indianapolis real estate: The Feds file suit against 17 lenders - 09/02/11 07:30 PM
In a press release issued on Friday afternoon, the Federal Housing Finance Authority announced that they are filing suits against 17 lenders to recover losses to Fannie Mae and Freddie Mac.  The suits are being filed against not only the financial institutions, but certain officers and some underwriters.  The following is a list (in alphabetical order) of the financial institutions:
1     Ally Financial Inc. f/k/a GMAC, LLC
2.    Bank of America Corporation
3.    Barclays Bank PLC 
4.    Citigroup, Inc.
5.    Countrywide Financial Corporation 
6.    Credit Suisse Holdings (USA), Inc.
7    Deutsche Bank AG 
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indianapolis real estate: First-time homebuyer tax credit set to expire April 30, 2011 - 04/15/11 07:34 PM
I know what you're thinking.  The tax credit was LAST YEAR.  For most home buyers, that is true.  But some buyers are still eligible if they meet some special requirements.
Those who served in the military, certain Foreign Service positions or intelligence positions might be eligible for the tax credit if they served overseas for 90 days during a period between 12/31/2008 and 5/1/2010.  If that is the case, they would have to enter into a contract to purchase a home by April 30, 2011 and close by the end of June 2011.
There are certain advantages for those taking advantage … (1 comments)

indianapolis real estate: Smart phones are supposed to be first of all.....a phone - 03/06/11 07:58 PM
There are a great variety of smart phones out there.  They can run all kinds of programs, play games, and an endless possibility of impressive apps.  But the designers of these phones need to remember that it is first of all a phone.  My introduction to an Android phone has been a bit shaky.  Of course I explored apps.  There were financial calculators, checking e-mail, news sources, weather, local tv stations, Facebook, GPS - and the list goes on.
But when it comes time to receive a call on my Android "phone," sometimes I can hear the phone ring, but the … (13 comments)

indianapolis real estate: Real estate as an inflation hedge - 12/22/10 10:11 PM
There are many who are concerned that we will be experiencing increased rates of inflation - maybe even high rates of inflation.  The price of gold has gone way up over the past couple of years.  But for those who are convinced that inflation is coming soon - maybe it would be good to consider quality residential rental real estate as an investment.  Here are some points to consider:
Only consider real estate in quality areas that has positive cash flow.  While that may be a challenge in some areas, it should not be too hard to find in my area … (0 comments)

indianapolis real estate: Three Mortgage Payments for the Price of Two - Achieving Paid-Off Faster - 09/19/10 09:52 AM
How can you get three mortgage payments for the price of two?  Let's say that some lender's chart or computer program says that you can afford a home for $300,000.  What some people would do is go out and try to find the nicest home they could for right about $300,000. 
You probably don't need to buy the most expensive house you can afford.  In fact, with the economy we've seen the past few years - just because you can afford it now doesn't necessarily mean that you will be able to afford it a few years from now.  (Especially if you are buying close to … (6 comments)

indianapolis real estate: How low interest rates make affordability levels skyrocket - 09/11/10 04:12 PM
We have all heard about how these are the lowest interest rates since some time in the past.  (A few years ago they were saying the lowest rates since the Eisenhower Administration.)  In the first few pages of a Google search I really couldn't find the last time mortgage rates were as low as they are now.
What low interest rates do to affordability is illustrated on the chart below:

The monthly payment of $1000 (principal & interest only) would have covered a mortgage of about $136,000 back in the days of 8% interest rates in 2000. It would have been good for about … (20 comments)

indianapolis real estate: 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 real estate: Updated list of Indianapolis HUD Homes - 08/14/10 07:06 PM
As we await the transition to the new HUD management and marketing system, business continues under the old system in Indiana.  As of 8/13 there were about 650 HUD Homes available statewide.  224 homes have a list date of 8/13.  Of those 224, 108 are listed with a list price below appraisal.
For the first ten days, these homes are only available to owner-occupant purchasers.  We have posted an updated list of HUD Homes in Indianapolis and surrounding counties.  This list includes HUD Homes built 1990 and later.
For more information about Indianapolis Area HUD Homes, be sure to contact me.  … (4 comments)

indianapolis real estate: Free and Clear in Ten Years - 07/19/10 06:37 AM
The recent past becomes the basis for so many decisions.  I have read that recently an increased percentage of the public think that renting is the preferred alternative to owning a home.  When you compare the monthly payment to the rent amount and factor in recent highly publicized challenges, that might make sense.
But where do you ever see anybody talking about the concept of being free and clear, and not having a mortgage payment for the rest of your life?  If that happens in thirty years, then maybe it seems too far away to actually feel like a reality in … (4 comments)

indianapolis real estate: Indianapolis real estate tax appeals - 07/23/09 04:11 AM
For Indianapolis area real estate owners who think there are errors in their property tax assessments, appeals must be made very soon.  According to information supplied by Metropolitan Indianapolis Board of REALTORS (R) those appeals for Marion County should be postmarked by July 30, 2009.  However, it has been reported that in some areas there is quite a backlog of appeals to be heard.
Here is a link to a page where you can get information about the real estate tax appeal process for Central Indiana:  http://www.in.gov/dlgf/2508.htm
 
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indianapolis real estate: CP Morgan Out of Business after 25,000 homes - 03/02/09 07:11 PM
On Feb. 27, CP Morgan announced that they would cease operations on Feb. 28, 2009.  As a builder who catered to first-time home buyers, they used a planned construction system and simple design to build at a lower price per square foot.  At one point they were building the most homes of any builder in the Greater Indianapolis area.
As an agent who works with buyers of new homes and HUD Homes, I was concerned about the number of home in CP Morgan communities that ended up a few years later as HUD Homes.  There were several comments posted with various … (0 comments)

indianapolis real estate: IRS releases the form for the First Time Homebuyer Tax Credit - 02/21/09 04:11 PM
This week the IRS released a revised form to cover changes in the first-time homebuyer tax credit from the Stimulus package signed into law on Feb. 17th.  The form includes instructions for filling it out, but you would be advised to check with your tax advisor to make sure that this credit would apply to your specific situations.
Here is the link to the IRS First Time Homebuyer Tax Credit Form
Here are several things to note from this form:
First time homebuyers have a 11/30/09 deadline to take advantage of this credit (date of closing in most cases.) There is … (2 comments)

indianapolis real estate: 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)