Indianapolis Foreclosure
In Pursuit of a Winning Bid For the last eight months I have been working with a first time home buyer in the $80,000 price range. Based on her criteria, the area she wanted to live and price of the average home in the area, we knew it wouldn’t be an easy search. Not difficult, just not easy! Still, we were able to find homes she liked and made a few offers. One HUD owned home we lost by about $250.00. A couple of bank owned homes needed too much work; a few short sale homes we never received an...
HUD Homes are a Good Value HUD homes in Indianapolis generally represent a great value for the home buyer’s. Since the inception of the $8000 tax credit for first time home buyers, HUD owned homes have literally been “flying off the MLS active list”, with many being sold in the first ten days. As we near the end of the time frame for first time home buyers to receive the tax credit, REALTORS® in Indianapolis are witnessing a surge in activity and prices of HUD homes. Why the sudden interest in HUD homes? Although HUD doesn’t go in and repair...
A short sale is the process by which a homeowner sells their home for less than what is owed to the current lender or lenders or when the cost to sell a home does not cover the current balance due the lender. A short sale is one option for homeowners who are facing foreclosure. It’s not quite as easy as it sounds, but not as difficult as many believe. Properties sold short are always subject to lender approval. Many banks require the home be listed on the local MLS by a Realtor. I have had some banks tell my clients they...
A Homeowner’s Nightmare With the economic crisis we are facing in the real estate sector of our economy, many homeowners are realizing their home may not be the investment they thought. The dream of homeownership has turned into a nightmare which haunts them daily. In Indianapolis, we have many homeowners whose payments reset or adjusted and combined with a higher tax payment made a significant impact on their ability to stay ahead of their payments. Missed Payments It doesn’t take much in these circumstances for a homeowner to get behind. The birth of a child, an extended illness, a job...
The recent bailout of wall street and banks has many trying to figure out exactly what it means for homeowners who may be facing foreclosure. While I don’t know the specifics about what the bailout means for individual homeowners, there are a few banks who have published their plans for assisting homeowners who are behind in their mortgage payments. In the Indianapolis area, there have been 387 bank owned homes listed on our local listing service since October 1st. That’s a lot of families displaced due to foreclosure. My frst bit of advice for homeowners who are behind is to keep in touch with their...
