I have another Carmel Real Estate story to share. Jim and Nicole were living in Avon and travelling to the NE side of Indy each day for their jobs. They really wanted to live in Carmel, great schools, lots of things to do and much shorter commuting time. But sometimes what you can afford and what you want don't always play nice together. Enter bank owned properties!
This home was located in the Woodlands, which is a one of the most popular neighborhoods in Carmel because it is so close to the interstates and so convenient to 96th street with it restaurants and shops. Keystone Mall is just a few minutes drive. Of course, the minute we put in our bid; we were in a multiple bid situation. I have written about strategies to get the deal done, so I won't belabor the point here. Just know in the end, my clients got the home.
The home they bought was listed at $175,000 and had just over 2300 sq ft but it had an in-ground pool which made my clients (or at least one of them) giddy! It did need a lot of work; you couldn't open the garage door into the home and have the refrigerator door open at the same time.
The woods were very dark with vinyl flooring (orange in the foyer!) and butcher block counter-tops in the kitchen for starters. See the picture to the left, don't you love that overhead florescent light!
The home was built in 1978 and I would venture to say there had been no improvements since that time.
Jim and Nicole used what is called a 203K loan add on to their home loan. This gave them additional cash over and above the mortgaged amount to do the renovations with mortgaged dollars to conserve their personal cash. 
This is not an easy process, it requires a lender who has done these types of loans before and it requires a lot of legwork on the part of the buyer. The repairs you want made must be documented by a contractor and presented in written form with dollars attached. Then once the loan closes you can "draw" funds to cover the costs of repairs. There are limits on the amount of the loan ($35,000), but the work you can include is just about anything such as new carpet, appliances, new furnace, etc. Jim and Nicole were also able to get dollars to repair the pool.
In a few short months, the home was transformed. It doesn't hurt that Nicole has an interior decorator living in her brain! This is the third home she has bought from me and every time she buys one, I am amazed at the transformation. She knows what is hip and yet can take those elements and create a home that exudes warmth.
So in the end Jim and Nicole have bought a home for sale in Carmel, renovated it with the bank's money and are living happily ever after! She promised to send me the photograph of their updated kitchen so I will posts that as soon as I get it. Stay tuned.
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Cindy "in Indy" Marchant - Carmel Real Estate Agent
Keller Williams Realty Indy Metro NE
Carmel IN Real Estate Website
317-290-7775
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