If You Have to Ask, What is a Wichita Short Sale? You’re Not Alone

Yesterday, I was having a phone conversation with my daughter when she asked an eye-opening question. I mentioned working on short sales and her response was, “What exactly is a short sale? I keep hearing that term but I have no idea what it is.” I am aWichita Real Estate Agent and my own daughter had no idea what a short sale is. If my daughter is wondering, how many other people are wondering the same thing?

I explained to her that a short sale takes place when you really need to sell your home but, because of the downturn in the market, you can’t sell it for what you owe on it much less pay any costs associated with selling. In a short sale, you put the home on the market at the market value and when you receive a contract, the lender accepts the contract as payment for the loan and the costs associated with selling.

My daughter’s instant response was, “Why would a lender do that?!!” I don’t think she could quite see a lender eating the loss because they wanted to help her out and, of course, that is not the reason. I explained that, if the house had to go into foreclosure, it would cost the lender a lot of money and they usually get a property in shabby condition. Short sale is a simple business decision for the lender. It saves the lender money. The nice thing is that it can also save the homeowner a lot of distress, devastating damage to their credit and even the opportunity to own another home in the near future. It can be a win for everybody.

Read the rest at our Wichita short sale agents website.

Wichita Homes For Sale | Spring 2011

Spring is in the air and a new contract with China for its fleet brings more good news to Boeing. Boeing also annouced an increase in production of its Dreamliner 787 which was most recently plagued with a fire in a November test flight. Wichita’s Spirit Aerosystems will benefit from this development.

Wichita Real Estate market performance was hampered by the usual cold weather. Now, with springListing price – Wichita well under way, we can expect an increase in sales and a slight increase in listing prices as well, although prices are still below the February average. Buyers will be out with the warmer weather and prices will likely trend upward.

As always, you can count on us to find the best Wichita home sales for your needs any time.

 

Wichita Homes – A Cheap Sell Isn’t Always A Good Buy

A Good Deal or Not? Who Will Tell You the Truth about Buying and Selling Wichita Homes?

Larry Lane - Wichita Homes for sale | Agent | RealtorYou see the listings all the time. Price hovering somewhere around “nearly unbelievable” or even lower. Photos look halfway decent. Obviously the house isn’t lived in. Look at all the snow in the driveway, but hey, maybe it’s OK? Should we have a look? You call a brokerage and get either an over eager or underwhelming response.  Is something wrong? Maybe you have a funny feeling for a reason. Maybe you’re just nervous. How will you know?

Larry Lane has a long-standing history of complete 100% honesty and integrity. Larry will put you first– always ahead of the “deal” no matter what. He has proven this in the past too.  Larry has discovered problems with homes before, in the middle of escrow, and pulled the deal to a halt until the problems were resolved. It was no small matter either. Most likely the whole deal was going to fall through costing Larry not just time but money too.

It didn’t matter. First things first. And, Larry’s client was first, always and period.

So, next time you see a “Wichita homes for sale” listing, describing it as a large and generous– beautiful, wonderful home, and a great deal for you… and that funny feeling starts to creep in. There is a reason for that. You need to go into this kind of decision with a realtor that you can trust 100%– not just because you feel like trusting them, but because they have earned 100% of your confidence and trust by demonstrating that same quality and character all the time with all their clients.

Call Larry Lane today- you’ll find out that he always puts your interests first, and nothing else ever matters more to him. 316-636-2323.

Wichita Homes for Sale at Higher Prices?

You’ve probably heard the news that July home sales were higher than June home sales and that prices on Wichita homes for sale are up. What does this mean? It may mean that buyers, especially first time home buyers sensed that the bottom was reached and they stopped waiting for the right moment to buy and started buying homes. They’re likely right. The lull in interest rates and availability of loans could last a while longer, but it seems, there is no more expectation that financing will get any cheaper and banks seem in no mood to sweeten the deal on any of their inventory by accepting low bids.


Wichita Homes for Sale But For Slightly More | Call Larry Lane For Your Choices

The median price of homes in Wichita for sale went up slightly from April to May from $105,250 to $115,000. Whether the tax credit has contributed to this effect or spring has increased available buyers who have encouraged the market is hard to say, but the value of Wichita homes has always been steady compared to many cities our size.

If you’re looking to sell or buy during this season when prices are good, inventory is still abundant and interest rates are their lowest, call Larry Lane. He will be sure to put your interests first every time.