Real Estate Blog - Fred Krawczyk & Associates.

Real Estate news and information you can use! We are constantly educating ourselves on the latest trends in the marketplace so we can find the right home for you or price your home to sell accordingly.

Tips to Save Energy and Add Value

When it comes to energy efficiency, look for smart features and expertise to help you save energy and money and add value to your home.

1. Begin with a Right-Sized Home.

If the home you buy is simply too large for you or your family’s needs or plans, you stand a good chance of wasting energy through excessive heating and cooling costs. If it’s too small, you’ll feel cramped and uncomfortable. It’s a big investment, so seek balance and buy it “right” from the outset.

2. Purchase Energy Star Appliances Such as Your TV, Dishwasher, Washer and Dryer, and Microwave.

And especially the refrigerator, as it alone contributes about 10 percent of the energy use in a home. Also, unplug electronics not in use or turn off power strips to avoid phantom charges.

3. Install Efficient Lighting Such as Compact Flourescent (CLF) or LED Bulbs in Every Fixture.

Lighting accounts for about 6 percent of an energy bill each year.

4. Get an Energy Audit and Have Tests Performed to Identify Ways of Improving Your Efficiency.

You can always upgrade your heating, ventilation, and air conditioning (HVAC) system as well as your thermal envelope, which includes insulation, windows, and doors and the seals or weather stripping around them. Visit energy.gov/energytips for more tips.

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An Unfinished Basement

Getting a finished basement can be nice because it gives you all of that extra space, but a home with an unfinished one will come with a much smaller price tag.

This basement is an open canvas for you as a homeowner. It gives you room for a rental space if you want it, or you can simply expand your home. Imagine the difference in value if you take a home with only three bedrooms and one and a half bathrooms and turn it into a renovated house that offers five bedrooms and two and a half bathrooms. You could sell it for far more than you paid with all of that extra floorspace, and you would also make the home attractive to new buyers who would not have been interested before.

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Divorce vs. Foreclosure

DISCLAIMER: I am not an attorney. The information provided is based solely on my experience as a seasoned Real Estate Broker who has closed a few hundred Short Sales.

One of the most contentious areas of dealing with divorced couples who are facing foreclosure is the term severalty. When a married couple purchases a home with financing and both parties are on the loan, the Lender takes the position of severalty meaning both are equally and individually responsible for the entire loan. I often have ex-spouses break down emotionally when they find out that they are still on the hook for the loan payment regardless of what the court ordered the other party to do as part of their divorce decree.

For example ... Party A and Party B have irreconcilable differences and decide to get divorced. Party A and Party B purchased a house together while married and both are on the loan. Its determined that there is no equity in the house. Their divorce decree stipulates that Party A will retain possession of the Property (house), however, Party A is ordered to refinance the Property within a certain period of time putting the Property in Party A's name only. Party B quit claims their ownership of the Property to Party A and figures they are done with Party A and can get on with their life. Guess what? Both parties often face financial hardships as a result of the divorce because they purchased the property based on two incomes and now they are faced with living on their own again and each with their own housing expenses. Party A eventually falls behind on payments and often does not inform Party B. Party B discovers that they cannot get a loan for a car because their credit is now damaged or Party B receives a court summons of foreclosure and wonders how this could have possibly happened. The first response of Party B is denial that they would be affected by the foreclosure law suit because the Property was settled as part of the divorce?

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7 Reasons to Work With a REALTOR®

REALTORS® aren’t just agents. They’re professional members of the National Association of REALTORS® and subscribe to its strict code of ethics. This is the REALTOR® difference for home buyers:

Ethical treatment. 

Every REALTOR® must adhere to a strict code of ethics, which is based on professionalism and protection of the public. As a REALTOR®’s client, you can expect honest and ethical treatment in all transaction-related matters. The first obligation is to you, the client.

An expert guide.

Buying a home usually requires dozens of forms, reports, disclosures, and other technical documents. A knowledgeable expert will help you prepare the best deal, and avoid delays or costly mistakes. Also, there’s a lot of jargon involved, so you want to work with a professional who can speak the language.

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7 Reasons to Own A Home

Tax benefits.

The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, and some of the costs involved in buying a home.

Appreciation. 

Historically, real estate has had a long-term, stable growth in value. In fact, median single-family existing-home sale prices have increased on average 5.2 percent each year from 1972 through 2014, according to the National Association of REALTORS®.  The recent housing crisis has caused some to question the long-term value of real estate, but even in the most recent 10 years, which included quite a few very bad years for housing, values are still up 7.0 percent on a cumulative basis. In addition, the number of U.S. households is expected to rise 10 to15 percent over the next decade, creating continued high demand for housing.

Equity. 

Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

Savings. 

Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

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Presidents Club Life Member

5 years of top producer, top 2% of Tucker agents last year (1,500) agents, life member of Presidents Club.

Thanks to the best customers and the most dedicated team of REALTORS in the Indianapolis area for making Fred Krawczyk & Associates Top 30 out of 1,500 Tucker Agents in Houses Sold in 2016, Top 50 in Houses Sold for January 2017, a Life Member of the F. C. Tucker Presidents Club (their highest honor) and for making Fred Krawczyk the HAMCO - Hamilton County Division of MIBOR 2016 REALTOR of the Year!

New Doc 39

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Why do we need to drive by a Home before we schedule a showing?

You will want to know if you even like the area or neighborhood. I've had clients drive into a neighborhood and decide right away, this is not where they want to live. I've had clients drive by the house and realize that the listing agent did a great job keeping the cemetery or warehouse next to the home out of the online photos. Many clients are starting to use Google maps for the satellite view prior to driving by a home. Also, being able to drive by a home on your own time is better than taking time off work.

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Virtual Tours

Click here to see a recent virtual tour we did for a home.  The home sold in one day!

Virtual tours work. Over 80% of buyers use the internet to look at homes before they purchase. This is just another way Fred Krawczyk & Associates goes the extra mile for our clients!

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The Impact of Rising Prices on Home Appraisals

The fact that residential home prices are increasing substantially in most regions of the country is music to the ears of homeowners. However, if you are in the process of selling your home, make sure you realize the major challenge a hot real estate market creates.

Each house must be sold twice; once to a buyer and a second time to an appraiser who represents the bank that will grant the purchaser a mortgage to buy the home (unless it is an “all cash” purchase). In a real market with escalating prices, the second sale may be the more difficult. And a recent survey by Quicken Loans reveals that the gap between what a homeowner believes is the value of their home compared to an appraiser is widening. Appraisal vs. Homeowner Value | Keeping Current Matters

This could lead to an increase in the percentage of real estate transactions being challenged by a ‘short’ appraisal (where the appraiser value is less than the contracted price of the home).
Bottom Line

Whether you are a buyer or a seller, you must be prepared for this possibility as it may result in a renegotiation of the price of the home.

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Getting a Mortgage...

Have you ever heard someone say I’m getting a mortgage? This is not correct.

When financing the purchase of a home, the Lender gives you a note (promise to repay) and you give the Lender a Mortgage which puts your home up as collateral against the note.

This is why you can get a big loan for 4%, a smaller loan to buy a car at 6% but credit cards are often around 10% with much smaller limits because the credit cards are considered un-secured debt.

To learn more, please click here to visit our website. We are experienced REALTORs based out of Carmel, Indiana. Our team is dedicated to helping our clients Sell their House or Buy a new Home.

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What is a Lender?

Most people refer to getting a mortgage with their bank.

Of course banks can lend money to buy a home but in this capacity they are a lender. Banks are where we have checking and savings accounts and get credit cards. Most of the time, the Lender is facilitating the transaction and is in essence “Servicing” the loan for an underlying investor such as Freddie Mac or Fannie Mae. Some Lenders keep the loan in-house like Credit Unions.

Please call Fred Krawczyk & Associates, We areexperienced REALTORs based out of Carmel, Indiana. Our team is dedicated tohelping our clients Sell their House or Buy a new Home.

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Bank Owned Properties In Indianapolis

Bank Owned Properties In Indianapolis

 
Carmel
These consist of REO (Real Estate Owned), HUD or VA Owned properties. 

When a foreclosure house goes to the Lender at Sheriff Sale, the Lender will perfect the title (strip off any liens against the property) then list it for sale. 

If the loan was a conventional loan it will be an REO property and if the original loan was an FHA or VA (Veteran Affairs) insured loan, it will be listed as a HUD or VA Owned property respectively.

If you live in Indianapolis Indiana and are looking to buy or sell a home please call Fred Krawczyk and Associates at 317-294-4425. If you are facing foreclosure, we can help.

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What is a Sheriff Sale?

Fishers

A sheriff sale is a court ordered event after the lender is awarded a Foreclosure Judgment. 

The Lender’s law firm will file a praecipe for sheriff sale after which the property has to be publically advertised for sale for at least 30 days prior. 

Generally speaking, most houses go to the Lender at Sheriff sale because no one bids or bids high enough.

If you live in Indianapolis Indiana and are looking to buy or sell a home please call Fred Krawczyk and Associates at 317-294-4425. If you are facing foreclosure, we can help. 

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Foreclosure

I often hear people say, “my house is going to foreclosure”.

Community Links

 Foreclosure is a process, not an event.  When you are unable to make your loan payments, usually after 3 or more missed payments, the lender will hire a local law firm to file a Foreclosure Law Suit against the owner (more accurately the Borrower). 

The foreclosure process takes at least 6 months ending with a foreclosure judgment if you don’t do something like a loan modification, short sale or deed in lieu of foreclosure.

If you are looking to buy or sell a home in Indianapolis - please visit us at http://indyhouses.net/

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Home Ownership

Special ReportMost people don’t realize this but when you get a loan to purchase a home in Indiana you actually get the deed to your home after the closing.

Once it is recorded at the county court house, it is mailed to you 30-60 days later unlike financing a car where the bank holds the vehicle title until the loan is paid off. 

This is also why a bank can repossess a vehicle but have to file a foreclosure law suit to get possession of the home.

If you live in Indianapolis Indiana and are looking to buy or sell a home please call Fred Krawczyk and Associates at 317-294-4425. If you are facing foreclosure, we can help. 

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What Is A Short Sale?

A Short Sale is the process of negotiating with a Lender to accept an amount less than what is owed in order to release the mortgage lien against a property.

If the Borrower (the current owner) owes the Lender more than what the Borrower can sell the house for then, as long as the Borrower can demonstrate a financial hardship, most Lenders will entertain the idea of a Short Sale.

The Lender will require a detailed set of documents from the Borrower including Tax Returns, Bank Statements, Pay Stubs, and a Hardship Letter. The house will need to be listed with a REALTOR and, once an offer is made, the Lender will need a HUD1 or preliminary settlement statement and a Purchase Agreement with a preapproval or proof of funds from the Buyer.

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Getting a Mortgage

Have you ever heard someone say "I'm getting a mortgage"?

They're not actually getting a Mortgage; they're giving a Mortgage. When financing the purchase of a home, the Lender gives the Borrower a Note (a promise to repay) and the Borrower gives the Lender a Mortgage which puts the home up as collateral against the Note.

This is why you can get a big loan, like a house loan, for 4% and a smaller car loan for 6%, but your Credit Card debt is often at 10% or more because this is considered an un-secured debt. A house doesn't just walk away and, usually, the owner is living in it so it is much more personal than a piece of plastic.

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What is a Lender?

Banks can lend you money to buy a home and, in this capacity, they are a "lender" but, typically, the Bank is facilitating the transaction or "Servicing" the loan for an underlying investor such as Freddie Mac or Fannie Mae. Some Lenders, like Credit Unions, keep the loan in-house and are not merely servicing the loan for the Lender.

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What is a Bank Owned Property?

Bank owned properties consist of REO (Real Estate Owned), HUD or VA Owned properties.

When a Foreclosure house goes to the Lender at a Sheriff Sale, the Lender will perfect the title (strip off any liens against the property) then list it for sale. If the loan was a conventional loan, it will be an REO property and, if the original loan was an FHA or VA (Veteran Affairs) insured loan, it will be listed as a HUD or VA Owned property respectively.

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What is a Sheriff Sale?

A Sheriff Sale is a court ordered event that happens after the Lender is awarded a Foreclosure Judgment.

The Lender's law firm will file a praecipe (an order requesting a legal document) for a Sheriff Sale after which the property has to be publicly advertised for sale for at least 30 days. Most houses go to the Lender at a Sheriff Sale because no one bids or no one bids high enough.

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