Feb 272015
 

It’s that time again that all dogs love in Hendricks County, Dogtona!Dogtona 2015 for the Hendricks County Humane Society

The event is held by the Hendricks County Humane Society at the Hendricks County Fairgrounds from 11:00 AM to 3:00 PM with all sorts of fun things for dogs to do. This is a must see event, even if you cannot bring a dog. Check out photos from last years event below. See you there!

Find out all the details at the Hendricks County Humane Society web site.


Video from the 2013 Dogtona

Feb 232015
 

Sold Another Avon HomeYou often will hear about improvements to a home that help increase the value. But you really don’t know if the value was really improved until you go to sell your home. What you want to increase is the buyers’ perceptions which will in turn increase what they will offer. As long as it appraises you will have increased the value based on your improvements.

First and foremost, the most important improvement is to clean your home like it’s never been cleaned before. This will always be our number one recommendation to anyone who’s getting their home prepared to sell. We’ve heard all kinds of reasons why people want to skip this step but you’re hurting the home’s value because of the buyer’s perceptions. ‘If the owner does not clean the home they probably don’t take good care of the home in general.’ In other words they wonder what else has been ignored in the upkeep of the home in general.

The first part of this involves decluttering. Remember that you plan to move soon so purge first to save you a lot of trouble later on. Then store away as many personal, small items as you can to make the home look neat. You’ll be glad you did this first when you start to clean. While you can clean the home yourself and save money it might be worth having professionals come do a top to bottom cleaning once, then you can just do maintenance cleaning from that point on. Clean homes will always sell faster and for closer to original list price. So this is the biggest bang for the buck, even if you pay someone.

After the cleaning look over everything in the home such as kitchen / bath fixtures to see if there are any stains or damage that didn’t come clean. At that point consider replacing them and be sure and match or upgrade what you currently have. What you use as replacements depends on your home décor and price point. This is a good time to talk to a local REALTOR to see what would work best for your home. Now use this same thought process on everything else in the home. Scarred or damaged walls? Go ahead and repair / paint and be sure and use a neutral color. * Stains that won’t come out of the carpet? Consider replacing the carpet or at least getting a quote. You’ll want to talk to a REALTOR before you spend too much money on new flooring.

After cleaning and repairing things can get a bit trickier. This is where someone with local market knowledge can be the biggest help. While a complete bathroom or kitchen makeover will help you sell your home, you may spend a lot of money and only get a little increased value in return. What really drives major updates is the local market for your type of home. In markets in other parts of the country homes sell for much higher values (starting at $500K), so updated baths and kitchens are expected with a basic home. So in that market a $20K kitchen upgrade could pay off while here with an $85K starter home, not so much.

Better investments locally are to look at the condition of the mechanicals such as heating/air, water heater, sump pump, etc. For example have your furnace serviced before you put the home on the market and keep the paperwork on anything done, especially if there is a transferable warranty. These are the type of items that can come up in an inspection so you’ll probably have to do this anyway. But what you want is to show the buyer you take good care of your home. That is the basic perceived value you want to impress on buyers who tour your home. That in turn will increase their offer and what the real value of your home is to that buyer.

If you are looking to increase your home’s value feel free to call The Derrick Team to come take a look at your home. We’ll be happy to discuss what you need to do with no obligations. We love to help people sell their homes that much! Call or text 317-563-1110 or email us at DerrickTeam@DerrickTeam.com. We work out of our Avon Indiana office to help buyers and sellers in the entire Indy Metro Area.

* If you plan to do the painting your self be sure and do a neat professional job. Sloppy paint jobs can be worse than walls that need painting so invest in some good paint tools and tape to do it right.

Feb 182015
 

Update 1: Right after I published this MIBOR announced a delay until September this year for the cut-over. First little bump has occurred. 

Update 2: Matrix went live September 9th of 2015 to mixed reviews by end users. But in general I’ll say it’s more stable than Tempo ever was.

As with all technology there have been a lot of changes going on lately. Almost every day you hear about new mobile apps for searching real estate and a lot of changes with online search sites such as the Zillow / Trulia merger. But coming real soon there are big changes in store for central Indiana that will impact everyone who uses the MIBOR (Metropolitan Indianapolis Board Of Realtors) web site.

First a little background. The current MIBOR online database has been in use for several years with minor tweaks since the switch from distributed program CD’s and the old monthly catalogs. As with all technology it was the best you could get at the time but then technology evolves and eventually programs and associated databases aren’t quite up to par. The current system called TEMPO is based on a Microsoft platform which limits it to effectively be used in MS Internet Explorer. Today with all the other platforms including Apple products, Android platforms, and the explosion of mobile options, the workarounds with TEMPO just don’t work very well. So at this point it was determined that the system needed a complete overhaul and what MIBOR is rolling out very soon is called MATRIX.matrix

We REALTORS have had time to train and work with MATRIX since the beginning of the year. I can tell you it is a completely different system, which is both good and bad. I will preface this next statement with the fact I worked in IT for over 20 years and worked with many large program rollouts. The rollout of MATRIX is going to be very painful for a lot of people whom we might label ‘technology challenged’. I will also say the team in charge of the rollout has their job cut out for them. But we all know change is never easy. Even I struggle to get used to new or updated programs so there really is never and easy way to achieve something like this.

As with all new programs there will be some wrinkles and bumps to deal with as everyone gets accustom to a completely new interface. And the programmers will be busy for a while working out the usual bugs. But eventually everyone should be able to realize the improvement, especially when they learn the newer features that are available because the underlying database structure is more flexible.

One that everyone should benefit is the quicker response time because the system is based on the latest ‘cloud technology’. For REALTORS the search function includes a lot of custom shortcut tools that will make it easier to find something while on the phone with a client. And most of all will be the platform independence that should make it much easier to adapt to existing or future technology platforms. So get ready, MATRIX is coming!

Feb 112015
 

There are many great ways to expose your home to buyers but virtual tours add an element that shows your home in a manner perfect for social media. Visual Tour is a product by Paradym that we utilize for all our listings. We customize every one of our listings by adding more photos than the original 24 uploaded from MIBOR BLC and change the look and music to make each tour unique. We utilize the social media tools and post tours to our web site www.DerrickTeam.com as well as Facebook, Twitter, YouTube, etc.

VT Active Listings QRCode

QR Code

We also use the print tools that include QR codes that we place on every take one flyer for our listings that make it easy to see a tour with a smart phone or tablet while sitting in front of the home. One of the newest tools is the mobile marketing option that creates a code buyers can text and see the tour photos and details on their mobile device and we capture the number for follow up. This allows us to get instant feedback on what buyers think of the listing as well as contacts to invite to open houses.

Another feature we like and use is the reporting function that allows us to send weekly traffic reports to our clients so they can see the online interest in their home. This complements the other Internet traffic reports we provide each of our listing clients.

Tour-View-Report-1

Traffic Report

The Derrick Team has always utilized Visual Tour because we want to provide the best marketing tools for our listing clients. In order to guarantee to have your home marketed with Visual Tour you’ll have to hire The Derrick Team as most other agents do not offer it. And of course no other agents offer the extensive Internet marketing that we do. Call or text 317-563-1110 for a no obligation comparative market report and all the details on how we market your home.

Be sure and check out our current listing tour below.

Virtual Tour Inventory WidgetGet Adobe Flash Player

Jan 312015
 

RinehartSOLDSo you’ve been though the process of searching, touring, and determining the home you wish to purchase. You made an offer and your Realtor just called you and told you your offer has been excepted. Congratulations, you just made the first step in your home purchase process. But you’re not quite done yet. Now it’s time to get busy as you and your Realtor have some things to do.

First, your Realtor should let you know specifically what to do per what you put in the Purchase Agreement (PA). There are contingencies that must be met to complete the entire purchase.

Getting A Loan
Typically if you are getting a loan there is a contingency for you to be able to obtain acceptable financing and the property to appraise for the purchase price. Your Realtor will work closely with your lender to make sure all the information is exchanged on the property and purchase agreement with all needed parties. This includes the Ernest Money (EM) you put down on the property (which is deposited in escrow by the listing broker at this point, so make sure you have the funds to cover). It is YOUR responsibility to provide all your personal financial information to lender as quickly as possible when anything is requested. Failure to do so can lead to delays or even the default of the PA, which then can make you lose the property and possibly your EM. Time is of essence after the first few days so do everything you’re told as quickly as possible. What ever you do, DON’T go spend a lot of money. We’ve seen more deals fall apart because buyers ruin their credit rating just as they are about to purchase a home. If you need to buy something, talk to your lender first.

The Home Inspection
At this same time you’ll be told to hire an home inspector if it was in the PA. We always recommend one for every home purchased as you want to make sure there is no hidden major problems that end up costing you a lot of money in the future. Take the time to get this setup as quickly as possible, and make the time to be there during the inspection. A good inspector will show you things you need to know, like how to check the furnace or water heater. They will educate you a little about your new home. A good Realtor will be there with you for the inspection (I will always try my best to be there for the entire inspection.) After the inspection we will write the inspection response based on what is documented in the report. At that point we will negotiate with the sellers if there are issues that need to be resolved.

Homeowners Insurance
After those two items are addressed things will slow down a little bit while waiting for the lender to finish preliminary underwriting on your loan and the appraisal is ordered. You will need to call and get homeowners insurance as that will be a lender requirement. Check with your auto insurance company as discounts often apply to combined home and auto insurance.

Listen To Your Advisors
If there are other contingencies your Realtor should keep you advised on anything you need to get taken care of. Be a responsible buyer and follow the advice of your Realtor and lender to make sure the entire transaction proceeds smoothly. Buyers who do not complete contract items in time can find they lose the property and their EM. But stay in the required timeframes and everything will move more easily to you owning a new home.

Just starting to look? Give The Derrick Team a call today at 317-563-1110! We will assist you every step of the way to get you into you’re new home.

Dec 292014
 

Whenever we discuss our commissions we often find that people have no idea how a REALTOR® gets paid and all the work behind getting those paychecks. While each real estate company has different way of compensating their agents, certain aspects remain consistent no matter which brokerage they represent.

The first confusion is that REALTOR®s work for a broker as an employee and are compensated for any or all of the broker’s sales. The truth is that agents are actually self-employed as independent contractors. Indiana’s real estate license dictates that agents affiliate with a brokerage unless they choose to start their own company (there are other requirements before an agent can do so). As independent contractors we are only compensated on our own sales and not any other brokerage sales. So if a REALTOR® doesn’t sell any of their properties, they don’t make a cent. In some cases with larger teams, they all might get a cut of the team’s sales but that is really determined by the team leader.

The next part that is fairly consistent is with the brokerages’ compensation to the agent for the agent’s own sales. With each sale the commission is paid to the brokerage. Then the brokerage pays the agent based on predetermined percentages and other expenses. The part that varies with each brokerage is how they pass on expenses to the agents. In some cases it’s up front charges and others it’s taken out of the agents commission as a percentage of the sale. In either case understand that when you see the commission figures on closing documents, your agent is only getting a portion of that amount.

Now that you know we are self-employed you also have to understand that an agent is responsible for all their own taxes, professional fees, ongoing education requirements, transportation costs, and a lot of their business expenses. Some brokers provide a lot for their agents while others provide little if anything at all which often determines the commission percentages. But no matter how much the brokerage provides all agents will have to cover a lot of their own expenses if they want to be a successful agent. As you look at the chart to the right you’ll see in the end an agent gets a small profit from each sale and only after a successful closing.

So to summarize agents only get a percentage of the commission and only when they list and sell your home or help a buyer purchase a home. Up until a successful closing real estate agents assume all the expenses involved and receive absolutely no commission if there is no sale. As you can see a successful REALTOR® will do everything they can to help sell their listings, as there is no payday until they do.

Commision-Split

Dennis & Connie Derrick (The Derrick Team) are a husband / wife team and are associated with Carpenter Realtors because they provide the best marketing to their agents. Then The Derrick Team goes the extra step to present your home in the best possible way to buyers, as this is what we know helps sell your home. You only get the extra marketing by selecting The Derrick Team. We are also unique in that we enjoy what we do so helping our clients in any way we can is part of the experience you have with us. We like to help people with their real estate needs, but we do have bills to pay as well. Give us a call to discuss your needs today at 317-563-1110 or shoot us an email at DerrickTeam@DerrickTeam.com.

Dec 222014
 

Let’s face it, we are so used to flipping the switch to turn on a light that when the power is out you still will flip the switch when you walk into a dark room (you know we’ve all done that before). Then you go ‘Duh, I already knew that wouldn’t work.’ Well there is a way to make sure that light will almost always work, and that’s by installing an Emergency Power System.

There are a few different ways you can set these up and the best systems will cost you a bundle. A fully automated, whole house system that you will never notice when the utility power is out is pretty much way out of most of our price ranges. This would include a large enough generator to power the entire house, a completely automated switch over system, and a very large battery bank (UPS) to run the power during the 30 to 60 second switch over. This type of system is usually only used in commercial systems due to the high cost.

There are home versions that are a bit simpler and more affordable. The basic option is a gasoline powered portable with a few outlets on the unit. These usually will power a handful of things depending on the size of the unit. Larger portable units are often setup with a single hookup to plug into the home’s wiring system. This wiring system is installed by an electrician and is properly sized so that only the important items in the house will be powered and thus you can still use a portable unit.  Having the wiring ready is key as then you can use any properly sized portable generator and plug it quickly into the house circuit when needed. The wiring system also isolates the home from the commercial power grid so when workers working on the power lines will not get shocked from your generator!

Fully automated backup generator

Fully automated backup generator

The next step would be a larger permanently installed unit with an automatic switchover system. These typically will run on natural or propane and sit somewhere outside the home ready to go when needed. With the generator, wiring, and automated switch system these can get expensive fast. These only make sense if you live out in the middle of nowhere and sometimes lose power for days.

The best way to figure out what’s the best method is to look at your own needs, and how often do you go long periods without power. I think for most of us, the quick connect to the house system is reasonable in price and worth the safety to know that within a few minutes, you can flip that switch again and this time you’ll have light!

Our listing in Brownsburg is setup with a fully automated backup power system.

Dec 092014
 

The Power of the Internet

As Carpenter Agents, The Derrick Team utilizes every appropriate form of marketing tools Carpenter Realtors provides us but then will do even more for sellers to maximize the exposure to interested buyers. As many buyers today do their “First Showing” online with various Internet sites it is very important that an online showing is the best it can be. As most sites pull their data from the MIBOR information, we provide the best descriptions, pictures, links and detailed information to the BLC listing on MIBOR so this happens. Then Carpenter Realtors has negotiated with the Indianapolis Star and Homefinder.com to upgrade listings with options beyond the standard listing advertisements. Carpenter Agents can also add more information at www.CallCarpenter.com.

In addition to all this great online marketing, The Derrick Team will add to the Internet showings with a dedicated web page on our own Derrick Team web site for each of our listings. Why is this important? With each of the products and sites provided to agents through MIBOR (via MATRIX), the amount of information and pictures is limited due to the large number of listings on each web site (500 character limit in description, 24 photos). By having a page dedicated to each listing we can expand the information, pictures, videos, to as much as we need to properly market your property. A link to www.DerrickTeam.com is included in all marketing materials so interested buyers can easily check it out for more information.

But Wait, There’s More!

We will use web analytical traffic measuring tools to track traffic to the site to allow us to fine tune our marketing process. In addition to this we market our listings using social media such as Facebook, Twitter, our Derrick Team Blog, and Craigslist.com. This exposes your property to an even wider variety of possible buyers; all those on-line, tech-savvy, professionals.

Almost any Real Estate Agent will offer you some sort of Internet marketing but we know The Derrick Team is one of the few who will offer you all of these marketing methods, at no extra cost to you! All our marketing tools will make sure your property gets the maximum exposure where it counts, with interested buyers looking for property like yours!

Real World Marketing Examples With Maximum Exposure!

First we create a dedicated web page:

DedicatedSiteExample

 (which is automatically distributed to Facebook, Twitter, and other social media sites)

Then we advertise the Open Houses in Home Finder section in the Sunday Indianapolis Star and mention the web site as part of the description so readers can get easily find additional information about your home:

ThursdayAd

 Then we Facebook about the Open House which also draws more viewers to your listing on our web site:
FBopenhouse

Then we continue to market in print media, flyers, other web based real estate sites, always mentioning the web site for more details. Our upgraded take one flyers also reference the web site giving drive by buyers a quick way to get more information. In addition they can have a number they can text to receive a complete tour of the home on their mobile device.

TakeOneFlyerForestCommons-1

For a no obligation we’ll be happy to do a free market analysis of your home and show you everything we do to help you sell your home with the exclusive Derrick Team Above & Beyond Marketing. Call or text us at 317-563-1110 or send us an email.

The Derrick Team: Full Customer Service and Full Marketing Exposure!

Nov 132014
 

U-Haul-TruckOne thing we often hear from our clients selling their home and buying a new one is they don’t want move more than once. They want to move right from their current home into their new home. It’s an understandable desire as moving all your belongings is usually a highly underestimated task. One never realizes how much you own until you have to pack, move, and unpack. So the thought of doing it twice or more brings about a certain dread. The reality is the only way to make sure you only move once is to buy your new home first. But since most of our clients need to sell their current home first, that’s not a real option. So we’ll explain the best way to prepare yourself so that when you put your home on the market you’ll be in the best position to move only once.

The first step to prepare your home for the market is to declutter your home. This is also an excellent time to purge all those items you’ll never need again. Garage sales, giving items to friends & family, and donating are excellent ways to get rid of items that have some use, just not for you. And before you pitch any items in the trash, first consider recycling when possible. For any items you won’t need until after you move pack them away and if possible store them elsewhere. The idea here is the less you have to move to your next home the easier it is move over a weekend. These days you typically have only a few days to move out after closing so plan on a quick 2-3 day move and you’ll be fine. Don’t forget when you move out you cannot leave anything behind unless that is agreed to in the purchase agreement so give yourself time to have the home ‘broom clean’.

Next you want to have a target in mind of where you want to move. It’s best to search for homes before you even list your house so you have an idea of what’s on the market and what you can afford. Be sure and talk to a lender and get prequailified so you don’t have any nasty surprises later when you go to buy another home (we’ve seen that one before). Visit some open houses in the target area and talk to neighbors you see out. Having an idea of where you want to buy (and can afford) when you’ve sold your home helps keep the timeframe lined up with back to back closings so you only have to move once. You’ll need to watch the inventory supply for your target area. In some of the most popular areas homes sell quickly. If you are determined to buy in an area like that have your home ready to go on the market at any time. Then when the perfect home comes on the market get your home listed ASAP, and price it to sell quickly. A good REALTOR can help advise you on local sales prices so you’ll want to be the best deal in your area. You can also consider making a ‘first right’ offer on the home you like but many sellers are reluctant to do so in areas where homes sell quickly. Also be prepared to offer top dollar whenever you do make an offer. Again, a good REALTOR can advise you on the best tactics to entice the seller to accept you offer over other possible offers.

Finally, when you have an accepted offer on your home and have successfully negotiated an offer on the home you are buying, everything becomes time critical. The entire process of inspection, appraisal, necessary repairs, etc must move in lock step on both transactions. Any delay in one will affect the other and possibly jeopardize both. A good REALTOR will help you by staying on top of both transactions to ensure you have a back to back closing (usually on the same day) so you can work out an acceptable timetable with both parties and you’ll only have to move once.

So to summarize:
1. Reduce the amount of items you need to move so you can move in just 2-3 days.
2. Do your homework and know where you want to move based on what you’re approved for by a lender.
3. Get a good REALTOR that will make sure everything moves in lockstep in the sale of your home and the purchase of your new home.

A couple of items to note is we still recommend to our clients you have a backup plan in case you sell your home but some last minute issue keeps you from closing on your new home right away. And while it’s not always possible its handy if the home you are buying is vacant so there is no issue with immediate possession.

You’ll want to find a good experienced REALTOR with both listing and buying. The Derrick Team, Connie & Dennis Derrick are your experienced REALTORS and are here to help your move from your current home to your new one as smoothly as possible. Call or text us today at 317-563-1110. We work 7 days a week!

Oct 052014
 

This style of home comes from the basic need for shelter. National-style homes are less adorned than the European Victorian style homes. In early America, builders copied from Native American and tended to build these homes more for utilitarian needs.

The style is typically utilizes rectangular shapes with side-gabled roofs or square layouts with pyramidal roofs. The gabled-front-and-wing style this home in Danville is in the subset of the National style known as “Massed” plan styles, recognized by a layout more than one room deep, often sport side gables and shed-roofed porches.

National style homes have been around since the pre-railroad days but the style is still used as the basis for new custom built homes and can be found all over the country.

As history buffs we love to help sellers with older historic homes. But then we love to help everyone sell their home, no matter which century it was built. Call or text The Derrick Team today at 317-563-1110 with any of your real estate needs.

Sep 222014
 

1513 Forest Commons DrFrench Provincial or more commonly referred to as French Country style homes come from a style of French countryside homes originating in the 1600’s. Balance and symmetry are the ruling characteristics of this formal style. Originally the homes were often brick with detailing in copper or slate but today more modern roofing materials are used and copper will only be a minor detail if used at all. Windows and chimneys are symmetrical and perfectly balanced, at least in original versions of the style but with modern homes the balance gives way to interior layouts and attached garages. Defining features often include a steep, high, hip roof; balcony and porch balustrades; rectangle doors set in arched openings; and double French windows with shutters but again modern versions usually have only some of these features.

The truer French Provincial homes will be older homes built in America after the world wars in 1920’s & 1960s by returning soldiers. Now elements of the style are used in expensive custom homes as a way to stand out from more common modern building styles.

Whether fancy or traditional american style, we love to help everyone sell their home, no matter which century it was built. Call or text The Derrick Team today at 317-563-1110 with any of your real estate needs.

Jumbo-2015-Sales

Sold this French Provencal home in 2015

 

Aug 282014
 
curvesign

Much Ignored Sign

As you drive on county roads in Hendricks County you often find the sudden 90-degree turn with a short bit of road before another turn back in the direction you were driving. This is usually due to the nature of how early roads were based on trails that often cut across the areas of land before they were sold. You can see variances from some of the earliest maps of the county roads vs. today’s maps. (The old maps below are available at  http://www.co.hendricks.in.us/)

Once land was purchased and prepared for use by the new owner they often asked that the county vacate the road across their new land. This is evident in early records of county proceedings in various meeting documents in archives. For roads still used the solution often was to reroute the roads along the property lines. Of course when mostly used by slow foot and horse traffic 90 degree turns weren’t much of an issue. Today these corners are usually marked with tire skid marks from inattentive drivers.

If you live on a tricky road or a neighborhood, we will be happy to help you sell your home. Call or text The Derrick Team today at 317-563-1110 with any of your real estate needs.


Hendricks County 1865

Hendricks County 1865

Hendricks County 1876

Hendricks County 1876

Hendricks County 1904

Hendricks County 1904

Hendricks County 1920

Hendricks County 1920

Aug 202014
 

What is a multi-generational home you might ask. Reading a recent PEW report you’ll see there is some debate about that. But we won’t dive into that in this post. We’ll go more into a multigen (short for multi-generational) typical layout and what we see buyers looking for. So for now we’ll just say a home with 2 generations of adults living under the same roof, as that is a growing trend these days. A typical description is a home with in-law quarters as often it’s elderly parents with health issues moving in with their middle aged children so the children can be readily available to take care of them.

Multigenerational homes have been common in other cultures for centuries. It typically was expected for the children to live with aging parents while still having their own children living with them. In older sections of Europe homes are retained by a family for generations and thus designed with that in mind. It’s also common practice in Asian & Hispanic families to have multiple generations under one roof. Here in the U.S. it’s typically more of economic reasons that are starting to drive the multigen home trend. Adult children move back in with their parents for the financial support and elderly parents move in because of growing healthcare expenses and needs.

In-law Quarters

A very nice inlaw quarters in our listing in Avon. Includes private elevator from garage.

The trend we’ve seen as Realtors in Central Indiana is that in larger homes (6000 sq ft and larger) buyers are looking to see if there is a separate area that would give the parents some privacy and would be easily accessible (no stairs usually). This area should have a bedroom, full bathroom, and an area to set up a small kitchenette. But the ideal setup they really like to see includes a full kitchen, living room, laundry area, and a separate entrance to the outside or garage. The idea is that those living in this area can have total independence but still be just on the other side of a doorway.*

It’s becoming popular enough that if you Google multigen homes you’ll find several sites offering floor plans. And as mentioned before, we are finding that buyers are out looking at larger homes with their aging parents in mind. So if you find you’re thinking having your home remodeled for this purpose, be sure and check local zoning requirements first. Then check with a Realtor for local trends, as you want to make sure that on down the road the changes you make will not affect the sale of the home in a negative way. Otherwise you might want to check into local builders that are building homes designed for multigen homes in areas already zoned for them. We’re thinking multigen homes are going to become much more common in the near future.

If you’re in the market for a multigen home, need to sell yours, or just have questions about remodeling your own home for one, don’t hesitate to call or text The Derrick Team at 317-563-1110 or shoot us an email at DerrickTeam@DerrickTeam.com

* It should be noted that this area has access to enter the home so this is not the same as an apartment. If you try to secure the home entry you now you have a multi-family home, which is zoned differently and is not usually allowed in typical neighborhoods. So if you plan to remodel your home for an in-law quarters be sure and check your local zoning first.

Jul 132014
 

The Hendricks County Agricultural Society was organized in 1852, and bought grounds three acres in extent, a mile west of Danville, for fair purposes. Many changes were made, and additions to the grounds were purchased from time to time. Fairs were held annually until 1881, when the society having previously become involved’ in debt, it was totally unable to pay its premiums, and the property was sold. From the History of Hendricks County ~ Intra-State Publishing Company – 1885

Find out all about the current Hendricks County 4-H Fairgrounds here: http://www.4hcomplex.org/

Connie with Noel Brumm’s 1947 International ID 6 tractor we sponsor at the Antique Tractor display!

Connie with Noel Brumm’s 1947 International ID 6 tractor we sponsor at the Antique Tractor display at the 4-H Fair.

The Derrick Team manning the booth at the 2015 Hendricks County Fair

The Derrick Team manning the booth at the 2015 Hendricks County Fair

Nothing like Fair Food!

Nothing like Fair Food!

Apr 022014
 
5 acres we sold just outside Danville

5 acres we sold just outside Danville

Part of the American Dream is to own that place out of the city with maybe a few acres, a pond or lake, and plenty of space for horses. This was something I wanted back when I was younger and hoped to have some day. It’s still a popular dream as any of our listings with a few acres gets a lot of inquiries. But it sounds really great until you actually try to purchase your Land Dream Home.

For this blog post we are focusing on raw land, as that is what we receive so many questions on what a person needs to do to make an offer. Usually the conversation starts with “We want to make an offer, what do we need to do?” The caller is excited and doesn’t want to lose out on the opportunity to buy the first part of their Land Dream Home. But then it gets a little more complicated.

As in all purchases the ‘how you pay for it’ comes into play here. Unlike what is referred to as ‘developed land’, meaning land with a home built on it; it can be difficult to get a lender to finance ‘undeveloped land’ or raw land. Land with a home on it is much easier to place a monetary value on thus the appraisal can give a clear value on how much money can be loaned to the buyer. Raw land on the other hand often has potential value based on its possible use. Agricultural land can be used as collateral for a farm loan but the value is based on possible future crop production. Commercial land can also be valued based on future income possibilities. But with residential the value can vary greatly based on what it’s used for and what is eventually built on it. So lenders tend to stay away from loans for raw land.

The only exception is the situation where the buyer is ready to build a home. This is a type of bridge loan where the lender approves a loan based on the land value and the home to be built on it. These typically are limited to 18 to 24 months while the home is constructed. The loan is then converted to a standard mortgage once the home is completed. So the best way to approach this option is to pick out the builder and type of home you want to build and find the land to build on. If you won’t be ready to build for a few years this probably will not work for you.

Another option is to buy on contract. In this case the seller has to be willing to be the lender for a set period of time, usually limited to a few years. The buyer agrees per a ‘land contract’ to put a certain percentage down, usually 20-25% and make monthly payments like a normal loan. Typically these are limited to 2 – 4 years and at the end of the term the buyer must pay the remaining balance or forfeit the land back to the seller. Interest rates are usually higher than general rates at the time. So as you can see this type of loan strongly favors the seller for taking all the risk as they may end up having to put the land back on the market. This is not necessarily the best approach to start with your Land Dream Home.

So how does one actually buy raw land? One word: Cash. In any purchase cash is king but in this case it really is the only viable option. So we recommend that if you want to buy raw land to start the process for your Land Dream Home, start saving now to purchase in a few years. There may be other options for you to get cash such as borrowing against retirement accounts but that would be a discussion with your financial planner, not something we Realtors can advise you on. Then there are always rich relatives but again that’s outside of our advice window.

So to summarize you have 2 viable options. If you are ready to build hire a builder and work with a lender on a construction loan. Or pay with cash.

If you have any further questions or need help in locating the perfect land for your Land Dream Home give The Derrick Team a call today at 317-563-1110. Even if you are a few years out from having enough cash, feel free to contact us. We’ll help you down that long road to your Land Dream Home. You can find some land search links at our web site http://IndianaAcres.com.

15 Acres we sold in Brown County

15 Acres we sold in Brown County

Feb 202014
 

Deciding to own a home is an important decision that people shouldn’t take lightly. It’s a large financial investment of both time and money. But it’s a good one for those who have settled down roots in a community they want to live in for the next few years at least. Or maybe you’ve outgrown your current home with an expanding family. Whatever the reason this chart outlines the typical processes involved with buying a home.

 HomeBuyerFlowchart

Talked To Lender?

This should really be a part of your decision process in the beginning for several reasons. Most importantly you need to know if and what you can qualify for. You may find some unknown issue with your credit that needs to be fixed first. Or you may find you can buy a more expensive home than you originally thought. But no matter if you are buying your first home or selling and buying another, you need to know your financial position first. If you don’t know of any lenders give The Derrick Team a call and we can recommend one.

Call The Derrick Team

Now you know your financial situation you’re ready to tour some possible homes. Don’t make the mistake of going it alone as you really can save a lot of time using a realtor to help you. And it comes as no cost to you as the seller pays the fees. Call The Derrick Team and we’ll sit down and go over the processes and determine how to start your search for your new home.

The Home Search

This can be a long process or can happen real quickly. It just depends on what you are looking for and what’s on the market at the moment. We can really help you narrow down the choices and point out the items to focus on with your particular needs. We will set up an automatic search that sends you properties as they come on the market so you can be the first to have a chance to make an offer on that perfect home. We also can quickly get you information on any home you happen to see on your own. There is no reason to not have a realtor help you with your search.

The Offer & Negotiations

Once we find the home you want we will go over your options working closely with your lender to put together an offer that tempts the seller to accept immediately. We pride ourselves in writing ‘clean offers’ that often result in our clients winning over other offers submitted at the same time. We work closely with you every step of the way in the negotiations during the offer process.

Hire A Home Inspector / Negotiations

Once you have an accepted offer the first step for you is to hire an inspector. While you don’t have to do this step we always recommend it based on our experiences in hidden problems with homes. We can recommend inspectors and Dennis will do everything possible to be with you during the entire inspection to answer any questions you have. We work with you every step of the inspection process and if needed, negotiated repairs. If for some reason seller is unwilling or unable to make repairs you then have the option to go back to searching for homes again.

Home Appraisal Process

The home appraisal is another point that can become an issue if the property does not appraise for the sale price. While this is usually the seller’s issue we will work with your lender and the seller to negotiate a new sales price if needed for you to get the loan. If for some reason seller is unwilling or unable to adjust the price you then have the option to pay the difference or go back to searching for homes again.

The Closing

After making it through all the contingencies in the steps to buy a home we now have the last step with the actual closing where you take ownership of the property. We will be there at the closing to assist you in this step as well. The only thing left after this for you to move in!

 

As you can see this process can be very complicated (and this is a very simplified description of the actual process). Having a realtor on your side each step of the process is something every buyer should have right from the beginning. With The Derrick Team you have 2 agents there to help every step of the way. Call or text us today at 317-563-1110, 7 days a week. Your realtors are here to help! Or use this handy Contact Form!

Download our Buying A Home book for free!

 

 

 

 

Feb 102014
 

 

Juno&Bailey

Juno, Bailey, & Connie Having Fun!

Bring your pals to the 11th Annual Dogtona!

Every year Hendricks County dogs get to enjoy the best event ever created,  just for them by the Hendricks County Humane Society! Local doggies get to dress up and strut their stuff for a day just for them.

This year’s big day is March 15, 2014-11am – 4pm

The fun starts at 11:00 AM at the  Hendricks County Fairgrounds – Hendricks Power Expo Hall so it can be rain or shine!

The cost is $5 per Dog, but the people who bring them can enjoy the fun for free. All proceeds support the Hendricks County Humane Society! More details on the flyer below.

Just some of the fun things to enjoy:

  • Simple fun games for dogs to play and get treats
  • Informational booths for humans
  • Non-profit animal related booths and adoptable dogs!
  • Fun competitions: Any Dog-Dog Show, Clever Pet Tricks, Leave It Contest, Talent show, and more!
  • Refreshments will be available at the K-9 Kafe

The Derrick Team be there shooting photos and videos and having a great time.

Both our dogs Bailey & Juno had a blast last year (click for video).

dogtona

Feb 052014
 
Merlin is often 'triggering' automatic lights at our home.

Merlin is often ‘triggering’ automatic lights at our home.

By now you’ve probably heard the term ‘Smart Home’ as a selling buzzword on a lot of new technology available today. But what really is a Smart Home and what does the future hold?

The general definition is a home with programmable controls for running systems within the home. A common item found in homes today is a programmable thermostat. Google ‘Smart Home’ and you’ll find plenty of companies with items to sell you to make your home automated (or smart). There actually have been items available for quite some time to automate homes and once the personal computer became a common household item linking the computer to these systems was a natural fit.

For example we’ve been using automation to control some of the lighting at the Derrick household since the late 90’s. Originally based on a system known as X10 many lights are either triggered to switch on & off by motion sensors or computer set timers. We now incorporate Insteon, which is another system compatible with X10. Over the years these device controllers have expanded in capability to pretty much turn anything on and off you want to automate. So from this perspective you can make your home as smart as you want (and how much $$ you want to spend). Today you can control anything from your computer, tablets, smart phones, or anything that connects with the Internet and back to your home. But these are all controlled by programmed timers, some sort of trigger, or by a remote switch device. Things are starting to change for the next level of ‘Smart Homes’ and the future of home automation.

'The Smart' Nest Thermostat

‘The Smart’ Nest Thermostat

A good example of the next level of automation is the Nest thermostat. Now we have an automation device that learns your habits and controls the heating & cooling in your home based on your personal activities (or it’s interpretation of them). And you can easily track and control the Nest via the Internet from your smartphone or computer. Coupled with the fact that Google just purchased the company you know this will soon be expanding into other household devices. They’ve already developed a smoke detector that will talk to the Nest and shut down the heating system when it is triggered.

Many appliance manufactures are adding monitoring systems to give the homeowner alerts. In the near future I can see a refrigerator that inventories it’s contents and lists them on your smartphone so you know to stop at the store on the way home because the kids just emptied the last of the milk. Add Google or Amazon to the mix and the milk will just show up on it’s own.

A more practical application would be a service call is automatically called when diagnostics indicate a problem and the home security system then knows to allow access for a technician with the proper verification code. You’ll be notified there was a problem and it was fixed without lifting a finger. At the point where the devices in your home are making decisions we can almost call it a ‘Artificial Intelligence Home’.

So the true definition of a ‘Smart Home’ is changing as fast at technology does. There are already a lot of voice controlled options so when you couple the security and home control systems it is now possible to come home and talk to your home to get in the door, turn on the lights, adjust the thermostat, etc. In the not too distant future your home may just talk back to you. It’ll be up to you to determine if that is ‘Smart’.

Whether it’s a smart home you want or any home, The Derrick Team is here to help. Call or text 317-563-1110 for all your real estate needs. Or use our handy Contact Form.

 

Jan 022014
 
Merlin-Dreaming

Dreaming of a new home?

We always suggest any homebuyers check with a lender before getting started on your search for a home. There are many reasons for this but the most important is knowing where you stand in what you can afford and what options you might have available to you. You might find you’re not in a position to buy in the area you want or maybe you can actually afford more. For example if you are looking for a fixer upper you need to know about 203K repair loans and if you qualify. There are so many options you just need to find out what works best for you.

If you want to be ahead of the game you need to gather all the info the lender will ask you and review it yourself first. The usual rule is 2 last paychecks, 2 months of bank statements, and last 2 yearly tax returns (signed). Now consider what other bills you owe such as car payments, credit cards, and any other ongoing payments for more than a few months as they will show up in the credit check by the lender. Add these all up and then you might see the need for a ‘financial diet’.

So where do you start? First examine the short term debts such as credit cards and revolving accounts that have a balance that could be paid down. Also look at things like car payments, especially if you are in the last year of the loan. Now figure out where you can diet (items you can do without i.e. financial ice cream). Take that money and pay down or off any bills you can to get yourself in better financial shape. Why is this important? First you want make sure you are ready for the financial responsibility it takes to own a home. But more importantly it helps you qualify for a better rate and possibly save you thousands of dollars on your home mortgage over the life of the loan.

So buckle down and stop eating out all the time. You’ll find you get in both better financial and physical shape with proper dieting. Call The Derrick Team with any questions when considering a home purchase. We’ll be happy to help you even when you are starting your ‘financial diet’. We can help guide you months, even years in advance of your next home purchase! Call or text today at 317-563-1110 or use our handy Contact Page.

 

 

Dec 162013
 

When you use The Derrick Team as your Real Estate Brokers you are represented by true professionals who are there for you. When you recommend us to your family,  friends, & coworkers, etc you know we will work hard for them and make you look like a hero. Think of everyone you know and let us know who is the next person who will be selling and/or buying a home, no matter how far in the future it might be. We are happy to work with people to plan a large transaction such as buying / selling real estate. And don’t forget you’ll receive a gift for any leads to go under contract! Call or text us today at 317-563-1110.

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