indianapolis hud homes: When HUD Shows the As-Is Appraised Value as Zero - Be Careful - 10/01/13 03:08 PM
Recently there have been many HUD Homes showing up on the HUD Home Store website showing homes with an appraised value as "zero."  Traditionally HUD Homes have been listed for sale at or close to their as-is appraised value.  But this year quite a few HUD Homes have appeared without showing an appraisal amount.  A recent check of HUD Homes in Indiana showed that about 30% showed a zero as-is value.  Some buyers and agents might assume that the list price is the appraisal amount. That would NOT be a safe assumption.

It is important to know the actual as-is appraised … (3 comments)

indianapolis hud homes: It is Friday morning - Do you know where your HUD Homes are? - 11/05/10 10:29 AM
It used to be that Friday morning was a time to look over the new HUD Homes and see if there was a match for a client.  The dates were clear.  Owner occupants had ten days to bid on a HUD Home in Indiana.  After that, bids from investors would be considered.  So there was a certain time of the week (Monday afternoons) to review the remaining HUD Homes with investors.  Now homes can go on the market any day of the week, so bidding deadlines can occur at any time.
There was one place to go to get information about HUD Homes … (0 comments)

indianapolis hud homes: Final days to bid on 175 HUD Homes in Indiana - 10/26/10 11:36 AM
As HUD has transitioned to a new system, there are still some homes remaining from the old system.  HMBI placed their last homes in Indiana on the market during the weekend of Sept. 10.  Since then, hundreds of homes have been sold.  There are now 175 HUD Homes remaining.  Bids can be placed from both owner-occupants and investors until Wednesday at 11;59 pm.  For homes where there is no acceptable bid, those will then be marketed by one of the recently named asset managers.
To get in on this last chance at one of these 175 Indiana HUD Homes, contact me … (0 comments)

indianapolis hud homes: No new HUD Homes listed for thee weeks now - 10/01/10 09:49 AM
For Indiana, the transition date was Sept. 13, 2010.  On that day new HUD Homes would become the responsibility of new asset management companies.  HMBI would no longer be managing HUD Homes.  They would phase out as the new companies would start their operations.
This is not the first transition for sale of HUD Homes in Indiana.  InTown Management Group was the first private contractor assigned to manage and market HUD Homes in the late 1990's.  After a few months, HUD discontinued their contract and assigned those responsibilities to Golden Feather Realty.  Then a few years later, HMBI became the contractor … (0 comments)

indianapolis hud homes: Indiana HUD Homes - the coundown continues - 09/22/10 10:01 PM
As of the most recent data available, there are only 315 HUD Homes available in the state of Indiana, as the transition to new asset management companies continues.
About a month ago, there were over 650 HUD Homes available.  Over this past weekend there were 461 HUD Homes shown as being available in Indiana through HMBI.  By Monday night that number had decreased to 407 homes.  As of Wednesday evening the number is now down to 315 homes.
Currently ALL of these homes are available for sale to either investors or owner-occupants.  It is uncertain at this point in time when new … (2 comments)

indianapolis hud homes: How many HUD Homes are for sale in Indiana? - 09/20/10 09:10 PM
If you check the new HUD website, hudhomestore.com it will show that there are 482 HUD Homes available for sale in the state of Indiana as of 9/20.  If you go to hmbiweb.com to find out what homes are available, it will take you to this page: http://www.tenmanagement.com/listings/state.do?code=IN where there are 407 HUD Homes shown as being available in Indiana.  (By the way, ALL of these homes are available for bidding by both investors and owner-occupants.)
From a quick comparison, it appears that  some homes being shown as available on hudhomestore.com actually show having an accepted offer on the HMBI site.
(2 comments)

indianapolis hud homes: Transition is underway for HUD Homes in Indianapolis - 09/20/10 11:55 AM
On Sept. 17 there were no new HUD listings in Indiana on a Friday for the first time in years.  HUD is transitioning to new companies to assume responsibilities for the management and sales process for HUD Homes.  HMBI will be phasing out in the coming weeks.
There are some very imortant things for home buyers to know about this transition:
As of present, all available HUD Homes in Indiana have gone through the ten day owner occupant priority period, so any remaining homes can receive bids from either investor or owner-occupant buyers.  (We expect that number of homes available to … (0 comments)

indianapolis hud homes: Changes to HUD Homes right around the corner - 09/10/10 08:08 AM
A few days ago HUD held a webinar for real estate brokers outlining some of the change to HUD Home sales procedures that would be occurring in coming weeks.  It appears that these changes are in process.  HMBI, the current marketing and management contractor for several states (including Indiana) has placed quite a few HUD Homes on the market in the last few months, but the quantity appears to be dropping.
In Indiana, there are currently 593 HUD Homes available.  Of these 127 have a list date of 9/10/10.  Last week that number was 200.  About six weeks ago, that number … (8 comments)

indianapolis hud homes: Hidden advantages of an FHA Loan - 09/02/10 11:30 AM
Most of the articles we see about advantage and disadvantages of an FHA loan concern the low down payment, or higher qualifying ratios, or lower FICO scores.  And there is discussion about the costs of mortgage insurance premiums.  But rarely do we see very much written about some of the advantages of an FHA mortgage down the road.  So since so much has been written about "getting" an FHA mortgage, I will skip that part, with one exception.
First the exception:  Having a higher qualifying ratio is proclaimed as an advantage of an FHA mortgage.  In fact it might be a … (3 comments)

indianapolis hud homes: Indianapolis HUD Home statistics - 08/20/10 12:32 PM
As of Friday morning, 8/20/10 there were 651 HUD Homes available in the state of Indiana.  Here is a breakdown about the HUD Homes available in Indiana:
174 have a list date of 8/20/2010.  Some of those are first look homes.  Some are homes that have been off market or with a reduced price. 259 of the homes have a list price that has been reduced from HUD's appraisal. 162 of the homes are built 1990 or later. 155 of the homes built 1990 or later are eligible for FHA financing. 19 of the homes built 1990 or later have a … (3 comments)

indianapolis hud homes: Updated list of HUD Homes in Indianapolis - 08/06/10 02:06 PM
Don't you wish that somebody just had a file that had some basic data about recently built HUD Homes?  For people considering an Indianapolis foreclosure or HUD Home, look no further.  Today's list has been posted online.  It includes address, list price, appraisal, square footage, year built and other information.  It is conveniently sorted in zip code order.
To get your list of HUD Homes - Indianapolis area go to the indyhud.com website.  And be sure to visit there regularly for updated information about HUD Homes in Indianapolis, Zionsville, Whitestown, Fishers, Noblesville and other communities in the Indianapolis area.  Contact me … (0 comments)

indianapolis hud homes: New list of Indianapolis HUD Homes - 07/31/10 06:15 AM
We have prepared a list of Indianapolis Area HUD Homes on the indyHud.com website. Indiana has a whopping 673 HUD Homes available as of Friday morning July 30. Of this number, 461 can only be purchased by owner-occupants at this time. (After ten days, investors may purchase.)
There are 199 homes with a listing date of 7/30. Of these 90 are priced below appraisal. But there are many first-time opportunities in Friday’s list.
Here are some state-wide statistics on the 673 HUD Homes available in Indiana:
295 have a list price below the appraisal. 103 of the homes are built 2000 … (1 comments)

indianapolis hud homes: An avalanche of HUD Homes - 07/23/10 09:58 AM
Today's list of Indianapolis HUD Homes is one page longer than usual.  In fact for the state of Indiana there are 262 HUD Homes listed with a list date of 7/23/2010.  That compares with 228 with a list date of 7/16/2010.  A normal quantity of HUD Homes available on a Friday morning would be about 550.  Today it stands at 678 Indiana HUD Homes.
But don't expect this trend to last very long.  There are changes coming in August.  HMBI will no longer be the marketing and management contractor for Indiana HUD Homes.  In the past when there has been a … (0 comments)

indianapolis hud homes: Indianapolis HUD Homes Update July 16, 2010 - 07/16/10 06:03 AM
For the benefit of our clients, we have posted the new list of HUD Homes in the Indianapolis area.  This list includes HUD Homes built 1990 or later in Indianapolis and Surrounding Counties, including Avon, Zionsville, Carmel, Noblesville, Fishers and other nearby communities. The list shows some basic information about the home, including the square footage, number of bedrooms and baths, year built and of course list price.
Changes are coming soon in the way HUD Homes are sold.  These changes could be seen in the next few weeks.  There is the possibility that no HUD Homes will be avaiable for … (0 comments)

indianapolis hud homes: Indianapolis Area HUD Homes - 07/02/10 12:21 PM
I have just prepared a 3 page list of HUD Homes available in Central Indiana.  This list covers Indianapolis and surrounding counties.  It includes homes built within the last 25 years. Quite a few of these homes were built 2000 or later.  For your convenience it is sorted in zip code order.
There are several reasons why buyers of Indianapolis foreclosures should also consider HUD Homes.  HUD makes it very attractive for owner-occupants to buy HUD Homes with special incentives and priorities.  You can see that list of reasons at the indyHUD.com website.
For the list of selected Central Indiana HUD … (0 comments)

indianapolis hud homes: Upcoming changes with HUD Homes - 06/19/10 03:45 PM
HUD is making some changes in how HUD Homes are managed and marketed.  Under the new process, they will separate the management and marketing functions.  Present M&M companies will continue with their responsibilities until the end of July according to HUD's website.
Under the new system, there will be multiple companies operating within the same geographical region.  There will be multiple field services managers and asset managers within each area.  For instance, in region 1A, which includes Indiana and several other states, there will be six field services companies and three asset managers.
There are several possibilities that might happen - … (6 comments)

indianapolis hud homes: HUD Homes and the Tax Credit - Watch out - 03/07/10 09:12 AM
I am sure that many first time homebuyers are getting serious as the April 30 deadline approaches.  And there are huge numbers of repeat buyers that are just finding out about the $6500 tax credit.  So how about a HUD Home?  As an agent who works with Indianapolis HUD Home buyers, here are a few cautions:
To be eligible for the first-time homebuyer or repeat buyer tax credits, you need to be under conract by April 30th.  HUD might take a few days (or in one case a few weeks) to sign the contract after it is sent in. Be aware … (4 comments)

indianapolis hud homes: Indianapolis foreclosure resources for investors - 01/27/09 01:37 PM
Indianapolis foreclosure buyers can find information hard to find.  If you are out-of-state or out-of-town, how do you really get to know the home, other than seeing a few photos?  Here are some tools you can use with Indianapolis area HUD Homes to pre-screen investor deals.
With Central Indiana HUD Homes, there is a property condition report provided.  That report is a starting point because it reveals problems that HUD is aware of.  (This is not a substitute for getting a regular home inspection by a competent professional inspector of your choosing.) If the home is built before 1978, there should … (0 comments)

indianapolis hud homes: New website for buyers of Indianapolis foreclosures - 01/19/09 05:04 PM
The IndyHud.com website has been around for years as a way for Indianapolis area foreclosure buyers to be informed about HUD Homes in Indianapoolis, Carmel, Westfield, Noblesville, Zionsville and across Central Indiana.  In the interest of creating a better user experience, Harvest Realty has completely remodeled the website to take a look inside some of the newer HUD Homes.  This will give users a flavor of these homes inside and out.
Information is a very important part of buying buying a foreclosure in Indianapolis.   This new service for Indianapolis real estate buyers will be an information resource.  There are many … (0 comments)

indianapolis hud homes: Indianapolis HUD Homes - Tis the season - 11/26/08 02:10 PM
During the holiday period, we usually see one of the greatest buying opportunities for Central Indiana HUD Homes.  The homes come on the market every Friday just as throughout the rest of the year.  There are buyers bidding for them much like any other time, but with one big difference.  During cold weather and especially during the holidays, many buyers are distracted by other pursuits.  So there are fewer buyers actively looking at Indianapolis HUD Homes and placing bids.
What does that do for the remaining buyers?  They have less competition and a greater liklihood of having a successful bid.  Coming … (0 comments)