Paula Henry

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Archive for January, 2008

The $1.00 Home

January 29th, 2008 categories: Indy Home Buyers, Indy Market Trends

$1.00 homesIt is not surprising many people ask about the $1.00 homes listed in our local BLC (Broker Listing Cooperative). The Indianapolis BLC is the same as the Multiple Listing Service (MLS).

If it looks too good to be true, it probably is! These home are not available for one dollar. Although listed as such, they re actually homes which are being auctioned. They require a minimum bid, as well as a substantial deposit the day of the auction. Some require a non-refundable earnest deposit when your bid is accepted. You will have to do your inspections beforehand or lose your earnest money if you decide not to buy.

There are currently 20 homes in the Indianapolis area which are listed for a dollar or less. A few honestly look like they may only be worth the listed price, while several are very nice homes. About half of these homes have been on the market for quite a while. My guess is the minimum bid is too high or the interior condition is not acceptable. Whether you are selling a home by auction, with an agent, or FSBO, price and condition will always determine whether you sell.

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Authored by Paula | Discussion: 12 Comments »

Protect The Value of Your Home

January 28th, 2008 categories: Indy Home Buyers, Indy Home Sellers

Freeway in backyard

It seems there is an insurance policy for everything! Now, there’s a new insurance policy being offered to protect your home’s value.

Although it doesn’t protect against a change in the real estate market, there are some instances when such a policy could help a homeowner whose value has been affected by issues outside their control.

I have had two listings in particular where it appears the homeowner may have benefited from such a policy. Both involved the extension of roads or freeways which abutted their property.

Although I am not necessarily advocating such a policy, I found the article and website interesting enough to research. When would such a policy be beneficial? In the instances above, where I represented the seller’s, the homes may not have qualified for the insurance.

One couple had lived in their home 7 years, but the proposed plan for the extension of the Parkway was already in place when they bought the home.

The government paid the other couple for a portion of their land to be used for a new freeway interchange. They could have still suffered additional monetary damage, except it will be hard to determine with the change in the market and no additional homes on the street having sold in the last 12 months.

The website indicates the policy would protect against road construction or widening, transportation facilities, such as train stations, airports and bus stations, commercial buildings, industrial parks, hospitals and medical facilities, shopping centers, sports complexes or stadiums, prisons, educational establishments and public utility sites. It would also cover inability to rebuild, noise nuisances and land or zoning changes.

Of course, there are also limitations, conditions and terms – one being you have to sell the property to realize the loss first, then you could be reimbursed.

The website doesn’t say whether the policy is available to Indianapolis home owners. While it may be worth considering, it is something I would caution my clients to thoroughly investigate before jumping in. You can find out more information here.

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Authored by Paula | Discussion: No Comments »

Indianapolis Speedway

January 24th, 2008 categories: Indy Places, Speedway Real Estate

Size of the Speedway

Someone sent this to me a few months ago. The home I was raised in was very close to the Indianapolis Speedway. I have been inside the track and watch a few races there. Still, I never realized how big the Speedway is.

When you are driving by the Speedway, you can only drive by two sides, the south and west sides. From the street, it does not look this big.

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Authored by Paula | Discussion: No Comments »

Marketing Matters When Selling Your Indianapolis Home

January 24th, 2008 categories: Indianapolis Real Estate News, Indy Home Sellers

Marketing a home in today s market requires more than a sign, an ad, a lockbox and a prayer! Today s real estate professional has to be proactive and progressive when it comes to marketing and selling homes.

I have heard it said, A Realtor s work begins once we have an accepted contract . Although there is truth to the phrase, with contract negotiations, transaction details and timelines to attend to, a Realtor still has to do the work and marketing which brings the buyers and their agents.

There is really no secret to listing and selling a home. Most Realtors have access to the same marketing avenues. Some take advantage of and utilize more of the resources available, depending on the marketing dollars we allocate for our clients.

When a home is properly priced and represented in the market, we will have a buyer.

Get Your Home Exposed:

 

Website Marketing for Real Estate

This represents some of the online marketing avenues I utilize with every home my team and I list. The Henry Group is prepared to get your Indianapolis home SOLD! If you would like a consultation to see if my marketing plan is a fit for you, please call me or email me at Paula@Hometoindy.com.

 

 

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Authored by Paula | Discussion: 8 Comments »

Answers From the Lenders

January 24th, 2008 categories: Indy Home Buyers, Indy Home Sellers, Real Estate Financing

QuestionsOccasionally, I receive questions from my websites about the process of financing, selling or buying a home. I welcome these questions and diligently seek to find competent professionals to answer these questions.

This week s question was presented to three lenders for an answer.

The Question:

How many prequalification applications can I submit, and will it affect my credit rating?

Answers from the Indianapolis Home Mortgage Specialists:

The rule is that “like credit pulls” with in a 30 day period only count as one pull. So if I applied for a Home loan with 4 places and they all pulled my credit with in 30 days it would only count as one, however if I applied for a Home loan, a car loan, and 90 days same as cash on furniture that is three different pulls.

The Action Team
Matt Gunning
Sales / Realtor Relations
Countrywide Bank, FSB
matt_gunning@countrywide.com

As far as limits to the number of times you can apply for a mortgage, no limits exist. Applying for a mortgage does not lower your credit. What can lower your credit score is having your credit report pulled over and over again. You do not have to do a formal pre-approval with every mortgage company you contact. You can have one mortgage company pre-approve you and call other mortgage companies for rate quotes and estimate of closing costs. If they tell you they need to pull your credit, tell them you are not ready to do that at this time and give them an idea of your median credit score (once you are pre-approved make sure to ask the lender what your three credits scores are on your credit report - lenders go off the middle score). Rates are based on credit scores so a lender will need to have an idea of your credit score and how much you plan to put down on a purchase in order to give you an accurate rate quote.

Amy K. Trusty
Relationship Manager
First Horizon Home Loans
Aktrusty@fhhlc.com

Everytime you submit a loan application your credit is pulled. From the time the first credit inquiry is pulled for mortgage purposes your credit can be pulled multiple times during a 30 day period without affecting your credit score as long as all the inquires are only for the purpose of obtaining a mortgage. The situation that borrower’s get into when applying for a home loan with multiple companies is that they do not always know exactly the first date their credit is pulled nor do the companies always disclose the exact number of times they pass your information along to investors who also pull your credit. They just tell you they will have several companies competing for your loan and give you the best pricing. When this happens, your credit will be pulled multiple times and may or may not be during the window of time that is allowed to have it pulled multiple times. If the company is a direct lender they have an agreement with their investors to use their credit report and your credit is only pulled once. Therefore, it is important to know the type of company you are giving your personal information to when applying for a home loan. Perfect Mortgage is a direct lender and works with clients to find the best home loan with the best pricing that fit their financial needs.

Tauscha Snyder
Mortgage Banker
PERFECT MORTGAGE
tsnyder@perfectmortgage.com

Remember, if you have questions about real estate or financing, I have a team of professionals ready to provide answers.

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Authored by Paula | Discussion: 2 Comments »

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