Forclosures - Liquid,Risky,and A LOT of work

So, we all want a good deal - right? Especially when it comes to finding your next home. I am blessed with the ability and insight on how to get the great deal. There is good and bad news associated with that though. The good news is that you could save tens of thousands of dollars on your next home. The bad news....these opportunities do not come around often and you have to be skilled to be able to recognize the opportunities (they are not highlighted or flagged).

Sheriff Sales:

So, for pure "blogging" and getting to the point purposes... first of all - you have to be liquid and flush with cash on the date of the sale (if the home costs 100K - you need 100k - not a mortgage or note from Mom). You can/will buy your home from the Sheriff himself. The sales are on Thursdays in Hamilton County and may vary per county (call the sheriff's office and ask). You have to know your target: there may be 20 or more homes for sale at each sheriff sale - only 5 may be in the area you want to buy and three of those five may need too much work for you to stomach.

There is no commission paid to REALTORS. That is good and bad. Good..It saves the public lots of money. Bad...what REALTOR likes to work for free. Honestly, it took me over 15 hours to prep for last weeks sale (drive/walk through by each home, comp each home, research titlework at courthouse). Without the prep how can I honestly be prepared to bid on any property. I walked in with 100K in my pocket and left with 100K in my pocket. Even though I did not buy anything - it was a victory. Better to buy smart than get stuck. So, I would recommend that you hire a real estate professional to work for you on an hourly/commission basis to prep for the sale. Then you are "locked and loaded" to buy. The following link will provide you with previous sale data and upcoming properties that are going on "the block" soon! Click Here for current Sheriff Sale info!

Golden Hill - "There's treasure in thar' hills"

It is not common to be surprised in this industry. The traditional character of North Suburban real estate is large family rooms, 9' ceilings, and basic dollar/square foot. When it comes to housing, it is easy to fall into the trap of comparing yourself to your peers. North central real estate (for the most part) is about the same. Sure, that home has stainless appliances & granite tops; that one has Pergo flooring. A big "WOW" may be a screened in porch or finished basement.

To all of us who have fallin' into the production character that drove the residential construction and urban explosion of the 90's, may I introduce you to Golden Hill. Sure, the residents of Golden Hill would rather I keep this under my hat...but I just can't keep this secret. It is a charismatic community that has a developed life and style (not created lifestyle).

Golden Hill is a neighborhood that does not thrive on "Home Tours". When a home becomes available - it usually sells quickly. Most of the homes here were built in the late 1800's to the early 1900's. They all come with resumes like - "Bill Hudnut was here" , "a Supreme Court Justice is there"(not to mention those that are confidential). When I entered the area I think I spoke with "Miss Daisy" from the movie "Driving Miss Daisy". During the conversation I caught a glimpse of Forest Gump running down the lane.

The true delight of Golden Hill is not it's resume, it is it's homes. As presumptuous as their occupants, the homes don't have character - they are characters. Each home stands apart in design and purpose. One of the most surprising attributes of this truly historic area is that some of the homes are affordable (notice the word some). Areas within the homes are labeled like ballroom, vestibule, and quarters. You don't have to drive hours to visit historic homes. You just have to head to 38th Street on the way to the colts game!

2010 Indy Home Show Review - Time Shares for sale

I love the Indianapolis Home Show. However, I think it should be called the Gizmo's, Gadgets, and Repair Expo. Do you need a mop to pick up dog hair? Would you like information on time shares? At least 50% of the vendors/sponsors at the "show" draw up some lineal relationship as to their importance to our homes that does not make sense at my "Home" show. For example: pots and pans, chocolates, foot massagers, red wine smoothies, pecans and pistachios, hot tubs, vacuums, children's toys and books, Avon, cocktails, candles and air fresheners, Toyota cars, newspapers, exercise equipment, dresses and sweaters......all of these do not "tickle" my interest. I honestly heard a Michael Moore look alike time-share salesman shout out "Wanna go to Branson...I got my H1 shot so it is safe to talk to me!" WOW! That is exactly what I came to hear at the "Home" show! Run, Forest, Run!!!!!

My favorite "find" was Phil Ping, a professional arborist and tree expert. Now, meeting him was, honestly, worth the price of admission. My clients have lots of tree questions that I could not answer; now I can! Flooring Artisan J.L. Stader and Visions in Hardscapes (decorative concrete expert) were two other cards to keep! The center piece home was expectedly dirty and overdone. The blue neon "MAN CAVE" sign was fun and tasteless. However, to the these and the rest of the true "Home" vendors who support this adventure to the fair grounds each year I applaud you. This show really does start the "spring" house selling season. This "Vendor Fair" is educating, entertaining, and fun!

Now, onto the Flower and Patio Show - I am looking forward to more chocolates and time-shares!

Carmel School Delayed for Starbucks Coffe

NEWS RELEASE
City of Carmel

January 8th, 2009

“By 2:30 a.m. on Friday all roads in the City of Carmel including main, secondary and residential were cleared”

This is great news! But, on January 8th, 2009, the Carmel Clay School System was still delayed 2 hours in opening. I don’t understand. Were the lines too long at Starbucks for the bus drivers to get their coffee and warm up the bus in time to get to the bus stops?

In hind sight here is my news release to the Carmel Clay School System

NEWS RELEASE – Jason Rose – 7:00 AM January 7th

Snow is coming down so hard that I had to shovel my drive twice, slide off the road once, and nearly collide with a Tractor Trailor on US 31 in order to get my child to school on time. Preparation for the “business as usual” day started hours earlier. I am fine with that…I am a business owner, father, and Midwestern American. I am used to it. I merely wonder what our fine elected officials are thinking! Where is the school delay on this snowy day.

Wait...HOW much is my downpayment?!?

Declining Markets - On the face I would assume that we could categorize this market over the past year as declining. That makes sense! However, that term actually means something more to your lender. GIVE US MORE MONEY!

When you buy a home you may think that if the appraisal comes in at a good value (at or above the sale price) you will be on the right road to closing and owning your first new home! Well, hold your horses. If the home appraiser categorizes your home as being in an area that is a "Declining Market" you may not be able to purchase it with the terms you thought. Meaning you more than likely will have to put more money down on the property! Typically you would not have to worry about this going FHA. However with a conventional loan you will. The lender (Fannie Mae) originally wanted you to put down 5-6 percent. Now that your home is located in a defined "declining market" area you may have to put down 10%! OOPS! Who would have thought of that? How can you protect against looking for a home in those declining market areas? I don't know any realtor that follows that stat! I don't even know of any lender who follows that stat! Getting a loan is a hard-to-do task in this day and age for certain...

Let the buying begin (again)

So, it has passed. The dust has settled. Now, what is this new Nov.7 housing stimulus package all about? Well, if you have lived in your home for 5 out of the past 8 years ( as a primary residence) you are now eligable for a tax credit!! YEAH!! That means that if you rented your property for a couple of years but lived in it for (again) five out of the last 8 years - you can get a credit! The current $8,000 first time homebuyer credit is still in force as well. There are quite a bit of strings attached so I recommend you read up a bit to make yourself fully aware of the strings. Here is a great link to an informative site. It will get you up to speed!

BTW - How about those colts! Big game coming up Sunday night with the Patriots! Not to mention other local schools doing well in the playoffs: Carmel, Warren, Center Grove to name a few! Go Hounds!

Homebuyer Credit EXPANDED and EXTENDED

The House of Representatives has voted to pass legislation extending the home buyer tax credit until April 30, 2009.
Last night the Senate voted 98-0 to pass the legislation. Next the bill will head to President Obama to be signed into law on Friday.
While the bill extends the $8,000 tax credit for first time home buyers, it also makes available a tax credit to homeowners who have lived in their current residence for at least five years. The credit for these buyers will be capped at $6,500.Income levels will be extended from the current limits of $75,000 for a single purchaser and $150,000 for couples to $125,000 and $225,000 respectively.

Above those limits there are diminishing credits available.Housing interests, especially the National Association of Home Builders and the National Association of Realtors, has pushed strongly for the extension and the Obama administration has also lobbied heavily for its passage. However, not everyone was in favor of it.

Some critics have charged that the tax credit has merely moved sales that would have occurred sooner or later to an earlier date and that, when the credit finally does go away, the market will experience another severe downturn. A diametrically opposed opinion would have it that, while 1.4 million claims have been made, few sales were actually inspired by the credit. Others have argued that the current interest rates and low housing prices are enough of an incentive without spending tax money. The extension is expected to cost an estimated $11 billion on top of the $10 billion that has been spent to date.There have also been charges of fraud in the operation of the program. To combat this the new law has some expanded safeguards including a minimum age of 18 for obtaining the credit, a requirement that a settlement statement accompany the tax return claiming the credit and a prohibition on non-arms length transactions.Another criticism of the extension has been that it ends just as the "spring market" is getting underway. Diane Olick writing for CNBC's RealtyCheck said it "is sort of like offering cheap snow boots in July."
Robert E. Story, Jr., CMB, Chairman of the Mortgage Bankers Association (MBA), today issued the following statement in response to the passage in the U.S. Congress of legislation to extend and expand the homebuyer tax credit."At a time when we are finally starting to see some signs of life in the housing and mortgage markets, extending and expanding the homebuyer tax credit is a critical step to keeping the momentum. This has been one of MBA's top single family legislative priorities, and we are very glad to see that policymakers on both sides of the aisle see the importance of this measure."The existing credit for first-time homebuyers has helped move a segment of potential homebuyers off the sidelines and into their first homes. By expanding it to qualified existing homeowners, we can help stimulate even more home purchases for qualified buyers. I also want to applaud measures in the bill that will help eliminate fraudulent use of the tax credit."