Tag Archives: Inspiration

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Settles Report

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For this report we looked at the active, pending (in escrow), and sold stats for Marion, Johnson, and Hamilton Counties for the week of June 30th to July the 6th.

stats_1Marion County was the county having the most properties offered for sale during that week. There were 389 properties listed with an average list price of $129,680. Washington and Lawrence Townships were the leading townships with 62 new listings each. The average list prices for Washington and Lawrence Townships were $218,531 and $213,983 respectively. During that same week, the entire county had 189 properties having an accepted offer (pending sale, in escrow) with an average 67 days of time on the market. 335 other listings closed that week.

Hamilton County had 176 homes entering the market that week. The average list price for Hamilton County was $299,368. Clay Township had the most properties offered for sale through the local BLC. The average list price for Clay Township that week is $322,314. Clay Township led the county with 44 new listings. Noblesville followed with 41 new listings. The average list price for Noblesville was $289,037. During this time Hamilton County had accepted offers on 100 properties (pending sale, in escrow) with an average marketing time of 66 days. 194 made it to the closing table.

Johnson County had 67 new properties entering the market through the local Central Indiana BLC. The average list price during this time was $231,843. Pleasant Township had the most new listings with 25 and White River Township is following with 22 new listings. Pleasant townships average list price that week was $124,680 and White River Township was $263,185. Johnson County had 38 accepted offers (pending sale, in escrow) after 105 days of marketing. 58 properties closed during that week.

For more detailed information on sales within your area contact the Settle Team for more information.

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Demystifying what a Real Estate Agent does in a real estate transaction

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ā€œWhat does a real estate agent doā€ is a frequent question that is being asked. Let me see if I can demystify what a Real Estate Agent does during a transaction.

Many of the things a Real Estate Agent does are many times done outside of the public eye. What the public sees mostly is the interacting directly with our buyer or seller clients.

Depending on in what state you are buying or selling your real estate, you may have different types of real estate agents involved in the transaction. Each one of them may have different obligations they need to fulfill during a transaction that is either governed by local, State, or Federal laws/rules.

None of them are allowed to disclose the following information to either party, whether it is to a buyer or seller, unless agreed to in writing by both parties.

a)Ā Ā Ā Ā Ā  Any material or confidential information (except adverse material facts or risks actually known by Licensee concerning the physical condition of the Property, and facts required by statue, rule, or other requiring entity).
b)Ā Ā Ā Ā Ā  That a Buyer will pay more than the offered purchase price for the Property.
c)Ā Ā Ā Ā Ā  That a Seller will accept less than the listed price for the Property.
d)Ā Ā Ā Ā Ā  Other terms that would create a contractual advantage for one party over another party.
e)Ā Ā Ā Ā Ā  What motivates a party to buy or sell the Property?

Most commonly, everybody knows the Buyer or Sellers Agent. That could be either a Broker or a Salesperson (some states). More and more, there are now also Transactional Agents that formerly where dual or limited agents. A Transactional agent does not represent a buyer or a seller. They are a neutral go between for both parties to help them complete a transaction.

A buyerā€™s agent is ONLY representing a buyer and not a seller at the same time! A buyer and seller are represented by the same Agent during the same transaction is commonly called a dual/limited agency and it is not legal in all states. In many cases the dual/limited agent has been replaced with a transactional agent and it has to be understood and agreed to in writing by all parties.

Feel free to contact us and ask for the Agency relationship brochure that explains the difference between a Buyers, Sellers and Dual/Limited Agents.

Due to the different in the governing bodies that govern what a Real Estate Broker/Agent is allowed to do, you need to check with your State directly. There are basic functions a broker does that is pretty much within reason the same in every state.

  • Comparative Market Analysis (CMA)Ā ā€” an estimate of the home’s value compared with other properties located within the same neighborhood or within a certain distance of the subject property. (competition for the subject property)
  • Total Market OverviewĀ ā€” an objective method for determining a home’s value, where a CMA is subjective.
  • MARKETINGĀ ā€” Marketing the real property to prospective buyers.
  • Facilitating a PurchaseĀ ā€” guiding a buyer through the process.
  • Facilitating a SaleĀ ā€” guiding a seller through selling process.
  • FSBO document preparationĀ ā€” preparing necessary paperwork for “For Sale By Owner” sellers.
  • Real estate appraisalĀ ā€” in most states. Other states a broker has to be licensed as an appraiser.
  • Home Selling KitsĀ ā€” guides to how to market and sell a property.
  • Real Estate consulting – based on the client’s needs.
  • Leasing for a fee or percentage of the gross lease value.
  • Property Management ā€“ In some states the broker has to hold a Property Management certification.
  • Exchanging property.
  • Auctioning property ā€“ unless the state requires an auctioneer license.
  • Preparing contracts and leases. (not in all states)

When you have any questions about this or any other Real estate related topics, feel free to contact the Settles Team. We are never too busy to help you with any of your real estate related needs.

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FHA flipping rule waiver still in affect

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I am finding a lot of confusion and different interpretations when it comes to flipping homes using HUD/FHA loans. The last time I heard and read on the Federal Registrar website, was that HUD still has a waiver in place until the end of December 2014 that is applicable to all single family properties being resold after the 90-day holding period after acquisition.

There are some stipulations that are still in place even with the flipping rule waiver.

  • The property was openly marketed and was available for any type of buyer.
  • The property was not repeatedly flipped over the last 12 months
  • The transition needs to be an arms-lengths transition.

When a property is marketed for more than 20% of the current sellers purchase price there will be additional stipulations before the property can close with an FHA loan.

  • Property will need a second appraisal and the buyer is not allowed to pay for the additional appraisal. It has to be paid for by the investor.
  • Investor has to justify and prove the value of the increase in pricing by the additional appraisal and supporting documents.
  • An FHA approved inspector has to inspect the property and any needed repairs or updates need to be completed prior to closing by the investor and those repairs have to satisfy the FHA inspector.

From what I can see on my end, you still can flip a property within the 90 day period and have a FHA buyer. Just when the property is priced 20% above your original purchase price you have to jump though some extra hoops to get the property approved for the FHA.

Attached is the FHA flipping waiver ruling for your review.

When you have any questions about this or any additional Real Estate questions, feel free to contact the Settles Team.

 

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Are you in the market for a Retirement home?

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Here are 5 key factors you should take in to account when looking for a home.

1-Ā Ā Ā Ā Ā  When you are planning a relocation to a community outside the State you are living in consider vacationing in the area during both the busy season and off-season. Many communities have different ā€˜feels’ to them depending on the time of year. Some people make the mistake of buying a home in a town that they have only visited on vacations once or during the peak summer period.

2-
DSC_0002 During your vacation stay find out where medical care is located. According to AARP, more than 60% of Americans ages 50-64 have at least one of six chronic conditions such as hypertension, high cholesterol, arthritis, diabetes, heart disease and cancer. Once seniors reach the age of 65, more than 80% are affected by one of these chronic diseases. Close proximity to hospitals, doctors, and medical facilities should be considered when retiring.

3-
Think about gas prices and other conveniences. Your new home may be located far from family and friends and there may be no public transportation. You may end up spending a lot of money on gas and tolls. Twenty percent of people over 65 do not have a driver’s license. Many who do drive prefer not to drive at night or in inclement weather. Cost of living and the closeness of conveniences should be factored in as well.

4-
Determine how much living space you are comfortable with. Not having a family at home, your space needs will diminish. When looking at homes pay very close attention to how wide the door frames are. Does the home have stairs and if so how many? Do I need a basement and if so how will I get into the basement? Consider a garage attached or detached and whether they have stairs in the garage and attics when looking for a home. Also look for handrails or the possibility to put up handrails in areas like the bathroom or shower. The average size of a home for people over the age of 55 is 1,800 square feet.

5-
Look into social aspects of the area. If you like people, dining out, and shows, you may not want to opt for a remote location. Think about the activities you enjoy both during the day and at night. Many active-adult communities offer entertainment, bus trips to tourist attractions, and on-site shows and programs.

For help to find your perfect retirement home or any other real estate question contact the Settles Team!

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

When shopping for Home insurance, know what is in your policy.

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Before I continue with this information let me give you a disclaimer; I am not an insurance agent or an attorney. For legal advice or any advice regarding this topic contact your insurance agent or legal counsel.

shoppingIn one of my blogs I discussed how to keep your home insurance low, but have you ever thought about what should be listed in your policy?

I get it. Some of the polices are written with such fine print that it would take a microscope to read it. How many layman really understand the legal mumbo jumbo contained in their insurance policy. A great Insurance agent can help you navigate the legal wrangling of your insurance contract.

Some things you should look for when you compare insurance policies.

Flood insurance: Many insurance policies do not cover floods of any kind. Even when you are not in a flood zone you might consider adding flood insurance to your policy. Floods not only happen naturally but also could be side effect of developments or construction in the general area.

Does your policy cover to ā€œbringing your property up to codeā€ in case of damage? Why is that important?

If your home was built 10 to 15 years ago it is possible that it may not meet current local code requirements. During the last 10 to 15 years many zoning ordinances and building codes have changed. To bring a home back up to zoning ordinances and building code standards could be a very expensive out of pocket expense when it is not covered by insurance. Typically, during the rebuilding process, buildings must be rebuilt to the new codes.

Man's Hands Signing DocumentAnother thing to look for in your policy is liability coverage that covers not only accidents, but also assault and battery. Regardless of how much we like our neighbors, friends, and family, when we invite them over to our home they may bring with them their personal life we might not know about. If they decide to duke out their disagreement on your front lawn you could be liable for damages or injuries they sustain. You need to make sure you are covered.

I would like to add another thought. Just because you paid off your mortgage does not mean you should drop your insurance coverage. What you should do is send a ā€œpaid in full letterā€ from your mortgage company to your insurance company so they can take your mortgage company off the policy. In some cases they will reduce your payment as long as you are personally occupying the house.

For more information on insurance related items contact your insurance agent or when you are looking to lower your rate contact one of the agents listed on our resource page. For any Real Estate related questions or concerns contact the Settles Team. We are never too busy to answer any of your questions or address any of your concerns.

commitment, Communication, education, Inspiration, organizing, planning, selling, Short sale, Team work, tips

Easy ā€œno costā€ seller ideas to use to sell your home when you are in trouble.

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When you are faced with being forced to sell your home and you do not have the money to invest in repairing it, you may then have to sell it ā€œAS-ISā€.

Here are several things you can do to give your home the best chance to sell quickly even if it needs repairs.

Think of what you can do and not what you canā€™t doā€¦ā€¦

None of these ideas cost you money and it is possible they may make you some money! (OK one maybe will but only if you have no other option)

In the sellers disclosure identify what needs to be repaired. Better to disclose than to hope the buyer will not see the areas that need attention.

  1. Start clearing out and start selling items you do not need. Look in every nook and cranny.
  2. Remove all your personal pictures and notes from the walls, desks, tables and refrigerators. Buyers are not interested who is in the house they want to know about the house.
  3. Vacuum the carpets all over the house, under the bed, under the couch, and the chairs.
  4. Deep clean all of the bathrooms, and the Kitchen. Do not forget behind the stove and under the refrigerator. People will pull the shower curtain to see how clean the shower is.
  5. Take a damp sponge and clean off all the finger smudges of the walls by the light switches and other places you can find. Donā€™t scrub hard be very gentle.
  6. Clean out overstuffed closets. Put the excess in to storage or sell it.
  7. Organize your kitchen. Get rid of the junk drawer (we all have one).
  8. Clean off the kitchen counter top. If you keep it cluttered, you are telling the buyer that you do not have enough storage room for your items.
  9. Clean out the garage. If you have to sell some of the stuff you have then do so!! Otherwise put it into storage. Do not use the garage as storage unless you are planning on telling the buyers that the house is too small and does not have enough storage.
  10. Clean up the yard!!!
  11. Mow the yard and keep it trimmed!!!
  12. Ask friends or family members if they have some plants you could plant in your yard when you have none.
  13. Clean your windows and open the curtains to let light in!!!

All these ideas, except for putting some of your items into storage, will cost you no extra money you would not be spending anyway. What you will be spending mostly is your effort to get it done.

The faster you can sell your home, the faster you can get back on track, and the faster you might be able to get in to a new home. The longer it takes, the larger the shortfall will be. In this case time is money!!!!

commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Lessons I have learned from my Dog Stella

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StellaNever give up

Even so Stella is still not getting along with the cat Heidi who is giving her little smacks on her nose. Stella still keeps on trying to lay right next to Heidi to make friends.

Forgiveness

As a small dog, Stella will get stepped on when you are in crowed areas. Even after she getā€™s hurt she will stay right on your side and march right on even when she is in pain.

Remorse

When Stella getā€™s in trouble and she has been corrected, she will move right in with her sloppy kisses and wants to cuddle, to just say ā€œI am sorryā€.

True love and friendship

It doesnā€™t matter who you are or what your day has been like, Stella does not care about that when you walk in the door. She will be there wagging her tail and is ready to greet you with her positive doggy energy.

Always ready to try something new

My family consists of motorcycle riders during the weekends. When we adopted Stella she had to come with us. She was unsure at first because she did not like the sound of the bikes. As her trust in us prevailed she jumped in to her carrier and now she even takes a nap while riding on the bike.

When you are ready to spread your real estate wings contact the Settles Team

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

Several Steps to help to get you out of debt.

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stock investmentIt is a very overwhelming feeling when you realize that you owe all this money! I have listed several steps to help you dig yourself out of debt. It is a start and you need to make the effort to begin.

ā€œThe mint makes it first, it is up to you to make it last. ā€œ
Evan Esar (1899 – 1995)

Here are the steps to help you start digging yourself out of debt and achieve other dreams you may have.

At first you need to gain control over your spending.

  • Start today. There is not better day than today to get started.
  • List your obligations.In order for you to know what you rally owe you need to make a list of your expenses. List everything you pay! Do not leave out anything.
  • Begin tracking your expenditures. By keeping a close eye on your purchases, you can determine which are needs and which are wants. You can then formulate an action plan to reduce any unnecessary expenditures. This will free up money to pay down your debt.
  • Set spending priorities. Make sure you spend to serve your life goals instead of just paying off expenses as they occur. Set aside money first for debt repayment and then budget for things such as saving for college or retirement. Do this before spending on discretionary items.
  • Leave your credit cards at home. Surveys done by Consolidated Credit Counseling Services indicate consumers are likely to spend more using a credit card than when paying in cash. Also, closing credit card accounts can help you resist the desire to overspend by restricting your credit limit.
  • Pay more than the minimum payment on your loans.
  • Try to negotiate a better deal with your lenders. If youā€™re feeling overwhelmed, donā€™t be afraid to ask your lenders if they are willing to lower their interest rates or reduce your required monthly payments to help you get back on track. They are more willing to work with you rather than having you file for bankruptcy

This information is not to be considered financial or legal advice. This information comes out of personal experience and I am not a financial adviser, CPA or attorney. For additional information on how to deal with your personal debt please consult your personal financial adviser, CPA or attorney.

For any real estate information and consultation feel free to contact the Settles Team.

commitment, Communication, education, Inspiration, planning, Team work, tips

CENTRAL INDIANA IS NOT A BAD PLACE TO BE

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

canalĀ  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.

buying, commitment, Communication, education, Inspiration, organizing, planning, Team work, tips

CREDIT CARD INFORMATION, ACCOUNT BALANCES, LOAN DETAILS AND MOREā€¦PROPOSED NEW DATABASE TO COLLECT THIS INFORMATION BY YOUR NAME

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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 whoā€™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