Let's Chat Indianapolis!: October 2009

Homes for Sale in Meadow Bend - 8103 Stoney Bend - SOLD!!!!

Just Sold!!! -- This beautiful home in Meadow Bend is filled with custom amenities seldom seen in this price range. Enjoy formal dinners in the lovely dining room or casual BBQ’s on the large patio overlooking the serene pond and fountain. Versatile floor plan lends itself to entertaining or quiet evenings at home. Plenty of room to play in the large loft or sneak away to the private den or relaxing master suite for some quiet time. Upgrades include 9’ ceilings, extensive crown moldings, corner fireplace, 42’ maple cabinetry, marble vanities, tile floors in baths & entry, Jacuzzi tub, front porch, security system, huge walk-in closets, over sized 3 car garage plus many more. Near I-65 & only 15 mi to downtown Indianapolis.

Local Indiana guy is a Winner!....We just had to share this!

Recently we sent out our October e-newsletter and as usual, we included a trivia question with an opportunity to win movie tickets.

Home For Sale in Greenwood Indiana - Wakefield - 421 Governors Lane

Enjoy this fabulous 2 story in popular Wakefield featuring spacious great room with gas log fireplace. Open kitchen with large breakfast nook, center island and formal dining room are perfect for entertaining. Main floor den off of the entry foyer -- great place for your home office or family computer room.

Master suite features cathedral ceilings, plant shelf, whirlpool tub, separate shower and double vanity. Bedrooms 2 and 3 are oversized with nice walk in closets. 4th bedroom is enormous 20 X 16 with high ceilings and double closets. Excellent area for rec room, exercise area, etc. Relax or visit with neighbors on the front porch or back patio overlooking the shimmering lake. Home has 3 car carage and 1 year home warranty. Possession at closing too!

Search For Other Great Center Grove Homes

Search for other Center Grove Properties

Originally posted by Steve and Tonda Hoagland on Active Rain Blog with permission of John Breck - listing broker.

Short Sale - Part 2:  How to Buy a Short Sale Property!

If you're not familiar with Short Sales, begin by reading Part 1: What is a Short Sale?  Then come back to this article which takes the next step and explains how to buy a short sale.

So, how are Short Sale Properties Sold?  They are listed with a real estate agent like other properties.  They usually include the words "short sale" or "pre-foreclosure" in the property description section.  Since the current homeowner is in a difficult financial situation, they are usually sold "as is".  It's a good idea to contact a local real estate agent who is familiar with how to buy a short sale and ask them to set you up on a custom search which includes short sale properties.  You can also search for properties on-line, although not all searches allow you to narrow your search to just short sale properties.  Our property search is a good example of one that allows buyers to search for "foreclosed" properties in central Indiana, and the property detail page will state if the property is bank owned or a short sale (pre-foreclosure).

Potential buyers schedule a showing with their real estate agent to view the property.  Unlike bank owned properties, many homeowners continue to live in the home while it's on the market, so if it's occupied, try to allow 24 hours notice to schedule an appointment.  All offers are prepared and submitted to the buyer through a Realtor, in the same manner as a normal property sale.

So far, it seems like other real estate purchase -- right?  So, what's the big deal?  From here until closing.....it's anything but a "normal" transaction! 

• It's contingent on bank approval:  On a short sale, the homeowner still owns the home -- not the bank, but because the bank will be accepting a payoff of less than the mortgage balance, a Purchase Agreement that has been accepted by the homeowner will still be contingent upon Bank Approval.
• Normally the bank will not accept an offer with contingenciesother than financing approval or inspections:  For example, it isn't acceptable to make your offer contingent on the sale of your existing home.  Offers need to be "uncomplicated".  Don't ask for delayed closings, personal property, warranties, etc.  You may be up against other offers -- make yours as "clean" as possible. 
• It usually takes much longer:  Keep in mind that banks are overwhelmed with these right now and it may take as long as several months for the bank to respond back to an offer.  During that time the listing real estate firm will continue to market the property and take other offers.  A short sale buyer must have a lot of patience and the flexibility of having somewhere else to live while waiting on the bank approval.
• The property condition is questionable:  Some are in excellent condition, but because the owner's finances may have been strained for some time prior to a short sale, general maintenance and repairs have often been neglected.  Sometimes they have been abandoned or vandalized. 
  
• The Bank takes back-up offers:  Because the bank may take a long time to accept an offer, the listing agent will continue to take "back-up" offers.  Is it a wast of time to make a "back-up" offer if there are other offers ahead of yours?  Not necessarily.  Often buyers get frustrated waiting on the bank and decide to move on to other properties.  If you're willing and able to wait, they may get to your offer, then again, they might accept the initial offer and you've wasted a lot of time when you could have moved on to another home yourself.
• Inspections:  The buyer can have the property inspected, but be prepared that the homeowner is usually not in a financial position to make any repairs and neither will the bank.  So why have it inspected?  You want to know what you're buying.  In Indiana, the purchase agreement contract still allows the buyer to walk away from a deal without losing their earnest money if the inspection discovers something substantial which will effect the value of the property.
• The Banks like to close quickly:  Although the banks often take their time approving an offer, once they do, they will want to close quickly, so the buyer must have their financing in order.

As you can see, it may take significantly longer to buy a short sale, the condition of the property may be questionable and there are definitely added frustrations working through the bank's red tape.  You could wait months just to have the bank turn down the offer, accept someone else's offer, or see the property continue on to foreclosure and Sheriff's sale.  So the real questions is.....Is it worth it?  Can you get a good deal?  Come back for Part 3!

Part 3 - Are Short Sales Good Deals?
Part 4 - Can You Sell Your Property as a Short Sale?

Search for Short Sale Properties

What is a short sale? - Part 1

A short sale(or pre-foreclosure) takes place when the sales price of a home is less than the outstanding mortgage balance on the property and the lender agrees to absorb the difference. 

Short sales happen at all price points - from under $100,000 to homes in the millions.  Each short sale represents a family in financial distress for a variety of reasons such as divorce, job loss, health expenses, or poor financial decisions.

We meet with many people in Central Indiana looking to sell their homes and unfortunately we hear this scenario way too often:

"I'm having difficulty making my mortgage payments.  I'm afraid they are going to foreclose on me.  I would love to sell, but I still owe $200,000 on my mortgage.  According to the market analysis, my home will most likely sell for only $175,000.  I don't have $25,000 (the "short" part) to make up the difference."

In the example above - will the bank let the home be sold for $175,000 and absorb the $25,000 shortfall - ie...a "short" sale?

• It depends.  It's up to each bank to decide if they will accept less than the total due.  Every bank handles short sales differently and each homeowner's situation is unique.  One of the most important and least understood elements of short sales is that the homeowner must be approved for a short sale.  In other words, they have to provide proof to the lender that they can no longer afford their home.  This is called a hardship letter. 

Why do banks approve a short sale?

• Foreclosure proceedings are very expensive for banks.  It may be less expensive for them to accept a short sale if the homeowner is no longer able to afford their payments.  In that case it is a prudent business decision. Banks don't agree to short sales because they "feel sorry" for the owner or "understand" their circumstances. 

This artile is part of a series.  Check back or subscribe to read:

Part 2 - How Do You Buy a Short Sale?
Part 3 - Are Short Sales Good Deals?
Part 4 - Can You Sell Your Property as a Short Sale?

This article originally published for The Hoagland Team Blog - IndyChats.com

Price Reduced on Home For Sale in Indianapolis - Hill Valley Estates

42 E Hill Valley Drive, Indianapolis, IN  46227

Price reduced from $124,900 to $119,900 on this lovely 3 bedroom home for Sale in Indianapolis in popular Hill Valley Estates.  This mature neighborhood has much to offer.  It's conveniently located on the south side of Indianapolis, near shopping (5 minutes from the Greenwood Park Mall) and a quick 10 minute commute to downtown. 

Recent updates include refurbished original hardwood floors, new carpet and vinyl flooring in tasteful neutral colors and fresh paint throughout.  New kitchen counter tops, new range, updated light fixtures, new tub surround.  This home is not a "flip".  It has been updated with love by the owners.

More Details on this Great Home For Sale in Indianapolis.

"Distribution vs Destination"

"It's in the MLS, right?"

That was the number one question from Indianapolis area sellers - in 1990!  Just like today's seller, they wanted to ensure that their listing was visible to every potential buyer, and the local MLS was the single place that published listing information.  Every month the book was printed and distributed to real estate agents.  If your home was on the market it was "in there".  If not, it was nearly invisible to everyone.  

But it's 2009 and the MLS is no longer published in a book -- it's progressed to the internet.  Yet many seller's still ask "I'll be in the MLS -- right?"  Isn't that still the all important destination for listings?

Think about it.  Is the local MLS site the only property search on the internet?  Is it the only one that potential buyers visit?  Absolutely not!  That's why it's so important to not only post listings to the local Indianapolis area MLS, but also more than 65 other websites that online visitors may frequent.  We find that distribution of your listing to many sites on the web trumps leaving it on a single destination that an online looker may or may not visit.  Nearly 90% of buyers begin their search on the internet.  You want them to find your home, wherever they're looking!

Is 65 enough?  No!  We are constantly on the lookout for other internet avenues where we can market our seller's properties.  We find that the more venues we use to find buyers, the better the results.  Here is a sampling of the sites we distribute to today.  Some of them will be familiar, others you may have never heard of, -- but buyers out there are using all of them! 

Metropolitan Indianapolis Board of Realtors' property search website and although the search capabilities may not be as technologically advanced as many other sites, MIBOR.com  is a beginning search point for many buyers when they enter the local market and they'll find all of our listing.  As they continue their home search, many move onto other sites with more features and ease of use such as those below. 

Craigslist is a local classified website with a worldwide reach, currently in 700 cities spread throughout 70 countries.  They are ranked 7^th highest in the world for number of page views with 50 million users in the US alone.  People may start looking for a used sofa, but next thing you know, they're checking out real estate too!  We realize significant clicks back to our website with each new listing posted on Craigslist.  

Realtor.com is the world's largest real estate database of homes for sale and the official site of the National Association of REALTORS.  It's a Buyer favorite for ease of use and the sheer number of listings -- over 3 million properties from all over the US, pulled from nearly every Multiple Listing Service in the country.

Homefinder has 2.5 million listings on their home search site through relationships with over 140 online newspapers  including the Indianapolis Star, LA Times, Chicago Tribune, Miami Herald and Newsday Long Island, just to name a few!  Participating agents can choose to advertise at different levels.  All of our listings are upgraded to the "Enhanced Platinum Package" which means they contain special features like unlimited pictures, virtual tours and are posted at the top of each page of search results.

Active Rain is a social network and marketing platform for real estate professionals. It allows us to develop business relationships with agents around the country sharing the latest industry updates in addition to connecting with consumers through blogging.  We regularly post articles on a variety of real estate topics plus local area content and of course feature all of our listings.  Active rain ranks very high in the search engines, sending "goggle juice" to our website -- providing more exposure for your property.  

Localism is an online blogging platform where neighbors and local real estate professionals connect to talk about what is happening in their communities.   It's part of the Active Rain Community in which we are members and proudly participate.  We post listings, price adjustments, open houses and other local area news on a site your neighbors frequent.

PerfectPlaceForYou is our team website which provides real estate information for both buyers and sellers and features the best real estate search technology we've seen -- and we've done a lot of research on this!   Investing in this state of the art search brings more buyers to our site and keeps them there!  It also allows us the added control to place our listings at the top of every search results page, providing higher visibility and more "on-line showings". 

IndyChats is our team blog.  We author articles about local community events, real estate news and provide extra exposure for our clients by including blogs about new listings, price adjustments, open houses and other interesting information.  This blog drives traffic back to our website ensuring more exposure for our listings.

Facebook is one of the most popular and fastest growing social networks.  All of our listings are posted on our new Hoagland Group Real Estate Consulting Business Page and we network with many clients, prospects and other agents through our personal pages as well.  Send us a friend invitation!

Twitter is an engaging micro-blogging services that allows users to send out short messages known as "tweets".  All of our blogs, including new listings, open houses, etc. are posted on twitter.

CallCarpenter is the home website of our brokerage firm, CallCarpenter.com offers quick and easy searches for homes throughout Central Indiana.  All Carpenter listings received the enhanced Guided Tour feature.

Backpage.com is a group of local community classified sites operated by various local media outlets including newspapers, radio stations, and television stations.

 Trulia is a well known site and a popular place for many buyers to begin their real estate search.  They offer a content rich, intuitive experience that directs viewers back to our website for more details on the listings we post there.

Topix is the world's largest community news website and has a proven record of high Google rankings.  You can search for news on national or local town level.  Topix also monitors and ranks 25,000 blogs and we are excited to have recently been selected to add ours to the list!

RELOHomeSearch is an exclusive service of the Leading Real Estate Companies of the World^®, the #1 family relocation network in the country,  of which Carpenter, and more than 600 other top local companies around the world participate.  Together, these local firms produce more than any national franchise and all of our listings are included on their excellent Real Estate search and community research website. That means more out-of-town buyers for your home.

HomesAndLand.com combined with Homes & Land magazine reaches a large, qualified home buying audience with more than 1.48 monthly unique visitors.

Homes.com is one of the nation's top online destinations for real estate listings, with a database of nearly one-million homes for sale.

Point2Agent is a neighborhood based search which is provided through our website hosting company, Point2, designed to generate traffic and leads back to us.  Our listings are also populated to other Point2 agent's personal websites putting your property in front of more buyers.

 Check out other marketing solutions the Hoagland Team uses to "Capture the Eyes of Buyers"!

The National Association of Realtors just released the NAR State of the Market Data for August and the news is encouraging. The First Time Buyer Tax Credit is bringing buyers into the market, yet the economy continues to be shaky.

Watch as the details are discussed on Real Estate TV: