Overland Park foreclosures continue to be the main reason why it's a tough time to sell. Fannie Mae is selling foreclosed Overland Park homes, but not to the general public.
If you have questions about Overland Park foreclosures, or Overland Park homes for sale, please don't hesitate to contact us or post them using our comment form.
A Overland Park mortgage is more difficult to get these days than ever, but there are some things home buyers tend to do that delay, or even kill a deal.
This seems to be especially true during the time after signing a contract, and waiting for the home to close.
6 Things To Never Do When Trying to Obtain a Overland Park Mortgage
- Don't make any large purchases like a new car or a bunch of new furniture for your newly purchased home. New debt comes with it, including new monthly obligations. New obligations create new qualifications. People with new debt have higher ratios. Higher ratios make for riskier loans, and sometimes qualified borrowers no longer qualify.
- Don't apply for new credit. It doesn't matter whether it's a new credit card or a new car, when you have your credit report run by organizations in multiple financial channels (mortgages, credit cards, autos, etc.), your FICO score will be affected. Lower credit scores can determine your interest rate and maybe even your eligibility for approval.
- Don't deposit unusual cash into your bank accounts. By "unusual cash", we mean, cash you would not normally come into, like money your parents gave you to help with the down payment. Lenders need to source your money and cash is not really traceable. Small, explainable deposits are fine, but getting $10,000 from your parents as a gift is not. Discuss the proper way to track your assets with your loan officer.
- Don't co-sign any loans for anyone. When you co-sign, you are obligated. With that obligation comes higher ratios on your credit as well. Even if you swear you won't be making the payments, the lender will be counting the payment against you.
- Don't change banks or bank accounts. Remember, lenders need to source and track assets. That task is significantly easier when there is a consistency of accounts. Before you even transfer money between accounts, talk to your loan officer to make sure it won't affect your mortgage application.
- Don't close any credit accounts. Many people erroneously believe that having less available credit makes them less risky and more approvable. Wrong! A major component of your score is your length and depth of credit history (as opposed to just your payment history) and your total usage of credit as a percentage of available credit. Closing accounts has a negative impact on both those determinants of your FICO score.
The best advice we can give home buyers when applying for a Overland Park mortgage is to fully disclose and discuss your plans with your loan officer or mortgage broker. The smallest little blip on your credit report could cause you to lose the house you're waiting to close on! Wait until after you've closed on your new home before doing anything that could adversely affect your credit score or credit report.
Overland Park home renovations, in general, now exceed the dollar value of expenditures on newly constructed single family homes.
This trend is not only in Overland Park, according to federal estimates, but it is having a profound effect on real estate markets all across the country.
Housing Scenarios
Maybe you can say you fit one of these scenarios.
- You've been reluctant to sell because you don't think you can get what your house is worth…
- Buying a home seems out of reach because it's so difficult to qualify for a mortgage…
- You've decided it may be smarter to improve the house you already own and just stay put for a while…
The National Association of Home Builders' remodeling market index recently hit its highest level in five years, which only underscores this home remodeling trend.
Many Overland Park home renovations companies are seeing a significant jump in interest in renovating, especially from owners who have been in their houses for years, have built up some savings and managed to get through the recession without falling behind on their mortgages.
Overland Park Home Renovations No Longer About McMansions
Overland Park home renovations are generally the projects where people are no longer thinking along the grand, McMansion show-off scale; they're smaller, more modest, less costly efforts than five to seven years ago, with more emphasis on finishing details and quality than square footage.
Many of the Overland Park home renovations being made are not ones where the owner worries about immediate paybacks from their improvements. Most owners understand that the boom-time expectations of 100 percent immediate returns on their investment are gone.
Most people are happy with modest returns, which is right in line with what's happening overall in the Overland Park real estate market: a slow, modest recovery, spurred by modest and realistic expectations about where we're headed and how fast we'll get there.
Overland Park home prices rose for the first time in 10 months, according to the 
S&P/Case Shiller composite index released recently, an encouraging sign the battered housing sector is starting to stabilize.
It was the first time home prices have gained since April 2011. That gain was itself an anomaly in a string of declines stretching back to May 2010.
Overland Park Home Prices Likely to Remain Weak
Yale economics professor Robert Shiller, the co-creator of the Standard & Poor's/Case-Shiller home price index, believes the Overland Park housing market is likely to remain weak and may take a generation or more to rebound.
Shiller, the co-creator of the Standard & Poor's/Case-Shiller home price index, told Reuters Insider a weak labor market, high gas prices and a general sense of unease among consumers was outweighing low mortgage rates and would likely keep a lid on home prices for the foreseeable future.
David Blitzer, chairman of the index committee at Standard & Poor's, cautioned that while there were some pieces of good news in the report, some areas saw home prices still continuing their decline.
The S&P/Case Shiller composite index of 20 metropolitan areas gained 0.2 percent in February on a seasonally adjusted basis, matching economists' forecasts. Seven of the cities saw home prices drop on a seasonally adjusted basis, while home prices in two cities were unchanged. On an unadjusted basis, 16 of the areas slumped further.
Home prices in the 20 cities fell 3.5 percent year over year, moderating from the previous month's decline of 3.8 percent.
"Looking forward, we think homes sales will continue to trend upward, which ultimately will result in a slower rate of home value depreciation," said Stan Humphries, chief economist at Zillow. "But any housing recovery will be dependent on job growth. Continued progress in this area is essential to keeping the housing recovery, such as it is, on track."
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