All posts by Bettina Settles

My clients appreciate my compassion, empathetic nature when dealing with them and their transaction but more than willing to educate in a simple way to make a complex transaction understood. Being accessible and cooperative when it comes to dealing with clients and cooperative agents has earned me high praises from both. They have learned that I am dedicated, honest, and knowledgeable and can become very persuasive when it comes when working a transaction for my clients.

CENTRAL INDIANA IS NOT A BAD PLACE TO BE

Based on the recent mentioning on livability.com, Central Indiana, especially Indianapolis, has made many positive changes over the last 10 years.

canal  Whoever would have thought that Indianapolis IN would be #3 on the list of top 10 list for having the best Downtown in 2014? Normally we have several other Central Indiana towns on this list and it is enjoyable to see that Indianapolis finally made it.

Indianapolis has worked very hard to make their downtown more user friendly. You can take a stroll up and down the Central Canal by foot, or bike. Rent a bike or boat, or take a gondolier ride down the canal.

When you stroll around Indy you will see all the new art pieces that have been integrated into the city landscape. You have a many options for shopping, entertainment, and dining.

USA Today has noticed the positive changes and innovative ways Indianapolis has been growing and picked Indy as the best place for conventions. It is very easy to find hotel space in Indianapolis. Park your car and just walk. Everything is within walking distance and the Indianapolis walk-ability, connectivity, and access to the restaurants, entertainment, and hotels won them many positive reviews.

canal_3Indianapolis, and Central Indiana itself, is one of the more affordable places to live, rent, and buy. With a current median price of $136,000 for a home for Central Indiana we are still an affordable area to live. In all areas we have affordable housing that is more in the range of exclusive housing in the downtown as well as the outer areas of the downtown area.

When you would like to have more information about Central Indiana and the Central Indiana possibilities please contact the Settles Team.

CREDIT CARD INFORMATION, ACCOUNT BALANCES, LOAN DETAILS AND MORE…PROPOSED NEW DATABASE TO COLLECT THIS INFORMATION BY YOUR NAME

On April 16, a notice by the Federal Housing Finance Agency (FHFA) and Consumer Financial Protection Bureau (CFPB), was posted that looks to expand the National Mortgage Database Program that will include information that would identify individual mortgagees.

This proposal would include the borrowers and co borrowers name, address, zip code, telephone numbers, date of birth, race/ethnicity, gender, language, religion, social security number, education records, military status/records, and employment status/records.

The collection is gained by sending out surveys to homeowners asking them to tell about their recent mortgage purchase experience. The full survey information is later open to policy makers, researchers, and regulators. In short to anyone who requests access to this information.

I am not sure if I am the only one who’s hair is standing up in the back of my neck. I read that several legislators are very concerned and troubled about this newest proposal. Contact your legislator to find out what they think about this newest proposal from FHFA and CFPB. Here is a link where you can find your legislators information. Find your Legisltor

PLANNING TO START TO INVEST IN REAL ESTATE?

stock investmentGetting started in Real Estate acquisition could be a scary and daunting undertaking. When you break it down into small action steps the elephant in the room can get smaller and smaller.

Before considering any Real Estate acquisition, especially for investment purposes, consider first building your real estate advisory investment team. On our Settles Team website we have some great information listed for experienced or first time Real Estate investors.

After you have your advisory team in place you need to make some crucial decisions.

For example:

  • How to pay for the investment?
  • Are you planning on holding or turning the investments?
  • When you hold the investments who will manage them?
  • How to take title of the property.

 

There are many more questions you should consider before looking and buying any investment property.

You need to take real estate investing serious and you should consider it as a full time job and not a hobby. Make a business plan with goals, action steps, and an exit strategy.

When you are planning to get into Real Estate acquisition for investment purposes contact the Settles Team. We will be happy to help.

WHAT ARE THE REAL ESTATE FEES FOR SELLERS IN A REAL ESTATE TRANSACTION?


Depending on what type of financing, the loan amount, and the loan length a buyer seeks for the property they are purchasing, the real estate fees for sellers might vary.

Some of the costs a buyer might accrue are

  • the down payment
  • homeowner’s insurance
  • home inspection
  • flood insurance if the property is in a flood zone
  • home owner’s association fees when applicable

Pennies on the Dollar - bill with pennies on white background.Some loans, such as an FHA, VA, or USDA actually require a seller to cover all or some of the closing costs and fees. Some buyers will ask the seller to help them pay for some of the closing costs/fees.

Many of the costs/fees are third party vendor fees like

  • appraisal fees
  • closing fee for the title company
  • title search fee
  • flood determination fee
  • courier fee
  • survey fee
  • Termite/radon/lead base paint inspection
  • Title insurance ( lenders policy)
  • title insurance ( owners policy)
  • buyer’s attorneys fee (not all states)
  • sellers attorney fees (not all states)
  • lenders attorney fees (not all states)

The fee amount varies by state, loan amount, and type of loan. You should contact your local title rep, closing attorney, or mortgage provider for a more comprehensive list within your state. Some states might have additional costs/fees a seller or buyer are required to pay before they close a transaction.

WHAT IS THE DIFFERENCE BETWEEN REAL PROPERTY AND PERSONAL PROPERTY?


There sometimes is confusion between the terms real property and personal property. Especially when it comes to real estate. The legal definition for real property, taken from The Free Dictionary By Farlex is:

1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), and anything growing on the land…

Let me give an example:

Modular Homes

When a modular home is placed on a foundation and the wheels have not been removed from its frame it is still considered personal property.

On the other hand when a modular home is placed on a foundation, permanently fastened to that foundation, and the wheels are removed, the modular home becomes real estate.

Confused?

Here is anothFrames of rooster placed above the fireplaceer example.

A picture you hang on the wall with a nail and you hang the picture on the nail, the nail becomes real estate and the picture is personal property.

When you screw the picture directly onto the wall, like some restaurants do to make sure the pictures are not getting stolen, the picture now becomes real estate.

As a seller you need to keep in mind and understand the difference between real property and personal property especially when you are planning on selling your home and you would like to keep certain items such as light fixtures or shelving for example.

Anything that is permanently fixed to the land, or permanently fixed to the structure on the land, is real property. Everything else, not permanently attached to the land or structure, is personal property.

When you have questions feel free to contact the Settles Team.

Buying a new home? Things to consider when you do.

Rather than buying a home that was previously occupied, you have decided to find a builder and have one built just for you and your family and to your specifications. In many cases building your home is within the same price range as being a previously occupied home.

construction - roofingWhen you build your own home with a builder there are a few things you need to take into consideration before you start. For example, Do you just use a builder layout and style or do you plan on making changes to this plan? If you do plan on making changes, keep in mind that this might add to the building cost of the home. Making these kinds of changes would mean you are moving from a builder speck home type of arrangement to the custom built type and many times that will add time, labor, and building material cost to building your dream home. An example of making changes to the builders plans is upgrading some of the features compared to the features a builder is offering in their speck homes. Things like kitchen, flooring, countertops, bathroom, windows, and bathrooms. Anytime you make changes to builder’s speck home plans, whether inside or out, there will be a higher cost to building the home.

One of the things you should consider is having a home inspection before you close the transaction with the builder. Many times they offer a final walk through before the closing with their contractors but it is always better for you to hire your own contractor and let them take a look at the home through a new set of eyes.

Yes, it is a new build home but sometimes your inspector finds things that should be fixed prior to you going to the closing table. One of my last inspectors found a board that was not nailed in the finished attic by stepping through the floor as he stepped on the section of the attic to inspect it. He did not fall but now the builder has to fix the issue.

When you have any question about working with builders, feel free to contact the Settles Team.

Let’s Tackle The Financial Past

Stressed Over MoneyMany of us are still working through the aftermath of a short sale, foreclosure, or some other financially devastating event. Rather than buying another house you need to rent till you get back on your feet.

Yes, the current mortgage rates are great and it would be a great time for buyers to get into the Real Estate market but when you are still working through your aftermath of a possible divorce, short sale, death, or have a lot of late payments, or even judgments at this time against you, you would be better off to rent rather than buying. Even with many lenders now loosening their lending guidelines, many of them are still looking for a 1 to 3 year clean credit record. This does not mean it has to be absolutely perfect but when you are constantly late on utility bills or have reoccurring judgments showing up on your credit report, you could still be a credit risk to the lender and they might not be willing to give you a loan until you show that you are a truly responsible consumer.

You need to be prepared that your potential landlord will run a credit check and there is the chance that you might not get to rent the house or apartment due to what is on your credit report.

Either way it is time to tackle the financial past and finally kick the bad ratings out of our life. Unless you tackle them they will haunt you for the rest of your life and they will affect everything you do from renting, buying another vehicle or house, or possible employment.

When you would like to have more information on how to get started kicking your financial past out of your life please contact us for an absolutely free and confidential meeting where we can discuss your individual situation.

When Taking In A Roommate, Consider A Written Roommate Agreement

Many of us are in the situation of being financially unable to rent a home or apartment on our own. We have to room with someone. Otherwise we might have to sleep on our parents or friends couch or even worse, be homeless.

Secret Kiss From One Boston Terrier to AnotherWhen you have found the right person to room with, and the perfect home or apartment to make it work, you two still would have to pass the prying eyes of the landlord and get past the rental application process. When the application and screening process is completed and both of you have signed the lease agreement with the landlord, have you discussed or considered having a roommate agreement in writing between the two of you?

I can hear it now…what the heck is a agreement? I have never heard of such thing.

When you decide to move in with someone or take in a roommate yourself it is always good to have a written agreement between everyone involved. It should break down everyone’s responsibility, financially and chores. It should spell out what happens when one of the parties is not keeping up on their responsibility. Just like the lease agreement you singed with your landlord only between roommates.

There are many things you can put into the roommate agreement. Things like who feeds the cat or dog, who cleans the kitchen, who take out the trash, things like that. You are establishing the basic house rules between all of you. In many cases when it is not in writing, signed, and dated it is not agreed on.

When you are not financial able to rent a house or an apartment on your own and looking for help or advice contact the Settles Team. We are more than happy to guide you through this kind of situation.

I AM READY TO RENT MY FIRST HOUSE OR APARTMENT……

…..not so fast.

You finally received the call. Your rental application was accepted. You can go to the house or apartment you are intending to rent and sign the lease.

worn white cardboard box isolated on white background..You are all exited and ready to move in and move on from your current place, stretching your wings for the first time. Being so excited to get out of the smaller apartment to a larger unit you might forget that you should keep several things in mind while you are signing the lease.

The first obvious thing, and may forget to do it, is to FULLY read and UNDERSTAND what you are signing. When you don’t understand, ASK. If you are not comfortable asking your new landlord, or the landlords representative, ask for an unsigned copy of the lease to take to someone you trust to read and help you understand what is in the lease. You could also bring someone you trust with you while you are signing the lease. Either way, make sure you read the lease!

Before you sing the lease do a walk-through of the house or apartment you are leasing. In many leases it states that you are accepting the unit as it is unless you point out certain problems. There are other rental agreements that will give you a set amount of days to do an independent walk though and turn in the walk-through checklist in to the landlord before you can move in your furnishings. Either way, many do a move-in walk-through, fill out the walk-through checklist, and sign the document and turn it in.

After you complete your walk-through and sign the lease be certain to obtain a copy of all the signed documents. They will serve as proof when there is trouble or you need to refer back to something for some reason.

If you are looking to rent a home or apartment, or looking to have some of your questions answered, just contact the Settles Team and we will be more than happy to assist you.

YOU ARE GOING ON VACATION AND YOUR HOUSE IS STAYING BEHIND

Many of us will leave for summer vacation soon and will be leaving your house unattended. Unattended does not mean unsecured.

transportationFor starters do not advertise that you are going to be gone. In the time of social media most of us tend to announce that we are leaving. One thing you should consider doing before you are leaving is creating a home inventory. When something does happen, it will be difficult to remember what you had, where you bought it, and how much you paid for it? I don’t think I would remember all of this and when you read through the small print of your homeowner’s insurance policy they require you to have an up to date home inventory.

There are steps you can take to leave an illusion that you are still home while you are gone and having fun. They are:

  • Putting table lamps and other equipment on timers and have them turn off and on several times during the day and night.
  • Keep a radio or TV on.
  • When you have dogs you might record them when they bark and have their bark play on a timer once or twice a day.
  • Hold your mail. You no longer have to go to your post office for that. They have on the Apple and Google play store an app you can use, even last minute, to hold your mail.
  • Ask a friend or family member if they just could check on the house once or twice while you are gone. This will serve as an illusion that you have guests coming and going.
  • When you still have a newspaper delivered to your house ask the newspaper delivery to be halted during the time your are gone. When this is not possible ask a friend or family to drive by the house to pick up the paper. First obvious sign of a house being vacant is a pile of newspapers in the drive.
  • Consider asking your neighbor if they could put your trashcans on the curb at trash day and move them later in the evening back to the house.
  • Keep your curtains, blinds, and shutters closed so no one can peek into the house to see if you are home.

There are many more ideas you can do to lessen the possibility of being broken into while on vacation. Consider calling your insurance agent, I bet they have tons of ideas for you.