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John Pacilio

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Displaying blog entries 1-10 of 19

Hamilton County Sheriff's Sale Overview

by John Pacilio

Below is an overview of how a Sheriff’s sale works in Hamilton County:

1)      The foreclosure filing from the Clerk’s office is currently taking 4-6 months to get to the sale.  When owner gets notice from Sheriff’s office that there will be a sale it is taking 60 to 90 days.

2)      After the foreclosure filing, the county will not accept any further liens.  If they show up on title or at the recorders office, they will not be valid after the date of the foreclosure filing. 

3)      It is suggested that if you are interested in purchasing a property at Sheriff’s sale, you should take the file (Decree of Foreclosure) that is offered by the Sheriff’s office (title work) showing all liens and compare that list to the recorded liens located at the recorders office (3rd floor in Noblesville courthouse).  If there are more liens found there, the new buyer will be responsible for them as long as they were attached prior to foreclosure filing. 

4)      Financial- The buyer will need to have certified funds with them in the form of a cashiers check or money order that can be made out to themselves or the Sheriff’s Office of Hamilton County.

5)      The new owner will be provided with a Sheriff’s Deed, which is not as protective to the owner as a General Warranty Deed.

Carmel and Fishers, IN- Real Estate Short Sale vs. Home Foreclosure

by John Pacilio

Unfortunately, even here in Carmel and Fishers Indiana, statistics show that most people ignore an unfriendly letter or call from the bank after a missed or late payment(s).  Take action now before it’s too late and the bank takes over the property.  One solution to this difficult situation is a real estate Short Sell.  A Short Sell is a case where a bank can avoid an expensive foreclosure by accepting an offer for an amount less than what is owed on the property prior to an expensive foreclosure.  For the owner of the property, a short sale is an attractive alternative to a foreclosure, which can be personally and financially devastating. 

 According to The Distressed Property Institute, LLC the ramifications of a foreclosure include:

  • Current Fannie Mae Loan rules prohibit another mortgage for 5 years after a primary residence foreclosure and 7 years for an investor property. 
  • Interest rates can be increased due to risk for a purchase as it is now noted on the application if there has been a foreclosure in the last 7 years
  • Credit scores could be lowered 250 to 300 points for over 3 years and will remain public in credit history information for 10 years or more. 
  • A challenge to Security Clearance and a negative fact that may be available to an employer.
  • The bank has the right to pursue a deficiency judgment (loss) due to foreclosure.

 Alternatively, the benefits of avoiding foreclosure through a short sale:

  • Fannie Mae loans potentially can be gained in as little as 2 years.
  • Credit scores will indicate only late payments and after sale the property will show paid or negotiated, which may lower credit scores as little as 50 points if all other payments are made and credit score dips can be limited to 18 months.
  • A short sale is not reported on credit history like a foreclosure, it will show paid or settled.
  • Most Security Clearances will not be challenged.
  • In some cases the lender can be convinced to give up the right to pursue a deficiency judgment (bank loss).

 Armed with this information, it is easy to see why you would want to sell your property prior to foreclosure by gaining insight from expert REALTOR with the proper Short Sale training.  Be ready to step through a streamlined process that will enable you or your friends to move out from a difficult financial situation.  Take action now!  Call me or another Certified Distressed Property Expert.  Time is critical to avoid a foreclosure!

Bank-Owned Property in Carmel

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Type:  Traditional, Bank-Owned

Age:   Built in 1980

Location:   Near 126th Street and Gray Road

Neighborhood:   Brookshire Village is a reasonably priced community close to shopping and dining. 

Square footage:  3399

Rooms:   This three-bedroom home has two main-floor master suites, an open kitchen and great room combination, large upstairs loft, formal living and dining rooms and a two-car garage.

Strengths:  This home is a good value for someone willing to do some cosmetic repairs.  The interior and exterior have been recently renovated but need some fine-tuning.  The neighborhood is a friendly community in a desirable location.

Challenges:  This home is being sold as-is and will require effort or money to elevate it to its full potential.  There are no appliances in the home.

WHAT’S IT WORTH?    $200,000

 

Five-Bedroom Home in Carmel!

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Type:  Traditional  

Age:   Built in 1989

Location:  Near 136th and Gray Road

Neighborhood:   Smokey Knoll is an established neighborhood with mature trees and homes built in the mid-1980’s-early 1990’s.

Square footage:  4198 including 808 in the finished basement

Rooms:   This five-bedroom home has a sunny kitchen with tall ceilings, center island, granite counters, and stainless appliances, a sunken great room, formal living and dining rooms, a fifth bedroom on the main floor which could be used as an office, and a finished basement.

Strengths:  This home is very bright inside and has been well updated.  It is located on a half-acre fenced lot.  This is a great amount of square footage for the price. 

Challenges:  The physical size of the master bathroom is limited.  However, it has been well updated with modern fixtures and décor and the master closet has been expanded.  There are several competing homes in the neighborhood for sale. 

WHAT’S IT WORTH?    $370,000

Custom Carmel Ranch Home

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Type:  Ranch

Age:   Built in 1968

Location:   Near Keystone and Main Street

Neighborhood:   Cool Creek Estates is an established neighborhood with custom homes, sizable lots and mature trees.

Square footage:  4168 including 696 in the basement

Rooms:   This four-bedroom home offers a large open floor plan including a great room with 15 foot ceilings and a wall of windows, a kitchen with a subzero refrigerator, breakfast bar, plentiful custom cabinets and solid surface counter tops,  hardwoods throughout most of the home, two master suites, and a private backyard. 

Strengths:  There is a swim spa in an extra large sunroom addition.  The spacious open floor plan is ideal for entertaining.  This home has an attractive curb appeal and lush landscaping.

Challenges:  This home has a two-car garage while comparable homes may have three-car garages.  The floor plan is open so that there is no separate area for a rec room or play room. 

WHAT’S IT WORTH?    $410,000

 

Charming Carmel Duplex!

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Type:  Duplex

Age:  Built in 1983

Location:   Near Main Street in Downtown Carmel

Neighborhood:   Wood Acre Park is a quaint community of duplexes within walking distance to the Monon Trail and Carmel’s Arts and Design District.

Square footage:  1152

Rooms:   This two-bedroom two-bath home has an open floor plan consisting of a great room with vaulted ceilings, sizable kitchen, office, laundry area and one-car garage. 

Strengths:  This home is one-level which is desirable to many buyers.  It is located in a quiet cul-de-sac location near a park and within walking distance to downtown Carmel.  Buyers of this property will be able to enjoy all of the Carmel amenities at an affordable price point. 

Challenges:  The dishwasher and stove need to be replaced. However, the seller is willing to offer an allowance toward replacement. 

WHAT’S IT WORTH?    $135,000

Westfield Ranch Home

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Type:  Ranch

Age:   Built in 2001

Location:   Near 146th Street and Spring Mill Road

Neighborhood:   Centennial is a large neighborhood with a swimming pool, playground, basketball court, sledding hill, soccer fields, tennis court, and walking trails.

Square footage:  3179 including 1297 in the finished basement

Rooms:   This two-bedroom two-bath home has a main floor den, great room with wood-burning fireplace, formal dining room, full finished basement with a large recreation area, and two-car garage.

Strengths:  There is a full finished basement.  The property is well landscaped and has a built-in sprinkler system and large covered porch.  With vaulted ceilings in the spacious great room, this home provides a layout in demand for buyers.  This home is next to a pond and across from a park and sledding hill.

Challenges:  There are only two bedrooms but the office can be transformed into a third bedroom with the addition of a closet. 

WHAT’S IT WORTH?   $250,000

Custom Carmel Home

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Type: Traditional

Age: Built in 1992 Location:

Near 146th Street and Spring Mill Road.

Neighborhood: Springmill Pond is a custom home community with mature trees and larger lots with a community pool, playground, tennis and basketball courts.

Square footage: 3815 including 971 in the finished basement

Rooms: This four-bedroom home has a two-story entry, main floor office, formal living and dining rooms, family room with gas fireplace, built-in bookshelves, and spacious kitchen with center island, planning desk, stainless appliances and hardwoods. Upstairs offers four bedrooms plus a bonus room. There is also a finished basement with recreation room and plenty of storage. The exterior has a three-car garage, screened porch, fenced backyard and mature trees.

Strengths: The seller has priced this home very aggressively and it is a great value for the neighborhood. Of all the active listings in Springmill Pond, this is currently priced as the least expensive. There are large trees and ponds throughout the neighborhood.

Challenges: There is not a full basement. Some comparable listings have solid surface kitchen counter tops and this home does not.

WHAT’S IT WORTH? $329,900

What's it Worth?- 4BR Home in Carmel

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Type: Traditional                    

Age:   Built in 1991

Location:   Near Smokey Row and Gray Road

Neighborhood:   Smokey Knoll is an established neighborhood with mature trees and homes built in the mid-1980’s-early 1990’s.

Square footage:  3900 including 752 in the finished basement

Rooms:  This four-bedroom home has a family room, main floor office, formal dining room, and finished basement.

Strengths:  This home has an attractive curb-appeal, brick-wrapped exterior, screened-in porch, deck, in-ground pool and a fully-fenced backyard.  This is a very attractive price point for a house of this size in a desirable neighborhood in Carmel. 

Challenges:  The in-ground pool could deter buyers who do not want the added maintenance.  Many competing listings in this price range offer three-car garages while this home has a two-car garage side-load garage.

WHAT’S IT WORTH?    $350,000

Five-Bedroom Home in Carmel!

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Type:  Traditional  

Age:   Built in 1989

Location:  Near 136th and Gray Road

Neighborhood:   Smokey Knoll is an established neighborhood with mature trees and homes built in the mid-1980’s-early 1990’s.

Square footage:  4198 including 808 in the finished basement

Rooms:   This five-bedroom home has a sunny kitchen with tall ceilings, center island, granite counters, and stainless appliances, a sunken great room, formal living and dining rooms, a fifth bedroom on the main floor which could be used as an office, and a finished basement.

Strengths:  This home is very bright inside and has been well updated.  It is located on a half-acre fenced lot.  This is a great amount of square footage for the price. 

Challenges:  The physical size of the master bathroom is limited.  However, it has been well updated with modern fixtures and décor and the master closet has been expanded.  There are several competing homes in the neighborhood for sale. 

WHAT’S IT WORTH?    $370,000

Displaying blog entries 1-10 of 19

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