August 2, 2008

August already!!??!! I hope everyone is enjoying the summer.

If you have not taken the time this summer to visit downtown Indianapolis, you are missing the boat, oh, I mean Gondola.  Yes, you can get a true Gondola ride on the Canal after visiting the Indianapolis Museum and the Eiteljorg Museum or the IMAX.

Indianapolis has so much to offer these days.  Our downtown is simply beautiful with so many things to do and see, museums, zoo, art district, sports, colleges, parks, memorials and the list goes on.  There seems to be something for everyone.

When I was growing up near downtown the only thing to do was visit the museum, the war memorials or walk up the tallest building in Indiana, Monument Circle! Today Monument Circle is dwarfed by so many other buildings you can hardly see it.

For lots of good information go to:   http://indianapolis.about.com  or http://www.discovercanal.com/home.cfm, here you will find events, locations, activities and so much more.

August 1, 2008

REOs are not the easiest transaction to work with.  If you are a first time buyer trying to capitalize on the market or an investor, please, patients, patients, patients!

When dealing with bank REO (Real Estate Owned) property keep in mind the banks are instructing the realtors to leave the properties on the market even though they have received an offer, or in some cases multiple offers.  They are trying to create a bidding war to drive their prices up, sometimes even more than list price!  If your realtor comes to you and says “we have multiple offers and we need your biggest and best”, know they mean it.  The banks have given permission for this and are trying to put all offers on a fair playing field by disclosing multiple offers.  Once you have an accepted offer with the bank please beware they may still elect to leave the property active on the market for back up offers.  This does not mean someone can step ahead of your accepted offer.

Also, be aware, the banks will take their sweet time, no matter what time limits are on your offer, you are expected to keep your time frames, and they are not!

Working with REOs is a poorly choreographed dance between your realtor and the bank with the buyer stuck in the middle not knowing whether to use their left foot or their right!  Patients is the name of this dance!

Let’s hope they over turn this bill soon!  If you are looking for a home or in the process of obtaining a loan with down payment assistance, you have until October 1st to receive mortgage approval.

Good Morning!  It’s a GREAT day in the neighborhood, no mater what the media says!  (Sounds like the making of a song.) Yes, the real estate market is slower than normal in Indiana, yes, home prices are not appreciating like they use to, but all in all we are still one of the more stable markets in the U.S.  Who says so?  You and Me!  If you take the media out of the picture, are you really worse off than 2-3 years ago?  Property taxes are going down, home prices are stable (if you don’t take into account the foreclosures), maybe you’ve not had any appreciation, but homeowners have had little if any depreciation and it’s a great time for 1^st time home buyers in the neighborhood!

First time buyers with reasonable credit are capitalizing on the foreclosures and slow appreciation.  They are getting great buys and the banks are eager to negotiate these homes and get them off the books.

First time buyers usually stay put for 2-5 years, this should give the market plenty of time to rebound.  Also, if the first timer is looking at long term investments, typically their first home would make a great rental/investment opportunity if they decide to move on and keep their current home to start their “property investment portfolio”. 

There are still first time homeowner mortgage plans out there with little to no money down (for how long – who knows).  If you have not owned a home for more than three years you may qualify!  Don’t be afraid to ask!  It’s a simple phone call or e-mail with no obligation.  A good place to start may be American Acceptance Mortgage, Dan Nicholas 1-800-656-2264 danicholas@americanacceptance.com .  There are many good lenders out there, make the call and ask the questions.

Who else is capitalizing on our bank REOs (Real Estate Owned Properties)?  Investors of course!  These business folks are the first time buyer’s biggest competitors, running around making cash offers which the banks will grab up, even if it’s less money than an offer that needs to be financed.  So – first timers don’t be surprised if you keep loosing “deals” (written offers).  Keep your head up and keep trying!  Something will come your way!