Buying a Short Sale

Many times a buyer can obtain a great deal on a short sale.  There are pro’s and cons to buying a short sale, as there is to everything in life.

If the listing agent has been working with the sellers and the mortgage company chances are they already have an approval to participate from the sellers lender, or they are close.  Even with an approval to participate, which is a notice from the sellers lender, agreeing to accept less than what is owed on the property, there is sometimes a wait while the lender reviews and processes the offer.  Patience is most certainly required when working with short sales. 

If as a buyer you have a certain time frame to be out of your current home, a short sale may not be a viable option for you.  However if you do not have time constraints, a short sale may be a perfect buy for you.

Most times short sales are sold as is.  The seller typically does not have the money for repairs, assisting with buyers closing costs etc.  When I work with a buyer looking at short sales, I advise they speak with their lender about obtaining a 203K Rehab loan.  This type of loan will allow for certain repair costs to be included in the loan. 

Once approval has been received from the short sale lender to work with the offer the buyer has submitted, it is imperative to move quickly.  Once the short sale lender gives their stamp of approval, they allow 30 days from the day they approve to the day the property closes.  Some times the short sale lender will approve an extension, but not normally more than 15 days, allowing a maximum total of 45 days to close the transaction.

You will want to make sure your lender is going to be able to process the transaction in the time frame allotted by the short sale lender.  And this is a question you should find the answer to prior to submitting an offer.  If they can’t give you an answer, shop around for lenders, but do it before you submit the offer. 

Also, make sure the Realtor you use is a full time Realtor.  Especially in a short sale transaction.  While the banks may take forever and a day to respond to an offer, they only give a limited amount of time when they need something from the buyer, buyers agent, seller or seller’s agent.  You want someone who is able to get the job done, in the time frame given, so that you don’t end up losing the deal of the century on the house of your dreams!

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This Is My Job- This Is What I Do Fulltime…

I am a Realtor, and take pride in the fact that I help people find their dream home, or sell a home to close a chapter in their life.

It is important to me to do everything in my power to make sure we successfully get to closing.  This is why I am a Fulltime Realtor.  There are going to be times that it is necessary that a Realtor stop what they are doing mid stream to address an issue with an upcoming closing, because it is time sensitive.  Many times if a Realtor is working a Fulltime job and selling real estate part-time, these things can fall through the cracks and ultimately lead to a transaction falling apart. 

Buying or Selling a home is a large transaction, and to make sure that you are protected as a buyer or seller it is important that you have a full time agent who is able to address anything that may come up in a timely manner as opposed to an agent who can only take care of the issue once they finish their work day at their full time job.  If the Realtor isn’t able to take or make calls, or respond to emails due to other obligations, a buyer or seller could potentially lose out on a transaction that was a sure thing.

If you have questions or are looking for a realtor, feel free to contact me at 317-807-1568 or dawnwhalen@remax.net

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Change the Course

Shifting economic winds have left millions of Americans feeling financially stranded and not knowing where to turn. 

For homeowners who have lost their jobs, spent through their savings and now find themselves with a mortgage payment they can no longer afford on a home that's worth less in today's market than the amount they owe their bank, there are no easy answers.

Helping clients to figure out their best course of action within a market that's nothing like any of us have ever dealt with before requires an entirely new level of expertise and training. That's why I've sought out the Certified Distressed Property Expert (CDPE) designation—the most recognized and respected training on distressed properties in the real estate industry.

Most importantly, I am tapped into a network that holds its members to the highest standards of ethics and expertise.

I invite you to visit my website and contact me if you know someone you know who I could help. And please feel free to refer my contact information to others within your sphere.

2012 Hot Kitchen Remodeling Tips

• Hot Trends for Kitchen Remodeling in 2012

  Mulling a kitchen remodel but want to keep costs low? You’re au courant with today’s trends that emphasize options and high-tech wizardry at affordable prices. Read

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

Technorati Tags: kitchen remodeling,indianapolis real estate,beech grove real estate,dawn whalen realtor,home buying and selling

The Value of Home Maintenance

• 

  The Value of Home Maintenance

  Regular home maintenance is key to preserving the value of your house and property. Read

Visit houselogic.com for more articles like this.

Copyright 2012 NATIONAL ASSOCIATION OF REALTORS®

Technorati Tags: dawn whalen realtor,indianapolis real estate,beech grove real estate,home maintenance tips

Tips for Selling Your Home!

 

• Curb Appeal!! This is the first glimpse your prospective buyers get of your home when they arrive. See if your home is inviting, if it could be spruced up with some shubbery and annuals— DO IT!

• Exterior Paint Helps. At the least update the trim or paint just the front of your home. Make sure the doors open easily and the windows sparkle.

• Heavy-Duty Cleaning. You want your home to be spotless. If you can, hire profes­sional cleaning people so you can clean out cupboards and closets. Eliminate any sign of clutter.

• Keep Furniture to a Livable Minimum, this automatically makes the rooms look larger. Pack away any valuables or bric-a-brac you can live without.

• Interior Painting is the fastest and cheap­est way to freshen up a room. Choose neutral colors even if you would not pick them for your­self. This helps prospective buyers get a better idea of how their furniture will look or what they would like to change. Don’t waste time on Wallpaper! This is the first thing people change.

• New Vinyl Floors is fast and easy. Keep the colors neutral also.

• New Shower Curtains for every bath are a must. Buy a set of matching towels just for show– it will make all the difference.

• Have Something Wonderful Baking in the oven when you have a prospective buyer coming to look at your home. Be sure not to burn anything!

• Keep All the Lights On, even in the daytime. They make everything look nicer. If you have a fireplace, and the season is right, light a couple of logs.

• Have Your Home Picked Up as much as you can and looking nice. You may have last minute showings of your home, it pays to be prepared.

• Display Your Information Packet in the living room or kitchen for your potential buyers to take. Your agent will put together an informa­tion packet which usually includes a color photo of your home and a description of its attributes.

• Pricing. If your home is not selling, 95% of the time it is because of the price. Even in a bad market, you can sell your home if you are willing to go low enough.

• Keep Your Chin Up. There will be cancel­lations or even worse people just won’t show up! Don’t feel bad it’s just part of the game. Someone is going to want the house just as much as you did when you bought it yourself.

• Experienced Agents will try to screen people who are not really serious about home buying. Because of ready access to multiple listing service, they can turn up more people to look at your home. An experienced agent with a successful organization behind them, like RE/MAX Select.

Dawn Whalen, Realtor/GRI

RE/MAX Select

www.dawnwhalen.com

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Owning Vs Renting

 

Owning gives you a feeling of success!

You begin to enjoy your new home or condominium from the first day you move in. Most investments require a period of time to elapse before any enjoyment is derived— not so when you invest in a home.

When you landscape, add a patio or paint— you not only have the use and enjoyment of these additions, you also increase the value of your investment.

If you’re renting, I’d like to talk with you about the homes on the market today that fit your financial position. There’s no obligation to you. Give me call anytime.

Owning gives you lots of freedom!

You can play your stereo as loud as you want… paint the walls any color you wish… and do the laundry any time!!!

How much “home” can you afford?

Generally, lenders figure that the homebuyer shouldn’t pay more than 28% of their gross monthly income for their mortgage payment— including principal, interest, taxes and insurance (PITI); or 36% when they combine all monthly debts together with the PITI payments.

The easiest way to make a quick estimate of the mortgage amount you may qualify for is to apply these two basic formulas to your situation. Using a combined family income of $24,900 divide by 12 to find the gross monthly income (before taxes) is $2,075. This family could prob­ably qualify for a monthly PITI payment of $581 using the 28% formula; or $747 using the 36% formula for deter­mining the total monthly debt structure.

Keep in mind that the monthly payment will vary accord­ing to the amount, interest rate and length of time of the mortgage.

Get tax breaks, too!

It’s a fact. Uncle Sam actually helps you become a homeowner by allowing tax deductions. The majority of the mortgage payment is the interest paid and homeowners deduct the interest paid before determining what their taxable income is. Real estate taxes are also deductible. This means that the “net” cost of homeowner­ship is much less than it initially appears.

As your real estate professional I will be able to show you any home that is available—regardless of who has the property listed!

I can save you endless hours of frustration by acting as a clearing house for all the available properties in the area(s) you’re interested in.

I will be more than happy to accompany you to any open house, new construction or available listing at a time that’s convenient to you!

There is no cost to you, when you select me to act as your real estate representative. I’m eager to work with you and explore the possibilities of finding a home or condominium that fits your present financial position.

Contact me at dawn_whalen@sbcglobal.net or www.dawnwhalen.com,

or 317-807-1568

 

Technorati Tags: renting vs buying,homeownership,indianapolis real estate,beech grove real estate,first time home buyer,buying your dream home,buying and selling a home

10 Fire Safety Tips

Regardless of where you live, the fires are a dramatic reminder of how quickly a small fire can become a raging, destructive inferno. With that in mind, perhaps now would be a good time to review some at-home safety tips offered by fire safety experts:

1. Put at least one smoke detector on each floor of your home, including the basement and attic areas.

2. Test all of your smoke detectors at least twice a year, and replace the batteries yearly.

3. Most smoke detectors should be mounted in the center of a room, at least 6 inches away from the wall.

4. If cooking on the stove, never leave it unattended

5. Keep stove burners, ovens and broilers clean and grease-free.

6. Keep flammable liquids out of the kitchen and away from any heating equipment.

7. Check your home’s heating system. Also check standing heaters for frayed wiring.

8. Go through your home checking for frayed wiring on all electrical equipment such as lamps, irons, etc.

9. Create a written escape plan which should include a place to meet outside when the smoke alarm goes off.

10. Review your plan with everyone in the home and have them practice a fire drill by crawling to various exits and gathering outside at the planned meeting place.

 

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