Westfield Carmel IN- Realty Tips

  

Often Sellers think that foreclosure is inevitable and their only option when they have difficulty making mortgage payments. They don’t know which way to turn or their choices. Before resigning to foreclosure, one solution may be for Sellers to consider listing their home for sale as a short sale. There are several combining factors which may determine whether a Seller’s property should be considered for a short sale. If the answer is Yes to the following questions, one may want to pursue this option:

• Are you having difficulty making your monthly payments or facing foreclosure?

If you are having trouble making mortgage payments and refinancing or loan modification is not an option, short sale can help avoid foreclosure. A short sale may be considered once a Seller falls 1-3 months behind in payments. When a Seller is 60 days behind in payment, the Lender usually sends a notice of intent, which is a formal notice to the Seller of the intent to seek specific relief in an action.  It is notification of the intent to begin the foreclosure process, in this case.

•  Do you owe more on your property than it is actually worth?

If the amount you owe on your mortgage exceeds the current market value of your home, short sale may be a good option because it allows the home to sell for less than what you owe. Property depreciation alone does not qualify you for a short sale; other factors must also be considered.

•  Do you need to get your home sold quickly? 

If you are in a “must-sell” situation along with being behind on payments and owing more than the home’s value, short sale may bring you a buyer quicker and help you sell before reaching foreclosure.

• Are you having a financial hardship?

Sellers may qualify to sell their property in short sale if they have faced a recent financial hardship.

Hardships include:

Job loss

Business failure

Divorce

Death of Spouse

Major Illness

Medical expenses

 

If you have any other questions about a short sale and would like guidance, please feel free to contact me.

To search for short sale homes in Carmel-Westfield visit: 

 

With the housing bubble burst and a weak economy, more and more homes have gone into short sale or foreclosure. Although this is an unfortunate and often devastating situation for Sellers, short sales and foreclosures can be a good deal for Buyers. So, what exactly is the difference between a short sale and foreclosure? Here’s a quick snapshot of both: 

Short Sale—a short sale is basically comprised of two main components.  The first is the listing, marketing and selling of the home.  The second involves negotiations between the Seller and their Lender. In some instances this can happen simultaneously. The Seller’s goal is to have their mortgage lender agree to accept the proceeds from the sale of the home as payoff of their balance due.  For example, if a Seller owes $250,000 on their mortgage and the sale of the home nets $215,000, the Lender or Bank will agree to take the net proceeds of the sale as the payoff of the outstanding debt. Notice, I mentioned net proceeds.  Banks only care about the bottom line! The Bank’s goal is to get bad loans off their books so they can reinvest the monies and make more loans. 

Foreclosure—foreclosures happen when a Lender attempts to recoup any money owed on a defaulted loan. In a foreclosure, the Lender takes possession of the home after the owner defaults on the loan. The lender then attempts to sell the property, commonly known as a “bank-owned” or “REO” property. 

In later posts, we’ll discuss in more depth some reasons for short sales, the process, the package, and answer some questions regarding short sales.

If you are considering a short sale, the very first step is to consult with an attorney and CPA who specializes in this area.

To view short sale listings  in Carmel/Westfield, IN visit:

 

The month of June signifies the official start of summer and the cities of Westfield and Carmel have plenty of community events planned to get your summer started off right. Both Westfield and Carmel offer farmer’s markets with loads of fresh fruits and vegetables, baked goods, homemade crafts and much more. Gather the lawn chairs and blankets for some after-dark fun with Carmel’s Movies in the Park, Community Concerts and Cool Creek Campfires or Westfield’s “The Word Gallery” Poetry Nights. Here’s a sampling of the event’s happening in June:

Westfield 

Summer Sale @ Main Street Shoppes

June 12-20

Main Street Shoppes

800 East Main Street

Westfield, IN 46074

317-867-3327

www.rdc@reatliques.com

Westfield Farmer’s Market

Every Friday, 4-8 p.m.

Corner of SR 32 & S. Walnut Street

Westfield, IN 46074

317-804-3030

www.westfield-chamber.org

 

“The Word Gallery” Poetry Readings

Every Friday, 6-8:30 p.m.

Gallery One36

136 E. Main Street

Westfield, IN 46074

317-867-4139

www.galleryone36.com

Carmel 

Movies in the Park

Friday, June 11, 9-11 p.m.

West Park

2700 W 116th Street

Carmel, IN 46032

317-848-7275

www.carmelclayparks.com

Get Your Rear In Gear 5k Run / Walk

Saturday, June 19, 7 a.m.

Northview Christian Life Church

5535 131st ST

Carmel, IN 46033

317-645-6942

www.getyourrearingear.com/events/list/2010/indianapolis-in/

Art Of Wine

Saturday, June 19, 5-10 p.m.

Carmel Arts & Design District

Main Street & Range Line Road

Carmel, IN 46032

317-571-2787

www.carmelartsanddesign.com

Carmel Community Concerts

Every Wednesday, 7:30-9:30 p.m.

Carmel Civic Square

One Civic Square

Carmel , IN 46032

317-571-2400

www.Ci.Carmel.In.Us

Cool Creek Campfires

Every Friday, 7-8 p.m.

Cool Creek Park

2000 East 151st Street

Carmel, IN 46033

317-770-4400

www.myhamiltoncountyparks.com

Carmel Farmer’s Market

Every Saturday, 8-11:30 a.m.

South Parking Lot of The Carmel City Hall

One Civic Square

Carmel, IN 46032

317-710-0162

www.carmelfarmersmarket.com

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