Property Q&A in Carmel>Question Details

Cari Weis, Home Buyer in Indianapolis, IN

Hi I am interested in finding out if 11106 Towne Rd Carmel, IN 46032 is still available. Thank you!

Asked by Cari Weis, Indianapolis, IN Sun Feb 22, 2009

This question is about this property:…

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As noted in a previous post, it is in some stage of forclosure. Until the bank gets legal ownership of the property, through a judgement, tax sale, or owners signing over a deed in lieu of forclosure, etc., the bank does not have marketable title. Until this happens, nobody can buy it. The owner still has title to it. The legal issues must play out. You are just chasing loose ends till that point. You can start anticipating things in advance. You can check to see where the tax bill is being sent. In this instance, the county tax information shows that it is still being sent to the owner. Otherwise, you would need to contact the bank. Then you need to get past the banks gatekeeper and find out who is working this file. Then, if it's a priority to them, you might get an opportunity to discuss this property. The asset manager may be working a caseload of many properties so it's understandable that at this point, the banks are not in the position to work with buyers and will focus their energy on those homes that have marketable title. I would venture to guess that this is why people see vacant homes sit vacant for so long with nothing happening to them. Smaller banks might be in the position to work on a one on one basis. With larger banks, they have so many homes to liquidate they have a system they must work through. Once they get marketable title, they employ local brokers to actually sell the property. Other various duties brokers will handle on behalf of banlks will be to secure the home, arrange clean up, schedule saftey and functional repairs to keep the home from deteriorating, utilities, etc. All these things can't be accomplished by a corporate entity that could be located somewhere across the country. My experience is that if you try to work something that is "outside the box" or outside their system of doing things, your just spinning your wheels. If indeed this home is still controlled by homeowners they are the ones you need to contact. Just because it shows up in realty track does not mean it will be forclosed as until the judgement has been ordered, the property can be redeemed. Up to that point there are ways to purchase the home, but only with assistance of the owner. If your interested in this home, or other repos for that matter. It would be my pleasure to talk with you about them. I am experienced in the repo/short sale/ bank owned, tax sale, investor market. Depending on the condition of forclosures, financing might be an issue if its condition has deteriorated. I have sources for creative financing and private investors for the right situation.
Please check out my profile and contact me if I can be of assistance. -Eric
1 vote Thank Flag Link Sun Feb 22, 2009
Sorry to hear that, Cari. That is gut wrenching. These national websites just don't keep as current
as local sites such as MIBOR. But of course, this was never on MIBOR. Records do say the
current owner bought the home 1/28/08.

You are very welcome.


Marita Topmiller
0 votes Thank Flag Link Mon Feb 23, 2009
Thank you for all of your answers. I spoke with a realtor and unfortunately the house sold back in December for a gut wrenching $255k (the house is worth over $800k). The man who bought it turned around and sold it within one month.
I wish Realty Trac and Trulia would take foreclosure listings off of their websites once a house is no longer available. Oh well. I wish I would have discovered this house last year...
Thanks again everyone for your time and answers!
0 votes Thank Flag Link Mon Feb 23, 2009
Hi Cari, The original owner is still listed in the tax info. If you want to be
notified as soon as it comes into the bank's possession, let me know.
I'll notify you the same day. When it comes to market, it will be advertised
"as is". You will need to get in to see it ASAP with a local agent and give it a thorough looking over before making a decision about it.

Thanks for asking,

Marita Topmiller
Assoc Broker/ Realtor
Century 21 Realty Group 1
0 votes Thank Flag Link Mon Feb 23, 2009
Hi Cari,

I am a local Realtor in Carmel, Indiana. I do have the current information on 11106 Towne Rd and would be happy to assist you in contacting the bank. The home was listed and expired in 2005. I have helped many clients purchase homes from the bank and
would be happy to forward the current information on this home to you.

You can reach me directly at:

Thank you,

Tina Smith
Keller Williams Realty
0 votes Thank Flag Link Sun Feb 22, 2009
This is not a listing,it is a Realty Trac posting of a notice of foreclosure. Realty Trac is not a listing site. According to the posting,it is in the final stages of foreclosure and ownership has reverted to the lender. Your best option is to contact a local agent who can let you know if it has come on the market yet,and what the listing price will be.
0 votes Thank Flag Link Sun Feb 22, 2009
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