Today’s market has made the real estate transaction more complicated and stressful for many of the Kansas City real estate sales.

With all the foreclosures and short sales, it’s having an effects on the appraisals.  It’s important that we give the bank appraisal just as much attention to detail and preparation.

Typically the appraiser and bank wants comparable homes sales in Kansas City in the same neighborhoods that have closed within the last 6 month. It’s important to chose homes that have comparable features. If not, the lender can reject or request for further justification on the comparable homes.

So its important to be realistic on values.  With all the attention on the short sales and foreclosures, those need to be detailed. If the properties have sold for less, then the lender will probably want to know the reasons & conditions. The lenders want to understand market conditions and how pending sales are also effecting the market.  Pending sales indicate the market conditions! Also, some lenders are putting declining markets on some zipcodes. If that is the case, the Kansas City homebuyers with the lesser downpayments, might have some issues to deal with.  Then FHA might be the better alternative to the low down payment programs.  So you’ll want an agent who’s thorough and knowledgable on the local market conditions.

Find your dream home in Overland park here. Let us know how we can assist!

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