My Indiana Home Blog

Seller's in today's market have challenges.  The biggest one in central Indiana is competing with bank owned homes or short sales.  If you are a seller, I know what you're thinking:  the foreclosures are torn up and not like my house at all!  While it is true that many bank owned homes are in terrible shape, not all of them are.  I've seen some that were in very good condition.  However, condition alone doesn't determine value.   Appraisers do, and they will put a value on a house, based on comparable sales.  Appraisers have certain guidelines they must abide by.  One is the timeliness of the comparable sale.  If a sale is over 12 months old (some banks want 6 months or less), it is not considered an accurate reflection of value in today's market.  So, your neighbor's house that is like yours that sold for a good price in the spring of 2009 won't be acceptable as a comparable sale.  Sometimes, the bank owned homes are the most recent, and/or the only comparable's the appraiser can find, especially when dealing with unique properties.  

Our nation is on track to have over 1,000,000 homes foreclosed on this year.  According to RealtyTrac,  there were over 92,000 homes foreclosed on in July alone.  That's up nine percent from June.  What does that mean for buyers and sellers?   If you are thinking of selling, price your home for sale, not competition.  Houses that sell the quickest (and for ultimately more money) are priced just under what their competition is.   If you are thinking of purchasing a home, there isn't a better time to buy than now.  There is a three factor "perfect storm" that makes this so:  1)  there is an over-supply of homes;  2)  money is cheap to borrow and 3) housing prices have declined, influenced heavily by REO's and short sales.  If you are thinking of investing, do it now!  Just get pre-qualified for a loan first.  Need to find more info about foreclosing?  Go to www.AvoidIndyForeclosure.com or www.IndyHouseFinder.com.  You could also call me, toll free, at 888/456-FAST (3278)

Be comfortable and familiar with your lender. When making the time of closing, double check the buisness hours of the lender and that a time zone change is not going to be a problem. 

Presented by: First American Title Insurance Company

All expenses to be paid during closing must be in the form of guaranteed funds. Cash, credit cards, and personal checks are not accepted. Usually, methods of payment that required a signature are not accepted forms. 

Cashier's Checks and wired money to the closing agent are accepted. Cashier's checks must be made payable to you or the closing company. If the closing does not take place on that day, the cashier's check will need to be canceled and your bank will require more paperwork to be completed based on the failed transaction. 

Presented by: First American Title Insurance Company