Archive for Buying
Kokomo Foreclosures December 2009 Sheriff Sale
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Howard County Sheriff’s Sale
The next Howard County Sheriff’s Sale of properties in foreclosure is scheduled for December 16. This month there are 41 properties slated for the sale. And as usual, when the list is posted there are already some properties scratched from the list. There will probably be several more properties removed from the list between now and the date of the Sheriff’s Sale; so be sure to check the list before you go to the sale. And be warned – some properties are removed from the sale just minutes before it starts.
If you’ve been following the Sheriff Sales, you know that many properties are removed. In fact, last August there were 77 properties on the list. By sale date, almost half of them were taken off the sale.
There are several possible reasons why a property may be removed from the sale:
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Some homes are listed for sale and the seller gets an offer. The house either sells before the auction or the owner gets the lender to postpone the auction to allow the house to close.
- The owner may have brought the loan up-to-date or worked out a loan modification with the lender .
- The owner may have filed bankruptcy, which stops the foreclosure process.
- The lender didn’t follow correct foreclosure procedures and the owner has the process stopped.
- Etc, etc, etc.
Before you go to the sale and decide to bid on a house, be sure to read the Sheriff Sale Information page. There is a lot of good information there. It advises you that:
- There are no guarantees!
- There are no inspections!
- These are cash sales!
When you buy a house at a Sheriff’s Sale, you get what you get! Warts and all!
For more information about the foreclosure process and how you can get the “upper-hand” in buying a foreclosure property, you might want to read:
Get the “Upper-Hand” in Buying a Foreclosure Home In Kokomo
Getting Your Offer Accepted
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Dear Betty,
We made an offer on a home that was about 5% below the asking price. The sellers rejected our offer! What can we do to make Kokomo sellers more reasonable? (We sold our home in Florida for 20% less than we were asking for it.)
Moving from Florida
Dear Florida,
Who says the sellers aren’t reasonable?
Just because you sold your house for less than your asking price doesn’t mean your neighbor in Florida or a homeowner in Kokomo should sell for less than they are asking for the home. Each situation is different.
That being said, offering within 5% of the asking price seems (on the surface) to be a reasonable offer. Note I said it seems to be a reasonable offer – not an acceptable offer! The only one who can decide whether an offer is acceptable is the seller. There are so many unknowns here:
- Did the homeowner make a counter-offer or simply reject your offer?
- Was this your first offer on the house or were you and the seller playing “volley ball” with the price and terms?
- Were there other offers and you were asked to make your “highest and best” offer?
- What else was in your offer that may have scared the seller?
- Did you ask for a longer than “normal” closing period?
- How much earnest money were you offering?
- Did you submit a preapproval letter from your lender?
- What kind of financing are you getting?
- Did you ask the seller to pay your closing costs?
There is so much more to getting an offer accepted beside the price. There are the terms and the contingencies among other things. And if you were dealing with a foreclosure there are a whole new set of rules buyers need to honor – but that’s another posting.
Ultimately, sellers set a price for their home and hopefully do it with the expertise of a professional who knows the local market. If they can get that price within a reasonable time frame, then they have realistically priced their home.
If they can’t get that price, they will either have to lower the price or the property will languish on the market and eventually expire or be withdrawn.
The main thing to remember is that your experience in selling your home doesn’t mean the same logic applies when you are buying a home in Kokomo or anywhere else. It also doesn’t mean that your choice to sell for less should in any way impact the sellers of this home.
Perhaps it would make sense to restructure your offer. You might raise your price but seek better terms. Or you could change the terms so they are more in line with what the seller is seeking. Your best bet is to talk with your realtor (hopefully you have one) who can advise you on how to structure your offer to get it accepted.
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Save Money with Coupons and Discounts
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Don’t you just love to save money? I know we sure do!
A week or so ago my husband and I went to Mi Familia for dinner. Before we went, I looked through my coupons and found one for 50% off. It was one of those deals where you buy one dinner at the regular price and get the second dinner of equal or less value for half price. (When you do the math that means you get up to 25% off two meals – depending on the price of the cheaper meal.)
After dinner, we went to Kohl’s to find a turtleneck shirt for hubby-dearest who was going to the Notre Dame game the next day. When we got to the check-out, we found out he could get a 15% discount if he used his charge card. It ended up he got the turtleneck and a pair shoes. All because of the 15% discount!
This week, as I was showing some foreclosure homes here in Kokomo, I couldn’t help but think about how much these homes are “discounted” from their regular price. (By regular price, I mean the price of non-foreclosures and the prices these same homes sold for just a couple of years ago.)
Almost every foreclosure in the Kokomo area is priced at least 25% off the price of non-foreclosure homes. And many of them are priced at 50% or more off their last sold price!
You may be thinking, yeah Betty; but they need work! Yes, most of them need some work; but for many of them the work is minimal compared to the discount – and no coupon required! For a great deal see the Opportunity of the Week below.
Great Deal on a Foreclosed Kokomo Home
- Newer 2 story home with over 2700 square feet
- 4 bedrooms with walk-in closets, 2.5 baths
- Fireplace in huge family room/kitchen combo
- Huge privacy fenced backyard
- Hardwood floors on main floor
Needs: carpeting on second floor, cleaning/painting, possibly refinishing some of the hardwood
Great Buy – priced at $87,899 Days on Market: 65
Average sale price of similar sized homes in subdivision: $126,900 (31% discount)
Last sale price: $149,900 (61% discount)
Just think about it… You could buy this home for less than $90,000, put $2,000-3,000 and some “sweat-equity” into it and have a home worth around $125,000 in today’s market! That’s a discount of 25% or more and you don’t even need a coupon!
For details about this great buy and others in the Kokomo area, call Betty today!
765-513-0354
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Sites with Kokomo Foreclosures
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Are there any websites where I can get a list of all Kokomo foreclosures without paying to see them?
Looking for a Bargain
Dear Bargain Hunter,
I believe most of those sites you are referring to are paid sites. And unfortunately the data on those sites is usually outdated or inaccurate, making it useless.
An investor client of mine recently asked me about these sites. She was considering subscribing to one of them. I actually went to the site she was considering and did a check of the houses on the public portion of the site. All of the houses had either sold (some as far back as a year ago) or they were currently listed for sale in the MLS.
The sole purpose of these “paid” foreclosure sites is to get money from you and me!
- They get you to sign-up and pay a membership fee.
- They turn around and “sell” your sign-up information to realtors, lenders, etc.
There is no “secret” way to get a list of foreclosures in Kokomo – 99% of all foreclosures in Kokomo are listed in the MLS. For heaven sakes, I can give you a list of foreclosures and I won’t charge you a single cent! All you have to do is go to Free List of Kokomo Foreclosures, fill out the form and I’ll send you a list of foreclosures in Kokomo.
So save yourself some money and some frustration!
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5 Ways to Save on Kokomo Homeowners Insurance
Posted by: | CommentsWhen you own a home, you need homeowners insurance. This important insurance policy protects your home and personal belongings if they are damaged or destroyed in a natural disaster, fire or theft. However, you don’t have to pay a fortune for adequate insurance coverage. Here are 5 ways to save on homeowner’s insurance for your Kokomo home – and we all know that now more than ever, we need to save every penny possible.
- Raise your deductible. Your deductible is the amount of money you pay before your insurance company pays for a claim on your Kokomo home. The higher your deductible, the lower your insurance premium. If you can afford to raise your deductible from $500 to $1000, you can save as much as 25%.
- Get your auto and homeowners policies from the same company. Many companies will give you a discount for buying more than one policy. You can save as much as 15% with these combinations, but make sure it really is less than purchasing separate policies from difference companies.
- Make sure you are insuring your home, not the land. When you buy a home you pay for both the house and the land where it is built. The land won’t be destroyed in a disaster, so you don’t need to insure it. When buying insurance, consider what it would cost to rebuild your home, not what you paid for it.
- Reassess the value of your personal property every year. You need insurance to protect you from loss, but you don’t want to pay for more insurance than you need. There’s no reason to insure your 65-inch television for $2,000 if it is now worth only $500.
- Secure your home. An insurance company will usually give you discounts for security features like deadbolts, smoke detectors, burglar alarms, and security systems. Some companies also give discounts for storm shutters and reinforced roofs to protect your home from natural disasters. Ask your insurer about steps you can take to improve your home’s security and lower your insurance costs.
It doesn’t take much to save money on your homeowners insurance – so check to make sure you aren’t paying too much.
