Don’t forget the $7500 tax credit (or is it $8,000?)

January 31, 2009

First time homebuyers (considered buyers who have not owned a home for the past three years) may be eligible for a tax credit up to $7,500 when they purchase a home.   So you have very low interest rates, plentiful supply of homes to choose from, and attractive pricing.  Plus you can get a $7,500 tax credit on the following years taxes.  (Make sure you check with your accountant or tax advisor to see if this might apply to your situation.)

One of the disadvantages of the “credit” as it was originally proposed was that the amount needed to be re-paid with no interest over 15 years.  There might or might not be changes in that.  We should know something more definite as the economic stimulus legislation progresses.

The important thing here is to not be sitting on the sidelines when there are opportunities available.  I expect that some of the best opportunities will go to those who are ready to move forward.  Indianapolis real estate buyers, take note.

UPDATE FEB. 6, 2009.  It appears that there are upcoming changes.  First under current proposals, there will be a new $15,000 (or 10% of purchase price up to $150,00.)  Second, the tax credit would really be a tax credit and it would not have to be repaid as under the current tax credit.  The new credit would replace the old $7500 repayable credit.  These are proposals at this point and not final legisation.  Keep alert to the news about the stimulus package as it progresses through Congress.

UPDATE FEB. 12, 2009  It appears that as difference betweenHouse and Senate versions were ironed out, the $15,000 tax credit was removed.  It now appears that there will be a $8,000 tax credit for first time home buyers to replace the old $7,500 tax credit.

UPDATE FEB. 15, 2009  The new $8,000 tax credit will apply on homes closing 1/1/09 to 10/30/09.  On homes that closed in 2008 that were eligible before for the $7500 repayable tax credit, that is essentially unchanged.  There is a comparison matrix on realtor.org.  Click on the Stimulus update and then on the first time homebuyer credit.  From there you should be able to get the comparison matrix.  I will update this site soon with that information.  The bill is expected to be signed into law early in the week by President Obama.

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Westfield HUD foreclosure with 3 car garage

January 31, 2009

Westfield_Foreclosure_3CarGarage

UPDATE:  This home is no longer available for sale.  Call about other HUD Homes.

Lots of space – spacious homesite, 3 car garage, a living room and a family room with fireplace.  This home has close to 2000 sq. ft. (not including the 3 car garage) and was built in 2000 in the Pheasant Run neighborhood.  It has 3 bedrooms, but one of them appears to be a home office that was originally 2 bedrooms.  So you choose – add a wall and have 4 bedrooms or keep the third bedroom as a supersized room with two closets.

This was listed by HUD on 1/30/09 with a list price of $125,500.  During the first ten days, offers from owner-occupants may be placed by a HUD-registered broker.  After that bids from investors would be considered.  This home is eligible for an FHA mortgage with a next to nothing down payment.  (Call for details.)  There would be an escrow for repairs noted by HUD.

This indyHud.com preview is presented by Dan Rosenberger of the Real Estate Finders Team at Harvest Realty.  For more information about this home you can call on the direct line at 317-709-2537.  These indyHud.com HUD previews only cover a small percentage of the HUD Homes available.  If you are looking for a different area, price range or features be sure to call to find out about other homes.


Cicero Indiana HUD Foreclosure Built in 2001

January 30, 2009

Cicero HUD foreclosure

UPDATE:  This home is no longer available.  It was not claimed by an owner-occupant during the initial ten day listing period.  There was a bid accepted from an investor on the following day.  Call us about other HUD Homes.

This Cicero HUD foreclosure is located in Hamilton County, north of Indianapolis.  It was appraised by HUD at $135,000.  It was reduced in price on 1/30/09 to $121,500.  Bids from owner occupants are considered during the first ten days.  After that bids from investors would be considered.  This home was built in 2001.  It has 3 bedrooms and 2.5 baths.  Features include a 2 story entrance, wood laminate flooring and a screen-in back patio.  It is located in the Hamilton Heights School District and is close to Morse Reservoir.

To get more information call Dan Rosenberger of the Real Estate Finders Team at Harvest Realty.  The direct number is 317-709-2537.  This indyHud.com preview site only shows a small percentage of Indianapolis area HUD Homes available.  If this one does not meet your needs, be sure to call to find out about other homes.


3BR Foreclosure Built 2003 in Westfield School District

January 30, 2009

Foreclosure-Westfield-Schools-730254

UPDATE:  This home is no longer available for sale.  Call about other HUD Homes.

This foreclosure was built in 2003.  It was listed in 2008 by HUD for $125,000.  It was listed on 1/30/09 for $98,000.  Owner-occupants get bidding priority on HUD Homes for the first ten days of the listing.  After that investors would be permitted to bid.  This home has a Noblesville address, but it is located in the Westfield Washington School District.  It has 3 bedrooms and two baths.  The back patio has a stone border. View the video to see the inside of this home.

It is eligible for FHA mortgage with a very small down payment.  Call for details.  This HUD Preview is provided by Dan Rosenberger of the Real Estate Finders Team of Harvest Realty. The direct number is 317-709-2537.  If we cannot get to your call right away, be sure to leave a message.


Indianapolis Foreclosure near 62nd and Michigan Road

January 24, 2009

Front of HomeNorthside Indianapolis HUD Home had 3 bedrooms and 2.5 baths.  It was built in 1995 and has about 1750 sq. ft. of living space.  This home was listed by HUD on 1/23/09.  Owner-occupants are permitted to place bids for the first ten days of the listing period.  After that, bids from investors would be considered.  The price Read the rest of this entry »


North Side Indianapolis Foreclosure

January 23, 2009
North Indianapolis Foreclosure

North Indianapolis Foreclosure

UPDATE:  Reduced price on this home.  On 2/27/09 HUD reduced list price to $112,500.  Owner-occupants get bidding priority for the first ten days.

This Indianpolis foreclosure is located on the north side between Ditch and Township Line Road.  It had 3 bedrooms and 2.5 baths.  It has almost 1600 sq. ft. and was build in 1998. It was listed by HUD on 1/23/09 for $125,000.  Owner-occupants are permitted to place bids on the first ten days it is on the market.  After that bids from investors would be considered.

To get more information about this home, call DanRosenberger of the Real Estate Finders Team at Harvest Realty.  The direct number is 317-709-2537.


Former builder model home in park-like historic setting in Noblesville

January 19, 2009
Central Canal historical marker

Central Canal historical marker

This is one of the most interesting HUD Homes I have run across in quite some time.  History buffs, take a look at this.   This home is located in Noblesville along the path of the never-completed Central Canal.

This is a former builder’s model home built in 1997 that is now available as a HUD Home.  As a former model, it has many extra features that would attract buyers to that neighborhood.  If you think of a subdivision as a place where homes are scrunched together, you’d better take another look at this home.

Home is in background in open setting

Home is in background in open setting

Front view

Front view

This is a four bedroom 2.5 bath home with about 2000 sq. ft. of living space.  This home was listed by HUD on Jan. 16, 2009 with priority going to owner-occupants for the first ten days of bidding.  After that bids from investors would be considered. Read the rest of this entry »