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ICON Realty Partners, LLC Blog

Indianapolis Real Estate

By Mark Saunders | Broker in Carmel, IN
  • Indianapolis Foreclosures | 5 Tips

    Posted Under: Market Conditions in Indianapolis, Home Buying in Indianapolis, Financing in Indianapolis  |  July 7, 2011 11:49 AM  |  1,630 views  |  1 comment
    Indianapolis Foreclosure SearchAs the number of foreclosures on the market has grown over the past few years, so has interest in purchasing these homes. After all, it is no secret that some foreclosures can be purchased at an extremely low price. Still, before looking into purchasing a foreclosure, it is important to have a clear idea of what to expect from the process. To that end, here is a look at the top five things you should know before jumping into that new cheap condo downtown.

    #1: Foreclosures Are Not Always Cheap

    While it is true that some foreclosures can be purchased at a great price, you should not automatically assume the house will be cheap just because it is a foreclosure. In other words, while it certainly doesnít hurt to include foreclosures in your home search, you shouldnít limit your search to nothing but foreclosures when looking for a great deal.

    #2: Foreclosures are Frequently in Need of Repair

    When a home is put on the market, the owner typically makes numerous repairs to the home in an effort to attract the most buyers. In the case of foreclosures, on the other hand, the former owner has no reason to make repairs. Therefore, a foreclosure will generally require more repairs than a non-foreclosure. This is not to say all foreclosures are in terrible condition. Rather, you should go into the process expecting to make at least a few repairs when purchasing a foreclosure.

    #3: The Utilities May Not be Working

    In most cases, banks do not put the utilities in their name after the owner has vacated the property. Therefore, you should expect to have all of the utilities turned off long before you purchase the home. Not only can this make the process of getting the utilities turned on a more difficult process than it is with a standard home purchase, but you might face some additional unforeseen damage to the homeís major systems.

    More...

  • Getting a Home Loan in Indianapolis

    Posted Under: Home Buying in Indianapolis, Financing in Indianapolis, Credit Score in Indianapolis  |  May 5, 2011 7:03 AM  |  1,802 views  |  1 comment
    Indianapolis Home LoansObtaining a home loan is often a tricky prospect, as there are a number of factors to consider beyond the interest rate. In short, it is best to investigate all aspects of obtaining and securing a home loan before committing to any particular lender or home loan program. Here is a list of common sense tips that will help you when deciding on a home loan program:
    • Just because a lender provides you with a “maximum loan” amount doesn’t mean you should consider it. A maximum loan amount is the amount the lender feels that you can comfortably afford; however, your personal finances may dictate something different. In other words, taking out the maximum loan amount may simply be too much for you to handle, so consider every aspect of your finances when determining a reasonable mortgage amount.
    • Look beyond the loan rate when deciding upon a home loan program. Just because you found a home loan program that boasts a great rate doesn’t mean it is the best loan for you. In short, there is far more than meets the eye when it comes to home loan, including points, closing costs and related fees, so get all of the necessary information about a home loan program before you assume you are getting the best deal.
    • Think carefully when deciding whether an adjustable rate mortgage or a fixed rate mortgage is right for you. Adjustable rate mortgages may come with lower mortgage payments, which can be quite attractive, but at some point the rates will change and likely stick you with higher mortgage payments. Fixed rate mortgages, on the other hand, are fixed for the life of the loan, thereby providing a good deal of financial stability for homeowners.
    • If you snag a great home loan rate, lock it in. Most lenders will provide something in writing regarding locking in a home loan rate, so make sure to understand this information so you can be sure you get the same, low rate your lender promised you.
    • If you want to get the lowest home loan rates, make sure you come to the table with a good down payment. In short, the best loan programs and rates are preserved for individuals who have large down payments of at least 20 percent and, of course, good credit scores to go along with it.

    Author Bio: Ana is a real estate agent located in Dallas, Texas and assists apartment renters find great deals on Dallas Apartments. To learn more about the Dallas area and to view Dallas commercial properties, please visit her website.

  • Obtaining an Indianapolis Morgtage Loan

    Posted Under: Home Buying in Indianapolis, Financing in Indianapolis, Credit Score in Indianapolis  |  January 25, 2011 6:52 AM  |  324 views  |  No comments
    Indianapolis Mortgage LoanSometimes it can be tricky obtianing an Indianapolis mortgage loan as there are a number of factors to consider beyond the interest rate. It's always best to investigate all aspects of obtaining and securing a home loan before committing to any particular lender or home loan program. Here is a list of common sense tips that will help you when deciding on a home loan program:
    • Just because a lender provides you with a “maximum loan” amount doesn’t mean you should consider it. A maximum loan amount is the amount the lender feels that you can comfortably afford; however, your personal finances may dictate something different. In other words, taking out the maximum loan amount may simply be too much for you to handle, so consider every aspect of your finances when determining a reasonable mortgage amount.
    Read more at our Indianapolis Real Estate Blog.
  • Indianapolis Real Estate: How Affordable is it?

    Posted Under: Market Conditions in Indianapolis, Home Buying in Indianapolis, Financing in Indianapolis  |  January 18, 2011 11:53 AM  |  297 views  |  No comments

    National Association of Home Builders IndianapolisIndianapolis reclaimed the top spot as the most affordable major housing market in the United States.  Per the National Association of Home Builders / Wells Fargo Housing Opportunity Index, Indianapolis reclaimed the top spot it held for five years before Syracuse earned it last quarter. 

    "In Indianapolis, 93.3 percent of all homes sold were affordable to households earning the area's median family income of $68,700."

    NAHB Chairman Bob Jones, a home builder from Michigan cited interest rates and low housing prices as reasons for housing affordability. "With interest rates remaining at historically low levels, and house prices starting to stabilize, homeownership is within reach of more households than it has been for almost 20 years. 

 
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