tag:blogger.com,1999:blog-129246127423291792024-03-14T04:40:02.110-04:00Home Buyer UniversityReal Estate FAQ, Moving Tips, and Roger's Random thoughtsRoger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.comBlogger36125tag:blogger.com,1999:blog-12924612742329179.post-57612139619412708642013-01-09T13:19:00.000-05:002013-02-20T13:36:55.117-05:00Rent vs Buy?<div class="separator" style="clear: both; text-align: center;">
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Rent vs Buy? I like to refer to it as "Rent Until You Can Buy!" <br />
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When you rent you build wealth for the landlord. When you buy you build wealth for yourself! The majority of us must rent for awhile when we are first out on our own. The goal should be to start building wealth for yourself as soon as you possibly can.<br />
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There are many factors that play into the decision to rent vs buy. Some of them are:<br />
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<ul>
<li>How long you plan to live in the area</li>
<li>The current interest rates</li>
<li>Will there be future rent increases? (The answer is yes!)</li>
<li>Property taxes</li>
<li>Income tax savings</li>
<li>Potential appreciation</li>
<li>Selling costs</li>
</ul>
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One of the best financial calculators that I have found can be located by <a href="http://www.realtor.com/home-finance/financial-calculators/rent-vs-buy-calculator.aspx?source=web" target="_blank">CLICKING HERE</a>. This will be a great tool for helping you look at your situation.<br />
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Of course, a great REALTOR will also be of tremendous help! :-)<br />
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Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com4tag:blogger.com,1999:blog-12924612742329179.post-65343575460390271022012-11-28T13:02:00.000-05:002012-11-28T13:02:12.797-05:00Tip for cleaning white kitchen appliancesI have shared this tip many times over the years with buyers and sellers. I am always amazed by how well it works on getting those yellowed spots off white appliances!<br />
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Here is the link I found helpful: <a href="http://askville.amazon.com/clean-drips-fingerprints-white-kitchen-appliances-cupboards/AnswerViewer.do?requestId=155822">http://askville.amazon.com/clean-drips-fingerprints-white-kitchen-appliances-cupboards/AnswerViewer.do?requestId=155822</a><br />
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"Sometimes you just need to try something simple... like baking soda. Vinegar,
baking soda, and lemons all have natural cleaning powers that rival manufactured
cleaning solutions. They are easy and safe to use, and can often clean for much
less money than other cleaning products on the market.<br /><br />General Baking
Soda Tip: Make a solution of 1/4 cup of baking soda, 1/2 cup of vinegar, and 1
gallon of hot water. This mixture will clean of grease and grime as well as
deodorize.<br /><br />Baking Soda and Whitening: Mix a quarter cup of baking soda
with a few cups of warm water and wash down the outside of white appliances.
Allow it to stand for 15 minutes before rinsing clean and it will help remove
yellowing of the appliances and restore the whiteness."<br />
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Hope this helps!Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com110tag:blogger.com,1999:blog-12924612742329179.post-68535653153934726052012-10-01T13:02:00.000-04:002012-10-01T15:09:23.148-04:00What to Look For in a Pre-Approval<br />
Today the Metropolitan Indianapolis Board of REALTORS released a white paper on the pre-approval process. A must-read for any buyers obtaining a mortgage or sellers accepting an offer with financing contingencies.<br />
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Click here to view it: <a href="http://www.mibor.com/pdfs/What%20to%20Look%20For%20in%20a%20Pre-Approval.pdf" style="-webkit-composition-fill-color: rgba(175, 192, 227, 0.230469); -webkit-composition-frame-color: rgba(77, 128, 180, 0.230469); -webkit-tap-highlight-color: rgba(26, 26, 26, 0.292969);" target="_blank">What to Look For in a Pre-Approval</a><br />
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We are so very fortunate to have a lot of great lenders to work with in Indy! Let me know if you would like a recommendation.Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com2tag:blogger.com,1999:blog-12924612742329179.post-18433247460973644712012-09-30T12:37:00.000-04:002012-09-30T12:38:34.664-04:0024 Hours in Indy -- What Would You Suggest?Last night I had dinner with a friend in Cincinnati who mentioned that she and her husband will be taking a road trip to Indy this weekend. She asked what I would suggest as they will be staying downtown at the Conrad, want to do a bit of shopping, are total Foodies (he likes hot & spicy, she is a vegetarian) and they prefer to sit at the bar and listen to great music.<br />
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My first suggestion: Check the events section at <a href="http://visitindy.com/indianapolis-events-all" target="_blank">VisitIndy.com</a> to see what is happening. This weekend is the Circle City Classic and a Colts game. This is great information to help them avoid the traffic and maximize their time experiencing our city and not sitting in traffic.<br />
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Start at Keystone at the Crossing with brunch at <a href="http://www.cafepatachou.com/" target="_blank">Cafe Patachou</a> before shopping at the <a href="http://www.simon.com/mall/?id=166" target="_blank">Fashion Mall</a>. And right now, make sure you use the entrance at River Road next to Maggiano's and not the main entrance to avoid all that construction traffic!<br />
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Shop until you drop, then enjoy the drive downtown. When you exit the Fashion Mall on 86th Street, turn right and go 2.4 miles to <a href="http://www.meridianstreet.com/" target="_blank">Meridian Street</a>. Turn left on Meridian and experience "One of America's Most Beautiful Streets." Along the way you will see <a href="http://www.secondchurch.org/" target="_blank">Second Presbyterian Church</a>, which received the world's attention during Ryan White's funeral and the Governor's Mansion at the NW corner of 46th and Meridian. Don't miss my favorite home at 4356 N. Meridian Street. (below)<br />
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<a href="http://meridianstreetfoundation.net/images/4356.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="179" src="http://meridianstreetfoundation.net/images/4356.jpg" width="320" /></a></div>
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After checking in and relaxing for a bit I would head out to enjoy Indy! Here is where I am torn on two different suggestions.</div>
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Option 1: Dinner at <a href="http://www.stelmos.com/home.html" target="_blank">St Elmo's</a> followed by drinks and live music at the <a href="http://www.slipperynoodle.com/" target="_blank">Slippery Noodle</a>. The challenge with this is that St Elmo's has a Sunday menu that is all but impossible for a vegetarian.</div>
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Option 2: Take a cab to <a href="http://www.fortyfiveindy.com/" target="_blank">45 Degrees</a> on <a href="http://www.discovermassave.com/" target="_blank">Mass Ave</a> for a pre-dinner drink. Then walk half a block to <a href="http://www.meshonmass.com/" target="_blank">Mesh</a> for dinner. (awesome patio with fireplace) Then perhaps an after dinner drink at <a href="http://www.tiniontheave.com/" target="_blank">Tini</a>. The challenge with this option is there is no live music in the <a href="http://www.rathskeller.com/" target="_blank">Biergarten at the Rathskeller</a> on Sunday night.</div>
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After sleeping in on Monday morning, I would take a walk over to the <a href="http://visitindy.com/indianapolis-canal-walk" target="_blank">canal</a> and have lunch outside at <a href="http://www.creationcafeandeuphoria.com/" target="_blank">Creation Cafe</a>.</div>
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What would you suggest for 24 hours in Indy?</div>
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Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com1tag:blogger.com,1999:blog-12924612742329179.post-19896059886827119172012-08-18T15:57:00.001-04:002012-08-18T15:58:15.067-04:00ERMAGERD GERN CERN!!As I was driving downtown between appointments today, I was amazed by all the visitors here for GenCon. One of the best people watching weekends of the year in Indy...combined with Indy Fringe, the MotoGP at the Speedway, and the last weekend of the Indiana State Fair. Nearly 150,000 visitors are in Indy this weekend!<br />
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This got me to wondering how many of the GenCon visitors have rooms in their homes just for gaming. Several of my last buyer clients have been looking for the right space for their "Nerd Den" as one called it. I was talking with one GenCon visitor from Portland who is building shelves in his office for his collection of miniatures.<br />
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I love the variety of people I have the pleasure to help find the "right home." And, yes! I have a Game Room of my own...it's my home office...all MONOPOLY!! Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com1tag:blogger.com,1999:blog-12924612742329179.post-84878695116287460742012-08-14T19:34:00.000-04:002012-08-18T16:35:09.848-04:00Closing CostsClosing costs. One of the most confusing elements of a real estate transaction because they vary depending on the type of payment (cash vs mortgage) and on any negotiations in your Purchase Agreement.<br />
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Often buyers will ask the seller to "pay their closing cost." That is too vague for me so when I write an offer I spell out exactly what the seller will be paying on the buyer's behalf. I also point out to the buyer that the seller is not really paying this...the buyer is financing it over the life of their mortgage. Example: If a property is listed at $100,000 and the seller would sell for $97,500, they will stick to the list price of $100,000 if they are paying $2,500 of the buyer's closing cost. Sometimes it works better to have the cost paid and less out of pocket expense at closing and sometimes it is better to have a lower mortgage balance. Your Lender will give you a detailed itemization of these costs and I will work closely with them to best determine how to craft a purchase agreement to your best advantage.<br />
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A buyer can ask the seller to pay these costs on a bank-owned home and if using FHA, VA, or conventional financing.<br />
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Let me know if you would like more information or a referral to a great lender that can help you determine your financing options!<br />
Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com5tag:blogger.com,1999:blog-12924612742329179.post-14244144731983430292011-10-25T13:24:00.000-04:002011-10-25T13:36:21.237-04:00Home Warranty CompaniesI am often asked for recommendations on home warranty companies. Below you will find a partial list of companies I have had buyers choose in the past.<br /><br />The first three listed below are affiliate members of MIBOR, The Metropolitan Indianapolis Board of REALTORS:<br /><br /><a href="http://homewarranty.firstam.com">First American Home Buyers Protection</a><br />Lori Shoemaker<br />317-294-1326<br /><br /><a href="http://hwahomewarranty.com">Home Warranty of America</a><br />Julie Bareford<br />317-319-6471<br />jbareford@hwahomewarranty.com<br /><br /><a href="http://www.onlinehsa.com">HSA Home Warranty</a><br />Angela Tevebaugh<br />317-459-4070<br /><br /><a href="http://www.2-10.com">2-10 Home Warranty</a><br />Katy Torgerson<br />317-679-1344<br />ktorgerson@2-10.com<br /><br /><a href="www.aphw.org">America's Preferred Home Warranty</a><br /><br /><a href="http://www.ahs.com">American Home Shield</a>Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com20tag:blogger.com,1999:blog-12924612742329179.post-78149982605397190932011-10-17T13:57:00.000-04:002011-10-25T14:03:54.536-04:00Home InspectorsBelow is a partial list of home inspectors that my buyers have used or that have been recommended by others.<br /><br /><a href="http://www.irongateinspection.com">Iron Gate Inspection Services</a><br />Christian Strnad<br />317-987-8525<br />cstrnad@irongateinspection.com<br /><br />BPG Inspection Service<br />800-285-3001<br /><br />US Inspect<br />Tim Tucker<br />888-874-6773<br /><br />Security Home Inspections<br />317-848-1744<br /><br />Chapman Property Inspections<br />Shawn Chapman<br />317-984-3072<br /><br />Homewerx Inc.<br />Ty Nuckols<br />317-8181-8989Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-24293625688171369492010-07-06T13:30:00.000-04:002012-09-30T11:12:33.351-04:00Post-Tax Credit Buying OpportunityWow... May and June sure were slow months for new sales! Of course it was to be expected after the rush of March and April with buyers wanting to qualify for the $8,000 tax credit. Did it really get 'new' buyers into the market? I think we just borrowed buyers from June, July, August...and perhaps a few from the Fall. If you were planning to buy and qualified, why not make the 8K grab?<br />
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Where is the opportunity now?<br />
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With fewer buyers in the market right now, the Sellers who were not successful during the tax rush may be more negotiable this Summer. A well-qualified, saavy buyer (with a great buyer's agent!) can find fantastic buys and may even end up with a bigger gain, saving more than the $8,000 off the price you pay on your new home.<br />
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And you won't have to pay it back to Uncle Sam if you decide to sell before 2013.Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-25782730296225587132009-10-16T15:23:00.000-04:002009-10-27T15:23:45.899-04:00This Month in Real Estate<object width="340" height="285"><param name="movie" value="http://www.youtube.com/v/-Oq3bdOA2J8&hl=en&fs=1&color1=0x3a3a3a&color2=0x999999&border=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/-Oq3bdOA2J8&hl=en&fs=1&color1=0x3a3a3a&color2=0x999999&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="340" height="285"></embed></object>Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-85913781647310085172009-09-16T15:29:00.000-04:002009-10-27T15:29:53.387-04:00This Month in Real Estate<object width="340" height="285"><param name="movie" value="http://www.youtube.com/v/0PSW4o03I9A&hl=en&fs=1&color1=0x3a3a3a&color2=0x999999&border=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/0PSW4o03I9A&hl=en&fs=1&color1=0x3a3a3a&color2=0x999999&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="340" height="285"></embed></object>Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-76526886259495169112009-08-27T22:14:00.000-04:002009-08-27T22:32:45.974-04:00Act fast! Homebuyer tax credit ends soon!NEW YORK (CNNMoney.com) -- Use any metaphor you want: the ticking clock, sands running through the hourglass or pages falling away from the calendar. The fact is, time is running out to claim the $8,000 first-time homebuyers tax credit. <a href="http://money.cnn.com/2009/08/27/real_estate/homebuyer_tax_credit_ending/index.htm?postversion=2009082715">CLICK HERE</a> to read the CNNmoney.com article!Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-10225729440329128652009-08-20T17:29:00.000-04:002009-08-27T17:32:22.726-04:00Indy is still a top pick!<a href="http://money.cnn.com/2009/08/19/real_estate/most_affordable_housing_markets/index.htm?postversion=2009081914">CLICK HERE</a> to read the list of "Most Affordable Cities" according to CNNmoney.com<br /><br /><em><strong>The older, industrial Midwest cities generally offer the best bargains. Indianapolis has led the NAHB's Housing Opportunity Index for 16 straight quarters. Nearly 95% of all homes sold there were affordable to those earning the area's median income of $68,100.</strong></em>Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-26726815146377189092009-08-16T15:31:00.000-04:002009-10-27T15:36:38.709-04:00This Month in Real EstateOnly FIVE months since the 1970's have been this good to buy a home! Plus a good explaination on paying down your mortgage and tips on raising your credit score.<br /><br /><object width="340" height="285"><param name="movie" value="http://www.youtube.com/v/6O-UFD5q-HI&hl=en&fs=1&color1=0x3a3a3a&color2=0x999999&border=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/6O-UFD5q-HI&hl=en&fs=1&color1=0x3a3a3a&color2=0x999999&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="340" height="285"></embed></object>Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-14952146413014273322009-08-04T18:13:00.000-04:002009-08-27T18:22:28.342-04:00Broad Ripple Bungalow<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjrEMdw0T26UUbG4HdOAfwazvZlKUz8LQy6OSu8qUZo27d004hqnVWDQ9jOUX9oU4-6mh7PvLkiJ9E7twF6lGJhS_D282De7khcNmJ4UbXRDxePDLVfHypfiKktsAym7VJHfr_snL6cg/s1600-h/Crittenden_Front.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgjrEMdw0T26UUbG4HdOAfwazvZlKUz8LQy6OSu8qUZo27d004hqnVWDQ9jOUX9oU4-6mh7PvLkiJ9E7twF6lGJhS_D282De7khcNmJ4UbXRDxePDLVfHypfiKktsAym7VJHfr_snL6cg/s200/Crittenden_Front.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5374772502740018002" /></a><br /><br /><a href="http://www.postlets.com/res/2637299">CLICK HERE</a> to see pictures of a great 2 bedroom, 1.5 bath bungalow with a Sunroom, fenced yard, and finished basement. All for $104,900!!Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com1tag:blogger.com,1999:blog-12924612742329179.post-59282044581599643882009-07-31T17:59:00.000-04:002009-08-27T18:04:43.433-04:00Do you have "Good Funds?"Effective tomorrow, July 1st, any funds brought to closing in the excess of $10,000 must be in the form of a wire. The Good Funds Bill, House Bill 1374, has been signed into effect by the Governor. The new law affects all title companies in Indiana and cannot be deviated from under any circumstance.<br /><br />When scheduling a closing, keep in mind that wire transfers are not immediate. A wire transfer requires time to be recognized by the receiving bank. While some wires post immediately, many can take 4 hours or even longer from the time sent until the time received by the intended party. Many banks have early afternoon cut offs for processing both outgoing and incoming wire transfers. This could result in some wire transfers not being completed until the following day.Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-25664888342195454202009-07-30T01:15:00.000-04:002009-08-27T15:22:42.496-04:00New Mortgage RequirementsI was in a meeting this morning with Kurt Francher of Bank of America Home Loans and learned a few new things:<br /><br />1. Any deposits over $500.00 have to be documented. If you sell anything or receive a gift and make a deposit over $500.00, make a copy of the check and file it away just in case you're asked. In fact, just make copies of all checks you deposit.<br /><br />2. Buyers must have 30 days on the job before closing. Previously a buyer only had to have one paystub to prove they were working. If you're starting a new job, you're a minimum of 30 days from closing.<br /><br />3. Relocating couples used to be able to count the "trailing spouse" income even if the spouse had not gotten a job yet. No more.<br /><br />If you have any questions about financing, let me know. Kurt Francher can be reached at 317-679-8832 or kurtis.francher@bankofamerica.com. Let him know I sent you!Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-64598128844656604102009-07-26T14:20:00.000-04:002009-07-27T15:17:21.819-04:00Why First Time Buyers May Only Have 10 Days Left To Buy A Home<strong>You may be thinking "Oh...I've got plenty of time cash in on the $8,000 Tax Credit!" but I challenge you to read on...</strong><br /><br />Some facts to consider:<br /><br />1. You must own the home on November 30th. That's a Monday. Banks aren't open and you can't close on Saturday or Sunday. The Friday before is an iffy time to close since it's right Thanksgiving. Realistically, you should plan to close no later than Wednesday the 25th...AT THE LATEST! And that's assuming you're not heading out of town for Thanksgiving. (WOW...am I really talking about Thanksgiving in July??) Read on.<br /><br />2. Many home loans are taking 45-60 days to close. In fact, it's kinda rare to have one close on time right now! A buyer really should have the home under contract no later than October 1st to be safe.<br /><br />3. September: This September has a chance to be a really crazy month in real estate! Think about it: "The Law of Supply & Demand." If a lot of buyers are looking at homes at the same time, there will be more competition for those homes and buyers will lose negotiating ability. Buy in August if you can at all to avoid paying more money the last minute rush! (Note to Sellers: Great time to list your home!)<br /><br />4. If you plan to be cautious and buy during the month of August and you <em>only have weekends</em> free to look at homes...guess what? Since this weekend is over, <strong>YOU HAVE ONLY 10 DAYS TO FIND A HOME!</strong><br /><br />Click on one of the real estate links on the right side of this blog to begin your home search or contact me today and find out why so many First Time Buyers have said, "Roger's my REALTOR!!"<br /><br />Don't get caught in a bidding war or lose the home you want! Buy in August!<br /><br />Roger Lundy<br />Keller Williams Realty<br />roger@rogerlundy.com<br />317-507-3900Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com1tag:blogger.com,1999:blog-12924612742329179.post-29225045139546120212009-07-23T20:02:00.000-04:002009-07-23T20:06:22.615-04:0010 Things To Buy Before The Economy ImprovesThe "Sale of the Century" may be nearly over....<br /><br /><a href="http://today.msnbc.msn.com/id/31433595/ns/today-today_technology_and_money/">CLICK HERE</a> to read what we need to be buying now!Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-49983289208532779722009-07-20T17:22:00.000-04:002009-07-26T13:46:34.848-04:00Hamilton County HonorsI just saw this in the MIBOR e-newsletter and wanted to pass it along:<br /><br />The list of Indiana cities and towns making national rankings keeps growing. According to Inside Indiana Business, several Indiana communities are receiving high rankings in this year's wide-ranging "Best Places to Live" lists published by Money Magazine, Fortune and CNN. Communities were singled out because they were the best places to live, most affordable, and have had the most job growth.<br /><br />Hamilton County is named as the eleventh best county in the country for job growth over the last eight years. The two Hamilton County communities featured in that article are Noblesville and Westfield. Among the overall Best Places to Live Top 100, Brownsburg in Hendricks County is 33rd, while the Lake County town of St. John is 48th. The Allen County community of New Haven is second when it comes to Affordable Homes. To read the full Inside Indiana Business article click <a href="http://www.insideindianabusiness.com/newsitem.asp?id=36610#middle" target="_blank">here</a>. For the CNNMoney.com Best Places to Livewebpage click <a href="http://money.cnn.com/magazines/moneymag/bplive/2009/" target="_blank">here</a>.Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-7546184532826687102009-07-20T14:02:00.000-04:002009-08-27T14:42:43.156-04:00This Month In Real Estate 2009 First Time Home Buyer Tax Credit Special EditionEach month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to provide real information on real estate.<br /><br /><object width="445" height="364"><param name="movie" value="http://www.youtube.com/v/j_-yXOLd1Xk&hl=en&fs=1&color1=0x5d1719&color2=0xcd311b&border=1"></param><param name="allowFullScreen" value="true"></param><param name="allowscriptaccess" value="always"></param><embed src="http://www.youtube.com/v/j_-yXOLd1Xk&hl=en&fs=1&color1=0x5d1719&color2=0xcd311b&border=1" type="application/x-shockwave-flash" allowscriptaccess="always" allowfullscreen="true" width="445" height="364"></embed></object>Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-71042051180093466902009-07-17T01:47:00.000-04:002009-07-26T14:00:51.587-04:00This Month In Real EstateThis Month In Real Estate--<a href="http://www.youtube.com/watch?v=j_-yXOLd1Xk">CLICK HERE</a> for the youtube clip!<br /><br />Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to provide real information on real estate.Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-22019925883237335052009-07-16T15:15:00.000-04:002009-07-22T15:33:50.495-04:00Glossary of Real Estate Terms<strong>Amortized Loan</strong><br />A loan that is completely paid off, interest and principal, by a series of regular payments that are equal or nearly equal. Also called a Level Payments Loan.<br /><br /><strong>Appreciation</strong><br />An increase in value of real estate.<br /><br /><strong>Assumption of Mortgage</strong><br />The taking of title to property by a grantee, wherein he or she assumes liability for payment of an existing note secured by a mortgage or deed of trust against the property, becoming a co-guarantor for the payment of a mortgage or deed of trust note.<br /><br /><strong>Balloon Payment</strong><br />The final payment of a mortgage loan when it is larger than the regular payment. It usually extinguishes the note.<br /><br /><strong>Capital Gains</strong><br />The taxable profit derived from the sale of a capital asset. It is the difference between the sale price and the basis of the property, after making appropriate adjustments for closing costs, fixing-up expenses, capital improvements, allowable depreciation, etc.<br /><br /><strong>Closing</strong><br />The final settlement of a real estate transaction between buyer and seller.<br /><br /><strong>Condominium</strong><br />A system of individual fee ownership of units combined with joint ownership of common areas of the structure and land.<br /><br /><strong>Contract for Deed</strong><br />A contract ordinarily used in connection with the sale of a property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.<br /><br /><strong>Contract of Title<br /></strong>A summary or digest of the conveyances, transfers, and any other facts relied on as evidence of title, together with any other elements or records which may affect the marketability of the title.<br /><strong>Conventional Mortgage</strong><br />A mortgage securing a loan made by investors without governmental underwriting, i.e., not FHA-insured or VA-guaranteed.<br /><br /><strong>Counter Offer</strong><br />A seller’s rejection of an offer made by a buyer accompanied by an agreement to sell the property to the potential buyer on terms differing from the original offer.<br /><br /><strong>CRV<br /></strong>Certificate of Reasonable Value. A document of appraisal issued by the VA establishing their opinion of the maximum value.<br /><br /><strong>Deed</strong><br />The written instrument which, when properly executed and delivered, conveys title.<br /><br /><strong>Discount Points</strong><br />Additional charges made by a lender at the time a loan is made. Points are measured as a percent of the loan, with each point equal to one percent. These additional interest charges are paid at the time a loan is closed to increase the rate of return to the lender so as to approximate the market level.<br /><br /><strong>Earnest Money Deposit</strong><br />A down payment made by a purchaser of real estate as evidence of good faith.<br /><br /><strong>Easement</strong><br />Created by grant or agreement for a specific purpose, an easement is the right, privilege or interest which one party has in the land of another.<br /><br /><strong>Equity</strong><br />The interest or value an owner has in real estate over and above the liens against the real property.<br /><br /><strong>Escrow</strong><br />The deposit of instruments and funds with instructions to a neutral party (Escrow Agent) to carry out the provisions of an agreement or contract. When everything is deposited to enable carrying out of instructions, it is called a complete or perfect escrow.<br /><br /><strong>Exchange<br /></strong>The trading of equity in a piece of property for equity in another property.<br /><br /><strong>Fannie Mae<br /></strong>The nickname of the Federal National Mortgage Association (FNMA), a tax-paying corporation created by Congress to support the secondary mortgages insured by FHA or guaranteed by VA, as well as conventional home mortgages.<br /><br /><strong>Fee Appraisal<br /></strong>The act or process of estimating values of real estate or any interest therein for a fee.<br /><br /><strong>FHA Loan<br /></strong>A loan which has been insured by the federal government guaranteeing its payment in case of default by the owner.<br /><br /><strong>Firm Commitment<br /></strong>A lender’s agreement to make a loan to a specific borrower on a specific property. An FHA or PMI agreement to insure a loan on a specific property, with a designated purchaser.<br /><br /><strong>FMHA Loan</strong><br />A loan insured by the federal government similar to FHA loans, usually used for residential properties in rural areas.<br /><br /><strong>Freddie Mac<br /></strong>The nickname for the Federal Home Loan Mortgage Corporation (FHLMC), a federally controlled and operated corporation to support the secondary mortgage market. It purchases and sells residential conventional home mortgages.<br /><br /><strong>Investor<br /></strong>The holder of a mortgage or the permanent lender for whom the mortgage banker services the loan. Any person or institution that invests in mortgages.<br /><br /><strong>Joint Tenancy<br /></strong>Joint ownership by two or more persons with right of survivorship; all joint tenants own equal interest and have equal rights in the property.<br /><br /><strong>Land Contract</strong><br />A contract ordinarily used in connection with the sale of property in cases where the seller does not wish to convey title until all or a certain part of the purchase price is paid by the buyer.<br /><br /><strong>Lease Purchase Agreement</strong><br />The buyer makes a deposit for the future purchase of property with the right to lease the property in the interim.<br /><br /><strong>Lien</strong><br />An encumbrance on the property which usually names the property as security for the payment of a debt or discharge of an obligation. Examples: Judgments, taxes, mortgages, deeds of trust, etc.<br /><br /><strong>Loan Commitment</strong><br />A written promise by a lender to make a loan under certain terms and conditions. These include interest rate, length of the loan, lender fees, annual percentage rate, mortgage and hazard insurance and other special requirements.<br /><br /><strong>Loan to Value Ratio</strong><br />The ratio of the mortgage loan principal (amount borrowed) to the property’s appraised value (selling price). On a $100,000 home with a mortgage loan principal of $80,000, the loan to value ratio is 80%.<br /><br /><strong>Marketable Title</strong><br />Merchantable title, free and clear of objectionable liens or encumbrances.<br /><br /><strong>Mortgage/Deed of Trust</strong><br />An instrument recognized by law by which property is pledged as security or collateral for debt without transfer of title or possession, to secure the payment of a debt or obligation to the lender. Title transfers to the lender during the foreclosure process which occurs in the event that the debtor defaults on the loan obligation to the lender.<br /><br /><strong>Mortgage Insurance Premium (MIP)</strong><br />The consideration paid by a mortgagor for mortgage insurance either to FHA or a private mortgage insurance (PMI) company. On an FHA loan, the payment is one-half of one percent annually on the declining balance of the mortgage. It is a part of the regular monthly payment and is used by FHA to meet operating expenses and provide loss reserves.<br /><br /><strong>Mortgagee</strong><br />The lender of money or the receiver of the mortgage document.<br /><br /><strong>Mortgagor</strong><br />The borrower of money or the giver of the mortgage document.<br /><br /><strong>Note</strong><br />A written promise to pay a certain amount of money with or without specific terms.<br /><br /><strong>Origination Fee</strong><br />A fee or charge for the work involved in the evaluation, preparation, and submission of a proposed mortgage loan. Origination fees are paid by the borrower to the lender.<br /><br /><strong>Personal Property</strong><br />Any property which is not real property. For instance, money, savings accounts, appliances, cars, boats, etc.<br /><br /><strong>Point</strong><br />One percent of the loan amount.<br /><br /><strong>Prepayment Penalty</strong><br />The fee paid to the mortgagee for paying the mortgage before it becomes due. Also known as prepayment fee or reinvestment fee.<br /><br /><strong>Prepayment Privilege</strong><br />The right given a purchaser to pay all or part of a debt prior to its maturity. The mortgagee cannot be compelled to accept any payment other than those originally agreed to.<br /><br /><strong>Private Mortgage Insurance (PMI)</strong><br />Insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default.<br /><br /><strong>Privately Insured Mortgage</strong><br />A conventional mortgage loan on which a private mortgage insurance company protects the lender against loss.<br /><br /><strong>Promissory Note</strong><br />Following a loan commitment from the lender, the borrower signs a note promising to repay the loan under stipulated terms. The promissory note establishes personal liability for its repayment.<br /><br /><strong>Purchase Agreement<br /></strong>An agreement between a buyer and seller for the purchase of real estate.<br /><br /><strong>Real Property</strong><br />Any land and whatever by nature or artificial annexation is a part of it.<br /><br /><strong>Rent with Option</strong><br />A contract which gives one the right to lease property at a certain sum with the option to purchase it at a future date.<br /><br /><strong>Second Mortgage/Second Trust</strong><br />Also known as a Junior Mortgage or Junior Lien. An additional loan imposed on property with a first mortgage, generally at a higher interest rate and shorter terms than a “first” mortgage.<br /><br /><strong>Special Assessment<br /></strong>A legal charge against real estate by a public authority to pay the costs of public improvements such as street lights, sidewalks, street improvements, etc.<br /><br /><strong>Straight Loan<br /></strong>A loan with periodic payments of interest only; the principal sum is due in one lump sum upon maturity.<br /><br /><strong>Subdivision<br /></strong>A parcel of land that has been divided into smaller parts.<br /><br /><strong>Tenancy in Common</strong><br />Ownership by two or more persons who hold undivided interest, without the right of survivorship. Interests need not be equal.<br /><br /><strong>Term of Mortgage</strong><br />The period during which a mortgage must be paid.<br /><br /><strong>Title</strong><br />Often used interchangeably with the word ownership. It indicates the accumulation of all rights in a property.<br /><br /><strong>Title Insurance</strong><br />An insurance policy which protects the insured (purchaser or lender) against loss arising from defects in title.<br /><br /><strong>Trust Account</strong><br />An account separate and apart and physically segregated from a broker’s own funds, in which the broker is required by law to deposit all funds collected for clients.<br /><br /><strong>VA (Veteran’s Administration) Loan</strong><br />A loan guaranteed by the Veteran’s Administration.<br /><br /><strong>Warranty Deed</strong><br />A deed used to convey real property which contains warranties of title and quiet possession, and the grantor agrees to defend the premises against lawful claims of third persons.Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0tag:blogger.com,1999:blog-12924612742329179.post-13604925477667868342009-07-09T15:45:00.000-04:002009-07-22T15:15:20.962-04:00How to Choose a Good Inspection Company<strong>Is an inspection necessary?</strong>
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<br />You have the right to request an inspection of any property you are thinking of purchasing by a professional inspector of your choice. You should always exercise your option to have the physical condition of the property and its inclusions inspected. Many of the more severe and expensive problems such as mechanical, electrical, structural and plumbing, are not noticeable to the untrained eye. If repairs are needed, Roger can negotiate these in your contract. A professionally conducted home inspection followed by a written evaluation is becoming standard procedure in home buying because of increased buyer awareness and savvy.
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<br /><strong>What should your require from an inspector?</strong>
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<br />The increase in buyers requesting property inspections has caused a rapid increase in the number of people entering the inspection field. Look for designation by the American Society of Home Inspectors (ASHI).
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<br /><strong>The American Society of Home Inspectors
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<br />The best thing is to ask if the inspector is a member of the American Society of Home Inspectors. ASHI is a non-profit professional organization with strict standards and qualification criteria for membership. To become a member an inspector must demonstrate, through extensive testing, a proven knowledge of residential construction. They must have experience and expertise to recognize defects and problem situations. They are required to have the ability to convey their finding in a meaningful report. And, they are required to meet continuing education requirements. ASHI’s Standards of Practice and stringent Code of Ethics serve as a professional performance guide which all members follow.
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<br />ASHI estimates the number of home inspectors in the U.S. to be about 10,000. While membership in ASHI grows daily, only about 1,200 to date have met ASHI’s strict membership requirements. ASHI is recognized by government agencies and professional groups (including the National Association of REALTORS®) as the nation’s leading home inspection organization. ASHI sets standards for professional practice and qualification which are recognized throughout the country.
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<br /><strong>What does an inspection entail? </strong>
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<br /></strong>A qualified inspector will follow ASHI’s Standards of Practice in conducting their inspection. The inspection consists of a physical inspection of the home with the purchaser present, followed by a written report detailing their findings. They report on the general condition of the home’s electrical, heating and air systems, interior plumbing, roof, visible insulation, walls, ceilings, floors, windows, doors, foundation, basement, and visible structure. The inspection is not designed to criticize every minor problem or defect in the home. No home is perfect. It is intended to report on major damage or serious problems that require repair for the well-being of the home, and that might require significant expense.
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<br /><strong>Buyer education is necessary</strong>
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<br />The primary purpose of the inspection is to educate the buyer to enable them to make an informed purchasing decision. The inspector should allow and even encourage the buyer to attend the home inspection. A good home inspector knows how the home’s many systems and components work together and how to minimize the damaging effects of sun, water, and the passage of time. Attending the inspection provides an important opportunity for the buyer to learn, first hand, how their prospective new home works, and about possible repair costs and maintenance routines. This is valuable information which could increase the life span, and perhaps the future selling price of the home.
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<br /><strong>Continuing education is important for inspectors</strong>
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<br /></strong>A competent home inspector is familiar with the latest construction materials, home building techniques, and professional equipment. Consumers should research whether prospective home inspectors actively monitor the changes in construction and real estate in order to keep their business practices current and professional. Members of ASHI must meet annual continuing education requirements for this purpose.
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<br /><strong>Time and fee guidelines for the inspection</strong>
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<br /></strong>The time necessary to properly inspect a home, as well as the fee charged by an inspector, varies according to market location, the size and age of the home, and the individual inspection company. However, you can expect that it will take an average of two to three hours to competently inspect a typical one-family, three-bedroom home, with an average cost of $200 to $300.
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<br /><strong>Beware of false claims</strong>
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<br />Consumers must be cautious in evaluating some of the claims made by people hoping to fill the growing demand for home inspection services. Many new companies request only an application fee. Some claim to offer certification but do not require exams or proven credentials. Still others boast engineering licenses as assurance of competence, even though the engineering license has nothing to do with home inspecting.
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<br /><strong>Inspection extras</strong>
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<br /></strong>Some inspectors may be qualified to provide other types of services with their inspection that go beyond the scope of the ASHI standards. In certain states, ASHI members say that radon testing is the most common extra service requested.
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<br />Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com2tag:blogger.com,1999:blog-12924612742329179.post-79346718009635620192009-07-07T23:04:00.000-04:002009-07-22T15:10:26.702-04:00Understanding Your Options For Taking Title<em>Carefully consider how you intend to take title of your property. This will determine your legal status, rights and obligations to the property. You may want to discuss your options with an attorney to determine which is best for you. Most of the possible ways to take title to your property are listed here.
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<br /><strong>Joint Tenancy with Right of Survivorship</strong>
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<br /></strong>Joint tenancy is a method of co-ownership that gives title to the real property to the last survivor. Title to real property can be acquired by two or more individuals. If a married couple acquires title as joint tenants with the right of survivorship, they must specifically accept the joint tenancy to avoid the presumption of community property.
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<br /><strong>Tenancy in Common</strong>
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<br />Tenancy in Common is a method of co-ownership in which parties do not have survivorship rights and each owns a specific undivided interest in the entire title.
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<br /><strong>Corporation</strong>
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<br /></strong>Title may be taken in the name of a corporation provided that the corporation is duly formed and in good standing in the state of its incorporation.
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<br /><strong>General Partnership</strong>
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<br />Title may be taken in the name of a general partnership provided that the general partnership was duly formed according to the laws of the state. A partnership is defined as a voluntary association of two or more persons as co-owners in a business for profit.
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<br /><strong>Limited Partnership</strong>
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<br /></strong>Title may be taken in the name of a limited partnership provided that there are one or more general partners and one or more limited partners. A certificate of limited partnership must be filed in the Office of the Secretary of State, a certified copy of which must be recorded.
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<br />Roger Lundyhttp://www.blogger.com/profile/07862370340708721741noreply@blogger.com0