3815 Hawthorne Court, Joplin, MO

This home, built by the reputable R.D. Dale, is on a cul-de-sac  in south Joplin.

Move into this 3 bedroom 2 bath home with attached 2 car garage and privacy fenced backyard.

Enjoy  the eat-in kitchen, backyard patio, and fireplace in the living room.

Give me a call to find out more about this home.

Things Needed for a Short Sale

Things Needed for Short Sale

You are unable to keep up with your house payments because of a loss of income. Or you need to move to another town and cannot sell your home for what you owe on it. You have talked to your mortgage company and they do not offer any other options that work for your situation. So now you are thinking that a short sale may be your best option.  So how do you go about this?

First, you need to hire a qualified realtor to list your home as a short sale. The realtor will do a comparative market analysis (CMA) to find a fair price for your home and then will find you a buyer.

Here is what your mortgage company will want you to submit for the short sale:

  • A Letter of Authorization so that your mortgage company can talk to your realtor.
  • The Listing Agreement and Purchase Contract for the sale of the home.  Your realtor will provide this documentation.
  • Estimate HUD 1 Settlement Statement.  This is prepared by the title company and shows all the estimated charges and credits for the home sale.
  • Hardship Documentation.  This is your part. Pay stubs, tax returns, bank statements, bills and a letter explaining your hardship are all included. The more you can show your hardship the better.

Make sure that if there are other liens on the home, they all approve of the short sale also.

Once the mortgage company receives all this documentation with your case number on every piece of paper, they will review it and let you know if they approve of the short sale.  After this approval, the home can be sold and you have escaped foreclosure.

If you are unsure of this will work for you, give me a call and I will assist you with your real estate need.

Is A Short Sale For Me?

So is the short sale something you think would apply to your situation?

First thing to do is to contact your mortgage company to see if there are any options that would allow you to stay in your home.  Most mortgage companies have lots of different programs to help you keep your house.  Some of these are a deed-in-lieu of foreclosure, partial claim, mortgage modification plans, repayment plans and deferment plans.

If your mortgage is owned by Fannnie Mae or Freddie Mac you may be eligible for the Home Affordable  Foreclosure Alternatives (HAFA) program,  This government program is a type of short sale that definitely needs to be checked out.  HAFA helps you avoid a foreclosure so it has a less negative effect on your credit.  Once the sale is complete you do not have to repay any deficiency to the mortgage company and you may even receive $3000 to assist you in relocating.

However, if none of these options work, you may want to sell your home in a  traditional short sale.

Here are some questions the mortgage holder will look at to see if your home qualifies for a short sale:

  • Have you recently had a decrease in income because of a medical situation, divorce or job loss?
  • Do you currently owe more on your home than it is worth?
  • Are you unable to qualify for any options that would allow you to stay in the home?

Remember the goal of the short sale is to avoid having your home foreclosed.  A short sale does affect your credit but not as badly as a foreclosure.

If you think that a short sale would work best for your situation, contact an experienced realtor, such as myself, for more information.


What is a Short Sale?

So you have heard the term “short sale” and wonder just what is it?

Well, a short sale does NOT mean the process of buying a home will take a shorter time. It is NOT a transaction that is shorter on paperwork. And of course it does NOT refer to a home that is more suited for short people.

So what is a short sale?

A short sale is when the home sells for less than what the homeowners owe on the home.  The mortgage company  agrees to accept less money than what is owed for the property, but this does not necessarily release the homeowners from having to repay this deficiency of loans.  You have to check with your mortgage company to see what their policy is about repayment of the deficiency.

In other words in a short sale, the mortgage company agrees that the money received from the sale of the home is “short” of what is owed on the house.

Why would a home owner want to sell their home in a short sale scenario?

If you can no longer make your mortgage payments and you seem to be headed towards a foreclosure, a short sale may be for you.  Your credit is less adversely affected by a short sale than a foreclosure.  You can also avoid eviction that goes along with a foreclosure.

Bank of America also states that you may use a short sale if you need to sell your home that is currently worth less than the amount you owe on it.

Want to learn more about short sales?

Give an experienced short sales realtor, such as myself, a call to find out more about short sales.

Buyer’s Consultation

Why do a buyer’s consultation? 

Many times buyers drive around or look online untill they find a house that interests them.  Then, they will call an agent and want to see that property.  It seems to make sense.  Buyers find a property they would like to see and meeting the agent at the home sure does seem like a time saver.

But actually the best thing a buyer can do is to meet the agent at the office for a buyer’s consultation.  This will save the buyer some precious time.

At the buyer’s consultation, besides telling the agent the desired home features, This Month in Real Estate, suggests that these questions should also be asked:

Which is more critical location or size?

What are the benefits of buying a turnkey or fixer upper property?

What is the best way to maximize home value appreciation?

What home features offer the best resale value?

The buyer can use the consultation to find out important information from the expert, the real estate agent, to make the buying a home a smooth and successful experience.

To set up a buyer’s consultation for yourself just give me a call.

March Sales Activity and Absorption Rate for Joplin

It is time again to look at the numbers and calculate the absorption rate. Remember the absorption rate tells us how long it would take to run out of our local house inventory if no more houses were to be listed. 

Let’s get started.

Currently, there are 1064 homes for sale. In March 143 homes sold.

To figure absorption rate:

# of listings available 1064

# of listings sold in the last month X 12

143 X 12 = 1716

Divide this # by 52 wks.

1716/ 52 = 33

At this rate 33 units are selling each week.

Divide the # of listings available by that number to get the absorption rate.


Looks like it would take 52 weeks to run out of houses.

Many analysts will tell you that you can get a better idea of the market for your home by calculating the absorption rate in your price range rather than the overall market.

You can use the information in the chart below or give me a call. I will gladly help you figure your absorption rate.