The Derrick Team: 2011 Avon East Listing LeadersThe New Year is starting with a bang and The Derrick Team has been busy! In January we sold several homes including 2 listings and have been showing many more. Buyers are ready to buy! The mild winter is helping us as well!

Carpenter Realtors had their 2012 Annual Sales Rally and rolled out all kinds of new tools to help us sell your home! We also received our award for Carpenter Realtors Avon East Listing Leaders for 2011.

We now have Visual Tours which is an upgrade from the Guided Tour provided before. This has a larger footprint on the Internet and will supplement what The Derrick Team provides with Youtube videos. Visual Tours have the largest presence in home virtual tours in the US. They add another level of Search Engine Optimization (SEO) for marketing our properties.

The Call Carpenter Homes magazine has been upgraded with a new slick format in a standard magazine size. The Derrick Team will utilize our distribution as before with the newsletter with current local and listing information to a wider audience.

Upgrades to the advertising format with the Indianapolis Star will allow for more prominent newspaper ads for our listings (something other realtors have stopped doing completely), and yes, a lot of people still read the newspapers! The Derrick Team features at least one or two listings weekly in the Hendricks County section along with other reaginal local publications.

Enhancements with Star Media Group and our listings on Homefinder.com plus a new partnership with Trulia.com to provide a even broader Internet presence for our listings. We utilize all these sites to link back to our exclusive dedicated property web sites to bring more Internet traffic to our listings via more SEO.

Another exciting addition, well for a techy like me (Dennis), is our new partnership with Google. We will be converting a lot of our processes over to Google Docs, something I’ve used for awhile. But the business version gives us a whole bunch of new tools that will make managing listings and other important information much easier. This will integrate with a lot of the Google tools we already utilize in marketing Derrick Team listings, beyond what Carpenter Realtors provides, as part of The Derrick Team Above & Beyond Marketing.

There are even more new things we are just starting to work with. This is an exciting beginning to a new year. We are hoping it’s a great year for everyone!

1937 flooding in Indiana

Damaged Farmhouse - 1937

In 2004 FEMA started to finally update flood maps do to the discovery of several areas not properly covered during previous years flood events. This is  an ongoing process and in some cases homeowners are not aware their home has been designated a high flood risk area and may require flood insurance. The process is not very scientific and mistakes are made.

Any time you have a mortgage on property in a SFHA (Special Flood Hazard Area), the lender will usually require you have flood insurance, which can be pricey. The issue is that you may not even realized it until you go to sell your house. You get a buyer and all the sudden the buyer walks because he was told he needs flood insurance by his lender.

We just had this come up with one our listings and the seller found out from a neighbor who just sold their house that the whole street end overlooking a small creek was now in a SFHA. Of course they look down the hill at the creek, so flooding has never been and issue. But now they will have to address it due to disclosure laws.

You might want to do a quick check if you have any doubts on FEMA’s web site here.

Oh oh! Found out the bad news? Now you can try and get a Letter of Map Amendment (LOMA) that exempts your property. But guess what, you are going to have to pay for it. More details here on FEMA’s site.

Best not wait till it’s time to sell your home. Just the insurance costs will deter some buyers, not the mention that they may think you’ve had flooding problems before. Sometimes the random power of the government will bite you when you least expect it.

Contact the Derrick Team at 317.563.1110
Merlin has Sweet Dreams of a New Home

Let the Derrick Team help you with buying a new home in 2012!

Call 317.563.1110 or send an email to DerrickTeam@DerrickTeam.com.

Getting ready to put your home on the market?  Better get started right now!

We often think of spring as starting in late March because of the actual calendar tells us that. So people think of the prime home selling season as starting around the same time. But the truth doesn’t pay attention to the calendar so you need to change your perception as well.

If you are not already getting your home ready to market, you’d better get busy. As the chart showing the seasonal pending home sales shows you, that early spring peak starts in January, in the middle of winter! So to get in the early spring sales peak, you should have your home listed by the middle of January by the latest.

Give us a call if you have any questions on what you should be doing. We’ll be happy to help with a free CMA and tips for getting your home ready. Call The Derrick Team at 317.563.1110 today!

Feedback from potential buyers, other agents, and open house visitors is an important part of figuring out what your home needs to help sell it as we’ve discussed in another blog post. But one thing we don’t always get is the emotional feelings people get when walking into your property. While many savvy buyers today are looking at a home purchase from a knowledgeable standpoint of location, construction, etc., the actual home that is chosen will often be because of an emotional reaction. Buyers surprise us all the time in their final selection do to some emotional trigger we failed to sense.

This reaction is often triggered by all of the 5 senses. And all 5 must be positive reactions! So while we often tend to look a physical aspects we see with our eyes, such as home condition, updates, etc., we should also pay attention to the feel, sound, taste, and especially the smell senses.

So while we all can do our best to address everything the best we can, we really think there is a point where a professional stager is the best tool we can use to perfect the best emotional reaction for buyers when they view your home. A good stager knows and works with preparing a home to satisfy a buyers senses and trigger a positive emotion, thus leading to quicker sale for often at a higher price.

The Derrick Team has just added another tool to our extensive marketing toolkit with the addition of a local home stager that’s been working in the area for several years that will work with us as needed to fine tune your home for today’s emotional buyers. This company has agreed to do the consulting with us on your home with their consulting fee not due till closing. And if your home doesn’t sell, you owe nothing. That’s how confident they are in what they’ll advise you to do to sell your home. You can do their recommendations yourself, hire it out to your preferred contractor, or turn it over to them and let them do everything for you (for additional fees).

Want to sell your home with the best marketing plan around? Then give The Derrick Team a call today at 317-563-1110 to talk to us about getting your home prepared to emotionally sell your home to a buyers 5 senses!

We Love Referrals!We all could us some extra $$$! Here is all you have to do.

Next time you’re chatting with friends, family, coworkers, etc, and the topic of buying or selling real estate comes up, ask if they’ve been working with an agent to help guide them through the process, even if they’re 6 to 24 months out from doing anything. If the case is they have not or just are not impressed with the ones they’ve been dealing with, tell them you know a great team of agents ready to talk to them about anything real estate. Then send us their contact information and we will take it from there. Once we have successfully represented them with a real estate transaction, we’ll send you a $25 gift card*. Now how easy is that? And the bonus is they’ll love you for hooking them up with The Derrick Team. We work hard to keep our clients happy and make sure everything goes as smoothly as we can. Contact us at 317-563-1110 or DerrickTeam@DerrickTeam.com.

* Please understand we are limited by law on the amounts and to whom we can offer gifts in exchange for leads. Some other legal limitations may apply, but for most residential transactions you will be able to receive at least one gift card.

What Is A Short Sale? You’ve probably heard the term, especially if you are looking in the home buyers market, of a home that is listed as a ‘short sale’.

A few years ago this wasn’t something you saw on the market, but times have changed and as we all know things have been hard for a lot of people who own homes. So the banks (strongly encouraged by the federal government) have worked on options for people who owe more on their home than it can sell for (short of the current amount of the mortgage). So a home that is listed as a short sale or possible short sale is usually a homeowner who cannot afford the home but is trying to avoid foreclosure.

Each bank has their own approach for short sales so this is just a general description of what to consider when shopping for homes. This information is mostly from our own experience in the short sales we’ve worked with so your own experience will vary, based on the lender involved and the agent’s due diligence.

First off, short sales usually take a long time (despite the common name). This is because all offers must be approved by the lender, and more commonly the investor who holds the note for the loan. But this is only if the lender has already approved the short sale with the home owner. Some banks are better than others at that step. If the approval is still in process, it’s going to me a longer wait.

TIP: When considering making an offer on a short sale, find out if the hardship package has been submitted and approved. That can speed up the process of the lender approval of your offer.

In most cases you’ll find these homes are being sold ‘As Is’ so you are looking at a probable ‘fixer upper’. But depending on how long the home has been on the market, the general condition of the property, and the area sales numbers, you might find a really great deal on a nice home because the lender is more willing to accept lower offers at that point. The number one thing to have if you decide to make an offer on a short sale is; patience. So what we find is most often buyers that are ready to move right now will find a short sale will not work due to time constraints.

But if you have the time, or are looking for investment property, a short sale can be worth considering. Just understand that there are often delays that can take up to 6 months or more to get a deal closed. And it’s not unheard of for a lender to change their mind and end up rejecting an offer they accepted a few weeks earlier. So be ready for anything if you decide to make an offer on a short sale. But you just might be rewarded with a really good deal.

Questions on a particular short sale home in the Indy West Metro Area? Give us a call at 317-563-1110 or send us an email. We can help guide you through this maze and see if you think this is worth a try for you. Just be ready to hurry up and wait.

Note: Did you find this article searching for information about short sales and your home? Look at this site by Fannie Mae and check with your lender to see if you can qualify. Then call us if there is anything we can do to help. 

Dennis Derrick

Many buyers are unaware of the processes involved with purchasing property, especially first time home buyers. Even if you have bought and sold property before, you may learn something from this information.

In the state of Indiana the laws were originally written that REALTORS solely represented the sellers and it was simply “Buyer Beware” for those wishing to purchase real estate. As this was obviously a one sided professional representation, many buyers were taken advantage of by sellers who had professional representation. Finally the Indiana lawmakers, following the lead of many other states created the “Buyers Agency” provision in the law so now buyers could choose to be represented by a their own agent in real estate transactions.

Now for the best part, it costs you nothing to be represented by a REALTOR as the buyer. The local REALTOR boards (in central Indiana its MIBOR) worked out a system so the seller pays a commission fee and then this is shared between both the seller and buyer’s agents. So the agent representing the buyer is paid a Brokers Agency Commission (BAC) percentage by the seller and both sides receive fair professional representation, each agent working for the best interests of their client.

Now you know it costs you nothing, what do you get for this great price?

First, you get a REALTOR who will be able to get you more information on property than you would otherwise. They have access to more information through their professional association with the local REALTOR board.

Second, you will have someone who will work with you to determine your needs and desires and be able to efficiently search for the available properties saving you valuable time. They will be able to weed out properties that don’t fit your requirements so you can focus your search on great potential matches.

And most importantly, they will be there to represent you during the negotiations for the property you chose to buy. Even after your offer is accepted there are many things your REALTOR will be helping you with, all the way up to the final closing and possession.

Of course a really great REALTOR will help you with even more, so if you are even thinking of purchasing a new home now or in the future, be sure and give The Derrick Team a call at 317.563.1110. And don’t forget, IT’S FREE!

We’re moving to the cooler months where spending time indoors is the norm in central Indiana. If you are thinking of selling your home next spring, now is the time to start getting ready. We are going to talk about looking at your home through a potential buyers eyes (and nose).

First, while it’s still nice out, take a walk around your neighborhood and get some fresh air. While doing that make note of the homes that seem attractive to you. Neat yard, nicely trimmed hedges, colorful flowers, no peeling paint, etc. Look at those compared to the homes with weeds, broken fences, missing gutter, etc and think which home would you think about buying? Now when you get back around to your home, stand out front and look over what you might want to address before next spring and make a list before you forget!

Now step inside and take a deep breath. Smell anything at all? This morning’s breakfast or something currently cooking aside, make note of the source and make sure that it is addressed before you market the home. Anytime friends are over ask them if they notice any smells. Sometimes you get used to a home smell and don’t even notice it.

Now to the interior of the home. Walk around with a clipboard or notepad and make note of ANY defect you notice. Dirty ceiling lights, broken outlet cover, broken trim board, etc. Don’t think about how you can hide it with furniture, it must be cleaned / fixed / replaced! No detail is too much. Buyers will pick apart the home and when a list gets too lengthy in their mind, they will walk out and move on to the next home. They want a “Move In Ready” home.

Start with the simple things, like cleaning dirty items. As a rule of thumb we say clean it to make it look like new. If it won’t come clean replace or paint it. Not sure on what to replace it with? Look at home centers for ideas, or go visit nearby new model homes in the price point you expect (or want) your home to sell in.

Next look at more major things such as painting a room or replacing carpet or flooring. Try to look for what fits with the room’s original use; like hardwood in a dining room you’re using as a playroom now. Again you can get ideas from model homes and improvement centers / magazines. But don’t go crazy with colors when painting. Neutral tones or single accent walls are a safer bet. Tone down any walls you have that are currently really loud if at all possible. For projects you cannot do yourself, get quotes and mark those costs on your list.

Then there are the major items that can be really pricey to replace so first consider the value they add to your home before a complete bathroom or kitchen makeover. Again get quotes on these items and mark those costs on your list.

This is the point where you want to talk to a REALTOR about local home values. This will help you determine improvement vs. home value to see if it’s worth the costs. The Derrick Team will be glad to come talk to you months before you are ready to sell. And you are under no obligation to use us at any time. We just love to help people sell their homes. Give us a call at 317-563-1110.

Selling property takes teamwork from both the seller & family and the REALTOR® who is under contract. Most people will think the REALTOR® is solely responsible for selling the property but that in fact is only partially true.

The Derrick Team

Teamwork Sells Homes!

The REALTOR® under contract with a seller is responsible for marketing, talking with other REALTORS® with clients interested in the property, and making sure all offers have complete contracts before the actual sale is completed. A good REALTOR® will advise their clients on items that help the property show better along with possible sales prices based on a Comparative Market Analysis.

But the main thing that makes this a true teamwork situation that most people don’t realize is the seller sells the home, not the REALTOR®.

Seller Responsibilities
While the REALTOR® advises a client on possible sales prices, it is the seller who sets the price the property is to be listed at. We know that overpriced property can take a long time to sell, if it sells at all. Proper pricing is the responsibility of the seller. Add the fact that only the seller can determine the offer price which they are willing to accept and you see, the seller has complete control on selling the property, not the REALTOR®. And the final part the seller controls is the actual showing condition of the property. This can make a big difference on how buyers view the property and ultimately the price offered. All that makes the seller & family very important team members in getting the property sold at a good price.

REALTOR® Responsibilities
So what is important about the REALTOR® you hire? A good REALTOR® will make sure contracts are in order and list your property in the local MLS (Multiple Listing Service). A great REALTOR® makes sure you have a good photos and description in the MLS. The BEST REALTOR® will market you home to make sure the most buyers view your home in increase the odds of the right buyer finding your property and bringing a great offer. The Derrick Team with our Above & Beyond Marketing will do that for you.

With a dedicated web site and extensive Internet exposure you’ll find The Derrick Team a very valuable member of the team to sell your property! Especially since you get 2 agents for the price of one! Get more details at www.DerrickTeam.com then call us at 317-563-1110 or drop us a note at DerrickTeam@DerrickTeam.com!

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