Type of Buyers being prioritized for Indianapolis HUD homes
Basically, Indianapolis HUD homes are being sold first to buyers who intend to live in the house, and not to those who merely wanted to buy the house for investment purposes. Then again, if you are an investor and really wanted to have a HUD house, you need to hang around until the so called “priority period” for owner-occupant buyers end. It usually varies in the state where the home is being sold. In most cities of Indiana, priority is usually given to buyers who are acquiring homes for the first time.
Difference between a conventional house from a HUD house
A major difference of a conventional house against a HUD home, is the fact that you will have to recruit the services of a HUD certified real estate broker to transact HUD dealings. HUD homes are accessed by HUD agents only and they are the only ones who can present your offer or bid to HUD. The offer is then submitted electronically to the HUD system after paperworks have been made.
HUD Foreclosures
When talking about HUD foreclosures which Indianapolis also offers, the process of selling HUD homes are quite different as well. It commences with the Offer period, from which bids are received from your agent. The owner-occupants will have to bid on the houses being sold during the first ten days the listing is active. In case after the ten day period, and no bid is accepted, the investors can ultimately bid for the chosen property. Generally, HUD accepts the highest bid or the bid that is near to the highest net. And in the event that the HUD home remains unsold after the initial period, then bids are opened again.
REMAX of Indianapolis specializes in helping homeowners purchase Indianapolis HUD homes throughout Central Indiana.
Please join us for a FREE lunch and learn presneted by Dennis Nottingham RE/MAX Advanced Realty and Angie Turley PrimeLending. Learn how to submit offers, fill out contracts correctly and how the new buyer select process works. Register by clicking this link: REGISTER HERE
A lot of homeowners are searching for home loans that is affordable, whether for the purpose of buying a new one or making improvements in it. That is why the FHA 203k financing was established by the Department of Housing and Urban Development or HUD. The main objective of this program is to help the borrowers in financing for their housing needs, providing favorable loan terms, a much higher loan limit, and lower down payment options for those buyers who are qualified to avail. FHA 203K can also be used to buy foreclosures as well as short sales.
If you are interested to buy an Indianapolis real estate and wanted to avail the FHA 203K program, there are certain things you need to be aware of. The main purpose of the 203K program in Indianapolis is that, it is specifically intended to provide loans on obsolete, distraught, badly maintained or uninhabitable properties that may not be qualified in a conventional home loan for rehabilitation or renovation purposes.
The first thing you need is an expert 203K loan agent and lender to make a successful rehabilitation project. After you have set eyes on a particular property, the ones involved in the process would be Department of Housing and Urban Development, a 203k consultant, your real estate agent, your mortgage lender or lending institution, a contractor and appraiser.
Your agent can help in determining the estimated value of the property by way of a market analysis. This would include the extent of the rehabilitation needed, you may need the help of a 203K consultant to have an accurate estimation. A contractor will be able to assist in making a rough estimate of the work to be done and the agent can determine the expected market value of said property by the time it gets completed.
A provision in the contract should state that the buyer has applied for FHA 203K financing wherein it says that said contract is contingent on approval of the loan and the acceptance of the buyer’s additional mandatory improvements as set on by HUD, the appraiser or the rehabilitation lender.
After the contractor’s bid and the appraisal have been agreed and accepted, the lender will prepare and issue a Statement of Appraised Value and a Conditional Commitment to ascertain the maximum mortgage amount for the specified property. He will likewise issue the Rehab Loan Agreement along with other documents needed for the mortgage closing. Said agreement will be executed by the borrower and the lender with the condition of releasing the funds via the Rehab Escrow Account. Construction starts after the proceeds are disbursed and work is not allowed to stop at any given time for more than one month or 30 days. Dependent on the type of loan and extent of work, the buyer has until six months to finish the rehab project.
Agents are you tired of scrambling for real estate leads? Are you tired of paying those big companies money for just a few leads a month? Our agents are averaging 30-40 leads a month! Our agents keep up to 90% of thier commissions and pay as little as 99.00 a month! Contact Dennis Nottingham for a confidential meeting. Call 317-298-0961 Ext. 101
Indyhomepros.com makes searching for local Indianapolis area foreclosures easy. Start your search by choosing which area you are interested in. Our foreclosure search website is free and easy to navigate. Create a custom search by registering and clicking the "search listings" tab located on the left side of our homepage. You can customize your search to include or not include foreclosures. You can also browse HUD listings by clicking the "HUD homes" tab on the left side of the homepage. Many of our homes can be purchased for as little as 100.00 down. We have many financing options including a 203K FHA mortgage that allows for home buyers to roll the cost of reparis or upgrades into your mortgage payment. Call Indiana's #1 foreclosed home experts at 317-500-4111.
These days, homebuyers are tempted to think that open houses are no longer a necessary part of the home selling process. In today's world of 3-D video tours and listings that include every type of information you could possibly want on a home, you might feel like actually seeing the place doesn't really matter that much to potential buyers. This, however, could not be further from the truth. Homes are the biggest purchase that most people make in their entire life. When choosing the place you're going to make your home with your spouse or family, buying sight-unseen happens extremely rarely. Most people want to walk through Indianapolis homes for sale and get a sense of the character of the space as well as how it will feel once they are living in it. Open houses are an excellent opportunity to let potential buyers see the aspects of your home that can't be put into words. You should plan to have as many open houses as it takes to find the right buyer who will pay as much or maybe even more than you're asking for.
Due to the fact that open houses are so important to the financial success of your home sale, you want to find a realtor who can really help you make the most of each of your open house opportunities. Make sure that your realtor has great experience talking to potential buyers and showing them the aspects of your home that really make it stand out. It's also important to make sure that your realtor is advertising your open house on all the appropriate websites. Most people begin their housing search online, so it's essential that accurate and up-to-date information about your home sale is available wherever potential Indianapolis real estate searchers are looking.
During your open house, you'll want to make sure that any pets are out of the home, that the house is tidy, warm, and inviting. You'll also want to make sure your neighbors are aware of your impending home sale. Particularly if you have neighbors who are frequently working in their yards or coming and going from their homes, it's a good idea to talk to these neighbors and let them know that you're selling your house so that if any potential buyers asked them questions about the home or the neighborhood, your neighbors will be ready to respond positively.
If you find yourself in a situation where a move might be a good thing for your family, you're probably wondering whether now is the right time to sell your home. It may be that you have a new job that you'd like to move closer to, or you've had another child and your current home simply isn't big enough. Whatever your reason for moving, you can rest assured that the current Indianapolis real estate market is on the mend and now is actually a great time to consider selling your home. Every indicator is pointing toward growth and prosperity in the Indianapolis housing market. According to real estate website Trulia.com, the median sales price of Indianapolis homes between April 13 and June 13 was $124,864. That price point represents a 37.6% increase compared to the previous quarter and a 64.3% increase compared to the previous year. Imagine if your stocks went up that much in a single year! It seems likely that home prices will continue to go up over the next few years, but you never quite know what's going to happen with the housing market, so if you're thinking about selling now, you can feel confident that you're making a wise decision.
Across the nation, people are receiving multiple offers on homes and are frequently selling for their asking price or even a little bit more. With the right realtor on your team, you can assess the current value of your home and have a good chance of selling for that value within a matter of months or even weeks. Some people are even selling their home the same day that it goes on the market. If you're in a rush to sell, speak with an experienced agent at RE/MAX Advanced Realty to determine the best way to go about listing your home so that it will sell quickly but also at a fair price. Some of the most popular neighborhoods in Indianapolis right now are Irvington, Pine Ridge Estates, Fountain Square, Old Northside, Devington, and Fletcher Place. If you live in one of these areas, your house could sell quite fast. However, no matter where you live in Indianapolis, now is a great time to consider putting your house up for sale if you’re ready to move on. To discuss the possibility of listing your house on the market, take the time to call 317.298.0961 so you have the chance to speak with an experienced real estate agent from the RE/MAX Advanced Realty team. The team is always willing to provide sellers with information about current market conditions in the state of Indiana and to address any questions sellers may have before listing their properties.
Learn How to Sell HomePath and HUD Properties! Free training and lunch presented by RE/MAX Advanced Realty and PrimeLending.
Learn the IN’s and OUT’s of:
www.homepath.com & www.hudhomestore.com
• How to submit offers correctly
• What types of financing to use
• Homepath, FHA, & FHA203K financing
When: 01/07/2014 at 11:30 a.m to 2:00 p.m.
Where: Waterfront Conference Center 2629 Waterfront Parkway E. Dr. #175 Indianapolis IN 46214
RSVP: dennis@indianapolisrealestate.com
Congratulations to Mike Perron of RE/MAX Advanced Realty Team on 3 new listings in last 7 days! Mike Perron has been actively listing and selling homes in the Indianapolis Real Estate market. To purchase or sell a home Call Mike today at 317-294-4295. View Mike's Listings
The Indianapolis Real Estate Market is hot! Our office closed 78 homes in March totaling over 5,100,000 is gross volume! If you were thinking of selling your home the time is NOW! We have seen great numbers in January and February expect the numbers to rise. With interest rates at an all- time low there is no better time to purchase or sell a home. Call one of our Full-Time Realtors at 317-500-4111 or visit us on the web at www.indianapolisrealestate.com
Click here to view closed listings: Closed March 2013
Click here to view closed buyer side tranactions: Closed March 2013
8313 W. 10th St
Indianapolis IN 46234
dennis@indyhomepros.com
317-316-8224