Buying a home Involves many Processes and preparations as well as many people in several different industries that can be involved from the Purchase to Close. Just a few can be Realtors, Title Companies, Lenders, Inspectors, Appraisers, Negotiators (short sales)and builders. Each has an important part to play in the successful Purchase to Close of your new home and will over a period of time be discussed here.
Also you may find articles about Communites in and Around the Indianapolis area with Information on events, happenings and area Homes for sale. Market Information of particular neighborhoods and other informational news items relating to Real Estate and the communities we serve.
There are many topics on Financing, laws and how it effects you. Choosing a lender, Points, Disclosure laws, Costs of financing. Financing terms, forms and what the process of getting a home loan and items necessary to get a pre-approval letter.
Clear Title and what to expect at closing. The Different Types of Deeds and what it will mean to you.
Buying a Home is an exciting time but can be very stressful. The more information you have on the home buying process the less Stressful it will be. So become as informed as you can. The Whole Home buying Process needs you.
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Shannon Thomas Real Estate Broker, Real Estate Professional, ABR, E-Pro, SFR
msWoods Real Estate, LLC
Serving The Indianianapolis Metropolitan Real Estate Market
Golf Course community home. Southern Dunes golf course designed by Gary Player
Gorgeous 4 bedroom 2.5 bath Perry Township home with beautiful Kitchen! with 42 in cabinets, Center Island, pantry, Faux stainless steel appliances.
Gorgeous Wood Laminate floors on Main. New Interior Paint and HVAC system. Large master bedroom with double sinks and large walk-n closet. 3 more beautiful bedrooms for your growing family or guests.
Beautiful fenced back yard with large deck for entertaining!
Home is awesomely located in a golf community. Community also has 3 pools, splash pad, tennis courts, Walking trails and multiple playgrounds.
Close to Highway and Shopping! Ready to move in! Sweet Home!
Call Shannon Thomas Avon Real Estate Broker and Managing Broker 317-681-4044
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When building a new home in Avon Indiana remember all builders are not alike.
Builders offer different price ranges, different basic options included with the home, different quality. It can be mind boggling and stressful the questions you should know to ask the builder. Over and above the options that are included with the home are the options that you can add and will increase the price of the home. Even the lots you choose have different pricing. Premium lots are considered more desirable. They can be larger, have a view of water, or be on a culdesac, etc.
Some builders offer sod (grass) on the front of yard and just seed on the back yard of the home. You really need to identify what is coming with the home. So you aren't disappointed at closing. If the builder says verbally that a certain item is included with the home, make sure that its listed on the contract. Written not verbal is the rule not the exception.
You will be making decisions from the start on which builder, which can be a Custom Builder or a Production Home.
Custom builders you can design the whole house or use a Production Builder who has models to choose from but has different options you can choose.
Building a new home can be very rewarding but stressful. Having a good Real Estate agent that knows the area and the builders is a great asset to any buyer.
Avon Indiana Shannon Thomas Real Estate Broker for information on building a New Home in the Avon Indiana Area.
Building a new Home is exciting! Meeting with the builder choosing your home design, choices of flooring, cabinets, counter tops, light fixtures and many more decisions have to be made before you sign the contract. There are certain important questions to ask the builder before you sign the purchase agreement.
Its important you understand what your purchasing, how long it will take to build, what comes with the home and what upgrades are available. When building a new home the builders have a basic package that the home comes with, you can choose to upgrade most everything and add features to your home.
Some features to consider are 9 ft ceilings on main instead of 8 ft ceilings. 9 ft ceilings are very popular, taller ceilings make a room feel larger and less claustrophobic.
Some builders offer a 4 foot knock out which extends your main area out by 4 ft. Some builders offer an option to add a sun-room, a third car garage and or a basement. Of course anything you add will add on to the price of the home. There are many decisions to make before writing your purchase agreement. There is a period that you can add certain items but once the home is submitted to the city for permits or architectural drawings it may be to late for some items or cost extra to add.
Understanding what your getting at the end is important and working with a Realtor that has worked with Builders in the past can help to make your experience much more enjoyable and help the process to go smoothly. The salesman represents the builder and a Realtor working with you is representing your best interests.
If your planning on working with a Real Estate agent, don't go to visit new home subdivision models without them and don't sign in with the builder when you go visit. Make it plain that you are working with a Real Estate agent.
I represent buyers wanting to build new homes in the Avon Indiana and surrounding communities. I would love to show you New Home communities here and share with you homes currently on the market as well as the home possibilities in this area.
Beautiful clean open concept 3 bedroom 2 bath 2 car Garage Ranch with large Kitchen, pantry, Large 18x16 Great room with vaulted ceiling. Updated light fixtures and hardware, New water Heater and Heat Pump. Privacy fenced yard with 16x16 storage building.
This Avon home located in Avon Lakes, listed for sale by Real Estate agent Shannon Thomas Real Estate Broker with msWoods Real Estate, LLC.
Call 317-681-4044 for a showing or information.
What is the difference between buyer closing costs and pre-paid items? The importance of knowing the difference between closing costs and prepaid items in Indiana offers to purchase a home.
Dose it make a difference what the wording is in your offer when you ask the Seller to pay closing Costs when purchasing a home?
It does make a difference, if you ask for $5000 in closing costs and don't include in the wording closing costs and pre-paid items in your offer some very expensive costs that relate to your closing are not covered. Your seller could net much more and you the buyer will be bringing possibly significantly more funds to the closing table.
Your Real Estate Agent needs to define what you want the seller to pay out of the amount you ask the seller to pay in closing costs. Of course the buyer wants as many closing costs and prepaid items paid by the seller as possible. So a good agent will try to use up all of the $5000 Seller has agreed to pay in Buyer closing costs so the buyer will have to bring as little funds as possible at the closing of your home.
Prepaid items are charges that aren't part of the mortgage process and fees not charged for the loan itself. They are es-crowed items or amounts paid directly (such as the Home Owners Association) majority of pre paid items are paid per Diem to the date of closing or in the future per diem 6 months or one year from the date of closing.
MORTGAGE INTEREST charged from the 1st of the month to the date of closing
PMI- Private mortgage Insurance Government fee that is charged to do the loan
REAL ESTATE TAXES escrow 6 months -
PROPERTY HAZARD INSURANCE HOME OWNERS INSURANCE - 1 year escrow Property hazard insurance is different then what home owners insurance is. Property hazard protects the lender - Home Owner protects you
HOA DUES from closing to due date of Bill
NON RECURRING Closing costs items that are a one time fee A couple of fees are included only in certain circumstances or types of loans.
LOAN CLOSING FEE
TITLE INSURANCE- owners policy protects the owner
TITLE INSURANCE- Buyers Policy
LENDERS POLICY Protects the Lender
LENDER FEES including origination fee, discount points, under writing fee, processing fee, doc fee, document preparation fee, administrative fee,
FLOOD CERTIFICATION FEE
TAX SERVICE FEE
WIRE TRANSFER FEE
MOBILE NOTARY FEE
POWER OF ATTORNEY FEE
When you put in an offer its important that you know what your expectations are and they are met.
A Seller doesn't have to accept your offer and may counter back with a lower amount in seller paid closing costs. When the Seller does counter back and states they will only pay x amount in seller paid closing costs, your real estate agent if you agree needs to counter back and include the prepaid's and escrows with the closing costs or again the seller could be paying less then you expect and you may be paying more at closing then you expect.
Avon Indiana Real Estate Agent
Love to List your home for Sale and Love to Represent you as a Buyers Agent
Search for homes in Indianapolis area communities and neighborhoods. SellingIndyMetro
What is a buyer multiple offer notification and how should you the buyer respond?
Multiple offers are common on properties in the SELLERS Market we are currently in here in the Indianapolis metro area, including Avon, Brownsburg, Plainfield, Danville, Carmel, Fishers, Zionsville and many other communities in and around Indianapolis.
Multiple offers means the property you are going to or have already put in an offer has more then one offer and they are giving You the buyer a chance to raise your offer so you have a better chance of possibly receiving an acceptance from the seller. All buyers that have put in offers will be sent the same notice.
In the multiple offer notification it will give you a time line that the listing agent has to receive the signed notification back or your original offer may not be considered. So make sure that you and your Real Estate agent pays attention to the details in the multiple offer notice and the process that they expect you to follow.
So what should your highest and best offer be? The highest and best offer should be the highest price you want to offer and willing to lose the property at that price. Another way of saying you would not be willing to go any higher and ok to lose the home if you don't receive the acceptance.
When a property is under multiple offer it means the property can have just one other offer the sellers are considering or they may have several. The sellers don't share that information and the listing agent is looking out for the sellers best interest. Also they won't share how high the other offers are or if the other offers are close or over asking price. They won't even say if your offer is close. I get this asked all the time and its questions that sellers or representative will not share.
As a Real Estate agent its my job to collect as much information about your home upfront as possible. Information on your home upfront helps make the sell of your home run smoothly and with less stress and frustration. Its important to have the information on hand when qualified buyers ask many questions and while the buyer is trying to make a decision to purchase and also after you have an actual contract.
Some information is for the title company that will be necessary to do a title search other information is for the buyer themselves.
Listing Home Information: Shannon Thomas Real Estate Broker
1. Home Loan #’s___________________________________ Pay Off Amounts______________
2. Name of Bank__________________________________
3. Bank Contact Info_________________________________________________________________________
4. Trash Pick up Days____________________ Contact Information_________________________
5. Gas Company and contact information_____________________________________________
6. Average Gas Bill over 1 year______________________________________________________
7. Electric Company and Contact Information_________________________________________
8. Average Electric Bill over 1 year period__________________________________________
9. Water Company and Contact Information__________________________________________
10. Average monthly water bill over 1 year period______________________________________
11. Sewer Contact information_____________________________________________________
12. Average sewer bill over 1 year___________________________________________________
13. Age of AC________________________
14. Age of Furnace____________________ Gas or Electric
15. Age of Water Heater________________Gas or Electric
16. Age of Appliances Stove________________ Gas or Electric
17. Refrigerator Age____________________
18. Microwave Age_____________________
19. Disposal Age_________________________
20. Dishwasher Age______________________
21. Does Washer and dryer stay with the home Yes or No If so
22. Age: washer____________Dryer________
23. Will drapes and curtains stay with the home? Yes or No
24. Fireplace: wood Gas Electric No fireplace
25. Do you have a Water Softener? YES or No Rented or Owned Stays with home
26. Security System Yes or No Stays with home
27. Is your yard fenced Yes or No
28. List of updates: Please furnish a separate list
29. Name and contact of HOA_________________________________________________________
30. HOA Fee amount ___________________ Paid monthly quarterly semi-annually annually
31. HOA fee includes: Pool Park Tennis Walking Trails Sidewalks Snow removal
32. HOA Due Date:________________________
33. Furnish Key for Lock box and garage door code
34. School District and schools kids would attend____________________________________
35. High school__________________________________ Middle School_______________________ Elementary______________________________
36. Are there known defects_____________________________________
37. Do you have builders plan Yes or No
38. Do you have Survey of Lot Yes or No
39. Any items still under warranty___________________________________
40. What do you love about your home________________________________________________
Are you on a Well? Yes or No
If yes age of Well ______________ age of well pump___________
Are you on Septic Yes or No Age of Septic____________________
Location of Finger System____________________________________________________________
Beautiful Plainfield 4 bedroom home for sale.
Immaculate move in ready plainfield home for sale and listed on Mibor for sale includes granite counter tops and wood laminate floors. Large open concept Family room, kitchen, dining room combination includes all kitchen appliances. Separate Formal Living room for entertaining. Kitchen has island with breakfast bar and pantry. Master bedroom includes walk-in closet, master bath with garden tub with separate shower and double sinks. All bedrooms have ceiling fans with lights. Freshly painted home with alarm, irrigation system and clean and well maintained.
Listing agent Shannon Thomas Real Estate Broker, ABR, E-Pro, Sfr
msWoods Real Estate, LLC
Buying a Indianapolis short sale can be a very long, anxiety ridden, nail biting, disheartening process.
Short sales are not for the faint at heart. You need to be very patient, have alot of time and understand the process.
A short sale is not a bank owned property. Its still owned by the owner who is asking their Mortgage Company if they can sell the home for less then what they owe. The owners of the property are under water. The home if on the market won't sell for the current value in the current market. The sellers for what ever reason are behind on their payments and can't afford to catch up or pay future payments. Their only alternative is short sale or foreclosure.
A short sale is sold as is because the owner has no funds to repair, thats why they are in foreclosure. A short sale bank doesn't own the home but owns the note on the property and they won't do any repairs. The only slim chance that the short sale bank will repair is if a buyers appraiser notes a significant issue and the buyer can't purchase the home unless the items are repaired or they lose their financing. If the appraiser notes issues with the home the under writer at the buyers bank will want repairs or they won't do the loan. Its a real problem with short sales as the Bank generally will not even then do any repairs.
Once the repairs have been noted and the buyers lender says they must be repaired there are only a few ways to complete the transaction.
The easiest for all concerned the bank completes repairs before closing. If this happens thank your lucky stars and you then can close on this home you have waited patiently for months.
If the bank says no to the repairs then hopefully all the pieces can come together still on your purchase. Don't hold your breath though purchasing a short sale with repairs adds greatly to the possibility of not being able to close. There are a few ways you can might make it happen if your willing to take the risk.
If your going conventional there are no escrow loans or repair loans available so if the seller can't do the repairs you will need to switch loans to an FHA with repair escrow(repairs below $5000 or an FHA 203k if the repairs are higher.
FHA you can do an escrow loan if the repairs are under $5000. In escrow (your cash funds), the funds are held til the repairs are completed after the closing. Repairs have to be completed by a licensed FHA general contractor and paid invoices submitted to the lender within a certain amount of time and repairs completed after the closing.
FHA 203K loan is much more complicated. Your time line to close will need to be much longer, usually 60 days and the short sale bank will need to agree with the extension. The short sale bank may refuse to extend, if they do refuse to extend you have run out of options to purchase the home.
The cost of doing an FHA 203K can be significantly more. You would need to have a couple appraisals, an "as is" appraisal and an appraisal with FHA general contractor approved invoices for the repairs needed to be completed. Its time consuming and something can go wrong after spending all the extra money it takes to do an FHA 203K loan. I have seen a bank sell the loan at the last minute to another bank. If that happens the buyer would have to start the short sale all over again with the new bank. Short sales unfortunately are complicated and only a buyer willing to wait for sometimes months should consider trying to purchase.
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