Indy Investor Magazine March 2014

ndy Magazine IInvestor

March 2014

Ask the Editor: What is the outlook for home buying in 2014?

Page 18

HUD Training Seminar with Lisamarie Schmidt & Michael Kerkhof

March 17 11am-3:30pm Pg9

Find out how you can own a HUD home with $100 down program

First Time Home Get on the Buyers, Investors 478125I 1

Social Bandwagon

with Atlantis Realty Want to know about properties coming soon before they are listed?

Follow us on all the local social media.

http://twitter.com/AtlantisRealty Check out these listings and our commercial properties on our website at www.AtlantisRealtyGroup.com.

2

1/11/12, 1:03:50 PM

RSVP for Tours at:

1-800-276-8940 ext 2 or bustour@atlantisrealtygrp.com

HUD Homes & Foreclosures Tour Here is your chance to view great deals on HUD Homes and Bank Foreclosures. Meet and talk with professionals such as lenders, appraisers, inspectors and contractors to learn about the home buying process and how to bid on properties.

IndyInvestorMagazine.com

What are QR codes?

The reason why they are more useful than a standard barcode is that they can store (and digitally present) much more data, including url links, geo coordinates, and text. The other key feature of QR Codes is that instead of requiring a chunky hand-held scanner to scan them, many modern cell phones can scan them.

They look like this: ____________

How does the cell phone read the code?

They come to us from Japan where they are very common. QR is short for Quick Response (they can be read quickly by a cell phone). They are used to take a piece of information from a transitory media and put it in to your cell phone. We use QR Codes in our magazine to see the virtual tour or website of a property. Once it is in your cell phone, it will give you details about that property or business.

The cell phone needs a QR code reader, which most of them are free from your app store. It takes literally 1 minute for someone with an iPhone or Android phone to find and install the reader

How QR codes work 1. The QR code is scanned by a device, in this case a smart phone.

2. QR code software on the phone analyzes the image and extracts encoded information.

AARON STECKELBERG • U-T

Sources: Open Mobile Alliance: Tech-faq.com

Lisamarie Schmidt

3. The decoded information - such as text, numbers or even website addresses - is displayed on the device.

FOR SUBSCRIPTION & ADVERTISING

Editor-in-Chief

Write to Indy Magazine at 8645 E 96th Street, Indianapolis, IN 46256.

Amanda Shoaf

To order a back issue: Send U.S. check or money order for $2.00

Chief Creative Editor

Contributors:

Mike Kerkhof David Heller Lisamarie Schmidt

Visit our website for more information: www.IndyInvestorMagazine.com Register for an online subscription for FREE or subscribe for a hardcopy delivered 12 issues for $24.00 online or mail us.

If interested in advertising in our publication call us at 1-888-765-3431 or email to lisas@atlantisrealtygrp.com for rates.

IndyInvestorMagazine.com

3

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4

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IndyInvestorMagazine.com

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$17,600

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$65,520

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4258 Larkspur Trace Indianapolis, IN

$41,600

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2 Bedrooms, 1.5 Baths, 1,126 Sq. Ft. www.tourfactory.com/1082040

246 S Ritter Indianapolis

$160,500

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3 Bedrooms, 2 Baths, 2,275 Sq. Ft. www.tourfactory.com/1082075

666 Woodruff Place E Drive Indianapolis

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IndyInvestorMagazine.com

2314 Nichol Anderson, IN

$17,600

BLC#21258412

3 Bedrooms, 1.5 Baths, 1,879 Sq. Ft. www.tourfactory.com/1063786

612 W Adams Street Alexandria, IN

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4 Bedrooms, 2 Baths, 775 Sq. Ft. www.tourfactory.com/1069145

589 Northgate Drive Greenwood, IN

$72,000

BLC#21228179

5 Bedrooms, 2 Baths, 1,983 Sq. Ft. www.tourfactory.com/990172

5

Lunch & Learn - HUD Sales Training: “Successfully Selling HUD Homes in Indiana”

March 19th

& at 6935 Lake Plaza Drive Indianapolis

With the release of M&M III, there are many changes to HUD’s residential real estate program. For those that have sold HUD before they may notice many changes and for those considering HUD, now is the time to learn.The Successfully Selling HUD Homes class presents the dynamics of M&M III, the new bidding site and bidding periods and ultimately addresses everything from marketing to contract to close. HUD homes are becoming the predominant REO in the market and understanding the NEW process is the key to REO success now and into the future.

This class has been developed by PEMCO, Ltd. who is contracted by HUD to manage the sale of all HUD-owned properties. Classes are taught by either a PEMCO Employee or a trained contractor.

In addition to learning general information about HUD, its properties, and the HUD Sales Process, attendees will learn: • Who can buy HUD properties • How to market, advertise, and show HUD Homes • How to register with HUD • How to write a HUD Sales contract • How to navigate the HUD listing site • How “priority bidding” works • And Much More

How Our Process is Different

Client applies for financing and will get a preapproval whether they have a house picked out or not

(317)564-4906

Client “thin” file is submitted to underwriting and is qualified based on credit and income.

Final conditions will include satisfactory appraisal and title work.

While submitted, appraisal, title, inspections and processing verifications are completed.

Buyers and agent are informed of final underwriting conditions.

Final conditions are submitted and 24 hours later file is CLEAR TO CLOSE!

Final HUD prepared and closing takes place the next day.

Weekend and Evening Realtor Support!

We are your team! – Over 20 years of experience in both loans and customer service.

Imagine never having to call your loan officer to see where you are in the process –

NOBODY IS FASTER THEN GVC

Carla Jackson 317-796-3989

66

Happier clients – More Closings More Referrals

www.gvcmortgage-carmel.com

Yvette Wright 317-339-9339

IndyInvestorMagazine.com

8645 E 96th Street Indianapolis, IN 46256 4668 Autumn Ridge Drive Columbus, IN

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126 S Meridian Street Ingalls, IN

$214,000

BLC#21101541

11,976 Square Feet www.tourfactory.com/

7325 E 48th Street Indianapolis

$50,000

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3 Bedrooms, 1 Baths, 957 Sq. Ft. www.tourfactory.com/1104343

849 S Harey Road Greenwood, IN

$55,000

BLC#21271252

3 Bedrooms, 2 Baths www.tourfactory.com/1099542

8747 Green Branch Lane Indianapolis

$185,000

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4 Bedrooms, 2.5 Baths, 2,156 Sq. Ft. www.tourfactory.com/1096782

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$20,000

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2 Bedrooms, 1 Baths, 846 Sq. Ft. www.tourfactory.com/1095589

IndyInvestorMagazine.com

2702 Fletcher Street Anderson, IN

$5,700

BLC#21270358

4 Bedrooms, 1.5 Baths, 1,104 Sq. Ft. www.tourfactory.com/1098427

8212 Old Prairie Court Indianapolis

$98,440

BLC#21269743

3 Bedrooms, 2.5 Baths, 1,694 Sq. Ft. www.tourfactory.com/1096322

7649 E 35th Street Indianapolis

$30,000

BLC#21270335

4 Bedrooms, 1.5 Baths, 1,456 Sq. Ft. www.tourfactory.com/1098937

7

Learn the in’s and out’s of how to bid & buy with the new HUD process.

NEW for M&M 3

Classes are held every month.

Call for Dates and Times.

“Successfully Selling HUD Homes in Indiana” Course Information: With the new introduction of M&M III, there are many changes to HUD’s residential real estate program. For those that have sold HUD before they may notice many changes and for those considering HUD, now is the time

Please RSVP

by replying to this email or Contact person: 800-276-8940 ext 2 Email: HUD@atlantisrealtygrp.com Instructor

Lisamarie Schmidt

to learn. The successfully selling HUD homes class presents the dynamics of M&M III, the new bidding site and bidding periods and ultimately address everything from marketing to contract to close. HUD homes are becoming the predominant REO in the market and understanding the New process is key to REO success now and into the future.

This class has been developed by PEMCO, Ltd, who is contracted by HUD to manage the sales of all HUD-owned properties. www.HUDPemco.com Highlights • Who can buy HUD properties

• How to register with HUD

• How to navigate the HUD listing site

• How “Priority bidding” works

• How to write a HUD sales contract

• And much More....

www.HUDHomestore.com Atlantis Realty Group Inc 8645 E 96th Street Indianapolis, IN 46256 Phone: 800-276-8940x2 Fax: 866-469-4882 E-mail: HUD@atlantisrealtygrp.com www.AtlantisRealtyGroup.com

8

IndyInvestorMagazine.com

HUD & 203K Continuing Education

Successfully Selling HUD Homes in Indiana

By Lisamarie Schmidt, Atlantis Realty Group, Inc. From 11am-1pm

March 17, 2014 • 11am-3:30pm at Moon Dog Tavern

Lisamarie Schmidt

4825 E. 96th Street Indianapolis, IN

Lunch served from 12pm-1pm

Financing HUD Homes

By Michael Kerkhof From 1:30pm-3:30pm

Receive 4 Hours of CE Credit and Lunch for FREE! Provide your License number for your certificate of completion.

For ttendees, please bring your business card as well as your license.

Questions? Please contact: Michael Kerkhof (317) 371-5079

Michael Kerkhof

Please RSVP. Seats are limited.

We look forward to seeing you!

CALL 765-5920215 TODAY!

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9

8447 Ash Grove Drive Camby 4 Bedrooms, 2.5 Baths

BLC# 21263491

$145,000

1522 S Talbott Street Martinsville 3 Bedrooms, 2 Baths

BLC# 21254596

$16,800

7906 States Bend Lane Indianapolis 3 Bedrooms, 2.5 Baths

BLC# 21262930

$108,000

609 S 28th Street Elwood

3 Bedrooms, 1 Baths BLC# 21260672

$900/MONTH

6511 Redland Drive Indianapolis 3 Bedrooms, 2.5 Baths

BLC# 21254887

$89,500

79 Westridge Place Greenwood 3 Bedrooms, 3 Baths

BLC# 21264177

$104,400

9728 Fortune Drive Fishers 4 Bedrooms, 3 Baths

BLC# 21261399

$385,000

4070 Candy Apple Blvd.

Indianapolis 3 Bedrooms, 2.5 Baths

BLC# 21259221

$97,500

8888 Pine Tree Indianapolis

3 Bedrooms, 2 Baths BLC# 21255057

$159,800

11541 Presido Drive Indianapolis 3 Bedrooms, 2 Baths

BLC# 21249203

$94,500

9046 Greenlee Indianapolis

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2635 Rollins Court Indianapolis

3 Bedrooms, 2.5 Baths BLC# 21268480

$130,000

509 Andover Road Anderson 2 Bedrooms, 1 Baths

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$34,900

15400 Herriman Blvd.

Noblesville 7,0000 Square Feet

BLC# 21251116

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3042 Ralston Indianapolis

3 Bedrooms, 1 Baths BLC# 21263910

$12,399

4536 Payton Indianapolis

2 Bedrooms, 1 Baths BLC# 21259889

$31,500

3238 Gainesville Court Indianapolis 4 Bedrooms, 2.5 Baths

BLC# 21267414

$139,000

7907 Puckett Lane Camby

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$109,000

6104 Madison Indianapolis

2 Bedrooms, 1,620 SQFT BLC# 21247797

$199,900

317 Iowa Street Indianapolis

3 Bedrooms, 1 Baths BLC# 21263580

$11,899

407 W 32nd Street Indianapolis 2 Bedrooms, 1 Baths

BLC# 21260738

$11,997

8413 Bolero Camby

4 Bedrooms, 2.5 Baths BLC# 21266002

$128,500

2303 Meadow Way Anderson 3 Bedrooms, 2 Baths

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$104,500

5106 S Emerson Indianapolis

4 Bedrooms, 2 Baths BLC# 21242134

$169,000

630 N Colorado Avenue Indianapolis 4 Bedrooms, 2 Baths

BLC# 21250828

$19,600

10 6801 Lake Plaza Drive, Suite 112A • Indianapolis, IN 46220 • P: 317.578.3827 • F: 317.577.4484

6440 Ladoga Road North Salem 3 Bedrooms, 1 Baths

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207 Andover Lane Noblesville

4 Bedrooms, 2.5 Baths BLC# 21270477

$184,900

3615 N Layman Indianapolis

2 Bedrooms, 1 Baths BLC# 21270831

$700/MONTH

8848 Lighthorse Drive Indianapolis 3 Bedrooms, 2 Baths

BLC# 21271763

$75,000

$84,900

759 W Harriman Avenue Bargersville 3 Bedrooms, 2 Baths

BLC# 21267966

705 Hamilton Avenue Sheridan 3 Bedrooms, 1 Baths

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$79,900

2507 S A Street Elwood

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$725/MONTH

7410 W Henry Street Indianapolis 2 Bedrooms, 1 Baths

BLC# 21266999

5941 Alder Court Carmel

$33,000

$114,900

4343 Autumn Crest Ct. Indianapolis 3 Bedrooms, 2.5 Baths

BLC# 21269818

$109,000

3325 Lincoln Road Indianapolis

4 Bedrooms, 2.5 Baths BLC# 21267000

$92,950

128 W Arizona Street Indianapolis 3 Bedrooms, 3 Baths

BLC# 21252441

$99,500

5 Bedrooms, 3.5 Baths BLC# 21269840

8334 Castlebrook Drive Indianapolis 3 Bedrooms, 2.5 Baths

BLC# 21258039

$127,800

4832 Barlow Drive Indianapolis 3 Bedrooms, 1 Baths

BLC# 2125238

$850/MONTH

536 Third Street Shelbyville

2 Bedrooms, 1 Baths BLC# 21270471

$29,900

$404,900

8027 Bach Drive Indianapolis

3 Bedrooms, 1 Baths BLC# 21271157

$109,900

5224 W Bertha Street Indianapolis 3 Bedrooms, 1 Baths

BLC# 21265750

$81,950

4464 W PR 400 Shelbyville

3 Bedrooms, 2 Baths BLC# 21269545

Chris Schlosser 317.523.3037 • chris@cmsrealestate.net || www.cmsrealestate.net

$159,900

11

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Age

Female

Male

500,000 Death Benefits

Female

Male

25-35 $9.84 $10.72 $14.00 $15.75

36

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$14.44

$16.19

37 38 39

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40

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42 43 44 45

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46

$17.28

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48

$19.25

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51 52 53 54

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55

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56

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58 59 60

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IndyInvestorMagazine.com

W m p

Easy home improvement projects add comfort, beauty and value Whether you’re aiming to fill a need, add comfort or just make your home more beautiful, consider one of these projects.

• Create a home office space from an unused bedroom or by partitioning off a room to make a private nook.

You can divide it with acrylic block. It’s great for you or to use as homework space.

• Add beauty to a living room ceiling. Consider a lightweight urethane medallion around the ceiling light or fan. According to e-How.com, two-piece medallions snap into place in less than five minutes.

• Invest in the lawn. A beautiful lawn creates a great impression both for your pleasure and that of any prospective home buyer.

• Replacing old windows is neither easy nor inexpensive, but can make the whole house look better and reduce heating and cooling costs.

• Expand your living space with a deck or sunroom. A porch can be turned into a sunroom and a deck can be improved with an awning.

• Put new exterior trim on windows and doors. If there is old, rotted wood, you’ll enjoy the look of lowmaintenance, all-weather PVC millwork. It resists insects, termites and rot.

• Upgrade the master bedroom bath with a tub window.

Acrylic-block windows provide privacy, light and a focal point for the room.

• Clean mildew from your home’s exterior using a garden sprayer and mildewcide. Keep it from coming back with mildew-proof paint.

• Change a bay window to a bow window. It will add extra living space and instant interior and exterior appeal to your home.

IndyInvestorMagazine.com

13

UPDATE ON HUD $100 DOWN PAYMENT! HUD has recently changed the way they market their HUD foreclosed homes. They are trying to upgrade their image and they do not want to their foreclosed homes to be lump in with the other “bank foreclosures”.

You still have to place your bid for a HUD foreclosed home on the Internet and you still have to use a Realtor. So, for the homebuyer that part is pretty much the same as before.

But, the most important thing is they are still going to offer the HUD $100 Down Payment Incentive in most parts of the country!

The normal down payment for FHA Home Loans is 3.5% and for conventional loans the down payment is up to 20%. Most people that want to purchase a home really don’t have a lot of money available for a down payment so they are left out of today’s home market. But everyone should be able to come up with hundred dollars for a down payment.

But this is a government program and there are, of course, some strings attached.You have some requirements in order to take advantage of this $100 down payment program.

The $100 Down Payment Program Has the Following Requirements: 1. HUD Foreclosed Homes Only! This FHA $100 Down Payment Loan is for the purchase of HUD foreclosure homes.

2. Have to use FHA financing.You cannot use conventional financing.

3. This program is for Owner-Occupants only, not for Investors.You have to sign a form at closing stating you are going to live in the property and not use it has an investment such as a rental property.

4.You still need to have the earnest money of $1,000 for properties listed above $50,000 and $500 for properties listed for less than $50,000. Earnest money will be returned to you at closing as a credit on the Closing Statement.

5.You can ask HUD to pay for closing costs up to 3% of purchase price.

If you are going to buy a home in the near future, you need to consider HUD Homes with this HUD Homes $100 Down Payment Program. This program is a national program and the perfect HUD foreclosed home could be in your area.

14

IndyInvestorMagazine.com

How To Purchase a HUD Home

Cómo comprar una Vivienda ¡El proceso para comprar una vivienda puede parecer complicado, pero si toma las cosas paso a paso, pronto tendrá en sus manos las llaves para su propia casa!

Nueve pasos para comprar una vivienda Calcule cúanto puede invertir en una vivienda Conozca sus derechos Busque la mejor hipoteca Aprenda acerca de los programas para compra de vivienda Busque una vivienda Haga una oferta Haga inspeccionar la vivienda Busque un seguro para propietarios de vivienda Firme papeles continued on page 16...

Unlock a Better Way to Sell Your House Atlantis Auction Group

List Your House for $75 on our Online Auction Lic AU10900054

1-800-276-8940 Ext 707

www.AtlantisAuctionGroup.com IndyInvestorMagazine.com

15

How To Purchase a HUD Home

Cómo comprar una Vivienda continued from page 15...

Paso 1: Calcule cuánto puede invertir en una vivienda La cantidad de dinero que usted puede permitirse invertir depende depende de sus ingresos, valoración crediticia, gastos mensuales actuales, la cuota inicial y la tasa de interés. Las calculadoras abajo pueden servirle de ayuda, pero es mejor visitar a un prestamista para averiguar con mayor certeza.

¿Cuánto puede invertir en una vivienda?

Comprar vs. Alquilar Como Prepararse Para Comprar Vivienda ¿Necesita ayuda con su cuota inicial o costos de cierre?

Programas de compra de vivienda locales ¡Un asesor de vivienda le puede ayudar a calcular cómo manejar y pagar sus deudas, y empezar a ahorrar para ese pago inicial! Busque un asesor de vivienda cerca a usted Paso 2: Conozca sus derechos Equidad de Vivienda: Igualdad de Oportunidades para Todos - pamfleto Ley de Procedimientos para Liquidación de Bienes Raíces (RESPA, por sus siglas en inglés) Derechos del prestatario Prestamistas fraudalentos Paso 3: Busque la mejor hipoteca Ahorre dinero preparándose bien. Hable con varios prestamistas, compare costos y tasas de interés, negocie para obtener una mejor oferta. Considere conseguir aprobación previa para un préstamo.

Cómo buscar la mejor hipoteca: averiguar, comparar, negociar - folleto Deje que la FHA le ayude Evite prácticas de préstamo abusivas Paso 4: Aprenda sobre los programas de compra de vivienda Programas de compra de vivienda locales Los programas de préstamo FHA le ofrecen una cuota inicial más baja y son una buena opción para los compradores de casa por primera vez.

Deje que la FHA le ayude Programas de compra de vivienda especiales de HUD Programa del Buen Vecino – para policías, maestros, bomberos, y técnicos de emergencia médica Ventas a descuento para evacuados de huracanes Propiedad de vivienda para residentes de vivienda pública Programa de Garantía de Préstamos Hipotecarios para Comunidades Indígenas (Sección 184) continued on page 17...

16

IndyInvestorMagazine.com

How To Purchase a HUD Home

Cómo comprar una Vivienda continued from page 16...

Paso 5: Busque una vivienda Escoja un agente de bienes raíces Lista de expectativas - ¿Qué características desea?

Listsa de verificación de búsqueda de viviendas – lleve esta lista consigo al hacer comparaciones de viviendas Viviendas en venta (incluye viviendas de HUD) Viviendas para refaccionar (“Fixer-Upper”) – programas para compra y reparación de viviendas Viviendas pre-fabricadas (casas móviles) Construya una casa Si escoge una vivienda en un vecindario con una Asociación de Propietarios de Vivienda (HOA, por sus siglas en inglés), asegúrese de solicitar una copia del paquete de HOA de modo que usted pueda revisarlo antes del cierre.

Paso 6: Haga una oferta Discuta el proceso con su agente de bienes raíces. Si el vendedor le hace una contraoferta, tendrá que negociar hasta que ambos concuerden en los términos de la venta.

Hacer una oferta Paso 7: Haga inspeccionar la vivienda Presente su oferta sujeto a condición de una inspección de la vivienda. Una inspección le indicará la condición en que se encuentra la casa y puede ayudarle a evitar comprar una vivienda que necesita reparaciones mayores.

Para su protección, haga inspeccionar la vivienda 10 preguntas para el inspector de vivienda Paso 8: Busque un seguro para propietarios de vivienda Las agencias crediticias requieren que usted tenga un seguro hipotecario. Asegúrese de buscar la mejor oferta.

Seguro hipotecario 12 pasos para reducir el costo de su seguro de hipoteca Paso 9: Firme papeles Por fín está listo para el “cierre”. ¡Asegúrese de leer todo antes de firmar!

Costos de cierre e información importante

Are you upside down on your mortgage?

Do you need to sell your home?

No equity? No Problem!

Atlantis Realty Group

Short Sale Certified Get a FREE Consultation No Obligation 1-800-276-8940x2

IndyInvestorMagazine.com

17

?

?? ? ? ? ? ?

: n o i t s e Qu

Answer:

What is the outlook for home buying in 2014?

Even though the average price of both new and existing homes rose last year, there’s no indication that they will fall any time soon. In fact, they will continue to rise.

Ask the Editor

Lisamarie Schmidt

18

With the economy slowly improving and the shortage of existing homes for sale, prices are still rising.

The average price of an existing home now approaches $215,000 nationwide. Of course, it’s not the same everywhere. In some localities it’s lower and in big cities it’s higher.

BUT, homes continue to be affordable in spite of recent price increases. They are still 31.5 percent below the 2006 price peak, according to Kiplinger’s Personal Finance.

The percentage of monthly family income consumed by a mortgage payment (at 4.1 percent interest) is just 15.6 percent of monthly income, on average.

“Houses are very cheap,” said David Stiff, principal economist at CoreLogic, a property and mortgage data analytics company.

Market observers agree that home prices will rise in 2014, but at a steady pace when compared with historic trends. By the end of 2013, prices nationwide rose by 10.9 percent, pushing the median price for existing homes up by $30,000.

For people who wanted to sell or refinance their homes, that’s good news.

If you’re renting a home or apartment, you may have already experienced a rent increase of 3 to 4 percent this year. The same increases are expected next year.

Mortgage payments will always stay the same. That’s a positive factor in buying a home.

So it would seem that if you buy a home now, some of your rent money will go to principle. It would be a smarter move than waiting a year or two.

IndyInvestorMagazine.com

Financing a Fixer-Upper?

Purchase and Rehab All in One FHA Loan!

You just love the house. Except for the leaky pipes. Or maybe the kitchen is too small. For the house that’s almost perfect, we have the perfect solution: Our Renovation Mortgage, a mortgage and home improvement loan all in one.

■ Purchase or refinance ■ Remodel the kitchen or bath ■ Renovate or add a room ■ Paint the house or add siding ■ Add a porch, deck or patio ■ Replace a leaky roof ■ Put in new flooring, carpeting or tiling ■ Update electrical wiring, plumbing or heating systems ■ Conserve energy with new windows ■ Plus much more!

This program offers the unique features that make FHA loans excellent financing solutions in today’s market:

■ Purchase or refinance ■ 1-4 unit properties (owner-occupied only) ■ FHA down payment (3.5%*) ■ Flexible credit qualifying ■ Assumable loans *For example, a $200,000 FHA loan with 3.5% down, 5.000% interest rate, 5.616% APR, and 0 points would require monthly payments of $1,074.00 for 30 years.Taxes and insurance are extra. Information is subject to change without notice.

Restrictions apply, ask for details.

Chris Moore Renovation Sales Manager Prospect Mortgage NMLS# 418893 600 E. Carmel Dr., Ste. 122 & 123, Carmel, IN 46033 Office: (317) 847-4738 | Cell: (317) 847-4738 Fax: (877) 536-9262 chris.moore@prospectmtg.com

Visit My Website!

• Learn about home loans • Use loan calculators • Apply for a home loan

HomePath is a registered trademark of Fannie Mae.

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/ real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp.

Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.

IndyInvestorMagazine.com

19

REAL ESTATE INVESTORS • Rehab ~ Fix and Flip Let us fund your next investment property purchase. We provide investors with short term funding for acquisition, rehab projects and renovations of residential foreclosed properties. Our basic criteria for funding consider is listed below: • Loan to Value Ratio (Purchase) Up to 65% • Interest Rate Usually 10-16% • ARV Funding Available • Term 6 months; 12 months - 2 years • Amortization Interest Only • Loan Safety Mortgage secured by a lien against the Property

• Fees 3 - 6% (TBD) • Loan Purpose Single Family / 1-4 Units, Non Owner Occupied • Loan Preference 1st position (primary) 2nd position (case by case) • Loan Distribution Third Party Escrow / Service Company • Location Indiana, Marion County (Primary) • Cities Indianapolis & Surrounding Cities; Central Indiana

For Additional Information: www.dkdglobalfinancial.com Call 317-809-5177 • Email: td@dkdglobalfinancial.com

20

IndyInvestorMagazine.com

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IndyInvestorMagazine.com

21

FEATURED

6320 Rucker Road • Indianapolis, IN 46220 P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com

Too New For Photo 7219 Forrester Lane Indianapolis

1146 Churchman Indianapolis Large douplex with three bedrooms on each side. Newer roof and vinyl siding.

Located near the heart of Fountain Square.

3 bed 2.5 bathroom brick and vinyl home. The master bedroom has a huge walk in closet. there is a nice dining room area in the kitchen.

BLC# 21267878 $94,160

14184 Woodfield Circle Carmel

BLC# 21260195

$319,900

2573 Sheridan Court Cicero

Property has a spacious living room with fireplace and upstair loft with a view to the main floor. The master suite is large with a private bath. The backyard has an inground pool.

Home sits on a large, private wooded lot.

BLC# 21269757

$150,000

4299 Caledonia Way Indianapolis

Come take a look at this nice 3 bed 2 bath home. You will love the living room with vaulted ceilings, and also a fireplace.

This property also has a screened in porch.

BLC# 21270669

$99,900

6441 Rockville Road Indianapolis

6016 Sycamore Forge Drive Indianapolis

BLC# 21269146

22

$84,900

5913 Buck Rill Drive Indianapolis

4BR 2BA home. This home has a unique floor plan, with a nice sized family room on the lower level of the home. There is a dining area located in the kitchen. there is a nice backyard with a deck, and also a shed for extra storage.

BLC# 21268031 $90,000

2329 Sunset Blvd Anderson

941 W 77th Street N Dr. Indianapolis

Home has some hardwood floors.

Living room, 2BR, and a den. There is a sunporch as well. Property sits on a wooded lot. The garage was previously converted into living space.

BLC# 21251993 $54,900

Come check out this 3BR 2BA 2 level home. This home has beautiful hardwood floors in it. Also, you will love the fireplace in the MBR. This home has an in-ground pool.

BLC# 21264968 $48,800

A lovely brick ranch with 3BR and 1BA. It has a fireplace, Kitchen features hardwood floors & plenty of cabinet space and Spacious bedrooms. Large lot size.

BLC# 21252715 $139,900

4343 Kessler Blvd. N Drive Indianapolis

2425 E 39th Street Anderson

2726 Dr A J Brown Indianapolis

Come take a look at this 3B 3BA home with lots of potential. You’ll love the beautiful sunroom. The living room also has a nice huge window to give the room plenty of natural sunlight.

BLC# 21254618 $137,000

3BR 1.5BA home. You will fall in love with the hardwood floors in the bedrooms. The kitchen has built-in appliances. The backyard has plenty of room for family functions.

BLC# 21255128 $47,600

Home has 1BR, 1BA, living room, dining room, kitchen & bonus room.

Freshly painted with new carpet.

Covered front porch, mini-blinds & scree door. Gas stove hook-up.

BLC# 21249542 $29,900

306 Franklin Street Edinburgh

1804 N Irvington Indianapolis

5146 Rinehart Street Indianapolis

2 bedroom 1 bath home in Edinburgh.

Fixer Upper opportunity and potential investment property.

BLC# 21267568

Come see this 3 bed 2 bath brick and vinyl home. The living room has a fireplace great for cold nights. Dining room is spacious for family meals. Backyard has a shed for extra storage.

Low maintenance all brick 3 bedroom home.

You will love the hardwood floors and the cozy fireplace. This home has a walk out basement with an additional bathroom. The property is located on a huge lot. This home is a steal.

BLC# 21263740 $140,000

$34,900

BLC# 21249591

Exceptional home with approx 3,000 sqft. It has 4BR and 3.2BA. Dual sided fireplace, hardwood floors, granite tops, screened porch, in ground pool, walk out basement, full kitchen in basement and 2 car attached garage. Holds a garden with flowers and shrubs, a nice place to relax.

8922 Haverstick Road Indianapolis

$29,900

5070 W 11th Street Indianapolis

2 bed 1 bath home with plenty of potential. The master bedroom has a nice built in dresser and huge mirror. This home also has a fenced backyard and 2 car garage.

BLC# 21265798 $36,000

2 bed 1 bath home. Property has nice a hardwood floor in the living room with built-in and large bathroom.

There is a basement that could be finished for additional living space.

BLC# 21266926 $38,000

1 bed 1 bath home. this home also has a den. The living room has nice hardwood floors. This home is a great steal. Come check it out.

6742 E 19th Street Indianapolis

1505 S Reisner Street Indianapolis

Bungalow with full basement. This house has some newer vinyl windows and siding. Large yard that is partially fenced. Located near the parkway and creek, close to shopping.

BLC# 21263434 $34,000

Jenni Ruiz || jenni@ruizrealty.net

BLC# 21267505

$15,000

Take a look at this bungalow with over 800 sq ft of living space. With 2 bedrooms and 1 bath. It has enclosed porch & basement. Must see.

BLC# 21259978

$9,900

6320 Rucker Road • Indianapolis, IN 46220 P: 317-446-0152 • F: 317-466-9752 • www.jsruizrealty.com

7601 W Mockingbird Court Fairland

New 35 yr. dimin. roof, New water heater, furnace, AC, carpet, lam. floor, paint, ceiling fans, stove, micro hood & the kitchen sink. Rooms in this home are large. Huge master bath, enough room for a treadmill and people. Wood deck reinforced to hold hot tub off the master bedroom.

BLC# 21268176

$170,000

1617 Pele Place Indianapolis

5655 Mead Drive Indianapolis

1738 Maradona Drive Indianapolis

Come check out this gorgeous 5 bed 3.5 bath brick and vinyl home. The living room is a nice size and has a fireplace. The huge master bedroom has a nice full bathroom in it. There is a fenced in backyard with a shed for extra storage.

nice brick and vinyl ranch style home. This home has a spacious living room with a nice fireplace. It also has a nice kitchen with the dining area. There is a nice screened back porch great for summer nights.

BLC# 21270663

BLC# 21270297

$184,000

5517/5519 N College Indianapolis

$98,000

4402 Clovelly Court Indianapolis

This home has a nice size family room. The master bedroom has a nice full sized bathroom in it. There is a nice closed in back porch. This home is a must see.

Come see this 2 bed 1 bath home in each unit.

This home has beautiful hardwood floors. There is a nice sized living room, also there is a basement located in the home. This is a must see.

Come see this nice 2 bed 1.5 bath home. This home has a nice size living room. This home also has nice kitchen with a breakfast bar. This home is a must see.

BLC# 21269845

BLC# 21271246

BLC# 21269481

$95,000

614 Elm Street Shelbyville

$100,000

9317 E 36th Place Indianapolis

$49,900

4624 Mesa Drive Indianapolis

Come see this 2 bed 1 bath home. This home has plenty of potential. The living room has beautiful hardwood floors. There is also a nice size den. this home has a basement.

Residential single family zoned land lot. Currently there is a one car garage on the lot with a concrete driveway. Corner lot with lots of potential.

Home has hardwood floors in the living room and bedrooms. Family room on the lower level. There is a huge backyard with plenty of space for family activities, and a shed for extra storage.

BLC# 21268176

BLC# 21271809

BLC# 21269151

$35,000

$3,500

Jenni Ruiz || jenni@ruizrealty.net

$69,900

23

HUD.GOV/HUDHomes

U.S. Department of Housing and Urban Development

Listing and Bidding Procedures Disclosures HUD Homes are sold “As Is” without warranty.

Irregularities in bids: HUD reserves the right to waive any irregularity in any bid, reject any and all offers, and to withdraw a property prior to the bid opening.

Code and Zoning violation: Brokers should advise Purchasers that the properties may contain code and/or zoning violations.

Code and Zoning status must be determined by the Purchaser.

Property Condition: No guarantees and/or warranties made. No repairs will be performed by HUD after closing.

Purchasers are encouraged to have the properties inspected by a qualified home inspection service company to satisfy themselves as to the condition of the property.

Potential Purchasers: Contact a HUD Approved Broker to obtain a copy of the current listings, to visit listed homes or to make an offer.

HUD pays closing cost up to 3% of the purchase price. If inserted on line 5 of the HUD Sales Contract when the electronic bid is submitted.

HUD’s Homeownership incentives: $100 Down - Available to owner occupant buyer who purchase a HUD Home with FHA financing, indicate on Line 4, Lender MCAW form, and buyer still responsible for earnest money deposit.

More information on BUYING A HUD HOME on the HUD website at: http://portal.hud.gov/portal/page/portal/HUD/topics/buying_a_home

Listing Codes IN - Insurable: All properties listed as “INSURABLE” are eligible for FHA financing. All requests for insurance will be under Section 203(b) of the National Housing Act Program. An interest rate will be charged on the loan and is negotiable between the purchaser and lender. The mortgage may include some mortgage insurance payments.

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IE - Insurable with Escrow Repairs: Properties listed as “INSURABLE WITH ESCROW REPAIRS” means that certain repairs (not to exceed $5,000.00) are required to meet Minimum Property Standards for an FHA mortgage. These properties can qualify for FHA 203(b) mortgages if the purchaser and lender establish a repair escrow at the closing for the completion of repairs within 50-days of the closing. This is not a gift from HUD. The sales price remains the same and is added to the mortgage. No repairs prior to closing.

UI - Uninsured: Properties listed as “UNINSURED” means that certain repairs and or improvements are required to be eligible for an FHA 203(k) mortgage. The required repairs on most of these properties exceed $5000.00.

Purchasers of these properties have the option to purchase “as-is” with cash or conventional financing. These properties are also eligible for an FHA 203(k) mortgage if the required repairs end or the improvements are completed within 90-days of the closing.

Listing and Bidding HUD Approved Brokers will show properties, prepare complete contracts and submit bids through internet Electronic Bidding at the HUD Listings website.

New listings are available daily.

During the Exclusive Listing Period, bids may be submitted only by Owner Occupant purchasers, which HUD defines as owner-occupant purchasers, qualified nonprofit organizations and government entities. There will be: • a fifteen (15) day Exclusive Listing Period for Owner Occupant purchasers for properties listed insurable and insurable with Escrow Repairs, •

a five (5) day Exclusive Listing Period for Owner Occupant purchasers for properties listed uninsured.

Owner Occupant must occupy the house for one year and can’t participate in a HUD sales for two years after purchase.

Exclusive Listing Period (Owner Occupant Priority).

• For insurable and insurable with Escrow properties, bids shall be opened and reviewed on the Tenth (10th) day of the Exclusive Listing Period. All bids will be treated as having been received simultaneously. If no winning bid is received by the tenth (10th) day, bid shall be opened and reviewed on each day after the tenth (10th) day up to the fifteenth (15th) day, or until a winning bid is received. If no winning bid is received in that fifteen (15) day period, the listing shall be extended to all buyers on day 16. See Extended Listing Period below.

Extended Listing Period.

At the conclusion of the Exclusive Listing Period, should a property remain unsold, all general public bids (including investors) may be submitted daily.

Submitted a Bid Over the “As Is” Value The “As-Is” value is equal to the appraisal value.You can’t get a second appraisal when using FHA.You will be notified if you overbid and will require submission of proof of funds. Buyers must bring cash for the overbid amount.

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Bid Opening, Review and Results In order to be valid for bid opening on a specific day, bids must be completed and confirmed on the Internet no later than 11:59 p.m. on the previous day. Bids can be submitted 24/7 but are not reviewed Holidays or weekends.

Bids received on the same day shall be considered to have been received simultaneously. Friday, Saturday and Sunday bids will be considered to have been received simultaneously and will be reviewed simultaneously on the following Monday.

Bids will be opened and reviewed each business day.

The highest acceptable net bid to HUD will be selected.

Results will be posted each business day by 1:00 p.m.

If two acceptable bids which are exact same amount are received, the AM Contractor will select the winner by randomized electronic drawing.

REMINDER: Brokers must check the HUD Listings website on a daily basis for available properties and Bid Result Publication. If your bid is selected, Brokers must submit the original written and completed HUD Sales Contract along with the required Addenda to the appropriate AM Contractor office within the next 48 hours of Bid Result Publication otherwise the bid will be considered canceled and the second highest acceptable net bid to HUD will be considered.

NOTE: If you search for a property and it does not show up in the search properties area then that property has an accepted bid at this time.

Property Search Results There are no HUD Homes that match your search criteria.

Required Contract Documents HUD SALES CONTRACT and REQUIRED ADDENDA:

•

Fillable HUD Sales Contract Form 9548 Revision (1/99)

Attach the following Addenda:

•

Lead Paint Addendum, if the property was built prior to 1978. The Lead Based Paint Addendum is property specific and will be posted with the property listing.

•

General Addendum to HUD Sales Contract.

•

For Your Protection: Get a Home Inspection

•

Notice to Purchaser Addendum when the offered amount exceeds the appraised value at the time the offer is submitted.

Certification of Owner-Occupant, if purchaser is an owner-occupant.

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•

IndyInvestorMagazine.com

•

Radon Gas and Mold Notice and Release Agreement.

•

Forfeiture & Extension Policy (Addendum A, Rev. 6/15/2009)

•

Lead-Based Paint Addendum (if applicable)

•

Flood Zone Addendum (if applicable)

•

Letter from a Financial Institution acknowledging that purchaser has funds available for down payment.

• Mortgage Pre-Qualification Letter from a lending institution, if the purchase is to be mortgaged, stating

that an in-house credit check has been performed and the purchaser has been pre-qualified for a

mortgage up to a specified mortgage amount. The Pre-Qualification letter must be on lender

letterhead, give the name(s) of the people listed on the contract, have the correct loan amount, the type of loan, noted that “the credit has been approved”, signed by the loan office (no digital signatures), and dated within the past thirty days.

• Certification from a Financial Institution, if the purchase is cash, stating that funds are available on the day of closing.

• Certification of Owner-Occupant Status for Cash Purchases: All bids by owner-occupants, who are

purchasing properties listed in the owner-occupant category, must include an Owner-Occupant

Certification. Sanctions will be immediately imposed upon Brokers, Agents and Investors found to be abusing the system.

Avoid Common Errors!

To be acceptable, hard copies must contain no errors and done in BLUE ink.

You can’t use white out or liquid paper on a contractual document.

Do not use a yellow highlighter on the contractual documents. The document will not scan properly for HUD with highligher on it.

Make sure social security numbers are listed on the contract correctly.

The buyers name must match exactly on lines 1, 2 and 13 on the contract.

Down Payment Owner Occupants Only:

3.5% Minimum Down payment for FHA financed properties.

Maximum mortgage amount 96.5% of the appraised value or sales prices whichever is lower.

Investors:

1 unit: 25% Minimum Down payment, for FHA financed properties;

2 to 4 units: 15% Minimum Down payment, for FHA financed properties.

Earnest Money Deposit Required Earnest Money: Must be in the form of a cashier’s check, money order, or other certified funds. The original Earnest Money check should be submitted with the sales contract after bid acceptance. The Earnest Money deposit will be sent to the Closing Agent after Execution.

•

$1,000 for offers greater than $50,000,

•

$500 for offers $50,000 or less,

•

50% of the Listing Price for Vacant Lots

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Earnest Money Forfeiture and/or Return The following provisions are applicable in all instances except those where HUD is unable or unwilling to close the sale, in which case the entire amount will be returned.

Investor Purchasers: •

Uninsured Sales: 100% of the deposit will be forfeited to HUD for failure to close, regardless of the reason.

•

Insured Sales:

• 50% of the deposit will be forfeited to HUD for failure to close if the purchaser is determined by HUD to be an unacceptable buyer.

• 100% of the deposit will be forfeited to HUD if the sale fails to close for any other reason.

Owner-Occupant Purchasers: Return 100% of the deposit when:

•

There has been a death in the immediate family (purchaser, spouse or children living in the same household).

• There has been a recent serious illness in the immediate family that has resulted in significant medical expenses or substantial loss of income, thus adversely, affecting the purchaser’s financial ability to close the sale.

•

There has been a loss of job by one of the primary breadwinners, or a substantial loss of income through no fault of the purchaser.

•

For an FHA insured sale, HUD (or a D.E. underwriter) determines that the purchaser is not an acceptable borrower. For an uninsured sale, the purchaser was pre-approved for mortgage financing in an appropriate amount by a recognized lender and, despite good faith efforts, is unable to obtain mortgage financing. “Pre- approved” means a commitment has been obtained from a recognized mortgage lender for mortgage financing in a specified dollar amount sufficient to purchase the property.

• There is other equally good cause, as determined by AM Contractor, in keeping with the spirit and intent of the above policy.

Return 50% of the deposit when: For an uninsured sale, despite good faith efforts by the purchaser, there is an inability to obtain a mortgage loan from a recognized mortgage lender.

Forfeit 100% if the deposit when:

• No documentation is submitted.

• Documentation fails to provide an acceptable cause for the buyer’s failure to close.

• Documentation is not provided within a reasonable time following contract cancellation.

Vacant Lot Sales: The purchaser is considered to be an investor and instructions pertaining to investors will apply.

Closing Costs (Line 5) HUD pays certain Closing Costs up to 3% of the purchase price, IF inserted on line 5 of the sales contract when the electronic bid is submitted. Enter this numeric figure (not percentage) on line 5.

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Closing Time Frame For DEMCO & OFORI: HOMETELOS: Just exchange 45 to 30 & 30 to 45 All purchasers must close on or before forty-five (45) days of contract acceptance date for normal and cash closings.

203k must close sixty (60) days of contract acceptance.

Closing Extension Policy ALL SALES ARE EXPECTED TO CLOSE WITHIN THE APPLICABLE TIME FRAME IDENTIFIED ON LINE 9 OF THE SALE CONTRACT. Closing Extension Request: If the closing does not occur on the specified date on line 9 of the HUD Sales Contract 9548, the Broker should contact HUD’s Closing Agent at least two weeks prior to that date to request an extension.

AM Contractors, as HUD’s Representative, may grant an extension of closing time and, if approved, each extension will be for a period of fifteen (15) days: • Submit the “Request For Extension of Closing Date” (Extension Request form) and all the required supplemental supporting documents to HUD’s Closing Agent prior to the expiration of the sales contract.

• Documentation submitted with the extension request must establish that a closing can reasonably be expected to occur within the extension period.

• The extension request must be accompanied by a cashier’s check, money order or other certified funds in the appropriate amount and made payable to HUD. The fee is based on the Contract Sales Price:

Contract Sales Price

Extension Fee

Equal to or less than $25,000.00

$150.00 ($10.00 per day)

$25,000.01 to $50,000.00

$225.00 ($15.00 per day)

$50,000.01 and over

$375.00 ($25.00 per day)

• The initial 15-day extension will be provided for owner occupant purchasers, at no cost, if documentation is provided indicating that proper and timely loan application was made, that the delayed closing is not the fault of the purchaser and that mortgage approval is imminent.

• The extension fee will be retained by HUD. In the event that the purchaser closes prior to the end of the extension period, the unused, prorated portion of the extension fee will be credited to the amount due at closing.

•

The approval of an extension does not obligate AM Contractor, as HUD’s Representative, to grant future extensions.

Home Inspection

(Optional, but highly recommended)

There is a 15 day due diligence period.You must have FSM authorize your home inspection.You have 48 hours to complete home inspection after last utility is turned on and you must turn off utilities after inspection. When you receive written permission (executed sales contract), contact the local utility companies, and coordinate dates between them and your inspection.

IndyInvestorMagazine.com

29

Fill out a utility activation request form. The utilities are to be turned on in the purchaser’s name and at purchaser’s expense. The purchaser is responsible for the actual costs to activate, deactivate and when necessary, re-winterize the property. The purchaser must place a refundable $150 deposit, in the form of certified funds or money order. The amount is sufficient to cover these costs. This deposit is required to ensure the property has been re-winterized. It is the buyer’s responsibility and cost to re-winterize. If the property has not been re-winterized at the end of the allowable 72 hr period, this may result in a delay of closing (buyer will also be responsible for any property damage incurred).

FHA Amendatory Clause This addendum is not required and will not be executed on HUD sales. HUD homes are exempt from the clause.

Broker Registration and NAID As Broker, Nonprofit, or Government Agency, you can make an offer on a HUD Home only if you have a HUD Name Address Identifier (NAID). To apply for a NAID, http://www.hudhomestore.com/hud/NaidRegistration.aspx So in order to place a bid on a HUD property, you must have an active NAID,You may obtain a NAID by completing the necessary forms and providing all required attachments to the HUD Homeownership Center which has jurisdiction over the state in which you are located. The NAID application package must contain the documents as listed at http://www.hudhomestore.com/hud/NaidRegistration.aspx If your application package does not contain the required documents, the package will be returned and extend the processing time. The NAID application processing time is a minimum of 2 weeks.

For Selling Brokers: Only Selling Brokers may obtain a NAID. Real Estate Agents must use the NAID of their Selling Broker to submit bids.

First to get a NAID Number Register Here

As an agent, if you have already registered, login here

As an agent, if you have never registered, login here

Properties for Purchase

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IndyInvestorMagazine.com

Available

Not Available

Broker Commission (Line 6a) HUD will pay up to 6% or a minimum of $2500 commission to be equally split between the Listing and Selling Broker, IF inserted on line 6a, of the new HUD Sales Contract Form 9548 (1/99). Line 6b will populate 3% for the listing broker commission.

Remember: Lines 5 and 6a affect the net to HUD.

Help

“WHAT IF I NEED HELP?”

If you need help, you can obtain it:You can go to http://www.HUDHomestore.com

The HUD-9548 Sales Contract Line1: Type purchaser(s) name and complete property address. Make sure to type in the county.

Line2: Enter name(s) and style in which tile will be taken. Please match the name exactly as on line 1 and the STYLE they are taking title (individual, married, etc.)

Line3: Enter bid amount and amount of the earnest money (which is $500 if $50,000 or under or $1000 if $50,001 and over) and fill in that it will be held by HUD. Please send this in a cashier’s check or money order (NO personal checks) paid to the order of: If it is PEMCO or HOMETELOS it will be the name of title company, If OFORI in the name of the listing broker.

Line4: Make sure the appropriate box is checked for the type of financing your buyer is getting and in compliance with what seller’s offering. If FHA 203(b) repair escrow, then check “said mortgage involves a repair escrow amounting to $__” and fill in amount. Also leave blank or enter TBD (to be determined) the three spaces for down payment, mortgage loan amount and the number of months.

Line5: Enter the amount of financing/closing cost submitted on your bid.

Line6: Enter dollar amount of commission to be paid by seller as submitted on your bid.

Line7: Enter net amount due seller as submitted on your bid.

Line8: Enter buyer type (owner occupant or investor) Line9: Enter in accordance with AM Contractors instructions for closing dates. On the second blank your purchaser will fill in the blank with the closing agency they will use.

Line10: Enter appropriate back up offer information Line11: Check the appropriate boxes.

Line12: Purchaser(s) must initial in appropriate space Line13: Make sure to write in your purchaser’s phone number under the signature line, and have them date the contract: when they sign it. Always have the managing broker sign the contract and the owner/occupant certification in the original blue ink signatures.

If this is an investor bid please make sure that the company name is on Line 1 and 2 of the contract. Also make sure that you include the company paperwork and proof of EIN number from the IRS.

SEE SAMPLE CONTRACT BELOW

IndyInvestorMagazine.com

31

Please fill out contract in blue ink!

U.S. Department of Housing and Urban Development Office of Housing Financial Housing Commissioner Property Disposition Program John Doe 1. I (We), ________________________________________________________________________

(Purchaser(s)) agree to purchase on the terms set forth herein, the following property, as more particularly

described in the deed conveying the property to the Secretary of Housing and Urban Development:

Sales Contract

HUD Case No.

123-456789

111 Any Street, Any City, County, State and Zip

(street number, street name, unit number, if applicable, city, county, state)

2. The Secretary of Housing and Urban Development (Seller) agrees to sell the property at the price and terms set forth herein, and to prepare a deed

containing a covenant which warrants against the acts of the Seller and all claiming by, through or under him. Title will be take in the following Names must match Line 1 and state whether single, married and tenancy

name(s) and style: _______________________________________________________________________________________________ $100,000.00 3. The agreed purchase price of the property is 3. $________________________ based on sales price, $500 for < $50k and $1,000 for > $50k, Held By HUD 1,000.00

Purchaser has paid $ ____________________ as earnest money to be applied on the purchase price, and agrees

to pay the balance of the purchase price, plus or minus promotions, at the time of closing, in cash to Seller. The PEMCO or HOMETELOS - Title Company, OFORI - Listing Agent

earnest money deposit shall be held by ____________________________________________________ , If property is UI, only box 4.

Purchaser is applying for FHA insured financing [ 203(b) 203(b) repair escrow, 203(k) ] with a cash 203k or Conv/Cash can be

down payment of $ ________________ due at closing and the balance secured by a mortgage in the amount of checked ... for properties

$ _______________________ for ________ months (does not include FHA Mortgage Insurance Premium, listed as IN/IE check the

prepaid expenses or closing costs Seller has agreed to fund into mortgage. ). box of the loan you have

Said mortgage involves a repair escrow amounting to $ _____________________. been approved for

Purchaser in paying cash or applying for conventional or other financing non involving FHA. 5. Seller will pay reasonable and customary costs, but not more than actual costs, not more than paid by a typical Seller see HUD Notice 2005-12

in the area, of obtaining financing and/or closing (excluding broker’s commission) in an amount not to exceed 5. $________________________ 6a. Upon sales closing, Seller agrees to pay to the broker identified below a commission (including Up to 3%

selling bonus, if offered by seller) of 6a. $_______________________ 3% auto populated by HUD 6b. If broker identified below is not the broad listing broker, broad listing broker will receive a commission of 6b. $_______________________ 90,000.00 7. The net amount due Seller is (Purchase price [ Item 3] less Items 5 and 6) 7. $________________________ 8. Purchaser is: owner-occupant (will occupy this property as primary residence) investor

nonprofit organization public housing agency other government agency. Discount at closing: _______________%

Discount will reduced by amounts, if any, listed on Line Items 5 and 6.

45 9. Time is of the essence as to closing. The sale shall close no later than __________ days from Seller’s acceptance of contract. Closing shall Title Company

be held at the office of Seller’s designated closing agent or _________________________________________________________________ pull the LBP Addendum from 10. If Seller does not accept this offer, Seller may may not hold such offer as a back-up to accepted offer Please property details as required.

11. Lead based paint addendum is is not attached; Other addendum is is not attached hereto and made part of this contract.

12. Should Purchaser refuse or otherwise fail to perform in accordance with this contract, including the time limitation, Seller may,

at Seller’s sole option, _retain all or a portion of the deposit as liquidated damages.The Seller reserves the right to apply the

earnest money, or any portion thereof, to any sums which may be owed by the Purchaser to the Seller for rent.

JD

Purchaser(s) Initials: _________ Seller’s Initials: ________ don’t forget 13. This contract is subject to the Conditions of Sale on the reverse hereof, which are incorporated herein and made part of the contract.

Certification of Purchaser: The undersigned certifies that in affixing his/her/its signature to this contract he/she/it understands:

(1) all the contents thereof (including the Conditions of Sale) and is in agreement therewith without protest; (2) he/she/it is responsible for

satisfying itself as in the full condition of the property; and (3) that Seller will not perform repairs after acceptance of this contract.

Purchaser(s) (type or print names & sign) Purchaser(s) Address: John Doe Current Address John Doe Purchaser(s) Social Security Number (SSN) or Employer Identification Number (EID) (Include hyphens) Phone No:_ Date Purchaser(s) Signed Contract 800-555-1212 123-45-6789 01/01/2011 Date Contract Accepted by HUD Seller: Secretary of Housing and Urban Development By: (type name & title & sign) X Certification of Broker: The undersigned certifies that: (1) neither he/she nor anyone authorized to act for him/her has declined to sell the property described herein to or to make it available for inspection or consideration by a prospective purchaser because of his/her race, color, religion, sex, familial status, national origin, or disability; (2) he/she has both provided and explained to the purchaser the notice regarding use of Seller’s closing agent; (3) he/she has explained fully to the purchaser the entire terms of the contract, including Condition B on the reverse hereof; and (4) he/she is in compliance with Seller’s earnest money policy as set forth on HUD forms SAMS-1111, Payee Name and Address, and SAMS-1111-A, Selling Broker Certification which he/she has executed and filed with Seller.

Brokers Business Name & Address: (for IRS reporting) (include Zip Code) Broker’s EIN or SSN: (include hyphens) SAMS NAID: 12-3456789 XYZ ABC XYZABC1234 1 Home Road

Signature of Broker: Broker’s Phone No: City, St., 12345 Type of print the name and phone number of sales person: Managing Broker Signature This section for HUD use only. Broker notified of:

Authorizing Signature & Date:

Acceptance Back-Up No. ____________ Rejection Return Earnest Money Deposit x Previous editions are obsolete

32

ref. Handbook 4310.5

IndyInvestorMagazine.com

form HUD-9548 (1/99)

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W W W . O A S I S I N D Y. C O M Rates are LOW…. Let us help you…. with “Refinancing or Purchasing your Home!”

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cjackson@gvcmortgage.com

Yvette Wright

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IndyInvestorMagazine.com

ApexContractingServices@gmail.com www.ApexContractingServices.com 33

Why do the most successful real estate professionals love working with HouseMaster®?

Our Inspectors are accurate, not arrogant!

HouseMaster inspectors are among the best trained in the industry. In addition to extensive technical training and ongoing support, they are also trained on how to communicate their findings in clear, concise and professional terms. We approach every inspection as a “service” focusing on educating your customers in a courteous and helpful manner. You’ll be impressed with both our knowledge AND demeanor!

“The Mark of Inspector Professionalism” How does your new home measure up?

Feel free to compare your home inspection results to over 2,000 other reports compiled in the HouseMaster Home Defect Survey. To see an interactive version of the survey results, go to housemaster.com/homedefects

MAJOR STRUCTURAL CONCERNS

ROOF REPAIR

ELECTRIC SYSTEM

ALUMINUM HOUSEHOLD WIRING INSULATION

CENTRAL HEATING SYSTEM

CENTRAL COOLING SYSTEM

WATER HEATER PLUMBING SYSTEM

OLD/MIXED PIPING

FOUNDATIONS

AGE OF HOME:

AGE OF HOME:

0-12 Years

13-29 Years

30+ Years

As you might expect, newer homes generally experience the fewest problems or defects.

However, the survey does point to some areas which can be of concern, even in a new or newer home.

Homes in this age range tend to require more repairs than newer ones. In a few categories, homes in this age group actually score worse than older homes. This is generally because systems in these homes are nearing the end of their useful service life, while in the older homes these systems will have been replaced.

While the expression “they don’t build them like they used to” has some truth behind it, older homes generally need more repairs — due to normal wear & tear and aging. It’s interesting to note that in selected categories, the often simpler systems in older homes hold up well.

9.11% of homes contained major structural concerns

13.65% of homes contained

37.71% of homes contained

19.33% of homes needed

49.35% of homes

55.34% of homes

14.15% of the homes

30.29% of the homes

48.63% of the homes

<1% of the homes had

aluminum household wiring

5.54% of the homes had aluminum household wiring

4.72% of the homes had aluminum household wiring

roof repairs

required electrical system repairs

major structural concerns

needed roof repairs

required electrical system repairs

AGE OF HOME:

major structural concerns

needed roof repairs

required electrical system repairs

11.7% had inadequate

30.45% had inadequate

48.88% had inadequate

15.4% of surveyed homes required Central Heating System repairs

59.74% of surveyed homes

54.35% of surveyed homes

insulation

insulation

required Central Heating System repairs

insulation

required Central Heating System repairs

13.67% of homes required

28.59% of homes required

20.98% of homes required

1% of homes required water heater repairs

18.34% of homes required

37.31% of homes required

8.96% had problems with the plumbing system

20.19% had problems with

40.42% had problems with

<1% had old or mixed piping

18.34% had old or

37.31% had old or

22.64% of homes showed

26.17% of homes showed

47.38% of homes showed

repair to the Central Cooling System

signs of water seepage or drainage concerns

repair to the Central Cooling System

water heater repairs

the plumbing system

mixed piping

signs of water seepage or drainage concerns

repair to the Central Cooling System

Every HouseMaster inspection includes context included on the attached document!

HouseMaster is the country’s most experienced name in home inspections. We take great pride in providing your customers with a positive service experience. Each HouseMaster customer is presented with our coveted Inspection Resource Guide®. at the start of the inspection. The guide includes an instructional home repair DVD to help emphasize that the focus of the inspection is on major elements. The DVD also shows customers how to address common maintenance issues on their own. The Guide also includes results of our home inspection survey. The results, which categorize the frequency of common home concerns reported, sorted by the age of the home, helps give buyers a better sense of what conditions found in their report may be considered normal depending on the age of the home.

water heater repairs

the plumbing system

mixed piping

signs of water seepage or

HouseMaster’s reputation inspires confidence:

HouseMaster, founded in 1979 is hands down THE recognized authority on home inspections. You may have seen HouseMaster featured on CNN, HGTV, and Fox Business or on your local news. We have collectively performed over 2 million inspections with overwhelmingly positive feedback. Over 99% of real estate professionals surveyed would recommend HouseMaster to their friends or family!

In today’s market, customers and clients need to be confident that the inspector they choose is reputable, knowledgeable, personable and experienced –that’s us!

34

M

IndyInvestorMagazine.com

T p p t T g o I t A L h r U s h

“Looking to buy a home or an investment property? Call the Heller Team.

Let the experience of 20 years in the industry work for you!”

“Looking to buy a home or an investment property? Call the Heller Team.

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DAVID HELLER ASSOCIATE BROKER

STACY HELLER REALTOR

HellerTeam@AtlantisRealtyGrp.com

317.402.0779 (C)

800.276.8940 ext 713

Moneywise How to reduce your risk of a

TAX AUDIT

The idea of having an Internal Revenue agent spending days at your place examining your books can strike fear into the hearts of most people. Even if the agent finds nothing (and they usually find something to argue about) it’s a scary experience.

Tax advisor Frank Degen, writing in Kiplinger’s Personal Finance, says, generally, auditors are looking for something on your tax return that’s out of the ordinary, such as a big deduction you haven’t claimed before.

If you have a business and report a large loss, particularly one that offsets other income. That’s one reason the auditor has come.

Additionally, they want to see if your business is a hobby in disguise.

Large charitable contributions could be a red flag. Auditors ask if you have a receipt for every contribution. Today you must remember that a receipt is now required for every contribution.

Unreimbursed business expenses are another item that gets flagged. Be sure you convince your tax preparer that they’re legitimate before you have to convince the IRS.

IndyInvestorMagazine.com

tax

T I D U A ahead

35

317-842-3400

3721 Timothy Lane New Castle

7210 Larkshall Road Indianapolis Home has 5BR, 3BA, and more than 2,800 SQFT plus a full finished basement. The home sits on a great lot w/ in-ground pool & patio. $215,000

There are 2BR, 2BA, and a den which could be used as a third bedroom. Nearly 2,000 sqft. The large two-car detached garage offers plenty of extra storage. There is also a nice-sized deck that overlooks the fenced backyard. $35,000

2001 S Batavia Muncie This is cute ranch has 4BR, 2BA, and 1,248 sqf. It has some updated flooring, kitchen cabinets, and counters. There is $40,000 also a rear deck.

8949 Ginnylock Drive Indianapolis This 4BR 3BA home has 1,660 sqft, a finished basement, and a screened porch. There is also a fireplace. Movein ready w/ many updates. $158,900

The home has more than 1,200 square feet, 3BR, and 2BA. There is a large living room with cozy fireplace and the rear deck overlooks your fenced backyard. $113,300

3901 W Jackson Street Muncie Over 1500sqft, nice breezeway to sit and enjoy the outdoors. Large lot with mature trees. A fireplace in LR. 3BR, $45,000 2BA, garage, basement.

3400 W Ethel Muncie This cute 1 story w/ 3BR, a fenced yard, and a large two-car garage! There is also a full basement which could easily be finished and nearly double your $43,000 living space!

11009 S CR 300W Muncie This huge house sits on a country acre and has 3,420sqft. That includes 5BR, 2 bonus rooms, & 2.5BA. There is also an oversized two-car garage to give you $88,000 tons of extra storage.

6816 Carters Grove Drive Noblesville Home has nearly 2,300 SQFT, 3 car garage, and many upgrades. The bedrooms are very spacious and the $259,900 master has a nice vanity,

13213 Brooks School Road Fishers Enjoy the wonderful water views and your 4 acres. With 4BR and 2BA, there is plenty of space. Property also includes a large 2 $114,900 car detached garage.

8037 Melbourne Lane Avon Cute 3BR 2BA home. Great room has fireplace. Large master suite and master bath with double sinks.

Beautiful KT with plenty of room. Nice $125,000 fenced in yard.

36

308 W Harvard Muncie

3968 Richelieu Road Indianapolis

9856 Scott Court Indianapolis

3BR 2.5BA split level home on huge fenced lot. Beautiful trees on the oversized lot & nice deck. Home also has a family room. Lots of storage and cabinets. $76,500

3BR 1.5BA home has a 2 car attached garage with plenty of storage, a good size kitchen that will fit a table for dining, the brick fireplace in the family room otball games. $725/mo

Sits on a cul-de-sac, 3 bedroom 1 bath ranch home. Approximately 1,236 square feet. The property has a lot size of 8,875 sqft and was built in 1963.

17806 Gasparilla Court Noblesville

12197 Weathervane Drive Noblesville

4251 N Ralston Indianapolis

This home has over 2000 square feet and a 2 car attached garage. 3BR and 2.5BA are featured in this comfortable home of Noblesville. $125,700

1419 S 9th Street Noblesville

$695/mo

Cute 1BR 1BA, 1 car det garage. This is one side of a duplex in a very quite neighborhood of Indy. This is perfect for one or cozy for two. Close to public transportation. $445/mo

10868 Wymm Lane Ingalls

Triplex in Noblesville. All units have 1BA, but one has 3BR, one has 2BR, and the other has 1BR. There are a total of 2,500 sqft. Call one home or rent all three of them out! $82,400

Home has 4BR as well as 2.5BA in its spacious 1500 sqft. Home has a well equipped kitchen for entertaining.

A lovely patio area just needs a few flowers to be your retreat. $66,950

5930 Sycamore Forge Dr. Indianapolis

554-558 Andover Road Anderson Duplex with both sides available for rent. #558 is a cute 3BR 1BA $500/mo unit with 825 sqft.

The #554 unit has 2 bedrooms and 1 bath and rents for $450/mo

There are three spacious bedrooms, two full baths, and nearly 1,300 square feet. You’ll the open floor plan and large kitchen. The backyard is fully fenced and features two mini barns. $77,000

9800 WESTPoINT DRIVE, SUITE 220 • INDIANAPoLIS • 317-842-3400

918 N Morgan Rushville

This home has a ton of space, 4BR, 2BA. The backyard is fenced in and backs up to your two-car detached garage.

This home is in good condition. $47,900

9231 E 36th Place Indianapolis

Spacious 3BR, 1BA with LR and a bonus area adjacent to kitchen. Large eatin kitchen with lots of cabinet space.

Range and refrigerator included. No Cats. $695/mo

9510 Tower Lane Indianapolis

Great 3 bedroom 2 bath ranch home on dead end street. Enjoy the private fence yard with a large deck for entertaining. Don’t wait on this on it won’t last long at this price. $70,000

11717 Capistrano Drive Indianapolis

This home is bright and airy! Wail until you see the oversized shower and tub for real relaxation time! Huge back yard, breakfast bar, 3 bedrooms! $175,100

10234 E Heather Hills Road Indianapolis

Here is a 2 story home offering 11BR and 4BA in 3239 sq ft. Large open back yard with wooden deck for the summer BBQ’s and quite community with mature trees throughout the neighborhood. $79,900

1302 N Downey Indianapolis

Cute 2 bedroom 1bath duplex with a 1 car detached garage and fenced yard.

Nice corner lot with mature trees! This property is attached to 5320 E 13th St. $675/mo

10920 Tallow Wood Lane Indianapolis

Dramatic 2 story foyer welcomes you into this stunning open floor plan with a finished basement. Home has huge MBR and bath,gourmet kitchen w/ double oven & all SS appliances. $2,195/mo

12994 Saxony Blvd. Fishers

Ranch home has 3BR 3BA with an open floor plan, attached garage and many custom details from the large great room with a fireplace, hardwood floors & new KT cabinets. $314,000

1218 N Drexel Avenue Indianapolis

4728 N Kitley Avenue Indianapolis

Great 3BR 1.5BA home in Brookhaven.

Enjoy quiet evenings in your spacious backyard. This home has a huge Family room with two sided fireplace to cozy up to in the winter. $75,000

3633 N Tiffany Drive Indianapolis

All brick ranch on corner lot with large fenced yard, screened porch, mini barn and custom playset. Interior has large rooms and abundant closets. $750/mo

6409 N Appollo Drive Alexanria

Hardwood floors and a lovely fireplace are featured in this home of almost 1000 sqft. The main bath has tub and shower and the extra bath in the basement has a shower. $61,000

What a deal! This home has two bedrooms, two full baths, and sits on a nice lot. This one does need some love, but his lots of potential, and is priced to move. $10,800

8148 Foxchase Drive Indianapolis

3856 Roundwood Drive Indianapolis

This home has nearly 2,000 square feet.

There are 2BR, a den that could be used as a third bedroom, and 2.5BA. The large private deck provides a great place to relax. $112,500

8513 Shelbyville Road Indianapolis

This great home features 3BR, a den, 2.5BA, and more than 2,050 sqft! It sits on .8 acres and boasts a large deck and an above ground pool! It’s perfect for entertaining friends and family. $152,475

3701 N Emerson Indianapolis

Cute 2 bedroom 1 bath living in a duplex with living room, kitchen and hardwood floors. There is a 1 garage for a $40.00 m extra fee. First come first serve to rent that out. $550/mo

This 4BR, 2.5BA is waiting for you! Only a few cosmetic repairs are needed and this one will be move-in ready. This home has nearly 2,000 sqft, a spacious rooms, and a cozy fireplace. $75,230

1629 N Linwood Indianapolis

The home has 2BR, a fully fenced yard, and a detached garage. There is also an unfinished basement for extra storage or living space if you want to finish it.

$22,900

2923 Percheron Lane Indianapolis

Spacious 3 bedroom, 3 bath condo in Perry Township.

Downstairs den, or 4th bedroom. Comes with all appliances. Community is only minutes from U of I. $75,000

1505 N Colorado Indianapolis

Adorable 3BR 2BA home is in a quite neighborhood of Indianapolis. Plenty of large mature trees, close to Brookside Park, shopping, transportation and plenty of restaurants. $599/mo

4114 Mellis Drive Indianapolis

JUST REDUCED! Ready to move in!!

Nice brick ranch 3 bed 1 bath. Well maintained with spacious yard. Move your family in now! $625/mo

1500 Woodbine Drive Anderson

This home has 2BR, an attached garage, and 1,549 sqft. The backyard is fully fenced. There is also a large separate family room. This would be a great place to call home! $40,000

5314 Traditions Drive Indianapolis

This 3BR, 1.5BA features a fenced yard, two-car garage, and more than 1,100 sqft. It is conveniently locate. This one does need a little love, but it has tons of potential & is priced to move. $54,900

8490 N 700 W Ridgeville

Over 1600 sqft in this brick ranch home.

3BR 2BA with dining area and large family room. If you want to start a small farm or have just a garden, this is the one! $75,000

6150 Old Mill Drive Indianapolis

Adorable 3BR, 1BA ranch has nearly 1,100 square feet, and sits on almost a third of an acre. The large backyard is fully fenced, so you can let the dog run! $59,500

WWW.WILMOTHGROUP.COM

828 Bittersweet Anderson

This great bi-level needs little work and is priced to go! There are nearly 2,000 square feet, three spacious bedrooms, and tons of character. The huge backyard is full fenced! $52,000

9518 Tower Lane Indianapolis

Large 4BR 3BA home with attached garage. Updated KT with newer cabinets. Quiet neighborhood. Great deck off back yard for entertaining in the private fenced back yard. $85,000

3052 Adams Street Indianapolis

3 bedroom 1 bath home ready to move in. Quite neighbor hood just East of Keystone and North of 30th.

$599/mo

8155 Schoen Drive Indianapolis

This home has 3BR, 1.5BA, and more than 1,100 sqft. There is a large garage as well as a cute deck that overlooks your backyard. This home has a lot of character! $44,700

411 E 9th Street Rushville

Almost 1000 sqft and a detached garage.

The home does feature original wood floors in the bedrooms. 2BR, 1BA and a den for extra space. Nice large lot as well.

See it and make it yours! $40,000

5007 Radnor Road Indianapolis

There are 3BR, 2BA & 1,540 sqft. The backyard is fully fenced, and the huge enclosed rear porch is finished and offers even more square footage and a place to entertain friends and family. Cozy up in front of the fireplace on those chilly nights. $74,900

37

Making a House Your Dream Home with Renovation Loans!

With the number of short sales and foreclosures on the market, many in need of repair or upgrades, renovation loans may give you the perfect opportunity to own the home you’ve always wanted. Renovation loans allow you to shop for and purchase a home in your desired buying area and in your price range, but that may need a new roof, upgraded bathroom ,new kitchen, windows, etc. Renovation loans can help you get a great deal, and make a good house GREAT! Unlike many lenders, Prospect offers a full line of renovation mortgages. Here are a few basics to help you understand the difference.

FHA 203k (Consultant)

Fannie Mae Homepath®

FHA 203k (Streamline)

Fannie Mae Homestyle®

Loan Type

Purchase or refinance

Purchase only

Property Type

Purchase and renovate most residential properties

Purchase and renovate a Homepath designated Fannie Mae-owned property

1-4 Unit Primary Resident 1 Unit Second Home 2-4 Unit Investment Properties 1 Unit Investment Property Minimum Down Payment

Gift Funds

√

Purchase or refinance Purchase and renovate most residential properties

®

√

Fannie Mae Hompath® (Streamline)

√

√

√

√

√

√

√

√

√ √

3.5%

20% for 2 - 4 unit primary and 1 - unit investment

Can be used for 3% down payment for owner-occupied, primary residence

Can be used for down payment for owner-occupied, primary residence

3.5%

Permitted per HUD guidelines

Mortgage Amount

3% for primary residence 1 - unit property 15% for 1 - unit property (second home or investment) 25% for 2 - 4 unit primary or investment

20% for 1 - unit primary and second homes

Based on “as completed” appraisal value or total acquisition (sales price + renovation costs) (lower of the two)

Mortgage Insurance (MI) Required

√

√

Maximum Renovation Amounts

No maximum as long as mortgage amounts are within county guidelines for FHA loans

Up to $35,000

Up to 35% of the as completed value, no more than $35,000

Allowable Repairs

From structural changes to landscaping, new appliances and more

From flooring to painting, remodeling kitchen/bath, appliances and more.

No major remodeling structural repairs or landscaping

From flooring to painting, remodeling kitchen/bath, appliances and more.

50% of the as completed value

50% of the as completed value, up to $35,000

From structural changes to landscaping, new appliances, swimming pools, and more

Prospect customers benefit tremendously from our internal Draw Department. We are able to disburse initial draws (payments for renovation work) within 12-14 business days from closing. This quick disbursement time allows us to provide funding for work to begin more quickly than other lenders who do not manage the draw process. As a result, you’ll have the peace of mind you need, knowing that our Draw Department is providing world-class service every step of the way.

I am a certified Renovation Lending Specialist and can answer all your questions about this exciting loan program, and work with you to get prequalified. Contact me today!

Chris Moore Renovation Sales Manager Prospect Mortgage NMLS# 418893 600 E. Carmel Dr., Ste. 122 & 123, Carmel, IN 46033 Office: (317) 847-4738 | Cell: (317) 847-4738 Fax: (877) 536-9262 chris.moore@prospectmtg.com

Visit My Website!

• Learn about home loans • Use loan calculators • Apply for a home loan

HomePath is a registered trademark of Fannie Mae.

Loan inquiries and applications in states where I am not licensed will be referred to a Loan Officer who is licensed in the property state. Equal Housing Lender. Prospect Mortgage is located at 15301 Ventura Blvd., Suite D300, Sherman Oaks, CA 91403. Prospect Mortgage, LLC (Unique Identifier #3296) is a Delaware limited liability company licensed by the Department of Corporations under the California Residential Mortgage Lending Act and operates with the following licenses: AK Mortgage Lender/Broker License #AK3296; AZ Mortgage Banker License #BK0903027; To check the license status of your CO mortgage broker, visit www.dora.state.co.us/ real-estate/index.htm; GA Residential Mortgage License #16984; IL Residential Mortgage Licensee #6424; MA Mortgage Lender/Broker License #MC3296; MS Licensed Mortgage Co.; MT Residential Mortgage Lender Licensee #120; NV Division of Mortgage Lending Mortgage Banker #1173 and Mortgage Broker #3095; Licensed by the NH Banking Dept.; Licensed Banker-NJ Dept. of Banking and Insurance #9932414; Operates as Prospect Lending, LLC in NY (Licensed Mortgage Banker - New York State Department of Banking); OR Mortgage Lender Licensee #ML-2006; PA Dept. of Banking license #22122; RI Licensed Lender #20021343LL, Broker #20041643LB; licensed by the VA State Corp.

Commission as MC-2195. This is not an offer for extension of credit or a commitment to lend. All loans must satisfy company underwriting guidelines. Information and pricing are subject to change at any time and without notice. This is not an offer to enter into a rate lock agreement under MN law, or any other applicable law.

38

IndyInvestorMagazine.com

I N h C O t t i I I “ i t O t f T j T f

W r a R s t T p T H w T o W M d f A f i $ B i

The polar vortex caused some big problems It was a humdinger of a winter for more about 200 million North Americans. All across the U.S. and Canada, cities were hitting all time low temperature records. But how cold was it?

Colder than Mars - The planet Mars!

On January 7, Winnipeg, Canada, was colder than the planet Mars, according to the Winnipeg Free Press and readings from NASA. The rover Curiosity measured temperatures in the Mars summer as -20 degrees. But all day long it was slightly colder in Winnipeg.

It was so cold that on January 6 in Babbitt, Minnesota, it was -37 degrees while it was -20 at the North Pole and a toasty -6 at the South Pole.

In the midst of it, Mark Fischetti of Scientific American had these comments: “Temperatures across half of the United States are dropping like a rock. So what is it invading America? The polar vortex is a prevailing wind pattern that normally keeps extremely cold air bottled up toward the North Pole.

Occasionally, though, the vortex weakens, allowing the cold air to pour down across Canada and the U.S. In addition to bringing cold, the air mass can push the jet stream that typically flows from the Pacific Ocean across the U.S. much farther south as well.”

The jet stream normally brings warmer air to the U.S., but it was absent during the polar vortex move to the south. The jet stream was also pushed to the south. The weather in Australia was nice and warm.

The polar bear at Chicago’s Lincoln Park Zoo was taken inside after zookeepers realized she lacked enough insulating fat to keep warm in the subzero temperatures.

Colorful wise owls are invading kids’ rooms

When it comes to decorating the nursery or a preschooler’s room, forget the teddy bears and fish. Today’s rooms are all about the owls.

Red ones, green ones and blue ones with yellows, the peel-andstick wall art is popular, But you’ll find owls on the drapes, the bedspread the pillows and even on wallpaper.

The owl’s reputation for being studious and wise appeals to parents and grandparents.

Two owls feature prominently in WallPops’ $31 Hoot and Hangout bedroom wall art kit. It includes a 51-inch-tall tree, which immediately made it one of their most popular kits.

The $15 Owl Silhouettes collection has four 13-by-13-inch owls, two “sleepy” and two “wide awake.”

WallPops is a brand by Brewster Home Fashions in Randolph, Mass. They say owls appeal to marketers and consumers as a design element partly because they work as well for boys as for girls.

At DwellStudio, a New York-based bedding and home furnishings maker, they have more than 20 owl-themed items, including a $32 changing-pad cover, a $98 crib skirt and $40 owl-themed crib sheets.

Boden, the catalog-based retailer, has 12 owl-based clothing items this year, up from zero a few years ago.

IndyInvestorMagazine.com

39

8645 E 96th Street Indianapolis, IN 46256 2736 W Bartholomew Flat Rock, IN

$26,400

BLC#21256371

2 Bedrooms, 1 Baths, 690 Sq. Ft. www.tourfactory.com/1060611

7457 S Sandcreek Drive Columbus, IN

$108,000

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3 Bedrooms, 2 Baths, 1,638 Sq. Ft. www.tourfactory.com/1086319

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3 Bedrooms, 2.5 Baths, 2,913 Sq. Ft. www.tourfactory.com/1091749

40

1121 W Tannehill Road Taylorsville, IN

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4 Bedrooms, 1 Baths, 1,402 Sq. Ft. www.tourfactory.com/1094527

12901 Rawlings Place Fishers, IN

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4 Bedrooms, 3 Baths, 2,055 Sq. Ft. www.tourfactory.com/1095289

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4 Bedrooms, 2.5 Baths, 3,108 Sq. Ft. www.tourfactory.com/1065163

IndyInvestorMagazine.com

4621 Autumn Ridge Drive Columbus, IN

$42,000

BLC#21266949

4 Bedrooms, 2 Baths, 1,620 Sq. Ft. www.tourfactory.com/1091687

13391 All American Road Fishers, IN

$102,000

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3 Bedrooms, 2 Baths, 2,912 Sq. Ft. www.tourfactory.com/1091472

1150 Grassy Creek Circle Franklin, IN

$90,000

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3 Bedrooms, 2 Baths, 1,264 Sq. Ft. www.tourfactory.com/1092568

  

  Do not depend 100% on your inspection for the future.

How can you protect your largest personal investment?

      

Lisamarie Schmidt

The Atlantis Realty Group 8645 E 96th Street Indianapolis IN 46256 800-276-8940

P.O. Box 797, Carmel, IN 46082 Call to Theorder Atlantis800-544-8156 Realty Group www.rwswarranty.com

     

IndyInvestorMagazine.com

41

8645 E 96th Street Indianapolis, IN 46256 12120 N Everett Drive Alexandria, IN

$45,000

BLC#21268905

3 Bedrooms, 2 Baths, 1,248 Sq. Ft. www.tourfactory.com/1094691

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1126 Lindberg Road Anderson, IN

$32,400

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Feature

12235 Fireberry Ct. Indianapolis

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42

$88,000

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3 Bedrooms, 2.5 Baths, 2,328 Sq. Ft. www.tourfactory.com/1091499

5142 Sweet River Indianapolis

$63,000

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3 Bedrooms, 2 Baths, 1,240 Sq. Ft. www.tourfactory.com/1091666

IndyInvestorMagazine.com

$116,000

BLC#21270644 3bdrm, 2 bath open floor plan and split bdrm floor plan. family room has vaulted ceilings and firplace.

Spacious home. See your agent for details and to set up a showing.

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43

IT’S A JUNGLE OUT THERE BUILDING THE BRIDGE HOME OWNERSHIP 203k GUIDE How do you turn a fixerTO upper into your dream home?

How do you turn a fixer upper into your dream home?

The Solution – the FHA 203(k) Loan!

The purchase of a house that needs repair is often a catch-22 situation, because the bank won't lend the money to buy the house until the repairs are complete, and the repairs can't be done the house hasLoan! been purchased.

The Solution – theuntil FHA 203(k) HUD's 203(k) program can help you with the purchase or refinance of a property by

The purchase of athehouse needs repair is often a catch-22 situation, because the bank allowing you to roll-in costs ofthat repairs and improvements up to 110% of the after improved value of the home with a minimum 3.5% down payment. won’t lend the money to buy the house until the repairs are complete, and the repairs can’t be done until the house has been purchased.

We hope you find this 203(k) guide helpful. If you have more questions or would like to

HUD’s 203(k) program can help youmywith theinfo purchase or refinance of a property by allowing speak with a 203(k) specialist about a loan, contact is below. Happy House Hunting! you to roll-in the costs of repairs and improvements up to 110% of the after improved value of the home with a minimum 3.5% down payment.

We hope you find this 203(k) guide helpful. If you have more questions or would like to speak with a 203(k) specialist about a loan, my contact info is below. Happy House Hunting!

Brought to you by: Brought to you by:

Michael Kerkhof

AmeriFirst Home Mortgage

Michael Kerkhof Office 317-254-8800

AmeriFirst Home Mortgage Cell 317-371-5079 Officemkerkhof@amerifirst.com 317-254-8800 NMLS #247367 Cell 317-371-5079 mkerkhof@amerifirst.com NMLS # 247367

NMLS ID 110139

44

AmeriFirst Home Mortgage

The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance LenderThe ID 110139 programs.

Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties. As such, it is an important tool for community and neighborhood revitalization and for 800.466.5626 expanding homeownership opportunities.

IndyInvestorMagazine.com

203(k) - How Is It Different?

of the property being financed. A portion of the loan proceeds are used to pay the seller, or, if a refinance, to pay off the existing mortgage, and the remaining funds are placed in an escrow account and released as rehabilitation is completed. You may also roll in up to six months of mortgage payments if the HUD consultant determines you need to be displaced from the home during the repairs.

When a homebuyer wants to purchase a house in need of repair or modernization, the homebuyer usually has to obtain financing first to purchase the dwelling; additional financing to do the rehabilitation construction; and a permanent mortgage when the work is completed to pay off the interim loans with a permanent mortgage. Often the interim financing (the acquisition and construction loans) involves relatively high interest rates and short amortization periods. The Section 203(k) program was designed to address this situation. The borrower can get just one mortgage loan, at a long-term fixed (or adjustable) rate, to finance both the acquisition and the rehabilitation of the property. To provide funds for the rehabilitation, the mortgage amount is based on the projected value of the property with the work completed, taking into account the cost of the work.

We will discuss both of these loans in detail but first letâ&#x20AC;&#x2122;s discuss the 203(k) process from start to finish.

Most mortgage financing plans provide only permanent financing. That is, the lender will not usually close the loan unless the condition and value of the property provide adequate loan security. When rehabilitation is involved, this means that a lender typically requires the improvements to be finished before a long-term mortgage is made.

These are two Different 203(k) Loans Available

Hereâ&#x20AC;&#x2122;s What You Can Expect:

1. Find a Property and Make the Offer - A potential homebuyer locates a fixer-

upper and executes a purchase agreement or sales contract after doing a feasibility analysis of the property with their real estate agent.

2. Find a FHA approved Lender and Meet with a 203(k) Specialist

- The homebuyer then selects an FHA-approved 203(k) lender and arranges for a detailed proposal from licensed contractors showing the scope of the work to be done, including a detailed cost estimate on each repair or improvement of the project.

3. Appraise the Property - The appraisal

is performed to determine the value of the property Choosing which loan suits you best will depend after renovation. The appraiser will also determine on the amount of improvement your property if there are any additional repairs necessary for the property to meet minimum FHA property needs. guidelines. Any health or safety issues would be Streamlined: The 203(k) Streamline is an addressed at this time. all-in-one loan used for homes that need minor repairs. It allows borrowers to finance the purchase 4. Loan is Approved and Closed - The of an existing home and make improvements or borrower, property and requested improvements upgrades up to $35,000 before move-in. There are are approved and the loan closes for an amount no minimum repair costs and the borrower must that will cover the purchase or refinance cost of the property, along with the improvement costs. The occupy the property. amount of the loan will also include a contingency Standard: The Standard 203(k) is an all-in-one reserve of 10% to 20% of the total renovation costs loan used when homes need major rehabilitation, and is used to cover any overages resulting from or when repairs are structural, involves landscaping, extra work required to complete the work proposed. or when the renovation costs exceed $35,000. There At closing, the seller of the property is paid off and must be a minimum of $5,000 worth of repairs, and the remaining funds are put in an escrow account again, the borrower must occupy the property. FHA to pay for the repairs and improvements during the loan limits are based on property type and location rehabilitation period.

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5. Work Begins on the Property

(2) Must be owner occupied (no investors)

The mortgage payments and renovation begin after the loan closes. The borrower can decide to have up to six mortgage payments (PITI) put into the cost of rehabilitation if the property is not going to be occupied during construction, but it cannot exceed the length of time it is estimated to complete the rehab.

(4) The lesser of 5 units in the project or 25% of the total number of units can be undergoing rehabilitation at the same time

6. Disbursements & Payment (Draws) - Escrowed funds are released to the

contractor during construction through a series of draw requests for completed work. To ensure completion of the job, 10% of each draw is held back; this money is paid after the lender determines there will be no liens on the property. The borrower will always approve the release of funds to the contractor.

(3) Rehab is limited only to the interior of the property

(5) The maximum amount of the loan cannot exceed 100% of the after improved value (6) No more than four condo units per building

How the Program Can Be Used This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways: (1) To purchase a home and rehabilitate it.

Eligible Properties

(2) To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it.

To be eligible, the property must be a one- to fourfamily dwelling that has been completed for at least one year. In addition to typical home rehabilitation projects, this program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling. An existing multi-unit dwelling could be decreased to a one- to four-family unit.

(3) To refinance an existing mortgage and rehabilitate the home.

A 203(k) mortgage may be originated on a “mixed use” residential property provided: (1) The property has no greater than 25 percent (for a one story building); 33 percent (for a three story building); and 49 percent (for a two story building) of its floor area used for commercial (storefront) purposes; (2) The commercial use will not affect the health and safety of the occupants of the residential property; and (3) The rehabilitation funds will only be used for the residential functions of the dwelling and areas used to access the residential part of the property.

A 203(k) mortgage may be originated on a condominium provided: (1) The condominium project has been approved

by FHA

46

Features of the 203(k) Streamline Eligible and Ineligible Improvements for the 203(k) Streamline Eligible Improvements include: 203(k) Streamlined loan is intended to facilitate uncomplicated rehabilitation and/or improvements to a home. Eligible improvements include: • Repair/Replacement of roofs, gutters and downspouts • Repair/Replacement/upgrade of existing HVAC systems • Repair/Replacement/upgrade of plumbing and electrical systems • Repair/Replacement of flooring • Minor renovation, such as kitchens & baths, which do not involve structural repairs • Painting, both exterior and interior

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• Weatherization, including storms windows and doors, insulation, weather stripping, etc.

• Purchase and installation of appliances, including free-standing ranges, refrigerators, washers/dryers, dishwashers and microwave ovens • Septic system and/or well repair or replacement • Accessibility improvements for persons with disabilities • Lead-based paint stabilization or abatement of lead-based paint hazards • Repair/replace/add exterior decks, patios, porches • Basement finishing and renovation with does not involve structural repairs

• Basement waterproofing • Window and door replacements and exterior wall re-siding

Ineligible Improvements include: • Renovation involving structural changes, like moving a load-bearing wall, or new construction, like adding rooms • Landscaping or Fencing • Work that will not start within 30 days of loan closing or will cause the borrower to be displaced from the home for more than 30 days or renovations that will take more than 6 months to complete • Luxury items like swimming pools, hot tubs, tennis courts, etc.

Contractor Requirements

Borrowers must use contractors to complete rehab unless borrower can provide documented proof that they can perform the work. Example: Borrower is a licensed plumber or electrician, etc.

Timelines & Disbursements for the 203(k) Streamline

Timelines - When the loan closes, the mortgage proceeds will be disbursed to pay off the seller

of the existing property and the Rehabilitation Escrow Account will be established. Construction may begin. Depending on the type of improvements the homeowner has up to six (6) months for completion.

Disbursements & Payments (Draws) - No more than two payments may be made to each

contractor. The first payment is intended to defray material costs and shall not be more than 50% of the estimated costs of all repairs and improvements. The Lender will allow the first payment at closing to cover for, and not exceed, actual required contractor deposits, building permits, and/or the cost of building materials incurred prior to construction.

Before a final disbursement is made, the borrower must sign a statement acknowledging that the work has been completed in a workmanlike and satisfactory manner. A final inspection is required regardless of the improvement or repair, and must be done at completion before the final disbursement is released.

Any leftover funds are applied to principal balance of the loan.

Features of the Standard 203(k)

FHA Approved Consultants

- All Standard 203(k) loans must use a FHA Approved 203(k) consultant. The HUD consultant will be very helpful as they will assist you in determining the scope of repairs and the budget for the work to be done. Once the project has been determined the HUD consultant will give you a “specification of repairs” plan that will detail the work to be completed and the associated costs. The HUD consultant will also carry out the disbursement and final inspections needed to pay your contractors. Basically they are there to help you through the construction process and verify all work is completed satisfactorily and as stated and that the home meets HUD’s minimum property guidelines when repairs are completed.

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47

Eligible Improvements for the 203(k) Standard Homeowners can use the 203(k) program to finance “desired” repairs or upgrades such items as painting, room additions, decks and other items even if the home does not need any other improvements.

Eligible improvements can range from relatively minor (though exceeding $5,000 in cost) to virtual reconstruction: a home has been demolished or will be razed as part of rehabilitation is eligible, for example, provided that the existing foundation system remains in place.

consultant. Inspections are required prior to each disbursement.

A ten (10) percent holdback is required on each disbursement released from the Rehabilitation Escrow Account. The Holdback/Contingency Fee is: 1. Used as an incentive to insure all work is completed and to cover health, safety and unplanned issues that arise during construction.

2. Required on FHA 203(k); recommended on Streamline 3. Required on properties older than 30 years and/ or over $7,500 in rehabilitation costs.

The types of improvements that borrowers may 4. A minimum of 10% of the cost or rehabilitation make using Section 203(k) Standard loan financing and maximum of 20%. include: If not used (after all construction is complete) the • All of the improvements listed in the eligible remaining amount will be applied to pay down the principal balance of the loan. The total of all improvements for a streamlined 203(k) holdbacks may be released only after a final • Structural alterations and reconstruction, like inspection of the rehabilitation and issuance of the room additions, repair of termite damage, major Final Release Notice. remodeling of kitchens and bathrooms, finishing an attic or basement, adding a second story to a home, etc

Maximum Mortgage Amount Calculation

• Major landscaping and site improvement including correction of grading and drainage problems, tree removal and repair of sidewalks and driveway, if they are a safety hazard to the property.

Timelines, Disbursements & Inspections for the 203(k) Standard

Timeline - When the loan closes, the mortgage

proceeds will be disbursed to pay off the seller of the existing property and the Rehabilitation Escrow Account will be established. Construction may begin. The homeowner has up to six (6) months to complete the work depending on the extent of work to be completed.

Disbursements - As construction progresses,

funds are released after the work is inspected by a HUD-approved inspector. A maximum of 5 draws are allowed. Draw amounts may vary and are based on the work performed. Disbursements are made as each phase of the project is completed based on the draw paperwork provided by the

48

REFINANCE:

Based on the lesser of: 1) The existing mortgage balance before rehabilitation, plus the estimated cost of rehabilitation and allowable closing costs or 2) The lesser of the As-Is value plus rehabilitation costs or 110 percent of the After-Improved value multiplied by 97.75%.

PURCHASE: The maximum mortgage amount is based on the lesser of 1) or 2) of the below multiplied by 96.5%.

1) The As-is value or the purchase price of the property before rehabilitation, whichever is less, plus the estimated cost of rehabilitation or 2) 110% of the After-Improved value of the property.

We hope you found this 203(k) guide to be helpful during the home buying process. The following pages contain additional information and resources to help build a smooth and straight path to your dream home.

IndyInvestorMagazine.com

Potential Home Checklist

Having a record of what each home offers can make your final decision much easier.

Date Seen ____________________ Address _____________________________ Price __________ Seller __________ Home Age _____ Neighborhood _________ Style of home

__2-Story __Cape Cod

Construction Type __Wood

__Ranch __Condo

__Brick

Exterior Features Landscaping Fencing Porch Paint Patio Deck Garage

__Good __Good __Good __Good __Good __Good __1 Car __Good Roof Condition __Good Sidewalks __Yes Well-Mainteined Neighborhool

__Split Level __Townhouse

__Stucco

__Fair __Fair __Fair __Fair __Fair __Fair __2 Car __Fair __Fair __No

Room/ Location

__Traditional

__Poor __Poor __Poor __Poor __Poor __Poor __3 Car __Poor __Poor

Utilities

__Finished

__Nonexistent __Nonexistent __Detached

Free eBooks for Free More eBooks Information for More Information

If you’d like to learnIfmore you’dabout like tothe learn FHAmore 203kabout loan program, the FHA 203k or credit loaninformation program, orfor credit buying information a for buying a home, or the mortgage home, process or theinmortgage general, we process offerin several general, freeweeBooks. offer several You can free click eBooks. one ofYou can click one of the pictures below to thefind pictures the eBook belowthat’s to find right thefor eBook you!that’s right for you!

__Yes

__No

__Carpet

__Hardwood

__Poor

__Work __Schools __Highways

__Shopping __Churches

Recent Sales in neighborhood:

__Airport Area __Train Station

Free eBooks for More Information

If you’d like to learn more about the FHA 203k loan program, or credit information for buying a home, or the mortgage process Free eBooks Free for More eBooks Information for More Information If you’d like to learnIf more you’dabout like tothe learn FHA more 203kabout loan program, the FHA 203k or credit loan information program, or for credit buying information a for buying a in general, we offer several free eBooks. You can click one of home, or the mortgage home, process or the in mortgage general, process we offerinseveral general, free weeBooks. offer several You can free click eBooks. one ofYou can click one of __Poor the pictures below the to find pictures the eBook belowthat’s to find right thefor eBook you!that’s right for you! the pictures below to find the eBook that’s right for you. __Poor

__Poor

__Poor

Let Us Know How We Can Help NMLS ID 110139

__Poor

__Poor

__Poor NMLS ID 110139

__Poor

NMLS ID 110139 AmeriFirst Home Mortgage AmeriFirst Home Mortgage 800.466.5626

800.466.5626

For more than 25 years, AmeriFirst Home Mortgage has helped first time home buyers and other clients realize the dream of leaving that rental behind, and owning a house.

Whether it’s HomePath, conventional lending, an FHA program, VA loan, Rural Development or a 203k mortgage loan, the team at AmeriFirst is here to find the right mortgage for you. AmeriFirst is licensed in: Michigan, Minnesota, Wisconsin, Indiana, Illinois, Ohio, Kentucky, Tennessee, North Carolina and Florida. There is sure to be an office near you.

NMLS ID 110139 AmeriFirst Home Mortgage AmeriFirst Home Mortgage 800.466.5626

800.466.5626

We’re easy to find. __Tile

Type of Heating __Hot Water __Gas __Electric __Oil Insulation __Fiberglass __Cellulose __Foam __Nonexistent Central Air __Yes __No Plumbing Condition __Good __Fair __Poor Sump Pump/Drainage System __Yes __No Connected to Sewer System __Yes __No Age/capaciy of water heater _____________ Age of heating system _____________ Age of electrical wiring _____________

Easy proximity to:

Renovation Needed

__Nonexistent __Nonexistent

Size _________________________ Eat-In __Yes __No Flooring __Ceramic __Vinyl __Wood __Carpet __Good __Fair Appliances __Good __Fair __Poor __Nonexistent Cabinets __Good __Fair __Poor Windows __Good __Fair __Poor Dining Room Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Living Room Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Fireplace __Good __Fair __Poor __Nonexistent Den Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Linen Closet __Good __Fair __Poor __Nonexistent Total Bedrooms _____________ Bedroom 1 Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __Nonexistent Bedroom 2 Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __Nonexistent Bedroom 2 Size _________________________ Flooring __Hardwood __Carpet __Tile __Good __Fair Light Fixtures __Good __Fair __Poor __Nonexistent Closet __Good __Fair __Poor __Nonexistent Total Bathrooms _____________ Master Bath Size _________________________ Flooring __Ceramic __Vinyl __Wood __Good __Fair Fixtures __Good __Fair __Poor Tub __Good __Fair __Poor __Nonexistent Guest Bath Size _________________________ Flooring __Ceramic __Vinyl __Wood __Good __Fair Fixtures __Good __Fair __Poor Tub __Good __Fair __Poor __Nonexistent Laundry Room Location _________________________ Washer __Good __Fair __Poor __Nonexistent Dryer __Good __Fair __Poor __Nonexistent Good Close Space __Yes __No __No

Problem Area

__Vinyl Siding __Aluminum Siding

Kitchen

__Yes

Duplicate this page for use as you inspect prospective homes for improvements needed.

Address_______________________________________________

Interior Features

Basement

Renovation Checklist

__ Industry __Doctor/Dentist __Public Transportation

Address____________________________________________ Size ____________ Price_______________ Address____________________________________________ Size ____________ Price_______________ Address____________________________________________ Size ____________ Price_______________

The website: AmeriFirst.com We’re on other social media sites as well.

See interviews with our team & other videos.

Read the blog & keep up with the industry.

Copyright Notice & Legal Notice ©2012 The AmeriFirst Home Mortgage Corporate Office 616 W. Centre Avenue Portage, MI 49024 Feel free to share this (FOR FREE) with anyone you want to. All rights reserved. Source of Information: U.S. Department of Housing and Urban Development (www.hud.gov) While attempts have been made to verify information provided in this publication, neither the author nor the publisher assumes any responsibility for errors, omissions, or contradictory information contained in this document. This document is not intended as legal, accounting or investment advice. The reader of this document assumes all responsibility for the use of these materials and information.

IndyInvestorMagazine.com

49

8645 E 96th Street Indianapolis, IN 46256 1425 Ash Court Martinsville, IN

$70,000

BLC#21267639

3 Bedrooms, 1.5 Baths, 1,092 Sq. Ft. www.tourfactory.com/1091747

3274 Oceanline Indianapolis

$63,000

BLC#21266380

2 Bedrooms, 2.5 Baths, 1,286 Sq. Ft. www.tourfactory.com/1089686

1615 Juniper Lane Greenfield, IN

$105,000

BLC#21266940

3 Bedrooms, 2.5 Baths, 2,608 Sq. Ft. www.tourfactory.com/1091661

S

Ho

D BATHROOMS ARE M E R I P S OVING IN H C CEALN Today, TE LINESS there’s a huge desire for bathrooms TO NEW LEVELS to be more efficient and welcoming of personal technology.

It cuts across all generations and demographics as consumers become aware of tech devices and their ease of use.

Bathrooms are becoming the gee-whiz spaces of tomorrow. It’s not just because they’re filled with gadgets, they’re taking cleanliness to new heights.

Gen Ys have grown up with technology and are accustomed to having it. In a new home, they want touchless faucets, toilets that open when you approach and close when you walk away, toilets with built-in bidets, programmable thermostats to let them set preferences for temperature, timing and water pressure, medicine cabinets with built-in TVs, music in the shower and tub, and heated floors.

There’s a growing confidence among homeowners. They are investing in their homes and exploring options.

The desire for bathroom solutions coincides with the popularity of home improvement shows on television. By viewing them, homeowners become more aware of what’s available. They want to integrate thoughtful design into their digital dwellings.

David Lingafelter, president of Moen Incorporated, says they don’t just want technology for technology’s sake.

“They’re looking at the life payback from the stuff they want to spend their money on.”

The bathroom is becoming a sanctuary from life’s demands where people want to be uninterrupted and alone.

50

IndyInvestorMagazine.com

Wa ma you Ins AS few

Ho

Silc step the ide Wi wil and

Ho

Mo hom

x, Jeff Silco

Owner

SERVICES Homeseller’s Pre-Listing Inspections

Want a Competitive edge on the housing market? Understanding the condition of your home is important. Silcox Home Inspections, Inc. can help you sell your home ASAP by giving your buyer confidence with fewer surprises in a real estate transaction.

Homeseller’s Pre-Closing Inspections

Silcox Home Inspections, Inc. will walk you step-by-step through the home and assess the property from roof to foundation to identify safety issues and current conditions.

With your thorough home inspection, we will reduce the likelihood of unfortunate and costly discoveries.

Home Warranty Inspections

Most brand-new home builders provide homeowners with a 12-month Builder’s Warranty. Ordering an inspection before the warranty expires gives the homeowner a professionally prepared report to go over with the builder addressing possible issues.

New Construction Inspections

These inspections are completed for home owners or construction lenders during the construction process as part of the quality assurance checks.

Termite Inspections & Radon Testing

Do not leave any stone unturned when inspecting a home for sale or purchase. Damage from termites and exposure to radon can be costly and stressful. Your peace of mind is worth it!

Silcox Home Inspections, Inc. provides a thorough evaluation of your home inside and out:

• Structure and Foundation • Electrical Systems • Plumbing Systems • Roofs and Attics • Water Penetration • Property and Site • Gas Leak Detection • Central Heating and Cooling • Basements and Crawl Spaces • Gutters and Drainage • Walls, Floors, and Ceilings • Porches and Decks

IndyInvestorMagazine.com

It’s More Than Just an Inspection...

It’s Peace of Mind.

Silcox Home Inspections

& Construction Management, Inc. 10906 Brigantine Drive Indianapolis, IN 46256 Ph. 317-710-1456 • Fax 317-284-1456 JeffSilcox1@comcast.net www.SilcoxHomeInspections.com

51

8645 E 96th Street Indianapolis, IN 46256

Feature

5443 Culver Street Indianapolis

10904 E Coffey Drive Columbus, IN

8645 E 96th Street Indianapolis

$25,000

BLC#21268545

3 Bedrooms, 1 Baths, 1,000 Sq. Ft. www.tourfactory.com/1091746

$599,900

BLC#21032972 Updated Home with solid Bedford Stone construction, lot is .75 acres - An Excellent opportunity for in home business. All New windows in 2009. Newer furnace, a/c, water heater and water softner.

3209 Oceanline Indianapolis

$89,900

BLC#21236405

2 Bedrooms, 2.5 Baths, 1,099 Sq. Ft. www.tourfactory.com/1012365

4509 E 21st Street Indianapolis

$58,500

BLC#21261148

3 Bedrooms, 1.5 Baths, 1,260 Sq. Ft. www.tourfactory.com/1071771

Feature

9471 W Quarter Moon Dr. Pendleton

$23,900

BLC#21149519

2 Bedrooms, 1 Baths, 1,440 Sq. Ft. www.tourfactory.com/807217

6853 Whisper Oaks Ct. Indianapolis

$67,680

BLC#21212829

4 Bedrooms, 3 Baths, 1,832 Sq. Ft. www.tourfactory.com/498834

IndyInvestorMagazine.com

$120,000

BLC#21269517

4BR, 2.5BA two story home. Fireplace in the family room. Office on the main level. Loft upstairs can be used as a recreation area.

All information deemed reliable but no guaranteed.

Case #151-785727.

See Property Condition Report on hudhomestore website for details on the property.