Apr 072014
 

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Well cared for 3 bedroom 2 bath ranch home in Cloverleaf Farms. You’ll love the beautiful hardwood floors in the living room and hallway. Nice carpeting in all the bedrooms but we peeked and there is nice hardwood under there as well. This home is in great shape with a newer roof, windows, main bathroom updates and a low maintenance brick & vinyl exterior. The extra deep garage good for storage / workbench area includes a new garage door. The kitchen features a large pantry area and nice patio doors that open to the covered patio for outdoor dining. Kitchen appliances are included so all you have to do is move in your furniture. You’ll love hanging out on the covered back patio while the kids and pets play in the fully fenced in back yard with mature trees. Nice quiet neighborhood just minutes to shopping and I465. Included in the sales price is a one-year home warranty for that extra piece of mind. For more details visit www.IndyMetroRE.com.

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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

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Mar 312014
 

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You’ve found the affordable perfect 3 bedroom 2 bath fisherman’s dream home only 5 minutes from the boat ramp in Heritage Lake. Like new (only 10 years old) and move in ready this home features a master suite with a walk in closet, fresh paint, ceramic tile floors, vaulted ceilings and much more. The large back yard with a concrete patio is perfect for outdoor gatherings. Laundry room / pantry right off the kitchen for more storage space. The low maintenance vinyl & brick exterior means you have more time to enjoy the outdoors. The covered front porch is nice for sitting out and enjoying the nice summer evenings with the neighbors. Enjoy everything Heritage Lake offers including boating, fishing, swimming and much more as a member of this great community! This home qualifies for USDA no money down financing! Find all the details at http://IndyMetroRE.com.

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Mar 202014
 

The answer should be obvious but I still want to go into some details so you’ll understand why I’m blogging about this. And of course to let you know that The Derrick Team ALWAYS takes great photos of our listings.

There really is no excuse for an agent not to provide plenty of photos for the MLS so they are distributed throughout the Internet sites home buyers use. But yet sadly many agents only take a couple, and often those are poor quality anyway. Another common trend (that drives me crazy) is the photos taken with cell phones, tablets, etc that just plain, ahem, are terrible. These devices are fine for selfies and personal photos but paid professionals should do the best to help their clients and decent cameras are not expensive any more. Those agents also have the option to pay professionals so there really is no excuse for poor quality photos to market their paying clients property!

I use a Coolpix-510 for our great photos. Additional flash when needed.

I use a Coolpix-510 for our great photos. Additional flash when needed.

With all that said, you should pay attention to what agents provide before you hire them to list your property. Buyers actively search the Internet first before deciding to tour homes. Do you want your home with limited photos that are dark, blurry, and just plain show your home in a bad way? Homes with photos like that will get fewer showings for that reason alone. It’s easy to check on this by looking at the agent’s current listings and marketing materials. Pictures tell thousands of dollars in this case.

Here in central Indiana MIBOR requires members to provide a minimum of 2 photos per listing. This should only be acceptable in what is referred to as ‘listed & sold’ entries. These are homes that never were marketed and the information is not for the public but for reporting purposes only. Otherwise agents are allowed to post up to 24 photos of each listing and those photos are then distributed to other Internet sites for marketing.

The Derrick Team will always use as many photos of a home as possible to make sure the Internet buyers see everything they need to. Often this is way more than the 24 photos so we add more photos to our dedicated website that we create for each of our listings. We pride ourselves in taking great photos that reflect the home in the best possible way we can. If conditions are not great for the first photo shoot (cloudy, raining, snow, etc.) we always take updated photos at the first opportunity we can. And as the flowers pop up and the grass greens we’ll update as seasons change.

The main reason for great photos is that there is a lot of marketing involved with selling a property and every piece of that will include photos of your home. You want to hire an agent that will make sure those photos best represent your property to potential buyers. You want to make sure those buyers are drawn to come see your property in person, as that’s the last step before they write up an offer. Great photos sell your home.

Check out The Derrick Team’s listings and you’ll see that we take marketing our clients’ property seriously, which includes great photos. Call or text The Derrick Team today at 317-563-1110._BLCFirstShoot01

 

 

 

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Mar 072014
 

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Affordable Cute 2 bedroom bungalow in the Fountain Square / Garfield Park area. New roof and siding in fall of 2013. All appliances included including washer & dryer means all you have to do is move in. Full basement and extra large 2 car garage gives you plenty of extra room with this home. Real hardwood floors in one bedroom and under the carpeting in the rest. Nice back yard for the kids to play in. Comes with HSA 1 year home warranty. Cool area to live within walking distance to Garfield Park and Fountain Square.

Full details at www.IndyMetroRE.com


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