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Indianapolis Open House - December 4, 2011 - 6539 Jarvis Drive - Noon to 2:00pm

YOU'RE INVITED!

Please join us to take a look at this "like new" Franklin Township home for sale in Indianapolis, this Sunday, Dec 4, 2011!

Just Reduced!  New Price $105,000.  Cute ranch home for sale in Indianapolis w/NEW ROOF in pretty neighborhood. Spotless like new condition, tree lined streets & COMMUNITY POOL set this apart from others on the mkt! Open floor plan features split bdrm layout & 3 WALK-IN closets! Fresh paint, ALL APPLIANCES included-New refrig, dishwasher, washer & dryer! Nice deck is  great for entertaining! Just 3 min to Greenwood Co Line Rd/I-65 (Exit 101).  Greenwood mall, restaurants, entertainment -- all nearby! Taxes will drop significantly on this Indianapolis home for sale after exemptions are filed.

See you at noon!

For more details, video, maps, visit http://6539JarvisDrive.PerfectPlaceForYou.com

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783 Blue Moon - Homes for Sale Avon IN  46123

This lovely home for sale in Avon IN has everything you’re looking for! Front porch & soaring 2 story entry welcome your guests while 9’ ceilings add to the spacious feel throughout the mail level. Formal living room and dining room, yet casual open floor plan. Inviting kitchen features 42” maple cabinets, pantry, center island & breakfast nook just off of the family room. Main flr bonus rm is perfect play area, den or guest rm.

Upstairs you'll find a beautiful Master suite complete with garden tub, double vanity & separate shower plus a loft, laundry room and 3 more large bedrooms. The Loft is perfect for pool table, playroom …. imagine the possibilities! One of the largest lots in Sunchase Woods -- fenced & on a quiet court too! This great Indianapolis Home For Sale has a perfect location near I465, yet popular Avon schools!

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For more details visit the Official Property Website for 783 Blue Moon Avon IN  46123

Homes for Sale Franklin Twp - 6539 Jarvis Dr Indianapolis IN  46237

Cute 3 bdrm, 2 bath ranch home for sale in Indianapolis in pretty Smithfield neighborhood in Franklin Township. Spotless like new condition, tree lined streets & community pool set this apart from other homes for sale in Indianapolis! Open floor plan features split bdrm layout & 3 walk-in closets! Fresh paint, all appliances included -- New refrig, dishwasher, washer & dryer! Nice deck great for entertaining! Just 3 min to Co Line Rd/I-65 (Exit 101). Greenwood mall, restaurants, entertainment -- all nearby! Taxes will drop significantly after exemptions are filed.

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More details at Official Property Site for 6539 Jarvis Drive Indianapolis IN  46237

Homes for Sale Franklin IN  46131 - 2213 Somerset Drive - Legends Golf Course

Have you always wanted to live in The Legends golf course low maintenance community? Check out this beautiful custom built home for sale in Franklin IN, on the 18th tee of The Legends! Quality and attention to detail abound -- hardwood floors, soaring ceilings, arched windows, custom lighting, crown molding...and more!

The kitchen’s center island is the hub of the open floor plan and overlooks both the cheery informal dining space and the great room. High end walnut cabinets and solid surface counters add to the luxurious feel of the kitchen. The 4 season sun room offers a stunning view of the Legends Golf Course and opens to 2 separate patio areas. There is also a 2nd private entrance from the master bedroom suite which also looks out over the Legends Golf Course. If you get tired of the view, you can pamper yourself in the master spa complete with walk in shower, double marble vanity and garden tub.

The gorgeous dining room is a very flexible space which would also accommodate a lovely living room or home office, whatever suits your needs. Built in media cabinet and surround sound speakers in the great room make it the perfect place to relax and watch a good movie!

Upstairs boasts a full 2nd bath and two 16 X 17 bedrooms, each with 2 large closets plus a huge walk in attic. Storage space galore here and even more storage in spacious laundry area, plus a handy utility sink and fold down ironing board.

This low maintenance community, with really reasonable HOA fees, handles all of the lawn care and landscaping which means you have time to play a round of golf at the Legends or just relax! This home for sale in Franklin IN is ideally located -- with nearby access to I-65. Easy commute to Greenwood, Indianapolis or Columbus!

For all of the details on this home for sale in Franklin IN, visit http://2213somersetdrive.perfectplaceforyou.com

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Country Home for Sale in Johnson County -- Bring Your Horses!

Find Home Values in Center Grove - Greenwood IN.

Find out what your neighbors homes are selling for or check out the price in any Greenwood neighborhood.  Updated reports will be emailed to you every 4 weeks!

Attention Indianapolis Home Buyers!  FHA Monthly Mortgage Insurance Increasing on 4/18

Just a reminder that the FHA monthly mortgage insurance premium is increasing on April 18th.  If you are going to use FHA financing and have an Indianapolis area property you're considering purchasing -- don't wait.  Getting an address to a lender so they can pull a case number before the 18th will save you money.  

If you haven't found the "perfect place" yet -- don't dispair.  Yes, your monthly FHA mortgage insurance will be a little higher, but there are other options.  You may want to consider saving a little extra so you can put down an additional 1.5% and use Conventional Financing.

                            New Monthly Mortgage Premiums

   90% LTV            95% LTV                97% LTV

FHA              1.10%               1.10%                     1.15%

Conv              .49%                 .67%                       N/A

(FHA minimum down payment is 3.5%, Conventional minimum down payment is 5%)

Give us a call for more details!

Indianapolis Short Sales -- Are They Good Deals?

Maybe!  Many buyers think banks own Indianapolis short sale properties, thus they set the list price.  They don't.  (For more information on this, read Part 1 in this short sale series -- What is a Indianapolis Short Sale?.)  The seller is still the actual homeowner, so it's the seller who actually controls the list price. 

But since Short Sale offers are contingent on approval by the
seller's lender, it is the lender who ultimately determines the
sales price which they are willing to accept on a short sale based on their guidelines and a current appraisal.  Once this value is determined they will either reject, counter or accept an offer.  If accepted, they will issue a short sale acceptance letter to the homeowner along with not only the accepted price but other terms such as the closing date and possibly the requirement that the seller agree to a promisory note to make up some of the difference between the approved sales price and the mortgage balance.  The homeowner has the option to accept the terms of this agreement or allow the bank to proceed with foreclosure or deed in lieu.    

So the big question is, what price is the bank willing to accept in order to get the deal done and avoid the expense of foreclosure?  In a perfect world, there would be published guidelines as to what the "usual" or "normal" amount might be, but unfortunately, the world of short sales is anything but "usual" or "normal".  

So you see, it depends on the circumstances of each individual Indianapolis short sale and how motivated and realistic the bank is as to what the true market price is and what they are willing to accept. 

And it's not just the price that makes a short sale a "good" or "bad" deal. It's often how the short sale is handled by the listing broker and bank. When working with buyers who are considering purchasing an Indianapolis short sale, we open a dialogue with the listing agent prior to showing a short sale to determine the individual details.  Here are some of the variables we want to know about in order to evaluate whether or not a short sale is a "good deal".

1.  How many mortgages are on the property?  If there is a second, the approval process will be more difficult.  A second only receives $3000 from a short sale, so they
often elect not to participate or require the buyer or seller to bring additional funds to closing to make up the difference between the 2nd mortgage balance and the $3000.  This is often a deal breaker.

2.  Which Banks are involved?   Local banks tend to know the local market and can make decisions more quickly.  If there are two mortgages it may be easire to get an approval if the same bank owns or services both loans.

3.  How many offers will be sent to the bank?  Short sale offers are handled differently
depending on the bank and listing agent.  For the buyer, the best scenario is to have one primary offer accepted by the seller and sent forward to the bank.  The bank may still counter the offer, but at least the buyer doesn't wait for weeks or possibly even months, just to have another offer submitted at the last minute. 

4.  Homeowner Occupied?  Although short sales are usually sold "as is", if the seller is still living in the property (and usually they are) then the condition tends to be less
risky.  The utilities are still on, the lawn is mowed, general maintenance is more likely to be taken care of, vs. an empty home which may or may not have been properly winterized, has overgrown landscaping, flooded basement etc.

5.  Are there other liens on the property?  A title search should be completed when the property is placed on the market, but this isn't always done, and even if it is, the seller may continue to acquire additional liens (Federal Income Tax liens, contractor liens, etc) that may not be discovered until the last minute.

6.  Has the homeowner initiated the short sale documentation with the lender?  The bank will require the homeowner to submit financial documents supporting their financial hardship.  If this has already been intiated, or better yet, completed, then the process will move more quickly.  If not, it could be months before the bank responds to an offer.

Basically, there are some great Indianapolis short sale deals out there, but as you can see, there are also risks, they take longer and often there are headaches along the way.  But it's precisely these risks and headaches that make the prices more attractive.  If it were easy to buy a short sale, everyone would! 

An experienced short sale agent helps buyers understand and evaluate the risks.  They also explain the differences between short sales and other types of distressed sales, such as Bank Owned properties or HUD's and how each works with the seller's goals and timeframes.  After looking at all of the options, weighing the risks and benefits, some buyers will decide the reward is worth the risk, while others will determine that the whole "distressed" sale market isn't for them. 

The good news for all buyers is that these distressed sales are forcing non-distressed sellers to lower their prices in order to remain price competitive.  So even if you decide a short sale isn't for you, it's often possible to find a beautiful home where the sellers are motivated and have priced below market value.  And that's a great deal too!

Other related articles:

Part 1 - What is an Indianapolis Short Sale?
Part 2 - How to Buy an Indianapolis Short Sale

Contact the Hoagland Group at 317-340-4575 to find out more details on Indianapolis Short Sales, Greenwood IN Short Sales, or other central Indiana Short Sales.

Originally posted on Hoagland Group Active Rain Blog

Cream of the Crop, Bottom Feeder or Somewhere In Between?

Why do some houses sell while others seem to forever linger in the sea of inventory?  Well, it seems there are several different levels to this sea of inventory in Indianapolis and buyers are either skimming off the cream or diving deep under and feeding on the bottom!   --  Everything in between is invisible!

Levels of the Inventory Sea!

Cream of the Crop...  Offer the most features, best price, best location, most updates, best finishes, best condition -- You get the idea!  They float along the top, waiting for buyers to quickly gobble them up!

Always the Bridesmaid, Never the Bride...  Priced "About Right", consistently in buyers "Top 3", quite a few showings -- but never invited to "the big dance!"

Close, but No Cigar...  Somewhat over priced, buyers "like" the home but there are always better options for the same price -- consistent showings

Mr. Cellophane...  Looks like all the others on the market -- nothing to set it apart, overpriced, occasional showings -- lingering in the sea of inventory!

Not a Contender...  Substantially overpriced, lots of other options at better price, condition, location, etc. --few to no showings -- drowning!

Food for the Bottom Feeders...  Priced well below market to reflect condition and circumstances -- Bank Owned (REO), Short Sales, "As Is", HUD's.  Lots of activity here -- but different buyers!

The sad part is that seller's lingering in the middle seem to have the opinion that given enough time, they too will rise to the top.  It just isn't so!   No amount of time will cause a property to float upward.  To rise to the top -- a seller must either adjust the price or improve the condition/amenities.  As new listings come on the market, the great ones will jump right to the top, ensuring the "stale" listings remain submerged where they will eventually expire without selling!

On the other hand, if an owner must sell, but isn't able to make the adjustments necessary to float to the top, they will begin a steady decent to the bottom where they will eventually end up as a short sale or Bank Owned property.

So what's the big secret?   How does a property become the "cream of the crop" in the Indianapolis housing market?  Know the competition! -- then either provide "more" for the same priceas the competition (more size, more amenities, etc) OR provide the "same" (size, amenities, location etc) for "less price". 

Then, relax... and enjoy the ride!

Originally posted by Steve and Tonda Hoagland on ActiveRain Blog 10/13/2010

Considering Moving up to a New Home in Indianapolis?  It's Time to Take the Plunge!

It's a fantastic time to consider moving up!  In fact we're surprised more people aren't taking advantage of this "perfect storm" for move-up buyers in the Indianapolis area.  Here are some things to keep in mind about the current market:

- Homes  for sale that are in excellent condition, show really nice and are priced appropriate for the local Indianapolis market are selling

- With interest rates at a record low - many people can buy significantly more house for the same monthly payment as they could, even just a year or two ago, when rates were say 6%.

On a $300,000 mortgage the payment at 4% the monthly P&I is $1432, at 6% that same mortgage is $1799. That's $367 every month for as long as you own the home! If you're planning on staying put for awhile, the savings can be significant.

- It's necessary to price the home you're selling to reflect the current market - but you're also buying at a discounted price and if you're moving up - you win!  Anything you lose on the sell side, you more than make up on the buy side.

- The rates are being held artificially low right now, but as soon as the economy and housing market shows signs of recovery, rates will start climbing --  right along with the prices.  

- Is new construction an option?  If so, builders are offering some fantastic incentives right now.

This short video does a great job of explaining the unique opportunities the current market has for move-up buyers in the Indianapolis real estate market:  http://youtu.be/uxOaf8235Rs

Don't be left watching from shore -- the water's great -- take the plunge!

originally posted by The Hoagland Group on Active Rain Blog