Kansas City Foreclosure Listings
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Buying a bank owned home comes with many potential obstacles that many home buyers and real estate agents are unprepared to handle. There are many different types of foreclosure listings and the process associated with buying each of them often vary greatly. Some foreclosure listings are owned by local banks with the listing agent working with a local bank contact to get the property sold. Others are owned by national lenders who have an out-of-state REO asset manager overseeing the sale of the property. In many cases REO asset managers have never seen the property.
Some buyers confuse bank-owned listings with short sale listings but they're completely different processes. A short sale listing involves a seller who is HOPING their lender will sign off on the home being sold at a price less than what the seller owes on the home. For this reason, many Short Sales never make it the closing table (short sales that don't close almost always become foreclosure listings at a later date). Foreclosure listings however have already been taken back by the bank and have a clear title, giving a buyer reassurance that the property can probably close within 30 days without issue (assuming the inspection process goes well).
Banks are motivated to get these real estate assets off their books quickly and that's why it's not uncommon for Kansas City home buyers to buy a foreclosure property at a discount and below the value of similar, non-distressed, area home sales. The contract process for the various lenders can vary greatly, with some lenders providing their own contract documents, others requiring the agents to use the area board forms and yet others requiring bids on the homes be made online (before an offer is accepted and a contract then written).
You'll want to hire an agent who understands that some foreclosure listings won't have the power turned on and thus can't be viewed at night. You'll want an agent who understands the process of the various lenders you could be dealing with and one who understands different contract situations such as lenders use of a Counter Addendum. Contact The Jason Brown Group to receive expert buyer's agent representation when buying a bank owned property in Kansas City, Johnson County KS, Overland Park, Olathe, Lenexa, Leawood, Prairie Village and the surrounding areas.
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