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Why Isn’t My Loan Closing On Time?

2009-08-10T18:31:19Z

Wondering why your loan isn’t closing on time? Well, it’s because legislation from last summer is now kicking in. The Mortgage Disclosure Improvement Act requires that all people who purchase a home and get a loan must receive a Good Faith Estimate and a Truth in Lending Disclosure seven working days before closing. If those figures change and impact the annual percentage rate more than .125% of 1%, then the figures need re-disclosed and the closing must be delayed 3 business days.

Most lenders have always been good about giving their customers this information at application and most lenders don’t change their fees significantly between application and closing so this should not be a problem. This law really will protect the consumer by forcing all lenders to disclose their fees accurately and in a timely manner so customers aren’t sitting at the closing table thinking…”This isn’t the loan I signed up for!”

So what documentation should a borrower receive when they apply for a loan? The two documents in question are a Good Faith Estimate and a Truth in Lending Disclosure. The Good Faith Estimate breaks down the payment for the loan, discloses the down payment required, type of loan, the closing costs that the lender expects to charge and the items to set up the borrower’s escrow accounts if the borrower will be putting real estate taxes and homeowner’s insurance in an escrow account.

The Truth in Lending tells a customer the annual percentage rate, how much they will pay in finance charges, whether the loan is fixed or variable and whether a loan has a pre-payment penalty, among other items. All the things you’d like to know in writing before you agree to the loan, huh?

One of the first numbers on a Truth in Lending Disclosure is the Annual Percentage Rate. APR is a required item to be disclosed when you make a major purchase like a car or a home. It blends the note rate with the cost of the financing.

The official definition reads: “APR is the cost of the loan in percentage terms taking into account various loan charges of which interest is only one such charge. Other charges which are used in calculation of the Annual Percentage Rate are Private Mortgage Insurance or FHA Mortgage Insurance Premium (when applicable) and prepaid finance charges (loan discount, origination fees, prepaid interest and other credit costs). The APR is calculated by spreading these charges over the life of the loan which results in a rate higher than the interest rate shown on your mortgage/deed of trust note. If interest was the only finance charge, then the interest rate and the annual percentage rate would be the same.”

Charges on the Good Faith Estimate which are for actual services, like a survey and an appraisal, don’t impact annual percentage rate. However, charges on the form that go to pay lender’s and title company’s overhead do impact the annual percentage rate.

The important way this protects the consumer is that the figures disclosed at loan application can’t vary much between application and closing without letting the customer know in advance. This law won’t hurt a consumer dealing with a reputable lender, but it will protect a consumer who has fallen in with a lender who planned to bait and switch.

How To Silence Your Biggest Critic: Susan Boyle

2009-04-17T21:13:24Z

This is an email I just received from a fellow Keller Williams agent, Michaelann Byerly in Tampa Bay, Florida and it was just too good not to pass it along. Thanks Michaelann…I really needed this today…

“Did you catch the frumpy 47-year old Susan Boyle on her audition for Britain’s version of American Idol?

If not, it may be the best seven minutes you’ll spend this year. Check it out:

http://www.youtube.com/watch?v=9lp0IWv8QZY

She’s middle aged, triple-chinned, eyebrows that look like dead caterpillars, never been kissed by a man… everyone just knew this Gong-Show reject was going to bomb.

I had to give Simon Cowell credit, as he did his best to keep a straight face. When he asked about her goal, she said she wanted to sing like a star.

Simon rolled his eyes at this train wreck. Half the audience groaned. The other half just sighed, shaking their heads. Some outright sneered.

But when she started to sing…it was like Angels from heaven had came to earth.

She lit it up. And the crowd went wild!

If you were touched by her performance, you are not alone. It brings out and OVERCOMES something in you that you try to hide, yet it’s buried inside you somewhere.

Any time you’ve faced defeat…been laughed at and humiliated…had your spirit crushed…faced rejection…experienced shame…you strengthened this part of you that identified with her.

Yet this one person reached inside herself and overcame all that inner negativity in one fell swoop.

The face you don’t want anyone to see…the one you hide even from yourself…is the one that she wears every day. And she turned it into a thing of beauty.

This is about redemption, baby.

And it’s within your reach, too. If you lack confidence that you can’t work in this foreclosure market, that it’s too hard, or you’ll never make it, that’s the inner voice of failure talking.

But know that you can reach inside and bring out the best within you and emerge a success.

If Susan Boyle did it, you can too.

Some of the most unlikely people have attended our trainings and have come out on top. They might not have looked the part of a perfect Realtor, but with drive and determination, they’re making 2009 their best ever. They are determined. They are driven. And they are making it happen.

Some are making more money than they dared to dream possible. Dared to believe they were capable of. Dared to believe they were even worthy of.

Training has changed their life.

Take this step. Reach for the best within you and become the success that our other agents are now.

Yet they walked the path we showed them, and became new people. maybe it was in spite of their former lives.

Maybe it was because of their former lives.

Point is, they ARE special. And they were all along. They were just waiting for a way to prove it to the world.

Silence your biggest critic once and for all.

And I’ll see you at the top!

Chris McLaughlin

Week In Review: Greenwood IN Real Estate Market

2009-04-17T15:36:12Z

Well, it’s been a while since we’ve brought you the most recent stats for our local real estate market but from now on, we intend to dedicate Fridays to be our “Week In Review” – where we will specifically take a closer look at our local Greenwood IN Real Estate market.

In this segment we will recap all of the New Listings that just came on the market within the last week; the homes that are Now Pending With Accepted Offers over the last week; homes that Officially Closed in the last week and last but not least, the “rejects”…the homes that were on the market, came to the end of their listing contract and Expired Without Selling. All of the data will run from Friday to Thursday. So this week’s data is from April 10 – 16, 2009.

We have broken the list prices into categories: $50k – $100k, $100k – $150k, etc. We have also separated the results by school system (Greenwood and Center Grove) since people always seem to be curious about the differences between the two.

We hope this will be helpful information for you. It will also be curious to see how the numbers change over the next few weeks as we get ready to enter the “busy season”.

Have any comments or would like to see some additional information we haven’t included? By all means, please let us know…Enjoy!

Was this helpful? You might also enjoy:

http://ishopgreenwood.com/2009/02/08/current-home-prices-greenwood-johnson-cty/

http://ishopgreenwood.com/2008/12/09/less-talk-more-pics/

Come See The Easter Bunny In Greenwood!

2009-04-10T15:12:57Z

Your Home SOLD In 120 Days Or It’s FREE!

2009-04-18T03:15:03Z

Have you heard about our 120 Day GUARANTEED Sale Program, but want to know a little more about how it works? Please click below for a better explanation:

120 Day Guarantee Explained in Plain English

We feel very fortunate to be in a place where most of our business comes from repeat business or from the kind referrals we continue to receive from friends, family and past clients.

However, every once in a while someone might stumble upon Shawna’s Home Team through a flyer or a postcard and they don’t really know us that well and want to take a closer look before making the plunge and deciding to list their home with us.

We completely understand and for that very reason, we have attached below a list of some helpful resources that we think will help answer most, if not all of the questions you might have about Shawna’s Home Team and how the marketing we do sets us apart from our competition.

So if you have a few minutes to spare, please browse through the links below and if you still have questions about any of it, please feel free to contact us directly at 317.893.1636 and we would be happy to answer any additional questions you might have.

Cover Letter

Easy Exit Listing Agreement

Do’s and Dont’s When Selling Your Home

Greenwood Star Feature Article – Shawna’s Home Team

Money Making Tips For Preparing Your Home To Sell

Meet The Team!

Our 21 Step Marketing Plan Is In Two Parts Below:

click to enlarge

So What Are We Going To Do That’s Different From Anyone Else? – Part 1

What’s So Different? – Part 2

What’s So Different? – Part 3

By the way…we apologize that some of the marketing pieces above have to be viewed in separate parts. A few of the files were too big to upload without separating them a bit…we hope to have this corrected soon…

“If It Bleeds, It Leads” – Even In Greenwood, IN!

2009-03-23T14:42:07Z

Have ya ever noticed that it’s always the bad news that seems to get all the press?

Our favorite shows are only interrupted with “Breaking News” that would alarm or scare the viewers…”A gunman is loose”…”An apartment building is on fire”…”A child has been kidnapped”…

Yes, these are all important stories, but isn’t good news ever considered to be just as important?

My point is that right now, all of the media networks seem to be having a hey day reporting the bad, bad real estate market. “Foreclosures are on the rise”…”Families are losing their homes”…”Mortgage companies are going under”…

True, true and true.

But what about the buyers out there that are being able to move up to a new standard of living, simply because today’s home values, combined with outstanding interest rates are allowing them to do so?

What about the people that never before would have considered keeping their existing home as a rental property, but that are now increasing their net worth and allowing someone else to make one of their house payments for them?

These aren’t the stories that seem to be making the headlines.

And of course, how can we forget the current incentives for first time homebuyers? I wish someone would have given me an $8,000 credit when I bought my first home! Do the newscasters ever break in to tell us another first time home buyer just got $8 grand direct deposited into their checking account?

I don’t think so!

What worries me the most about this is all of the people that cling to the nightly news to try and stay current with the local real estate market.

The local media is NOT current with the local real estate market. They never are!

By the time the media is telling you the market is better, it will mean the market has been better for quite a while already. Then people will frantically run out and try to buy something because the media has made them feel “safe” to do so, but by then it will be too late.

The best deals will be gone because the savvy buyers were out grabbing them left and right while everyone else trembled on their couches…wondering if things would ever get better.

Remember what Warren Buffett said…”Be greedy when others are fearful and fearful when others are greedy!”

Like what you’re reading? You might also enjoy:

http://ishopgreenwood.com/2008/10/17/be-greedy-when-others-are-fearful-and-fearful-when-others-are-greedy/

http://ishopgreenwood.com/2008/12/11/can-you-touch-bottom/

Estridge Extreme Dream Makeover In Indianapolis

2009-03-17T03:49:38Z

Wow! I can’t believe that Extreme Home Makeover is actually coming to Indianapolis and on top of that, the builder that is sponsoring the new home is one of my personal favorites, Estridge Homes.

We don’t know anything about the chosen family yet, but the door knock will take place March 27th and you can find out more about the family then.

The work will be done March 27th – April 4th and both Skilled and Unskilled Volunteers are needed (I know which group I fall in to…)

But either way, I’m excited and can’t wait to figure out a way to help in the project.

Want to join me? Please let me know . . . I’d be honored to work side by side with you!

Spring Home Maintenance Tips In Greenwood

2009-03-14T15:01:06Z

Although today is a little bit on the chilly side again, wasn’t it wonderful to have a glimpse of 70+ degree weather earlier this week? That means that spring is right around the corner! Here are some helpful tips from Jim Schwarz at Center Grove Real Estate Inspections to get your home ready for the change of season.

Clean gutters and ensure downspouts and yard drains can drain runoff freely. This can be done by running a hose into the gutter and watching how the water flows. Runoff should terminate at least five feet from the foundation of the home.
Remove sticks and debris from the roof. Walk the roof to review it for any damage or potential repairs. Pay particular attention to cracks in masonry chimneys and around any roof jack penetrations. If you are unsure of these efforts, consider the use of a home inspector to perform the work.
Review the exterior of the home to find gaps or cracks related to age or winter activity. Seal any gaps to prevent moisture intrusion into the home. It is important to understand that moisture intrusion is the greatest enemy of a home.
Look at any tree branches or shrubbery that will potentially touch the roof or siding of the home. Trim any branches that will cause harm to the home. It is important to recognize that too much shade on a roof will harbor dampness within the shingles and cause premature failure. A roof should have adequate air movement and as much sunlight as possible.
Check the functionality of the air conditioner after the outside temperature reaches 65F. It is a good idea to have the unit serviced early in the season if it does not produce cold air of about 58F. Change the furnace filters routinely. The evaporator coil within the furnace unit can become dirty and reduce the efficiency of the unit. This area is typically serviced by an HVAC professional.
Consider rinsing the outside condenser unit to remove dirt and increase efficiency of the unit. This should be done by safely removing the disconnect spade near the unit and rinsing the unit from the inside-out. Once clean, reinstall the disconnect spade for operation. Ensure that the large refrigerant line is completely insulated to prevent cooling loss from the line. This line stays cold during air conditioner use.
Caulk all driveway and sidewalk cracks with a self-leveling driveway caulk. Clean the expansion joints and caulk these, as well. This will prevent moisture intrusion under the slab which eventually causes the slab to crack. If you see settlement of the slab, look at any downspouts that may be nearby that could potentially allow water to get under the slab.
Consider this time of year to add insulation to the attic. Current tax incentives are available to help offset the cost of this effort.
Summertime sunshine brings a lot of heat into our homes through the windows. Consider the installation of UV blocking window films to reduce this heat development. These films have greatly improved in recent years and are very easy to install yourself. Certain products also qualify for current tax incentives.

These tips should help your home to become worry-free so you can enjoy other things this summer.

Thanks Jim – This was great advice!

Did you find this information helpful? You might also enjoy:

http://ishopgreenwood.com/2008/12/04/stopping-energy-loss/ and

http://ishopgreenwood.com/2008/11/07/what-are-the-dark-streaks-on-my-roof/

Luxury Foreclosures In Greenwood, IN

2009-03-04T02:07:48Z

When we think foreclosures, I know the tendancy is to picture pee stained carpet, missing appliances and holes in the drywall. But of the 77 homes in the Greenwood and Center Grove area that are currently in a state of foreclosure, pre-foreclosure or short sale, I would classify 6 of these homes as specifically being “Luxury Foreclosures”.

These 6 homes range in price from $265,000 to $680,000 and to look at the pictures, you would have no idea that any of them could possibly be facing foreclosure. We’re talking Inground Pools, Gourmet Kitchens, Finished Basements, Waterfront Properties, all the bells and whistles included.

Don’t believe me? Take a look at these Luxury Foreclosures in Greenwood for yourself and let me know what you think. Be sure to pull up the full property details and even track the most recent price reductions.

Any of them look interesting? Give me a call, let’s go take a look! 317.893.1636

Want to get a great deal on a foreclosure? Click Here to see which homes in Greenwood can be purchased for only $100 down!

Shady Creek Subdivision | Greenwood, IN

2009-03-14T13:30:34Z

Located between US 31 and SR 135, on the south side of Fry Road, just across from Fire Station 92 is one of my favorite neighborhoods in all of Greenwood…Shady Creek Subdivision. With only 93 homes in the entire subdivision, there is not a huge amount of turnover. But when things do go on the market in here, they do tend to sell fairly quickly.

Since I started selling homes in Greenwood, back in January of 2000, there have been a total of 45 recorded home sales in Shady Creek Subdivision. Of those 45 sales, I’m flattered to have played a role in 7 of those home sales (which is 15% of all of the home sales over the last 9 years!) In 2 of those transactions I represented the buyers and in 6 of them, I was able to represent the sellers (yes…I realize 2 + 6 = 8, not 7…but in one of the transactions I was able to help both the buyer and the seller).

Homes in Shady Creek that have been well taken care of are so easy to market (in my opinion) because they have the basic things that most buyers are looking for…lots of square feet, large lots and mature trees. Throw into the mix two good school systems and a great location, close to lots of shopping and tons of restaurants and you have a no brainer.

I mention 2 school systems because Shady Creek is one of the only subdivisions I’m aware of that is actually split between two different school systems: Center Grove Schools and Greenwood Schools. Kind of unusual for a relatively small neighborhood. However, all of the homes are considered to be a part of White River Township.

The taxes in Shady Creek are also very reasonable, as well, which is another thing that makes this subdivision so appealing. Most of the new buyers in Shady Creek over the last 9 years have been first time home buyers and buyers with young families. This is such a great choice for any buyers, but particularly first time buyers because for the most part, it’s a safe choice. Home values have remained steady and buyers are able to get into a nice home for right around the $130,000 price range and they’re able to avoid the “postage stamp” lot sizes that are common in so many first time home buyers neighborhoods.

OK, enough rambling, let’s take a closer look at a few of the homes that have been selling in Shady Creek over the last few years.

To begin with, here is our most recent sale in the subdivision…which also happens to be the highest sale price in recorded Shady Creek history….yeah!!! The home was located at 534 Greenbriar Drive and actually followed the same floor plan as the model home of the subdivision. By the way, when the subdivision was first being developed, the model home was the pale yellow bi-level at the corner of Shady Creek and Fry Road.

In the slideshow below, you will see that 534 Greenbriar looks a lot like the builder’s model. But what made this home so special is that it was being sold by the original homeowner and the home had been lovingly cared for and kept up to date over the years. Some of the updates included new windows and laminate floors, an updated kitchen, fresh paint over the entire house, updated bathrooms, a gorgeous year round sunroom and a professionally landscaped backyard.

We listed this home on August 1, 2008 and by September 26, 2008 we were sitting at the closing table, handing the keys over to the new homeowner. The sellers headed to South Carolina to enjoy their retirement years closer to family and the new homeowner got an excellent home that has been very well cared for. Take a closer peak at the pictures below…

Be sure to come back soon as this page will be updated often. If you enjoyed this, you may also enjoy:
http://ishopgreenwood.com/2008/11/03/whats-selling-in-greenwood-indiana/
http://ishopgreenwood.com/2008/12/11/can-you-touch-bottom/
http://ishopgreenwood.com/2008/12/05/follow-up-on-center-grove-vs-greenwood-in-home-prices/

Click Here for a sneak peak at the most recent listings and sales in Shady Creek!