Bob Murphy

WOW! Short Sales, Foreclosures, deed's in Leiu of, auctions, land contracts.

The market is definitely different today then it was just a few short years ago. There was a time when I would bet that most people didn't know what a "Short Sale" was. I use to make a joke that "You might be a Red Neck Realtor if...You thought a Short Sale is when a midget buys a home." I know not to fair to midgets. Sorry about that. I have a lot of "You might be a Red Neck Realtor if" jokes.

However today some of those jokes aren't quite as funny as they use to be.

In my market nearly 30% of all real estate saled are foreclosure sales. 30% and maybe more are Cash purchases. I personally have three or four "Short Sale" listings right now. .

Please don't get me started on the low appraisal's we are getting lately either.

Oh yeah, lets not forget about the massive number of Foreclosure's. Or what about the Dee's in Leiu of Foreclosure.

There was also a time when people would do whatever they could to keep the home they were living in. Home ownership was something one worked towards, the American Dream. Today I see people just walking away from a mortgage they can no longer afford. Or from homes that aren't worth what they paid for them just a few short years ago.

Seems like every effort we have made as a government jst aren't working to straighten this whole thing out.

So here is my question for you. What do you think should be done, or even can be done to get our country back on the track of home ownership?

Are Contract for Deeds DEAD in INdiana and Kentucky?

The Federal government passed a law sometime in 2008 called The Safe Act. Among other things this Act gave the States two years to enact their own or adopt the new Federal Law.

Indiana adopted the Federal Law by Rule sometime in 2009.

Since that time it appears it has been unlawful to sell Real Estate on Contract for Deed unless you meet some very stringent requirements.

1) You can sell to a Family member via Contract for Deed.

2) You can sell your Primary Residence via Contract for Deed.

3) You must be a licensed Mortgage Broker in order to offer Mortgages in Indiana or Kentucky if you do NOT meet the first two requirements listed above.

This new Rule in Indiana will make it therefore unlawful for a Builder to sell homes built via Contarct for Deed as many Builders have done in the past to help people who could not otherwise purchase a home.

This Rule will affect Investors who purchase, the renovate homes to place back into the marketplace.

What do you think about this rule?

What do you know about it?

If you are working with a Contract for Deed it might be a good idea to seek the advise of an Attorney.

Have you re-filed your Indiana Property Tax Exemptions yet this year. If you haven't you need to. Indiana is updating there property tax system and as part of the update, All property eligible for property tax exemptions must re-file any current exemptions.

As a property owner you should receive a Pink Notice with your tax bill this year explaining the need to re-file. However most people don't pay close enough attention to these kind of notices.

If you have any questions about your Indiana Property Tax Exemptions please give me a call.

Bob Murphy

Broker Associate

RE/MAX FIRST

502-773-2564

BobMurphy@ReMax.net

We did it. We made the move.

We have moved our Southern Indiana office.

Real Living Realty Services has moved it's Jeffersonville office to New Albany Indiana. The move, just a short 7 miles from it's previous location will allow Real Living Realty Services to better serve it's clients in a location more convenient to the market Real Living Realty Servicves covers.

Real Living Realty Services covers the Louisville Kentucky and Southern Indiana market from the New Albany office.

The new address is:

Real Living Realty services

3039 Charlestown Crossing

New Albany, IN 47150

812-282-7600 office

812-282-7600 Fax

Why is it so difficult to do the right thing?

This morning I got up to find a good accumulation od snow on the ground. Where I live that means most everybody now has an excuse to not work, go to school etc......

So I got up and went to my usual Cofffee Spot to sit quietly and read the paper for a change. Not just the Business section as I normally do, but the whole darn paper, even the funnies.

I was reading through the political stuff when I happened upon a story that says "Patyday-bill advocates seek support". Apparently some elected official, you know someone elected by the people to represent the best interests of the people, had submitted a bill before the statehouse. The bill seekd to limit the interest charged on short term "Payday" loans to 36% interest. Seems like a good bill to me. The very people living literally from paycheck to paycheck are being gouged by short term loan companies. At least I think 36% interest and higher on a week long loan seems like gouging to me.

Here's the rub though. The sponsor of the bill is "hopeful" the bill will pass. He is only "hopeful" because the check cashing companies have spent 100's of thousands of dollars lobbying our elected officials, you know the ones elected by us to represent our best interests, to defeat this bill. Imagine the 100's of thousands of dollars the check cashing companies are using no doubt came from the very people the bill seeks to protect.

Why can't our elected officails just do what is right? Why can't the people we elected to look out for our best interests simply do what they were elected to do?