About Monroe County, IN

What is a short sale?

A short sale is the sale of a piece of real estate for less than what you actually owe on it. In turn, the lender is agreeing to accept payoff on their loan for less than what is owed them. They also pick up the seller’s side of the closing costs so you aren’t expected to bring money to closing in a short sale, which is a key factor for many.

So how do you qualify for a short sale? First, you have to be underwater on your property. In other words, you owe more money than it is worth in the current market or you can’t keep up with the payments and are behind on what you owe the bank. Second, it helps to have some sort of hardship.

A financial hardship for purposes of a short sale can be defined in a number of ways. Either there is a reason you can’t pay the bank (divorce, job loss, catastrophic medical issues, etc.) or you are leaving the state for a job transfer.

So what are the advantages of a short sale over a foreclosure or just opting to turn over the keys to the bank?
A short sale has several advantages over a foreclosure or just walking away. A big advantage is that there is less damage done to your credit. A short sale will reduce your credit score, but generally the damage to your credit score won’t be as great as with a foreclosure or with just walking away. Typically a foreclosure can affect your credit score anywhere from 250-300 points. For a short sale it is typically around 50 points.

A foreclosure on your record can affect your future employment. Employers consider this in their hiring and it can be enough for them to decide not to hire you. Not only that, but it will also affect your ability to get a security clearance, which has become a necessity in many jobs that are available today.

You can’t short sale without approval from the bank and our job is to work with you and the bank to make it happen. We have the experience to put the package together for you, negotiate the transaction with the bank, and if you qualify for the short sale process we can get your home sold and put you on the right track. Call or text us today at 812-360-3863 or email us at homes@MarkerMillerTeam.com. If you are in Bloomington, Ellettsville, Monroe County and the surrounding area, there is no reason for you to have to suffer thru and from the process.

What is a short sale? Contact us to learn more about Monroe County Short Sales.

These homes are located near Bryan Park and close to the Bloomington campus of Indiana University. There are several bike paths in this neighborhood, which is east of Walnut Street and north of Hillside. Bryan Park is a popular neighborhood park with swimming facilities and plenty of open ground for walking, walking your dog or playing a sport.

Always a strong area for investors, it is often difficult to find homes for sale this close to the Bloomington, Indiana University campus and Bryan Park.

There is a wide diversity of people living in this area and is often considered a desirable living area for Indiana University students. Because of the competition for homes in the Bryan Park Area, it is often difficult to find a house under $140,000 and this close to the IU campus.

You can call or text at 812-360-3863, or EMAIL us if we can help you locate a great home in this area.

Click on Homes for Sale Near Bryan Park in Bloomington, Indiana under $140,000 for details.

Homes for Sale Near Bryan Park Area in Bloomington, Indiana under $140,000.

Lesa Miller homes@MarkerMillerTeam.com www.MarkerMillerTeam.com

Getting pre-approved for a loan can be a fairly easy process. So how do you get pre-approved for a home loan?
The bank will look primarily at four different items when you are looking to borrow money for a home.
They are going to look at: (1) what your annual income is; (2) what your monthly debt obligations are; (3) what your credit score is; and (4) how much money you have available to put as a down payment on the home.

For pre-qualification, the lender is really looking primarily at your annual income. Generally you can multiply your annual income by 3 and that is generally going to give you an average number for how much house you can afford.

With a pre-approval they will take it a step further and will need your credit score. When making an offer on a home, a pre-approval is really what you want rather than a pre-qualification, because a pre-approval allows the
seller to know that you have taken that first serious step in speaking with a bank or mortgage broker.

So, what do you need to bring when you go to the bank? You will need to bring all of your personal debt and financial statements. They will want to know any information that has to do with your inflow of money and your outflow of money on a monthly basis.

The lender will take your monthly inflow and monthly outflow to determine your debt ratio. The lower this ratio is the better for you and consequently the bank. A good debt to income ratio puts you in a position of strength with the lender. By going thru the pre-approval process you will put yourself into a stronger negotiating position with the seller and be able to act quickly when that perfect home comes on the market.

For a detailed checklist on what you need to collect before making an appointment with your lender, call the Marker Miller Team today at 812-360-3863 or email us at homes@MarkerMillerTeam.com and we will help you prepare for that first meeting.

Lesa Miller
Marker Miller Team
812-360-3863
homes@MarkerMillerTeam.com

Monroe County Residential Real Estate Year in Review

This study concerns only residential real estate in Monroe County Indiana. It does not include residential investment properties, land/lot sales or any commercial activity. In this review the Bloomington MLS is the sole source so the review does not include any private sales activity. So without further ado, here are the numbers:

2010 2009 % of Change

Total Listings 2,600 2,481 4.29%

Total Sales 1,208 1,375 -12.14%

Median List Price $154,900 $147,500 5.01%

Median Sale Price $149,576 $142,000 5.33%

List/Sale Ratio 96.01% 95.85% 0.16%

Average DOM 79 121 -35.16%

The glaring stat here is that the number of listings was up and the number of sales was down in 2010 yet the DOM (Days On Market) were down and the Median Sale Price was higher in 2010 than in 2009. The list to sale price ratio remained almost unchanged. The DOM has to do only with listings that sold and closed. Many, of course, did not sell so the average DOM for the market, sold and unsold, is much higher. This should be a warning to seller in 2011 to price the home correctly in the beginning. They will get it sold much faster and for more money.

Bloomington is the kind of town that becomes apart of your life. Whether you cross through the Sample Gates, stroll through abundant organic produce and flowers at the Farmer’s Market, or take in a musical performance at the IU Auditorium, Bloomington is a city that leaves you wanting more. This is probably why many people return to Bloomington to call it home. TIME magazine author Dan Kadlec said it best in his article, “Should I Move to a Low Cost Region?” Pointing out that “moving from Los Angeles to Bloomington for example, you'd save 15% on groceries, 61% on housing, 8% on utilities, 14% on transportation and 13% on health care each year." He also commented that Bloomington offers low cost options for entertainment that cater to its citizens, which has a great small town atmosphere but has entertainment, educational pursuits and sporting events that parallel with bigger cities. For more information about this article: http://www.time.com/time/specials/packages/article/0,28804,1951190_1951189_1951179,00.html