What to look for in an Overland Park Condo - A Case Study & Testimonial for The Bubb Cribb Team @ Reece & Nichols!

Nothing says "Thank You" as much as the words themselves, but let me tell you a brief story...

• I found this lead from someone that knew a ton of other REALTORS, but my brother, Russell Cribb, said to her - Laura (Via www.facebook.com) you should talk to my brother he will take care of you!  This started our great match and eventual perfect sale...

• Laura made offers and started negotiations on 4 separate condos before she found the perfect one - I am happy to see that she has found a great home and we were able to deliver it to her... we had her under contract on another property, but simply put - the other agents did not fill their end of the negotiations bargain and we had to find a new place.

• We reviewed and looked at many a unit and location, some had good parking, but bad bones, some had a good kitchen, but stairs up and down everywhere, some didn't feel kept up as a community, and others just were not a good fit for our buyer.  We looked high and low, my business partner Eric Bubb and I were a bit stumped after not finding a great deal for Laura Blair, but we took a time out.

• YES - A TIME OUT - We let the inventory change, let the market change a bit and we started fresh to find the right place.  The 2nd round didn't finish quickly, but we did find a great place that fit what Laura was looking for and I am proud to say we closed last week (see video below).

5 Star Review on www.zillow.com - "Chris Cribb and The Bubb Cribb Team were great to work with as well as the financing partners and inspectors they recommended.  I felt like I had a whole team working for me.  They got to know what I was looking for in a home and even helped me walk away from a couple that I thought were 'pretty' but would have ended up being a money pit.  I felt like they were on my side and looking out for my interest.  They made the process much less stressful for me; Plus - they were just fun!" - Laura Blair

• When thinking Condos in #OverlandPark think about a few things first...

• HOA - What is the Home Owners Association Dues and what does it cover?  Think about the following items:
• Heat - Gas or Electric are either included in your HOA payment?
• Trash - For the building & Grounds - Does this include sewer?
• High efficiency windows, attic insulation  (Yes or No) - What is the usual cost to handle these items / do they need repair?
• Who takes care of the roof, the common areas, landscape design, amenities / pool, etc.?
• Snow Removal - Winter Weather - are you prepared?
• Parking -are 0 spots, 1 spot, 2 spots included? How much to park if you don't have the facilities and where do you do it?  
• Deferred Maintenance - Is the ENTIRE BUILDING in good shape, does it need things like a new elevator, laundry room, windows, common area carpet... these items always lead to higher HOA's but they can be negotiated if you have a great buyers agent like "The Bubb Cribb Team"!
• Resale Value - What is happening around your area and unit - will the area help bring up the resale value or not?
• Where do I want to be?  - The most important, where do I want to be to spend my time and connect with my neighbors, an apartment is one thing, but when you invest in a condo you will be there for a while, make sure you understand and are happy with your community and what you get to be involved with.

• One amazing thing that I thought I should for sure share with my friends and readers is that there are a couple tools that Paint companies have recently made that allow you to take a picture, upload it to their website and then change the look and feel of what paint you think might look good in the room.  I know Laura and her be'sties have been hard at work on painting her condo and you should see the results... take a look at The Bubb Cribb Team Facebook Page to see some before and after shots, I attached one you will be impressed.  The great item that allowed this to happen was the following companies:

• Valspar - Go to the site and Choose Virtual Painter - upload your own picture and you can check new colors for your kitchen and much, much more 

• Sherman Williams - Choose the "Chip It" program to virtually look at one of your own pictures with all of the Sherman Williams pallet ready to assist you.

Just a couple final things to point out...

1) This was a #ShortSale and it closed within the timeframe established with NO PROBLEMS.

2) The buyer was one of the first people in the State of KS to be able to take advantage of their new "1st Time Homebuyer Grant Program" - for more information check out our partner, Matt Goodwin at Cornerstone Home Lending as they are on the inside track as one of the first 21 companies in KS registered to work with US Bank on this program!

3) As a buyer - Laura actually got MONEY BACK at closing... I have heard of times where things were close to a "wash", but there was actually a significant check ready for Laura at closing that she then can use for appliances, painting, whatever she likes.  No need to bring your checkbook or a huge certified check if you do it right they might be paying you!  For more information on this great program check out this website and tell them The Bubb Cribb Team sent you!  

If you are looking to sell and list your home or to put an offer in on a new home, now is the time and the Bubb Cribb Team would love to help you!

The Bubb Cribb Team at Reece & Nichols would love to be your neighborhood experts in buying or selling your home in any part of Kansas City.  We have great area specialists in Union Hill, Hyde Park, Brookside, Sunset Hills, Waldo, Mission Hills, Prairie Village, Overland Park, Fairway, Leawood, Kansas City North, Lees' Summit and more; please contact Christopher Cribb, Megan Bubb Cribb or Eric Bubb for assistance!

Christopher Cribb - The Bubb Cribb Team 
Reece & Nichols - Southgate  Direct Line 913.239.2023

A to Z of Real Estate & Residential Lending Vocabulary Terms

In working with buyers and sellers in the Kansas City market I find that there are a few things that people don't find as common terms in the real estate world that are just not common in other arenas.  I therefore have given you a brief A to Z on items that will be useful for you in selling or buying your next home!  Some of these are very basic and mean the same thing in or outside of real estate; a quick read to help everyone.

• A - ARM (Adjustable Rate Mortgage) - A mortgage loan in which the interest rate may be adjusted periodically, following the rise or fall of interest rates as measured by a published index. Most ARMs specify the frequency of rate adjustment (the "adjustment period"), and "caps" -- limits to the amount of rate change in any single adjustment, and to the maximum interest rate allowed during the life of the loan.

• B - Basis Point - One 100th of 1%.

• C - Chattel - Personal property

• D - Down Payment - The part of the purchase price of a property that the buyer pays in cash and does not finance with a mortgage.

• E - Escrow Amount - An account in which a mortgage servicer holds the borrower's escrow payments prior to paying property expenses.

• F - Fannie Mae (FNMA) - A New York Stock Exchange company and the largest non-bank financial services company in the world.  It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages.  If you have a foreclosure property from Fannie Mae it would be listed on http://www.homepath.com and The Bubb Cribb Team is a licensed / registered Fannie Mae partner / buyers agent. 

• F - Freddie Mac (FHLMC) - Federal Home Mortgage Corporation.  A US agency which purchases first mortgages on residences.  2nd largest purchaser of mortgages.  If you have a foreclosure property from Freddie Mac it would be listed on http://homesteps.com and The Bubb Cribb Team is a licensed / registered Freddie Mac partner / buyers agent.

• G - Grace Period - A period of time after the regular due date of a loan payment during which a late payment penalty is not charged.

• H - HUD (HUD - 1 Settlement Statement) - A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include real estate commissions, loan fees, points and initial escrow amounts. Each item on the statement is represented by a separate number within a standardized numbering system. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The blank form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet."

• I - Interim Financing - A loan, including a construction loan, used when the property owner is unable or unwilling to arrange permanent financing. Generally arranged for less than 3 years, used to gain time for financial or market conditions to improve.

• J - Jumbo Loan - A loan for greater than Fannie Mae’s and Freddie Mac’s loan limits. Also called a nonconforming loan. Freddie Mac and Fannie Mae loans are referred to as conforming loans.  The non-conforming loan limit for a standard conventional loan is $417,000 - all loans above this rate are considered "Jumbo Loans".

• K - Kansas City - The best place to live, buy & sell real estate in the United States (shameless plug)... really is a great town - if you want to learn more about #KC go to http://visitkc.com and be sure to check out the Summer Bucket List for fun ideas to do! 

• L - Loan To Value (LTV) - The relationship between the principal balance of the mortgage and the appraised value (or sales price if it is lower) of the property. For example, a $100,000 home with an $80,000 mortgage has a LTV percentage of 80 percent.

• M - Mortgage Insurance - A contract that insures the lender against loss caused by a mortgagor's default on a government mortgage or conventional mortgage. Mortgage insurance can be issued by a private company or by a government agency such as the Federal Housing Administration (FHA). Depending on the type of mortgage insurance, the insurance may cover a percentage of or virtually all of the mortgage loan; also called private mortgage insurance (PMI).

• N - Novation - The acceptance of a new contract in substitution for the old contract, with the intent that the new contract will extinguish the original contract. Sometimes encountered in transfers of deeds of trust, where the new owner assumes the debt and the lender, through novation, releases the former owner from any liability under the original promissory note and deed of trust.

• O - Origination Fee - A fee paid to a lender for processing a loan application. The origination fee is stated in the form of points. One point is 1 percent of the mortgage amount.

P - Private Mortgage Insurance (PMI) - Mortgage insurance that is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Most lenders generally require PMI when the buyer's down payment is less than 20%. However, at the point where the mortgage balance is less than 80% of the appreciated value of the home, the buyer may apply to have PMI removed from their payments.  Once you pay off your loan to a point over the 20% you should be able to ask to have the PMI repayment penalty removed (DO THIS!!)

• Q - Quitclaim Deed - A deed that transfers without warranty whatever interest or title a grantor may have at the time the conveyance is made.  Many times in divorce or separation of couples with joint ownership of a property a quitclaim deed is used to transfer property from one party to the other.

• R - Right of First Refusal - A provision in an agreement that requires the owner of a property to give another party the first opportunity to purchase or lease the property before he or she offers it for sale or lease to others.

• S - Settlement Statement - See HUD - 1 Statement - Literally the same thing. 

• S - Setback - The minimum distance a house or building must be from the lot line. (S was short so we went ahead and did two).  :)

• T - Tax Lien - Two words you do not want to hear in real estate...   A claim against real estate for the amount of the unpaid taxes.  In most instances these will be uncovered by Title Companies researching the sale; we are lucky to be working with two great companies, Premier Title Solutions, and Kansas City Title - An affiliated company to Reece & Nichols.

• U - Underwriting - The process of evaluating a loan application to determine the risk involved for the lender. Underwriting involves an analysis of the borrower's creditworthiness and the quality of the property itself.  Lending companies may have underwriting happen within their organization or go outside their organization if they will be selling the loan to another company.

• V - VA Mortgate - A mortgage that is guaranteed by the Department of Veterans Affairs (VA). Also known as a government mortgage.  Veteran / VA mortgages can be enacted with ZERO money down as a down payment (thank you Veteran's) but they are restricted by some additional fees to ensure loans are paid back.

• W - Wraparound Loan - A mortgage that includes the remaining balance on an existing first mortgage plus an additional amount requested by the mortgagor. Full payments on both mortgages are made to the wraparound mortgagee, who then forwards the payments on the first mortgage to the first mortgagee.

• X - X (As A Signature)  - The signature of someone incapable of writing - this has mostly been replaced with digital signatures, but if used does require a witness.

• Y - Yield - The effective return on an investment, as paid in dividends or interest, used to find out the outcome of an investment in commercial or residential property upon a sale or appraisal for sale.

• Z - Zero Lot Line - A zoning regulation which allows certain properties to have buildings placed up to the line dividing separate properties.

If you are looking to sell and list your home or to put an offer in on a new home, now is the time and the Bubb Cribb Team would love to help you!

The Bubb Cribb Team at Reece & Nichols would love to be your neighborhood experts in buying or selling your home in any part of Kansas City.  We have great area specialists in Union Hill, Hyde Park, Brookside, Sunset Hills, Waldo, Mission Hills, Prairie Village, Overland Park, Fairway, Leawood, Kansas City North, Lees' Summit and more; please contact Christopher Cribb, Megan Bubb Cribb or Eric Bubb for assistance!

Christopher Cribb - The Bubb Cribb Team 
Reece & Nichols - Southgate  Direct Line 913.239.2023

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