The State of Foreclosures in Kansas 2014

When an owner doesn’t pay his lender for more than 3 months, his home becomes foreclosure property. The lender has all the legal rights to reclaim the property. When buying a foreclosure house, there is a bit more paperwork, but the pricing is usually lower than buying a normal house. The process also lasts longer, but you can always seek for help and guide lines from the person who is selling the house.

Foreclosures in Kansas rank among the lowest in the US, 34th spot out of 50. Another factor that should be considered is unemployment, which is very low in Kansas (just 6,4%). Combined with the fact that home ownership is slightly above the average, Kansas is excellent choice for foreclosure investors.

In Kansas, mortgages become foreclosure by judicial approval. Sometimes, it takes five months or more until a property can be sold at a public foreclosure sale. Therefore, the best time to strike a deal, and purchase a property is during the preforclosure period. To get a free home offer, it is best to subscribe to agencies that have access to foreclosure listings. This provides subscribes access and opportunity to contact the owner directly, taking advantage of the situation and buying the house before it goes on public auction sale.

The economy in Kansas is growing and becoming more and more diverse. Once known for the agrarian community, manufacturing and industry in Kansas continue to grow.

Prices of foreclosure homes in Kansas at the moment range from $200,000 for a 1400+ square feet house. This price is for new homes, built after 1990. Older house (built between 1940s and 1960s,), can be bought for much lower price, ranging from an excellent deal of just $20,000, up to $40,000 – $50,000. The beauty of foreclosure homes in Kansas is that there is something for each and everyone. Cheap house deals, large houses, old houses, news houses, everything. Sources (www.homepath.com, http://www.homes.com, http://www.zillow.com).

For those who want to sell their house fast in Kansas, now it is the perfect time. More and more citizens are leaving the country, and migrate to big cities and metropolitan areas.

For real estate investors, Kansas offers some potential for real estate investment in cities like Andover, Park City, Goddard, Maize and Derby. Statistics show that the savvy Kansan investor, can take full advantage of the market, and double his savings. This applies as long as investors stay away of rural areas.

One thing to consider is that Kansas’s residents have a right for redemption on foreclosure property. Should the borrower pays the full sum of the loan he owns to the mortgage, plus additional costs, he has a timeline of one year to reclaim his property. Sometimes, the court can even shorten or eliminate the redemption period.

With buying a foreclosure home in Kansas, buyers can save up to 60% of the house market value. Foreclosures in Kansas are sold for the amount of the loan still owned (or less), not the full amount. Therefore, buyers can take advantage of someone else paying the loan, and strike when the timing is right. Buying a foreclosure house in Kansas saves you money on the initial purchase, but also provides profit for future sales as well.

If you need to sell your house fast in Kansas, we might be able to help. Just fill out the form below and have an expert take a look at your case: