Deals on Homes for Sale in Geist

Real Estate Agent with Keller Williams Indy NE 317-290-7775

How do you find the best deals on homes for sale in Geist?  The ones where they are actually on Geist Reservoir or at least have dock access?  There aren't usually a lot of those choices, but I found seven today when I searched for homes on Geist Reservoir that are distressed.  By distressed, I mean either bankowned or listed as a short sale.Deals on Homes for Sale in Geist

If a home is bankowned, you as the buyer are only dealing with the bank and usually those banks don't want to carry homes as part of their business model.  However, it is also important to note that they usually are priced to sell.

A home that is for sale as a short sale is a little muddier.  It means that the seller is involved in the transaction and often, we see more than one bank involved.  The seller at some point took out a 2nd mortgage.  You need an experienced REALTOR in short sales to handle those types of transactions.  And while I would love to tell you I am your gal, I am not.  But, I do have someone on my team that is CDPE certified and over half of her business is in distressed properties, she is your Geist Realtor!

Things to keep in mind on a distressed property are

  • The home is likely to be in disrepair; before they stopped paying their mortgage they stopped maintaining their home
  • The transaction is likely to involve a lot of paperwork that favors the bank; just the way it rolls.
  • It is likely that any repairs that need to be done will not be able to be negotiated; so WYSIWYG (what you see if what you get).  If there is a major repair and the bank/seller will not repair; you can get your earnest money back in almost every case.

It is hard to search for a distressed property with waterfront access on the internet; if this is something you are interested in be sure to let me know.  I can set up a search for you that will automatically email you new listings that meet that criteria. 

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 Cindy "in Indy" Marchant - Geist Real Estate Agent
Keller Williams Realty Indy Metro NE
Geist IN Real Estate Website

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Vickie Slade
Colorado Landmark, Realtors - Boulder, CO
Service You Can Trust ~ Someone You Can Depend On

Cindy, great explanation about the difference between a bank owned property and a short sale and the potential pitfalls.  My buyers and I just lost a home they really wanted (short sale) to foreclosure.  The negotiator on the listing side was less than experienced in working with lien holders to successfully negotiate the short sale.  I was appalled.  Always so much easier to have a pro on both sides of the transactions.  It takes a team of people on both sides working together to make it happen.

Mar 11, 2011 03:23 PM #1
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

I explained REO paperwork to a buyer today and they lost all their color.  It's such a CYA for the bank document (the addendum).  Hopefully it will all sink in and I'll see them again next week.

Mar 11, 2011 03:48 PM #2
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

And of course the thing with short sales Cindy they take time and are NOT guaranteed to be approved by the bank.

Mar 11, 2011 04:30 PM #3
Maria Morton
Chartwell Kansas City Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Cindy, a waterfront home is usually an attractive option when available.

Mar 11, 2011 04:45 PM #4
Cindy Marchant
Keller Williams Indy NE 317-290-7775 - Carmel, IN
"Cindy in Indy" , Realtor, Fishers Real Estate

Vickie, it does make a difference when both parties are educated on it.  One of my team members is CDPE certified and developed a brochure of sorts to give to a buyer's agent on her SS listings; that has helped. all the color drained out of their faces, that's priceless.

Gary, indeed.  The buyers get excited that the seller has accepted but in what?

HI Maria...yes at least if it is on the water, it might be worth pursuing.

Mar 11, 2011 07:33 PM #5
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Cindy...short sales are a niche that not every Realtor understands or has the patience to see to completion...good on you for letting your local Geist readers know you're not their short sale person BUT a valued member of your team is. 

Mar 11, 2011 10:51 PM #6
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Cindy Marchant

"Cindy in Indy" , Realtor, Fishers Real Estate
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