The Federal Housing Authority (FHA) has extended the temporary waiver through the end of 2012 which allows Sellers to flip property they have just purchased with an FHA loan sooner than the normal wait time of 90 days. The idea was to streamline the process, and eliminate the backlog of foreclosed homes, getting them ready for new owners sooner. But not only does this apply to foreclosed or abandoned homes, but to any property that used FHA financing. There are a few conditions and special exclusions (more details) but the greatest impact helps investors who will not have to wait as long to sell a property they have aquired and rehabbed, which will cut down on their holding costs and allow more flexibility in the marketing phase.
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Rehabbing Made Easier
Posted on January 4th, 2012 by Richard. Categories: For Investors Make a comment.
Off-Season Blues
Posted on January 2nd, 2012 by Richard. Categories: Sports & Recreation
Already starting to go through withdrawls like me? It’s only been a day since the last game, but the idea is just now starting to sink in…”There will NOT be any Colts football for a long time”…till next August’s preseason opener. Usually I’m busy about now populating my Outlook calendar with the Colts game day and times for their playoff schedule. Even though they were out contention a LONG time ago, giving us time to get used to the idea, I’m still going to miss the playoff hunt. So until late this summer, occasionally, I think I’ll post a photo of some Colts football imagery just to ward-off the blues. I took this shot from inside Lucas Oil Stadium obviously. At least this off-season will be extremely interesting as off-seasons go. I don’t think anyone has any idea what the team will even look like next season.
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2012 – Day One
Posted on January 1st, 2012 by Richard. Categories: For Home Buyers
I spent the late afternoon of the first day of 2012 by showing homes in west Carmel to some buyers, and on my way home I couldn’t resist stopping briefly to take this photo of the Clock Tower in Coxhall Gardens which was lit up like a beacon in the dwindling twilight. Even though it’s a holiday, I didn’t mind working a little while. It didn’t take that much time, plus I really enjoy being with them which is the most important thing. It makes it fun. Normally I’d wonder about setting an appointment to show someones home on a holiday, but I could tell by reading the listings that the homes were vacant. So, very easy to show without intruding in the sellers home or their plans.
Just like everyone else, I have a personal life too, but I’ve been doing this for so long that it’s second nature to change into my Realtor hat for enough time to take care of whatever needs to be done, and then take it off again. The communication technology that we have nowadays helps to make that possible by allowing me to be anywhere with all resources at my command.
Today was a good day. Wondering what the rest of 2012 will bring. I’m an eternal optimist.
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Tracking 2011
Posted on December 30th, 2011 by Richard. Categories: Real Estate Perspective
If you’ve read the progression of Market Watch posts here this year, then what appears next won’t come as much of a surprise. But here’s the shocking news in case you haven’t. “Our local residential real estate market in 2011 was a good one”. What an astounding statement. It wasn’t a terrific market, the last being 2005-2006, but still a good market none-the-less.
Here’s the numbers according to our local Board of Realtors that tracks the activity for the nine-county, central Indiana area that makes up the greater metropolitan Indianapolis market. To put things in perspective, in 2009, there were 24,070 homes that closed/sold. In 2010, there were 21,581 which was 10.5% fewer than the previous year. But this year, in 2011, there were 21,240 homes that sold. Very close to last years number. And this year did not have any government incentives to boost sales like in 2010, so this year’s are honest numbers.
Predictions for 2012? I love the answer “We’ll see”, for any type of prediction because no one really knows for sure. But if one had to guess, there are a lot of indications that the slowdown has run out of steam, and we are on track for a stronger economy generally. Optimism and jobs are the key to it all. Less unemployment translates into a better real estate market. Stronger sales mean more stability for inventory and prices. It will be interesting to see what actually happens.
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One Last Look
Posted on December 28th, 2011 by Richard. Categories: Just for Fun
I waited too long. After taking this shot, I decided the ideal spot would be to post this photo in another Mystery Challenge, which solicits guesses to solve the mystery of the the location where it was taken. But decided that wouldn’t be fair, seeing as how it’s not there anymore! This artwork was displayed above the escalators leading to the lower-level of Indianapolis International Airport, but administrators decided to pull it from it’s prime spot late this summer for, wouldn’t you know it, advertising. What a wonderfully refreshing idea. We will all benefit from seeing more advertising instead of original artwork.
Not to worry. I have another, even better idea for the next Mystery Challenge, which will be coming soon.
