Thinking about buying a foreclosure?

Here is an updated list of executive homes that are foreclosed. Prices start at $300,000. I will update this often. Example: How about a home in Crooked Stick for under $415,000? (View all 35, last updated Feb. 3).

Contact me to find that perfect "fixer" and about this fantastic program. I can put you in touch with a lender that will walk you through the entire process.

If you are considering purchasing one of these homes, there are some quirks you need to be aware of before making an offer.

• These properties are generally sold in "as is" condition. You are encouraged to have the property inspected, but don't expect the bank to make any repairs. If a major defect is discovered during the inspection, it may be possible to renegotiate the purchase price.
• You will generally have only 30 days to complete the transaction. Before making an offer, it is a good idea to have your financing in place as much as possible. You will need to provide a letter showing you are pre-approved, or if you are paying cash, you will need to provide proof of funds. Most banks will charge a per diem for every day past your initial closing date that you delay closing; usually $100.00.
• Generally, the utilities have been turned off. You will probably be responsible for having the home "dewinterized". This usually costs about $250.00. If you decide to not complete the transaction because of a major defect found during the inspection and you and the bank can't arrive at a fair solution, you will be responsible for having the home "winterized". This can be another $250.00 charge.
• Some banks will require that you have the utilities put in your name for the inspection and it is your responsibility to have them turned on.

These homes need to be sold and many times, you will move in with considerable equity. Just be prepared for a different home buying experience.

There is also a type of loan called a FHA 203K that incorporates the purchase price of the home and the fix-up costs into one loan.

Contact me with any questions about any property you are interested in. You can also sign up to receive information about foreclosed properties.

Tax Credit Explained

Here is a good web site that will answer your questions about the $8,000 First Time Home Buyer Tax Credit and the $6,500 credit for existing homeowners looking to move up. Download the IRS form to claim the credit.

Compare Interest Rates and Monthly Payments

Click here to use a calculator that will compare today's interest rates to rates just a few months ago. See what your monthly payment can be today compared to a few month ago or see how much more home you can buy today by entering a budgeted monthly payment.

It's all about results

Let's get together to talk about your home buying and/or selling plans. Call me at my home office, (317) 353-8470, on my cell phone, (317) 947-8592, or, if you prefer, send me an e-mail, I look forward to working with you!

Gary Morris, e-PRO, REALTOR®
Valenti Real Estate Services, Inc.
Indianapolis, IN
317-353-8470