortgages. NRMLA promotes public awareness of the reverse mortgage product; keep its members informed of new legislative, regulatory, and market developments; represents the industry in Washington, DC; and holds periodic national conferences on reverse mortgage topics and trends. The Association held its first meeting in May 1998, in Chicago.

The Association has been actively involved in a number of legislative, regulatory, and market- oriented projects in its first year, with considerable success. Results include the passage of federal legislation making positive improvements to the federal reverse mortgage insurance program; steps toward enhancing the quality and availability of consumer counseling as it relates to reverse mortgages; and the creation of a Code of Conduct for Association members.

NRMLA’s Web site (see address below) has extensive information about reverse mortgages. Jim Mahoney, of Financial Freedom Senior Funding Corporation, Irvine, CA, is Chairman of NRMLA. Day-to-day operation of NRMLA is managed by President Peter H. Bell. 1625 Massachusetts Ave., NW, Suite 601 Washington, DC 20036 Tel: 202-939-1760 / 202-265-4435 (fax) Web site:http://www.reversemortgage.org For More Information:

Fannie Mae Toll-Free 800-732-6643. Consumers can obtain information on HECMs and Home Keeper mortgages and a list of lenders around the U.S. offering these reverse mortgages. Web site: http://www.fanniemae.com

HUD

Toll-Free 888-466-3487 Consumers can get information on reverse mortgages, specifically on the Home Equity Conversion Mortgage.

Web site: http://www.hud.gov

National Reverse Mortgage Lenders Association 202-939-1765

Consumers can find the names of reverse mortgage lenders in their state by calling NRMLA or checking the “Lenders List” on the Association’s Web site. The site also has detailed information on reverse mortgages. Web site: http://www.reversemortgage.org

Whether you’re thinking about buying or selling or seeking information, rely on RE/MAX Best Associates 800-391-BEST(2378) X106 or 913-339-0615 to provide accurate up to date information about the marketplace email to: tfarrell@remax.net or visit www.kansascityerealestate.com