Tag Archives: Pre-qualification

Want to move to Irvington?

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I have a client very interested in moving to Irvington – this area is ever evolving and very walkable which is on a lot of people’s wish lists these days!  Housing is reasonably priced, including some really good deals on 1700 square feet townhomes in a Coop neighborhood – I know, you say a “coop” my thoughts automatically goes to New York and those expensive apartments on Central Park!  If you google “co-ops in Indiana“, you get grain and bean coop or food coop.  This will be a learning experience that I will happy share with you as we move through the process…but now back to Irvington.

Irvington was originally a suburban town in 1870 but was annexed into the City of Indianapolis in the early 1900’s.  The original plat of Irvington includes a winding picturesque street plan, very different from Indianapolis’ grid layout.  Irvington today has more lineal blocks of brick streets than any neighborhood in the city, and its naturalistic plan is considered Indianapolis’ largest and most developed example of Victorian Romantic landscape design.

In 1873, the area was selected as the new location for Northwestern Christian University, later renamed Butler University.  From 1875-1928, Butler developed a campus in Irvington, which subsequently promoted a college town atmosphere throughout the community. Although most of the campus buildings are gone, except the Bona Thompson Memorial Library, the intellectual spirit is still reflected in Irvington’s many association and groups.

Want to move to Irvington?  Click here to check out available homes everything from $8,000 to $260,000, sign up on my website and let’s get started!

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Vicki Reed

Multiple Offers on the Home of your Dreams?

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Oh No!  You’ve found the home of your dreams and so did someone else!  We are starting to see multiple offers on homes in the Indianapolis area…why you ask?  Inventory is low and homeowners are listening to their Realtor about the true Fair Market Value of their home and pricing it to sell!  What can you do to be ready to win the bidding war?   Here are a few boot camp tips to prepare you to win:

Pre-Qualify with a Lender who will be available when you need them

To compete, Buyers need to be prepared financially for the home purchase. Offering the most money might seem like the best way to win, however, Sellers don’t always choose the highest offer. Instead, they often prefer offers that are most likely to go through and that meet their conditions. You need a Lender who doesn’t work Monday through Friday and turn off the telephone and email at the end of the business day.

The Shanley Team at Inlanta Mortgage is just such a lender, take a look at my post “The Power in the Pre-Qual” to get a real understanding of their level of Customer Service AND they work when I do, which means they are available when YOU need them!  Having that pre-qualification is almost as good as cash in multiple offer situations.

Offer Higher Earnest Money 

Earnest Money in Indiana is typically .75% to 1% of list price, so if you are offering on a $200,000 home, $1,500 or $2,000 would be normal…but if you offered a $5,000 check (remember, it will be cashed!) AND you were pre-qualified this can sometimes impress the Sellers.  Just make sure you are able to fully meet all deadlines and terms of the contract so you don’t lose your deposit.

Be Flexible!

If the Sellers are building a home or waiting for the school year to end before moving and thought it would take longer to sell their home, consider offering to allow them to stay – a post closing rent back can put you ahead of the pack if you can be flexible!  I represented a Seller who was building a home and because the  Buyer was flexible with possession date (Sellers were able to close and continue to live in their home for 3 additional weeks) the Sellers agreed to a purchase price $5,000 less than they wanted because they didn’t have to move twice and find short term housing!

Listen to your Realtor!

As your Agent, I am working for you to make certain you don’t get caught up in the excitement of a bidding war and overpay for a home…let me do the best job possible for you!  Think you are ready to head out and start looking?  Let’s talk!

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Vicki Reed

Ready to List your home FOR SALE???? NOW is the time…

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Are you someone who believes Spring is the “buying season”?  Many homeowners wait until Spring to list their homes for sale. Here are five reasons why NOW is the time:

1.) Demand Is High

Homes are selling at a pace not seen since 2007. The most recent Existing Home Sales Report by the National Association of Realtors (NAR) showed that annual sales in 2012 increased 9.2% over 2011. There are buyers out there right now and they are ready to BUY your home!

2.) Supply Is Low

The monthly supply of houses for sale is at its lowest point (4.4 months) since May of 2005. The current month’s supply is down 21.6% from the same time last year. Historically, inventory increases dramatically in the spring, increasing your competition. Selling now when demand is high and supply is low may help you get your best price.

3.) New Construction Neighborhoods are popping up EVERYWHERE!

For the last several years, homeowners selling their home did not have to compete with a new construction projects in their area. As the market is recovering, more and more builders are jumping back in. These ‘shiny’ new homes will again become competition as they are an attractive alternative to many BUYERS.

4.) Interest Rates Are Projected to Increase Slightly

The Mortgage Bankers’ Association has projected mortgage interest rates will inch up approximately one full point in 2013. Whether you are moving up or moving down, your housing expense will be more a year from now if a mortgage is necessary to purchase your next home.

5.) Timelines Will Be Shorter

The dramatic increase in transactions caused many challenges to the process of buying or selling a home in 2012. We waited for inspections, dealt with last minute appraisals and prayed that the bank didn’t ask for ‘just one more piece of paper’ before issuing the mortgage. There are fewer transactions this time of year. That means that timetables on each component of the home buying process will be friendlier for those involved over the next 90 days.

NOW is the time to contact me to list your home!  It is a great time to make the move!  Not sure you can get another mortgage?  Visit my website and complete a FREE, NO OBLIGATION Pre-Qualification from The Shanley Team at Inlanta Mortgage.  Not in the Indy area?  I can help you with that too!  We have great Keller Williams Realtors EVERYWHERE, let me make an introduction for you!

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Vicki Reed

Something to think about BEFORE you put your home on the market…

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Whether you are thinking of up-sizing or down-sizing, have you thought about how you are going to pay for your next home?  For most of us, financing is necessary, but will you qualify for that next home?  BEFORE you decide to list your home, please, please get pre-qualified for your next one!

Lesson Learned…

Home was listed for sale at the beginning of September, Buyer made an offer on December 2, a little back and forth and they were under contract on December 5 with a close date of February 1.  As part of the Buyer due diligence, they had a home inspection by Iron Gate Inspection Services, Buyer’s Agent provided Inspection Response to the Seller‘s Agent and Seller quickly agreed to fix everything on inspection response.

Fast forward to January 18, 2 weeks before closing, Buyer receives a letter from an Attorney retained by Seller, that Seller is unable to secure a mortgage and Seller no longer wishes to sell their home and asked that Buyer give them “good title” and walk away.

Buyer retained an Attorney and by January 22, Seller was told they must close on the sale of their home on February 1 as agreed to in the contract.

What would you have done?  In this case, the Buyer was my client and we won and she will be moving into her new home this weekend, BUT, I also represent Sellers and this has changed MY listing presentation and I will be asking my Sellers to pre-qualify PRIOR to their home going on the market.  My goal is to Turn your Dreams into an Address…but I can’t do that without your due diligence, know your status before making a decision to sell, you don’t want to go from owning to renting.  The Shanley Team at Inlanta Mortgage is ready and willing to work through this with you and I’ve made it easy for you with a link on my home page (as well as in the right hand column of this blog post) directly to their application.  Also check out my post “Power of the Pre-Qual“…it’s not just for Buyer’s anymore!

Not sure of the current value of your home?  Visit my website and request a Current Market Analysis of your home’s value and let’s talk!

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Vicki Reed

Power in the Pre-Qual…

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Is 2013 the year you make the leap to homeownership?  Before you start looking, it is important that you consult with a mortgage professional as soon as possible!  Check out this video by Don Shanley with the Shanley Team at Inlanta Mortgage “What to Expect if you are a First Time Homebuyer” and visit my website to complete the application (click here)…it’s that simple!

Why do I recommend working with Don Shanley and his team of experts?  Simple…they are as Client Service driven as I am.  I had a previous client interested in purchasing a home, they emailed me on SUNDAY morning that they had completed the application, by 2:00 p.m. SUNDAY afternoon, they had been contacted and their situation discussed and they knew exactly what they needed to do to qualify to purchase a home by 2014…that is CLIENT SERVICE.  Click here to be introduced to the team at Inlanta Mortgage.

So back to Pre-Qualifying…this will tell you how much of a loan you can qualify for and the monthly payment amount you are able to afford, this gives you the first number, the second number is how much you want to spend.   Why are these numbers different?  They aren’t for everyone, but reality is that when I bought my home 6 years ago, I qualified for a mortgage of $190,000!  As a single woman, the idea of spending that much on a home meant no vacations, no dinners out, well you get the idea…I decided that I wanted to spend $125,000 and ended up purchasing at $123,000.  The pre-qualification process outlines your finances – your debt, income, employment, and cash available for down payment, among other things. It’s quick and basic.

Working with a Realtor (that would be me!) and with your pre-qualification letter in hand, the advantages are yours once you find the house you want to make your next home.  Your pre-qualification will make your offer look even better to the seller, they don’t have to worry that they are wasting their time, they will know that you are ready to buy their home!

Are you ready?  Just want to see what properties are available?  You can search on my website for homes, just click here to get started!

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Vicki Reed