I know there are quite a few of you out there going through tough times, even facing foreclosure of your home...
Fannie Mae is now offering another option to individuals that are facing the possibility of losing their home. The Deed for Lease (D4L) program appears to be similar to leasing a car. You will return your property to the bank via a deed-in-lieu of foreclosure at which point a 12 month lease could be issued to you allowing you to stay in the home. Here are key points of information that you need to know:
Your credit will be affected because you are still executing a deed-in-lieu
The amount you pay per month is to be based on fair market rent values not to exceed 31% of your income. If you have no income, you are not eligible
Investment properties with tenants may qualify for this program
The loan cannot be insured by a federal agency (FHA, VA, HUD, Rural Development)
You cannot be more than 12 payments past due on your loan
You cannot be involved in an active bankruptcy proceeding or subject to litigation
After the initial 12 month period is up, they may allow you to sign another 12 month or month-to-month lease
Have a look at the Instructions For Borrowers sheet for more information regarding how this process will work for you.
Your biggest question probably revolves around how you begin the process... To initiate the process you essentially need to initiate a conversation with your lender, the same as you do with a short sale. Talk to them about your situation and ask them if you are eligible for the Deed for Lease Program.
Chanda Barrick, REALTOR® 1st Choice Real Estate Group (O)317-889-1111 (C)317-572-7770 (F)317-889-9198 www.chandasellsindy.com
This 3 bd/1ba home with a large enclosed front porch, has potential for an investment property or home for a small family. Just one block from Wendell Phillips elementary school, This home is also just minutes away from the university, hospitals, downtown, and shopping. Furnace was replaced in 2006.
8 Things You Should Know About the 2009/2010 Homebuyer Tax Credit Extension
What was originally considered a “First-Time Homebuyer” tax credit has been extended into 2010, so I thought I’d give you the key points you need to know regarding the new extension.
It’s Important to note, the key points in this post are applicable to transactions that take place AFTER November 7, 2009. If you closed on your home before this time, please see my other post regarding the 2009 Homebuyer Tax Credit.
This post will be updated accordingly when the revised form number 5405 has been made available on the IRS website.
First and foremost, this credit no longer applies to just first-time homebuyers and/or those that haven’t owned a home in the last three years. The credit now applies to existing homeowners as well. Here’s the breakdown of who qualifies for the credit:
First-time homebuyer – If you’ve never purchased a home before you are a first-time homebuyer.
Owned a home 3 or more years ago – If you held no ownership interest in a home for AT LEAST THREE YEARS PRIOR to the date you close on a home you plan to buy
Existing homeowners – This category includes those individuals who have used their existing home as a principal residence for FIVE CONSECUTIVE YEARS during the last eight years. There are a few scenarios that apply here. If you’d like to run your situation past me, feel free to contact me to help you determine whether or not you qualify.
The income caps have been raised.
If you make $125,000 ($225,000 if married) or less you are eligible for the full amount either $8,000 or $6,500
If you make between $125,001 and $145,000 ($225,001 to $245,000 if married) the credit amount is reduced
If you make over $145,000 (over $245,000 if married) you are not eligible for the credit
The amount available for the credit varies based on how you qualify:
$8,000.00 - First-time homebuyers and those that haven’t owned a home within the last three years qualify for up to $8,000 based on the purchase price of the home.
If you are married filing separate, the amount each of you can claim is 50% of what the transaction qualifies for (i.e. if the transaction qualifies for the full $8,000 credit, each of you may claim $4,000)
If you purchased the home with others you can claim a certain percentage of the total amount received for the credit. For example if two people purchased the home equally, the ownership interest would be 50%; three people 33%, etc...
$6,500.00 – Existing homeowners qualify for up to $6,500 based on the purchase price of the home.
If you are married filing separate, the amount each of you can claim is 50% of what the transaction qualifies for (i.e. if the transaction qualifies for the full $6,500 credit, each of you may claim $3,250)
If you purchased the home with others you can claim a certain percentage of the total amount received for the credit. For example if two people purchased the home equally, the ownership interest would be 50%; three people 33%, etc…
The Date for this particular extension is April 30, 2010. If you qualify for the credit and you have an accepted purchase agreement on or before April 30, 2010 you may claim the credit; however, the transaction MUST CLOSE ON OR BEFORE JUNE 30, 2010.
Maximum purchase price for the home cannot exceed $800,000.
You must attach the HUD/Proof of Purchase for the home to your amendment. The 2009 tax credit did not require one to attach proof of purchase which sparked a slew of individuals taking advantage of the program. As a result, you must supply proof of purchase when you submit the claim for the credit.
There is a possibility that you’ll have to pay back the credit
If you sell the home you purchased within three years you may be required to repay the money you received. There are other possibilities, please see form number 5405’s instructions for further information regarding repayment requirements.
It’s important to note, this may change based on the information provided in the revised form. I will update this post accordingly if this requirement change
To claim the credit you’ll need to complete IRS form number 5405 and submit it with your 2010 or 2011 tax return. In addition you can file an amendment to your return if you’d already completed a return before you purchased your new home.
Again, it’s important to note that the current form number 5405 will be amended to reflect he new provisions of the tax credit. If you close on your home AFTER November 6, 2009, you will need to submit the revised form…DO NOT USE THE CURRENT 5405 FORM if you closed after this date. I will update this post to reflect the new form when it is made available.
Earlier this week (or maybe it was over the weekend) I was out in the backyard when I noticed this little guy/gal was just lounging on a tree branch. It stayed there motionless for a while and I almost thought it was dead until I actually grabbed my camera and got a closer look, LOL.
Chanda Barrick, REALTOR® 1st Choice Real Estate Group (O)317-889-1111 (C)317-572-7770 (F)317-889-9198 www.chandasellsindy.com
Following is the market report for the area known as Broad Ripple Village as of November 10th 2009.
Good news for October sales...They were up compared to September (8 sold), in addition to being up from October 2008 (10 sold) sales!
The extension of the Tax Credit for New Home Buyers (or those that haven't owned in 3 years) in addition to existing homeowners being able to receive a credit will hopefully keep the positive activity flowing.
Current Active Listings
70
Min Price: $112,900
Max Price: $525,000
15 Condo, 55 Single Family
Pending Listings
9
Min Price: $44,900
Max Price: $290,000
0 Condo, 9 Single Family
Sold in the month of August
13
Min Price: $95,000
Max Price: $252,000
3 Condo, 10 Single Family
Broad Ripple Village is bound by Kessler Boulevard East Drive on the south, North Meridian Street on the west, the White River on the north, and North Evanston Avenue on the east
Broad Ripple Village is an area that is the perfect combination of old and new. Here you'll find homes built anywhere from the 1800's to current date. Broad Ripple has something for everyone with great restaurants, shopping, entertainment, and an emphasis on being active and healthy.
Please feel free to contact me with any questions you may have about the area or if you'd like me to send you the current active listings in the area. I look forward to hearing from you!
Bob Stewart recently challenged us to write a post explaining how we've actually used our blog to enhance our relationships with our clients....For me, there is a specific post that immediately came to mind for this challenge.
Earlier this year, there was so much chatter about the tax credit, I felt compelled to write a post of my own regarding information I felt was important for people, in general, to know. I wanted my post to be informative so people that were first time homebuyers would understand it wasn't a simple matter of buy a house, get $8,000...
After writing the post, I didn't really do much with it as far as my clients go, until I had a "DUH" or "AHA" moment and realized "Hello Chanda, you should be sending this info to your first time homebuyers!" I began with a client that had just closed the purchase of her first home. I sent her a link to my post, in addition to the IRS link explaining how to amend a tax return. She was grateful for the information provided and I believe this along with making her experience as informative and easy-going as possible is a big part of why she sent me so many referrals.
I then decided I'd start using this post to help answer questions of those asking questions in various forums I participate in. Although they may not live in my area, I was able to provide them with information that was useful in helping to determine whether or not they qualify for the credit and where to go to get the form. Again, I've been the recipient of quite a few "Thank yous" since providing this information.
I recently worked with another first time homebuyer and after the transaction closed I sent her the link to my post explaining the credit and the link to amend her taxes. Again, another very happy client that has something to refer to when she has questions regarding this year's tax credit.
All in all, I think this was one of my best and most informative posts because it provides information I can pass on to my clients in addition to something for the rest of the first time buyers out there to reference as well.
To sum it all up, this isn't the only post I've used to provide information. When clients/potential clients ask about something I know I've written a post about or if they inform me that this is their first purchase there a few different posts that I send the links to. It gives them the ability to take the information in at their own pace and ask questions when they are ready.
Here are a few of the posts that my clients (and other homebuyers and sellers) may find useful:
I don't know what was going on Tuesday, but as I looked out the window I saw a HUGE bird on the side of my tree....I'd never noticed this type of bird around before so I went out to take a closer look...
As I got closer I realized this was the real life version of WOODY WOODPECKER, LOL! I couldn't get over how large he/she was! After looking it up, it appears this species is the Pileated Woodpecker... It flew from tree to tree pecking here and there, always just out of the way to get a good shot with my camera...
As I was trying to capture a good shot of "Woody", I noticed yet another woodpecker in another tree....Another species which appears to be the Red-bellied woodpecker... I've been here for four years and have to admit I've never seen either of these birds in my neck of the woods, it was a treat! I hope I can get a good shot of the Pileated some day.
Anyway, enjoy! I guess I got a bit wordy with my post, huh? :)
Chanda Barrick, REALTOR® 1st Choice Real Estate Group (O)317-889-1111 (C)317-572-7770 (F)317-889-9198 www.chandasellsindy.com
If you know me, you know I'm fascinated by Architecture, old and new, which is exactly why the Architectural Styles course offered by the Historic Landmarks Foundation of Indiana appealed to me so much. I signed up a couple of months ago for the two hour course so I could get a better handle on the various styles found here in Indianapolis.
Two hours flew by! It's a shame there were only five of us in attendance, but in actuality I'm happy it turned out that way because I think it gave us an opportunity to ask questions more freely.
It's amazing...Just as fashion trends are almost always bound to come back in style, I found that homes built around Indianapolis go through the same cycles. A perfect example of this would be the The Village of WestClay in Carmel Indiana which I wrote about in the past. These homes are new construction yet they are built to mimic various architectural styles of the past.
As a result of my newfound knowledge, I've decided to create a series of posts that highlight the various architectural styles that can be found here in Indianapolis. Who knows, maybe there will even be a quiz at the end of the series. ;o)
If you're interested in seeing what homes of various architectural styles are on the market here in Indianapolis, feel free to give me a call or shoot me an email so we can begin the search for your dream home today!
Chanda Barrick, REALTOR® 1st Choice Real Estate Group (O)317-889-1111 (C)317-572-7770 (F)317-889-9198 www.chandasellsindy.com
Indianapolis Real Estate Agent Chanda Barrick Earns REAL ESTATE WEBOGRAPHERTM Certification.
For Immediate Release
Indianapolis, Indiana. 10-19-2009. Chanda Barrick has successfully completed the REAL ESTATE WEBOGRAPHERTM certification to join an elite group of real estate professionals who have earned the prestigious certification offered through the National Institute of Webographers, LLC. Chanda has successfully completed 12 courses including: Online Business Strategy, Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Virtual Assistants, Mobile Technologies and Blogs.
The REAL ESTATE WEBOGRAPHERTM certification teaches real estate professionals how to increase marketability by determining where to invest resources in order to generate leads, acquire new clients, advertise and facilitate closings.
About Chanda Barrick Chanda Barrick, a REAL ESTATE WEBOGRAPHERTM professional, knows how to win more listings, attract buyers by turning a listing process into a marketing process. For more information about the valuable services that I provide to my clients and web-savvy consumers, please feel free to contact me at:
Following paragraph courtesy of the National Insitute of Webographers
About National Institute of Webographers, LLC Since 2004, The National Institute of Webographers, LLC has specialized in the education, training, assessment and certification of web-based technologies for the Real Estate industry. The REAL ESTATE WEBOGRAPHERTM Certification (REWTM) provides consumer-facing solutions, education and training through a series of interactive online courses. Certification, online modules for REALTORS® and Assistants include Agent Websites, Single-property Websites, Lead Generation and Management, Virtual Tours, CMA and AVM technology, Neighborhood Search, Online Transaction Management, Electronic Forms, Blogs, Mobile Technologies, Virtual Assistants, and the Learning LaboratoryTM, where Certificants can access an array of showcased technologies for hands on learning. Available 24/7/365, these courses provide the opportunity for working professionals to learn at their own pace while enhancing the skill sets necessary to compete and excel with today's web savvy consumers. REWTM professionals provide consumers with a positive and profitable Real Estate experience. For more information regarding The National Institute of Webographers, please visit www.webographers.com or contact Scott Lau at ScottLau@Webographers.com.
Chanda Barrick, REALTOR® 1st Choice Real Estate Group (O)317-889-1111 (C)317-572-7770 (F)317-889-9198 www.chandasellsindy.com
My plan is to provide neighborhood profiles for some of the more popular neighborhoods in and around the Indianapolis area. In addition, information regarding the current market conditions in and around Indianapolis and any other news or information of interest.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Bob Stewart recently 
I recently worked with another first time homebuyer and after the transaction closed I sent her the link to my post explaining the credit and the link to amend her taxes. Again, another very happy client that has something to refer to when she has questions regarding this year's tax credit.
If you know me, you know I'm fascinated by Architecture, old and new, which is exactly why the Architectural Styles course offered by the Historic Landmarks Foundation of Indiana appealed to me so much. I signed up a couple of months ago for the two hour course so I could get a better handle on the various styles found here in Indianapolis.
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