Westfield Carmel IN- Realty Tips

Saddle Creek in Carmel/Westfield IN is a community of approximately 500 residents.  Currently it has 14 homes for sale, ranging from $257,900 to $329,917. This Pulte community is well established and family friendly.  It is not uncommon to see children riding bikes, or having fun on skateboards accompanied by their dogs, as well as couples taking an evening stroll.   

 Amenities include a community pool, tennis and basketball courts.  Another nice feature is that it is located adjacent to Rhinehart Farm, which offers horseback riding lessons, boarding, and summer camp.

It’s conveniently located near restaurants, grocery stores and Clay Terrace Fashion Mall.

 If you’re thinking of moving to the Carmel Westfield area, you may want to check out this great neighborhood.

The Carmel real estate market remained fairly stable from July 2009 to July 2010, as shown by the statistics gathered from MIBOR. The number of homes sold remained close, with 115 sold in 2009 and 103 sold in 2010. Average days on market remained virtually unchanged, with 80 days in 2009 and 83 in 2010. The increase in average sales price, from $320,350 in 2009 to $353,182 in 2010, shows the market seems to rebounding some and home values are steadily increasing.  Sellers in the Carmel real estate market can be assured by the steadiness of the market from last year to this year.

Source: MIBOR, July 1-31, 2009 and July 1-31, 2010

* This information is deemed reliable but not guaranteed.

Once a Seller has decided to negotiate for a short sale, the next step is to know what goes into the Short Sale Packet because the majority of the information to be included will come directly from the Seller. Therefore the Seller must be cooperative and willing to undergo the data gathering process, which can be time consuming and often frustrating. It’s also important to note that each Lender has specific package requirements and it is imperative that the package be submitted accordingly. The following are items to be included in the Short Sale Packet as a request for consideration of short sale:

 • Short‐sale cover letter – this is a one page overview of what you are requesting  and what is contained in the packet.

 • Authorization Letter– this gives the Lender permission to provide information to the Agent pertaining to the Seller’s mortgage

 • Seller’s financial information:

• Most recent pay stubs – 2 months (for W-2 wage earners)
• Most recent Bank Statements – 2 months, all pages
• Information regarding employment – length of service
• Profit and Loss Statement/Audited YTD Income Statement – (if Self employed)
• Income and Expense Sample Form
• Most recent (2) years’ Completed Tax Returns –(personal and/or Business, all signed pages)
• Four (4) months Business & Personal Bank Statements –( if Self employed)
• Asset documentation – i.e. Savings accounts, Stocks, Bonds, CDs, 401K, Pension plans, other Retirement funds (all pages)
• Supporting financial hardship documentation – i.e. medical bills, unexpected expenses
• Copy of Insurance Declaration page
• Recent property tax bill – proof of payment
• Proof of payment of Homeowner’s Association Fees (if applicable)
• Rental Income with Agreement if non-owner occupied
• Completed, signed and dated Request for Consideration of Short Sale Form from Lender
• Completed 4506T-EZ, signed and dated – form allowing the Lender to get a transcript of filed Tax Return

 • How to Write a Hardship Letter – this is a letter explaining how and why the Seller became delinquent on payments.  This should be sincere and honest.

 Information from the Agent:

 • Listing Agreement

• Marketing history – MLS printout (with appropriate language and disclosures for a short sale) showings and feedback reports

• Repair estimate for the property, if repairs are required

• CMA -with supporting sales history, including REO comps

• Purchase contract signed by both the buyer and seller

• Copy of Earnest Money Check

• Written proof of the buyer’s ability to purchase the property (preapproval letter, or proof of funds, if cash transaction)

• HUD‐1 settlement statement (sometimes Title company will prepare)

• Preliminary title report

 If there is more than one loan on the property, the process has to be repeated and payoffs provided to each lien holder.

 To avoid duplication, sometimes agents wait till after they have an offer to submit the packet, since the Lender wants current docs from the contract date.

If you would like to discuss the possibility of a Short Sale, please feel free to contact me at:

When comparing the statistics for Carmel for June 2009 and June 2010, the numbers show an improvement in the real estate market for the Carmel area. More homes sold in June 2010 than in June 2009, 132 in 2010 and 120 in 2009, a gain of 10%. While the average sales price dropped slightly, the days on the market improved from an average of 83 days in June 2009 to an average of 66 days in 2010. The drop in sales price can be attributed to the fact that in June 2010, the average sales price was 95.4 percent of the list price, slightly lower than the 95.7 percent in June 2009. In short, sellers accepted lower prices in June 2010, bringing down the average sales price.  Even in a challenged housing market, CNN Money ranked Carmel IN as the 14th best place to live.

 Source: MIBOR, June 1-30, 2009 and June 1-30, 2010 

* This information is deemed reliable but not guaranteed

View homes for sale in Carmel:  www.CarmelWestfieldHomes.com

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: 

When Sellers have difficulty making mortgage payments, they often think that foreclosure is inevitable and their only option.  They don’t know which way to turn and don’t know that they have options. Before resigning to foreclosure, here are some alternatives that might be considered:

•  Refinance – the securing of a new loan either to pay off an existing lien or mortgage on the property, or to access the equity. The HOPE program, which is a program available through the U.S. Department of Housing and Urban Development (HUD), may be an option depending on the Seller’s credit and other criteria. Another good resource to check out is the Making Home Affordable Program.

•  Loan Modification – the Lender agrees to amend the existing mortgage i.e. terms, interest rate, as a means to help the Seller avoid foreclosure. 

• Bankruptcy – the Seller liquidates debt
  • Chapter 7 (Liquidation) Settles personal debt.
  • Chapter 13 (Wage Earner Plan) Payments are made toward a plan to pay off debts within 3 – 5 years.
  • Chapter 11 (Business Reorganization) A solution for business debt

• Forbearance – the Lender makes special arrangements with the Seller based on their specific financial situation, which may enable them to handle more affordable payments.  This arrangement could include payment reduction and sometimes even suspension of payments.  The Seller has to prove to the Lender the ability to meet the new payment arrangement.

• Deed in Lieu of foreclosure – this occurs when the Seller gives the property back to the Bank. It’s not as easy as a Seller just throwing up their hands and saying, “here just take it”.  Banks consider the market condition, rather it is a declining market or not, foreclosure timeline and the condition and expenses associated with the home.

• Reinstatement – the Seller can pay off the full amount in default, plus fees.

• Sale – the Seller sells the home without Lender approval. This usually happens if the Seller has equity and assets to be able to cure any deficiencies at closing.

• 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.   

Keep in mind, anyone in this position should always consult with an attorney who specializes in this area as well as a tax professional.  If you have questions or would like more information, please visit:  www.CarmelWestfieldHomes.com

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 Carmel real estate market continues to remain steady as shown by data from the last six months. Of the 282 homes that were sold from January to June, sellers received on average 96 percent of their list price. From the last half of 2009, the average days on the market improved for the first half of 2010, from 69 days on the market to 33 days on the market, a sure sign that buyers are not only looking, but purchasing. Neighborhoods with the most sales include the Village of West Clay with 17 homes sold, followed by Saddle Creek with 12 homes sold and Plum Creek with 11 homes sold. Here’s a quick look at Carmel Real Estate by the numbers:

Real Estate Stats in Carmel IN

(from the past 6 mos)

Source: MIBOR 

To view properties Click:

* This information is deemed reliable but not guaranteed