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 (3^rd 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.

 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!

Type:  Traditional, Bank-Owned

Age:   Built in 1980

Location:   Near 126^th 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

Age:   Built in 1989

Location:  Near 136^th 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

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

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

Type:  Ranch

Age:   Built in 2001

Location:   Near 146^th 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

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

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

Type: Traditional        

Age:   Built in 1994

Location:   Near Morse Reservoir

Neighborhood:   Carrigan Cove is a custom home community with mature trees. 

Square footage:  4086 including 1377 in the finished basement

Rooms:   This four-bedroom home has three-and-a-half baths, open kitchen and family room combination, formal living and dining rooms, finished basement and three-car garage. 

Strengths:  This is a custom home for only $270,000.  It has a unique stucco exterior, large yard, and new carpet and paint. 

Challenges:  According to the Metropolitan Indianapolis Board of Realtors, there is currently a 12 month inventory for homes in this price range in Noblesville. 

WHAT’S IT WORTH?    $270,000

Type:  Traditional  

Age:   Built in 1989

Location:  Near 136^th 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

Type:  Traditional

Age:  Built in 1998

Location:  Near 131^st Street and Hazel Dell Parkway

Neighborhood:  Brooks Landing at Prairie View is an exclusive neighborhood adjacent to Prairie View Golf Course and the White River and offers a clubhouse, community pool and tennis courts.

Square footage:  This home has 4996 square feet including 1338 in the finished basement.

Rooms:  This four-bedroom four-and-a-half bath home has a gourmet kitchen with granite counter tops, a tumbled stone backsplash and custom cherry cabinets, a main floor office, sunroom, a basement with full bath, fireplace, theater area and exercise room and a three-car side-load garage.

Strengths:  This home is on a large wooded cul-de-sac lot with a park-like setting that backs up to the White River.  There are many upgrades including a nice trim package, crown molding throughout, hardwoods, new front door and fresh exterior paint.  It is surrounded by more expensive homes. 

Challenges:  Some buyers may prefer a more open kitchen and great room combination.  Storage space is somewhat limited.

WHAT’S IT WORTH?    $575,000

A real estate short sale can take time, but can provide a good value to the patient buyer.

A short sale is one where the owner is not able to make up the difference financially between what a property will sell for after expenses and what is owed to the bank(s).  Banks will approve such a sale and take a financial loss now if the value offered is reasonable for today’s market in order to prevent future losses due to delinquent payments and costly foreclosure proceedings.  The seller must have a credible hardship.  The buyer must have patience.  Due to new guidelines, bank response times will be improving.

Banks have become tougher on loans. 

The good news is that loans banks are approving now will have a lower failure rate compared to just two years ago.  The banks have insulated the appraisal process, increased buyer credit rating requirements, and have been downright picky on stipulations that were overlooked in the past.  Money is still available for people to purchase a home, though not as many.  The byproduct of banking loan restrictions has been a robust demand for single family home rentals.  The buyers that are out of the market to purchase due to a blemish on the credit report still want a home are willing rent for a year or two.  Keep in mind with the new property tax laws, rental home tax rates (2% tax cap max.) can be double that of a neighboring home that is owner occupied.  The rental rate may trend up due to this extra cost.

As a real estate professional, I’ve opened up a toolbox of different strategies to accomplish the goal of buyers and sellers.  We have negotiated a sale with a bank while they fixed a foreclosed home, worked out a sale with a one year closing date, strategized with options on properties,  bought property with a personal retirement account fund, and saved years of seller’s financial hardship by negotiating short sales.  Due to the unusual market provided this past year, I feel more even more educated to be able to provide buyers and sellers valuable insight gleaned through our experiences.

Type:  Ranch with Bonus Room

Age:   Built in 2001

Location:   Near 156^th Street and Springmill Road             

Neighborhood:   Mulberry Farms is a quiet community with a large central pond and playground.

Square footage:  1728

Rooms:   This three-bedroom home has two full baths, a large great room with vaulted ceilings, kitchen with new stainless appliances, main floor master suite and upstairs bonus room. 

Strengths:  This home has updated attractive décor and sits on nearly half an acre.  Many other ranch style homes in Westfield are older and more dated compared to this newer, more modern home. 

Challenges:  This home backs up to 156^th Street but the large lot and trees help to create a barrier.  

WHAT’S IT WORTH?    $180,000

Type:  Historic

Age:   Built in1908

Location:   Near Range Line Road and Main Street

Neighborhood:   Carmel Arts & Design District

Square footage:  2274

Rooms:   This home has four bedrooms with one on the main floor, two full baths, family room, formal living room, laundry room and two-car detached garage/workshop.

Strengths:  This home has been updated with modern amenities including a stylish kitchen, bathrooms, roof, wood floors, furnace and more.  The backyard offers a large deck, fence, lush landscaping and mini-barn.  It is conveniently located just steps from the Arts and Design District’s shopping, dining and entertainment. 

Challenges:  Although historic homes are loaded with charm and a storied past, the new owner will have to live without a master suite and extra bathrooms.  Where some buyers will see character, others may see imperfections often found in older homes.  

WHAT’S IT WORTH?    $250,000

Type:  Luxury Home

Age:   Built in 2001

Location:   Near 106^th and Towne Road

Neighborhood:   Windermere is a premier neighborhood with luxury homes, large lots and mature trees.

Square footage:  9275 including 3904 square feet in the finished basement

Rooms:   This five-bedroom home has a gourmet kitchen overlooking the hearth room, impressive great room, main floor library, master suite with spa-like master bath, six full baths, two half baths, and a lower level with wet bar, wine cellar and state of the art theater room.

Strengths:  This home has all the bells and whistles and boasts top of the line features.  It is located on a large lot overlooking a plush golf course.  If history repeats itself, this home will result in a successful sale since it has been sold twice in the last ten years. 

Challenges:  The price range of this home will limit the amount of potential buyers.  According to the Metropolitan Indianapolis Board of Realtors, there is currently over a year of inventory in this price range in Carmel. 

WHAT’S IT WORTH?    $1,600,000

Type:  Ranch

Age:   Built in 1997 

Location:   Near Carmel Drive and Guilford Road 

Neighborhood:   Carmel Station 

Square footage:  2023 including 867 in the finished basement 

Rooms:   This three-bedroom home has a split floor plan with modern décor, great room with gas fireplace and built-ins, laminate flooring throughout the main level, finished basement with wet bar and versatile office area, and two-car garage.  

Strengths:  The ranch style home appeals to buyers looking for a main floor living space.  This home is located right in the heart of Carmel just minutes from the Monon Trail and the new Palladium opening in 2011. This is one of two homes on the market in Carmel between $150,000-200,000 built in the last 20 years with a basement. 

Challenges:  The 40 foot wide lot may feel small to those wanting a large private yard, however, there is very little yard maintenance involved.

WHAT’S IT WORTH?    $170,000

Type:  Ranch

Age:   Built in 2001

Location:   Near 146^th 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 immaculately landscaped and has a built-in sprinkler system and large covered porch.  This home is located directly across from a huge park. 

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