What is a HUD Home?

A HUD home is a property in which the mortgage was guaranteed by the government (FHA) and the property was foreclosured upon.

How Much Earnest Money Is Required?

$500 for homes $50,000 and under

$1,000 for homes $50,000 and up

Can I use my own real estate agent or do I have to use the HUD listing broker?

Yes – As long as your agents office is an HUD approved agency.   Our office is approved through HUD and we would love to represent you in your HUD home purchase.

Are HUD Properties easy to purchase?

Yes – We believe so!  The process and paperwork are a little different than a normal purchase.   The ORR Team has years of experience dealing with HUD properties.

Do I have to buy a HUD propery “AS-IS”?

Yes and No – HUD WILL allow you to perform inspections once your bid is accepted.   Actually HUD encourages inspections.   They do request a $60 winterization fee along with your earnest money in order to do this AND you must turn utilities on temporarily in your name.   If a problem arises during your inspections you will have the opportunity to cancel your offer.

What does the Escrow Amount mean?

This is a  number that you can add in addition to your purchase price of an FHA mortgage in order to have those items repaired after closing.  For example if the purchase price was $60,000 and the escrow amount was $3,800 you could add the $3,800 on top of the purchase price to complete the noted escrow repairs!

Considering purchasing a HUD  properties?  Call Patrick or Ryan 765-212-1111, we would be glad to guide you through the process!   We have years of past HUD sales and experience.   Items to change often, please call us for up-to-date information regarding purchasing a HUD Home.

2009 saw many great deals!   The buyers that we worked with (71) were very fortunate in my opinion.  The interest rates hovered at 40 year lows,  the prices were very reasonable, and the buyer had many choices to consider most of the time.   In addition, whether you were a first time buyer, or second buyer-tax credits were available to add more reasons to buy!

2010 is starting very strong, with lots of people telling us that they are making plans to list or move!    The economy appears to be on a path of improvement, and people seem to be prepared for a better year!

This may be the BEST TIME EVER to discuss your Real Estate needs!  Please give us a call or an email to get together to help you make your move!

http://www.auctionzip.com/cgi-bin/auctionview.cgi?lid=761395&kwd=&zip=47304&category=0

Forbes is reporting the Senate voted yesterday to extend the $8,000 tax credit 85-2 with senior members of Congress expecting the bill to pass next week! They may even expand the tax credit to include existing home owners who have lived in their current homes for 5 years.

We will keep up-to-date as this progresses.

For Details visit:
http://blogs.forbes.com/moneybuilder/2009/11/03/homebuyer-tax-credit-closer-to-extension/

604 S. Meridian St., Redkey, IN. (SR 1-north side of Redkey)

Directions from Muncie: N. on SR 67 past Albany to Jay CR 700S, (at curve) Right (or east) 1/2 mile to SR 1, Left (or North) to edge of town! 

Since I have moved to an apartment,  I am offering lots of nice items at Auction this Friday!  Get out of the house & enjoy the wonderful evening!   Forecast says it will be a great night to have an auction!  The Church is serving food.  I will enjoy you coming to my sale!  THANK YOU!

Tool Type items, Large Vice, Hand tools, Chain Saws

Rolling Tool Chest, circular saws, many hand tools, garden tools, sev. large cutting wheels, Very large bench vise, grinder on stand, cutting torches and line, w/ one tank, large welding table, Electric Welder, rods, and accessories, small band saw, sev. various drills & electric hand tools, sanders, etc., Portable Router, hand grinder/polisher, Belt-sander,  Portable air compressor, air tank, 3 small chain saws, hardware and misc items, car ramps, jack stand, 55 gal. hand pump, and much more not listed…….

Large Angel Collection of all types

Over 200 Misc. Angels, Dolls, Figurines, Outside Angels, VERY NICE COLLECTION!

Glassware, China, Small items, and Collectibles-see photos,

Many primitives, collectibles, figurines, lot glassware, many collectibles, several baskets, old milk box, & much to see!

Antique Furniture , Old Quilting rack, Miscellaneous

Several old chairs, Antique dinette, cabinets, end tables, mirror cabinet, storage cabinet, recliner, antique rocker, old desk and matching chest, 3 pc. BR Suite and much more…see photo gallery, several items not listed, Old quilting rack,

Household, 2 Vacuum and carpet cleaner, Bicycles, Treadmill, 

Lots of various items, kitchen items, 2 vacuums, carpet cleaner, sev. bicycles, Lifestyler treadmill, lawn furniture, nice picnic table, AM FM boombox, large speaker, kitchen items, lawn and garden, and much more……… 

Lawnboy Lawnmower, Heavy antique Safe, & More not listed

Heavy Wheelbarrow, Lawnboy pushmower, Antique Safe (looking for combination),  old trunks, & more items too numerous to list

TERMS: Cash, Check, or Credit Card w/ ID.  Sold AS-IS, WHERE IS!   Items are sorted and ready for your viewing and bidding pleasure! 

Eagle Auction Service AUO 88001505

Patrick & Ryan Orr  Realtors/Auctioneers,  765 212 1111

“Call us for consultation on best method to Sell!”    Email:  info@orrhomes.com    

For More Info visit:   www.EagleAuctionService.com

Read More at Daily Finance: http://www.dailyfinance.com/2009/10/29/a-big-step-forward-for-extending-and-expanding-the-homebuy/

The most common errors or failed transactions are caused by the agent’s themselves.  An uneducated buyer or seller kills many deals…….EDUCATION IS THE REALTOR’S RESPONSIBILITY!  I believe that the agent should show their clients why the offer in hand is something that they should seriously consider, or what are the odds of a better deal coming? (this can easily be shown by looking at the trends of the market with our record keeping-we call this a CMA).

I also believe that the agent has the responsibility to write a well thought out offer that can be seriously considered—-without a forced counter-offer.    All details should be considered beforehand when possible.  Price should be the negotiated item, and if at all possible the agent should have discussion with the listing agent or selling agent to make sure that possession, closing date, personal property, and other easily negotiated items are known BEFORE the offer is written.   If all the terms work, the chances of a closing will increase tremendously.   The rule of thumb is “don’t write an offer that requires a counter”, because when terms are countered, price usually gets changed too!

A WARNING FOR THE BUYER:   Beware of the investor or uninformed family member (usually a parent) who hasn’t looked at Real Estate or helped with the sorting of the properties.  Typically,  at the last minute the investor or family member attempts to take control and encourages the buyer to make an unreasonable offer, or look further…..even after the buyer has looked at everything.   I always advise my buyers that if a parent is involved, get them involved early so that they won’t be nervous and cause the buyers to make a poor decision.  It is easier for a parent to squelch a deal vs. endorse the deal because it is safer for the PARENT.   How can anyone assess risk, or know the market without taking a thorough look at the other choices in the market?

Another big problem that we are dealing with now is the fact that cash is at an all time of scarcity for the bulk of our buyers.   A well informed seller (again the agent’s responsibility) will understand that the buyer will need help with the closing costs.   Typically, buyers understand (or should know-hopefully the buyer has an “educating Realtor”) that they will pay more for the benefit of the seller’s help.   FHA is now required 3.5 percent of cash from the buyer and the $2500-$3000 in closing costs is usually paid by the seller with a reasonable offer from the buyer.  A seller needs to know, “What is my Net in pocket at closing” and a buyer usually wants to know, ” what is my cash requirement and what will my payment be?”

We also are faced with the dilemma of the reaction and emotions of buyer and sellers in the negotiation process.  Not always, but most buyers want to buy for as low as possible and of course, most sellers want to sell for all that the market will allow.  The motivation to buy or sell plays into the transaction of course.   A good listing agent will price the property competitively and a good buyer’s agent will help the buyer to recognize if the house is listed below market or above market.  Emotions or feelings become problematic if the transaction is not tempered by the agents with LOGIC!

The question comes up often about why the buyer and seller remain separate in the transaction.   The easy answer is, negotiations are typically better handled by a “third party”, and ONE party or another usually is better served if the buyer and seller meet together.  Also, verbal agreements and statements can be twisted later, and are totally un-enforcable and can easily cause lawsuits.  I do agree that a seller sometimes can explain a property better, but a good listing agent should gather and present all the information  for the property, so the need for a meeting is minimized.

I believe that timeliness is very important.  I try to keep the buyer and seller from sleeping on a deal after the buyer’s eyes light up.   Nothing is gained, and the risk is great that the delay will cause disappointments.   A weak agent is afraid to ask the buyer to decide…if the property fits, make an offer before another buyer has time to make an offer.   The odds increase that the transaction will close when negotiations don’t drag out.  Seller’s should reply swiftly too!  In the Real Estate world, nothing is more important than delivering responses when buyer’s and seller’s are making decisions!  Many properties are sold with a process of offers and counter-offers…..please don’t REJECT the offer,  COUNTER the offer.    In this market, few buyers are making FULL PRICE OFFERS with the first offer….

Also, the buyer should be pre-approved and understand the financing terms BEFORE they see the perfect property.   A buyer many times is very nervous, and a good agent will make sure the buyer knows when a property is exceptional.   Truth is,   an exceptional property will sell quickly in  most markets….the definition of the exceptional property is when it meets the buyer’s needs in terms of need, price and location.   These properties are usually very difficult to duplicate!  …Find an agent that you can trust—-a great agent will tell you NOT TO BUY certain properties too!   Indiana law creates “buyer agency”-the agent is representing YOUR BEST INTERESTS.

I could write forever on this, but this is supposed to be brief…….Remember to be courteous…please be on time to the showing if you are the buyer.  Seller’s: please have the house ready to show, and be prepared to show your property, even on short notice.   REMEMBER MR. SELLER:  IMPULSE BUYS DO OCCUR EVERYDAY!  Be prepared!

Even if the price seems low, make sure you don’t let the buyer slip away without a chance.   In this market, if you think you are selling low,   before you say NO, look and see what you might be able to buy the next house for……the amount of TRADE DIFFERENCE is really more important than what you are selling for!!!!

Even though the negotiations appear to be adversary sometimes,  everyone should keep in mind that we all want the same thing….to see the closing occur!

Please START some dialogs here……there is much more to discuss!  Thank YOU!

Auction Preview Video

Sale starts at 9:30AM

Directions

1401 N. Walnut St. (South of Town on SR 3)
(just S. of the old Kunkel Chevrolet-same side)
Hartford City, IN

Photo Gallery Click Here

Order of Sale

9:30 AM Household and misc. items. See photos–many box lots will be offered due to quantity of items. we will run one hour before furniture.

10:30 Furniture and Large Household items

11:30 AM 1992 Dodge Dakota Club Cab pickup-runs good-perfect extra vehicle! PW PS AUTO AC Bedliner V8 Magnum 5.2 V* SFI OHV 16V VIN 1B7GL23y7NS678274

12:00 NOON-John Deere 480B Forklift, extra mast, & construction cage. Runs and lifts good! See attachment for specs. (unsure of age-please call for pre-showing.)
12:1O PM -Excellent Troy-bilt Rider mower-appears outstanding condition! Fall is the best time to catch a great deal on a rider that you have always needed! NO RESERVE!
12:15 Lawn and Garden items, Large amount of Tools & Misc.: Air compressor, 2-very nice bench grinders, various bench tools, including lathe blade sharpener, band saws, wheel cutting tools, etc.
Spools of chain and 2-sm. Chain saws, drill press, must visit auction…view photo gallery
1:45-???? large quantity of resale items, dealer and flea marketer opportunities!
Please visit or call for many many items not listed on website!

Note: we will work to make this a fun day for you! Please stop by for the great items and auction opportunities. Food, Restrooms, and tent if necessary!

Edna O. Abbott, Owner

Patrick Orr AU08801505
Ryan Orr AU10900025

From Lisa,  a very happy homeowner,                                                 (below)

Hi my name is Lisa, and I now know that dreams REALLY DO COME TRUE here in Indiana!!

I am a hard working single parent that was stuck in a drug-infested public assisted apartment complex one year ago. I mean this LITERALLY. It was awful. I worried about raising my children here. But now, thanks to a great program called USDA Rural Development, I live in a wonderful family-oriented neighborhood, filled with kids in a small, quiet town.

The unfortunate thing is, most people don’t know this program exists. I am so happy that I actually bought my own home that I want to tell others about how they, too can make their dream come true.

The USDA Homebuyers Program is for nearly all families who income qualify and have been able to maintain a reasonably good credit standing. My house payment is income based and my interest rate is only 1%!! Have you ever heard of interest rates for buying a home being so low? The USDA official told me that I could win the lottery and my rate STILL would not be any higher than 5%, EVER. My house payment, with insurance and taxes included, is $281 per month. For those of you still stuck in rental housing, you know this is peanuts compared to what you pay in rent payments. And since I am a first time homebuyer, I got the tax credit and received a check for approximately $7,300!      WOW!

My children and I are very happy in our new neighborhood. We have made nice friends. We LOVE our home and our wonderful big yard.

Please look into this home buying program for you and your family. I’m sure glad I did.

The headlines in the news today tell us that the recession might be over … while at the same time warning us that unemployment will continue to rise for some months to come. You may find yourself newly unemployed, or afraid that your job will be the next one eliminated. I have an encouraging message for you. Here are six solid strategies to make you indispensible to your current employer, or irresistible to a new one!

1.     Work as if you’re working for God Himself—because you are. The Apostle Paul says it this way, “Whatever you do, work at it with all your heart, as working for the Lord, not for men, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving” (Colossians 3:23, 24). Make sure your department is profitable. More importantly, be the reason your department is profitable. Be innovative, creative, take initiative, and start thinking like a CEO. Make your company’s bottom line your personal priority.

2.     Don’t hide your light under a bushel. There are times and places for modesty—but a workplace under pressure isn’t one of them. Maintain a high profile. Volunteer for committees; speak up in meetings. Be vocal, be assertive, show initiative—but whatever you do, don’t lay low.

3.     Gain a reputation for being a diligent, productive worker. The words of Jesus put an exclamation point on this: “In the same way, let your light shine before men, that they may see your good deeds and praise your Father in heaven” (Matthew 5:16).

4.     Be a good steward. Continually update the skills that make you in demand, such as sales and negotiation. Where there is a gap in your organization, develop your skills to fill it. There are two great takeaways from the parable of the talents (Matthew 25:14-30): first, to whom much is given, much is required; and second, if you are faithful with what you have, more will be given to you!

5.     Have a great attitude. When two people of comparable skill are in the running for a job or promotion, the triumphant party will almost always be the one with the best attitude. People with a great attitude are a joy to work with. So have a great attitude; be a winner, not a whiner. And you have a secret weapon to give you the winning edge in attitude: it’s the joy of the Lord that the Holy Spirit gives (Galatians 5:22, 23)—and your circumstances can’t take away.

6.     Be eager to support your superiors by taking on extra projects. When a new project is given, be enthusiastic about it. As the Scriptures say, if they ask you to go one mile, go two (Matthew 5:41)! Even if you are already overloaded and know that it is too much work for you, at least be positive about it. Remember, the more crises you are able to resolve for your employer, the more indispensible you become.

Enthusiastically,

Peter and Tamara Lowe