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Foreclosed homes that have been neglected or abandoned can often come with hidden costs. If you are in the market to buy a home that is foreclosed on, here are 6 things to look for when buying a home in foreclosure.

1. Find everything you can on the house’s history. Many states require a sellers Disclosure Statement. This statement provides the buyer with historical perspective of the home and its maintenance. What it may not tell you is when the bank foreclosed upon it. This is when a home inspection will help.
2. Get a home inspection. A home inspection can provide a report on the structure, mechanical problems and any major components of the home or property. This will provide you a better picture of what you are buying and provide a way to prioritize the repairs.
3. Are the utilities turned on? If the power and water are off to the home, has it been de-winterized? If the power and water have been shut off at the foreclosed home, you’ll want to get a plumber and electrician out to check the pipes and wiring before having it turned on. This includes the water-heater and furnace as well. If these items are left, they could be a fire hazard.
4. Look for signs of maintenance, or lack of. Have the gutters been cleaned? Is there debris on the roof? Has the bathroom been caulked and sealed? If there are signs that maintenance has been deferred, you may run into costly fixes down the road.
5. Check the foundation. Look for cracks, leaks or other damage. If you see water damage, this could be a big repair, with big costs.
6. Resolve any liens. Check with the local municipality to see if there are any liens on the property. They could exist from unpaid contractors, utilities, the city, HOA’s or more.

Buying a home in foreclosure, can be a good investment if you know what to look for. If not, you could end up with a money pit.

The economy is on everyone’s mind from interest rates to inflation to recession and very little is comforting. And if you are in the rest estate market, it’s on your mind for at least 30-minutes a day, according to a survey by opendoor.

With these kinds of numbers, the Kansas City real estate market is looking very attractive for buying or selling your home.

Riss Lake is nestled into the small quaint town of Parkville and is one of the premiere communities within it. Homes for sale on Riss Lake are very seldom, because once you enter the community, you’ll never want to leave!

A beautiful 134-acre lake from which the community draws its name, includes a marina with covered boat slips and fishing dock. Species of fish including largemouth bass, crappie, bluegill, walleye, rainbow trout, channel catfish, blue catfish, readear sunfish and carp are found in abundance.

While the fishing may be abundant, you’ll have to live here or know someone in order to enjoy the lake. Access to Riss Lake is only open to Resident homeowners and their immediate families and guests.

If you are trying to raise a family this community offers many options and things to do from swimming to sports to nature trails.

The Riss Lake community has three swimming pools, tennis court, sand volleyball, basketball and pickle ball courts, a playground and several nature trails.

There are over 15,000 homes on Riss Lake. And is well known as one of the premier lake communities in the Northern part of the Kansas City Metro.

Homes for sale on Riss Lake will have the amenity of the Parkville Nature Reservation nearby. Other amenities within the Riss Lake community include easy access to major interstates and only 15 minutes away from Kansas City International Airport.

If you are looking for a lake community in the Northland of Kansas City, we can help you find a home for sale on Riss Lake. We can guarantee you, you will not be disappointed.

If you have any questions about homes for sale in Riss Lake or any other community in the Kansas City area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.

Selling your home online has its advantages versus hiring a real estate professional. When you sell your home online you avoid any real estate agent fees. Real estate agents tend to charge up to 6% of the sale price for a home.

For example, if you have a $350,000 home and a real estate professional charges you 6%; their fee is $21,000.

Without agent fees, you can potentially reduce the sale price of your home and by doing so, attract more interest; and still save money in the long run.

With more and more people searching for homes online, you’ll reach a larger audience when you sell your home online versus with a real estate professional.

When you use a realtor to sell your home, they can guide you through the process advising you best staging techniques, creating marketing materials with professional photography (and even drone footage).

One of the advantages of using a real estate professional to sell your home versus selling your home online is a real estate agent will handle any open houses or one-on-one home showings. You don’t have to have a potentially awkward conversation with potential buyers and potential buyers will be freer to ask questions about the home and the potential of the home.

A favorite advantage of using a real estate professional is that they will handle all the paperwork and legal processes involved in selling a house. Real estate agents are required by law, to take classes and renew their licenses every couple of years to ensure they are up to date on all the legal processes.

Many of the buyers and sellers that call up are looking for information on the current market status in Kansas City. Is it a buyer’s market or is a seller’s market?

Let’s remember that a seller’s market is when there are more buyers, than homes to purchase. A buyer’s market is when there are more homes on the market, than there are buyers.

As of April, according to Kansas City Regional Association of Realtors (KCRAR), Kansas City homes are on the market an average of 21 days and are selling for 103.5% more than original asking price.

In April, the month supply is at 0.9, which refers to the number of months it would take for the current inventory in Kansas City to sell given the current price; with no new homes added. Inventory levels are at 3,448.

As of August, Kansas City homes are on the market an average of 20 days and are selling for 99.9% more than original asking price.

In August, the month supply was at 1.5% with current inventory levels at 5,371.

Based on the numbers we saw; April was a seller’s market. The home value in Kansas City rose 16.2% within the last year.

Since April, the interest rates for loans have increased, causing the market to shift. Which ultimately increases the price of housing and all goods to build a house.

Because there are more homes than what will typically sell out in one month, August indicated Kansas City is moving to a buyer’s market.

If you have any questions about the Kansas City housing market or finding homes for sale or want to purchase a home in the Kansas City, Missouri or Kansas area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.

Factors to consider when looking at the Kansas City housing market are the historic sales price, quality of the neighborhood, the market, nearby features and the size, appeal, age and condition of the home.

The historic sale price of a home can help guide you to where you want to sell or buy a home. Make adjustments on your evaluation if additions to the property have changed.

Neighborhoods can influence a home price as well, contributing to qualitative and quantifiable aspects of a home’s appeal. Quality schools can have a positive impact on a home’s value, just like high crime rates can have a negative impact.

The market, has a direct correlation to the price of a home including supply and demand. But what you may not know about the Kansas City housing market is, when compared to other markets, Kansas City is cheaper than other states and markets its size. And it’s because the cost of living in Kansas City is lower than in other markets. Grocery prices, rent, and consumer prices are 30% lower than New York City.

The size and appeal of a home has an influence on prospective buyers. If you can buy a 1500 square foot home, in Kansas City, for the same cost of a 1050 square foot home in New York City; for the same price, that will look attractive to potential buyers.

Newer homes tend to sell for more than older homes because they tend to need less maintenance. However, a home that is older and well maintained can sell for just as much as a newer home because it was well cared for.

Location can be a determining factor as well. Some seek the quiet of a dead-end road, while others prefer to live on a busy street.

These are the main factors you’ll run across when determining why the Kansas City housing market is so favorable!

If you have any questions about finding homes for sale or want to purchase a home in the Kansas City, Missouri or Kansas area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.

It’s National Banana Split Day on this August 25 and if you are sitting around eating your banana split wondering if you should buy or sell in this housing market, here are a few things to consider:

• If mortgage interest rates are low, it might be a good time to sell your home and find a new one. Lower interest rates means you pay less on your homes interest and ultimately, can afford to buy more banana split’s.
• In a buyer’s market, there are more homes than buyers. Giving the leverage to the buyer as they have more options and you have room to negotiate.
• In a seller’s market, there are more buyers than homes. Giving the leverage of negotiations to the seller.

During the pandemic, the market was a seller’s market causing homes to skyrocket in price. Buyer’s accepting homes as-is or without inspections, became common occurrences. Something that was unheard of 5 years ago.

Keep in mind, that while the pandemic changed the housing market, the lack of pandemic will change it as well. Even today, we are not seeing what we saw one year ago. We are seeing less demand and interest rates are going back up; which means you have less banana splits to eat.

Selling your house, and even buying a new one, is a big decision. Right now, it’s still a seller’s market. So, it’s a good time to sell if you are ready and can afford the next purchase. However, if you aren’t prepared, it’s best to hold off and continue eating your banana split!

If you have any questions about finding homes for sale or want to purchase a home in the Kansas City, Missouri or Kansas area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.

If you are looking for new listings in the Kansas City area and want to work with an experienced realtor, check out the new listings by Ed Rippee.

Every day we are updating our new homes listings to showcase homes in the Kansas City area. Each new listing offers details about the property including:

• Type of property. Listing as house, townhouse, multi-family, condo, lots/land, apartments or manufactured.
• Where in the city it's located along with specific street address. What schools and businesses are nearby.
• Listings include details about the square footage of the home. How many garage spaces are available, whether its attached or detached. Number of bedrooms and bathrooms.
• Home specifics. When it was built. What type of energy is used like natural gas or electric for heating and cooling. What are the interior features like in each room. Appliances that are included in the home, if any. What taxes may cost and whether there are additional fees to the community like HOA or lake assessment.

These are just a few of the details you will find on new listings by Ed Rippee. With each of our new home listings, we include detailed pictures of the property to showcase all the features the home has to offer. You may see a close-up version of the outside, as well as a high view point to show you the nearby area or attractions, like a lake. As well as detailed images of each room in the interior of the home.

All the homes details are outlined in an easy to read way in the new listings by Ed Rippee.

Real estate agents are always looking for ways to clear the clutter and stand out. You could be a seasoned real estate professional or a beginner, it’s difficult to stand out in a crowd of thousands. The best advice a realtor can do is:

• Find a niche. A niche can be a type of home, particular area of town or zip code, or maybe its for fixer-uppers. Whatever your niche is, it will convey you are the expert in that particular area and help you stand out as a real estate agent.
• Develop a strong online presence. Create a website that speaks about your strengths and identifies your personality. Write blogs that speak to your niche and use images and videos that interest your target audience.
• Social media can expand your reach as well. You can use it to promote active listings that include photos and details of a home and even include the sale of a home, along with client feedback or testimonials.
• Get involved with your community. This will help get your name out there and show a potential client base the values you have. Having a positive impact on the community you support will in turn show a positive impact when someone you meet is looking to buy or sell a home. Plus, it benefits the community!

Above all, be yourself and do what comes naturally to you. People can tell when someone is not passionate about what they do.

If you have any questions about today’s selling market or to find homes for sale or want to purchase a home in the Kansas City, Missouri or Kansas area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.

Working with a realtor to buy a house has its advantages. Especially when it comes to homes that are fixer-uppers.

Realtors can help you make sure you have all the right paperwork before you get started. You want to avoid finding the perfect home only to lose out in the end because all your paperwork wasn’t in order. In today’s hot real estate market, this is more important than ever.

They say location, location, location is everything. It’s definitely an important item when looking for a home that is a fixer-upper. Realtors can help you spot neighborhoods that are growing and improving and which neighborhoods are going downhill.

When beginning your search for a fixer-upper home, you’ll want to be able to identify maintenance that is easy to fix versus a key issue. A realtor can help you identify key issues from a major fix. If the realtor knows your abilities and how much you can take on versus having to hire a professional, they can be that much more valuable in identifying fixes that will need major repair.

A realtor will work for you to find the right house, in the right budget and one that “checks all the appropriate boxes” to be the fixer-upper within your abilities. They will help in your negotiations, as well as getting you through the process until you have the keys to your fixer-upper in your hands.

If you have any questions about today’s selling market, how to buy a fixer-upper home, to find homes for sale or want to purchase a home in the Kansas City, Missouri or Kansas area, give Ed Rippee a call. He can give you the latest information and help make your home buying or selling, a smooth transition.