Kansas City Foreclosure Listings
We'll help you locate and purchase a bank-owned real estate listing.

Bank-owned homes (REO listings) are much different than Short Sale listings that you may come across. Short Sales involve sellers who are HOPING their lender will sign off on the home being sold at a price less than what the seller owes on the home. Many Short Sales never make it the closing table -- thus becoming foreclosure listings later. Foreclosure listings can be a great deal for Kansas City home buyers as they have already been taken back by the bank, the homeowner has moved out and the bank is selling the home with a clear title and with no strings attached. Banks are motivated to get 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 10%, 20%, 30% or more below market value.

Dealing with banks does come with MANY obstacles that most home buyers (and many agents) are unprepared to handle. For starters, there's many different types of foreclosure listings and required processes that you may be operating under. Some foreclosure listings are owned by local banks and the listing agent may be working directly with a president of the bank to get the home sold. Other foreclosure listings may be owned by major national banks and the listing agent is dealing with an REO asset manager who has never seen the property. This type of difference alone completely changes the dynamics and the process for how a particular foreclosure listing may be purchased.

There's many other types of Kansas City foreclosure listings that range from HUD foreclosures, Fannie Mae foreclosures, Freddie Mac foreclosures, among others. The process required by each entity will vary greatly and if you don't understand - and follow - their instructions, you will likely be spinning your wheels. Not doing things right the first time on a foreclosure listing often means losing the listing to another buyer. So the most important thing you will do when preparing to buy a foreclosure listing is hiring a Kansas City real estate agent who has exceptional knowledge of the process of buying a foreclosure listing.

When buying a foreclosure home for the first time, you'll find 100 things different from purchasing a typical re-sale home. Did your agent mention you should bring a flashlight because the power in the home may not be on? Did your agent mention that - after coming to terms - the bank might require the signing of a "Counter Addendum" -- which happens to be written by the bank's own attorney's and also changes MANY of the terms you thought had already been agreed to? Did you find out ahead of time whether the bank will return your money if you cancel after inspections are completed? Or whether they'll allow you to cancel at all if you don't like how the inspections go?

If you're considering buying a bank-owned home contact us to discuss your situation. We're ready to guide you through the process of buying a bank-owned home in Kansas City, Johnson County KS, Overland Park, Olathe, Lenexa, Leawood, Prairie Village, Shawnee and the surrounding Kansas City metro area.