Wednesday, November 28, 2018

Ever Wonder what the Highest Priced Home in Local NW Indiana is Selling For?

The Highest Priced home on the Local NW Indiana Market is in Munster!       8707 Crestwood Ave.

It's been on the market for 78 days.
It features 6 Bedrooms, 4.5 Baths.

Located on 2.45 Acres and was built in 1995.

7,174 sq ft of finished Living space.  3 Car Garage.

With $300,000 down payment. Your Monthly payment would be approximately:  
                          $6,000 Principal & Interest
                               965  Taxes
                           $6,965  Per Month. 

Let's Write this Beauty up!!

Runner up is in Cedar Lake:  14208 Greenleaf Pl
$1,400,000. Located on the West side of Cedar Lake.                      5 Bedrooms. 5.25 Baths.
7,079 finished Sq Ft.

Monday, November 26, 2018

Wednesday, November 21, 2018

Buying a Misrepresented Property

While on leave from the military, we bought a home that was totally misrepresented. According to the listing, it was a 2300 square foot, four-bedroom, lake view house. During the escrow, we read the tax documents and discovered that the home is actually 2000 square feet with only three bedrooms. We also learned that the fourth bedroom is an unpermitted addition and the “lake” is a retention pond. When we tried to cancel the sale, the seller threatened to keep our deposit and take us to court. We consulted an attorney, but he said he couldn’t do anything in this case.  So we closed and now owe more than the current appraisal value of the property. What can we do?  

It is very disappointing to know that you closed on the property. Once you learned that the listing details were false, you had every right to cancel the sale. They had no basis for their claim because they were guilty of fraudulent misrepresentation and violation of seller disclosure laws. The same culpability applies to the listing agent, who should have known better. Furthermore, anyone who would abuse members of our military in this way can add “scum-bag” to their other reprehensible attributes.
The fact that your attorney did not advise you not to buy the property is actually astonishing. It’s hard to image someone with a law degree being so bereft of common sense. At this point, you need some better advice from a more reliable real estate attorney.

Saturday, October 27, 2018

Food For Thought

Halloween Tales

Question: You’ve been showing all kinds of home for years. Any spooky stories you can share?

Answer:  I always make a habit of knocking or ringing the doorbell, even if the house is vacant. My clients and I were standing on the porch as I rang the doorbell of a vacant house, and we all distinctly heard “Who is it?” in a gruff little old lady’s voice. We all looked at each other. I asked if they heard it, and they nodded their heads up and down. We went in and checked out the house (and all the closets) but found no one. Buyers did not want this home.

Years ago, a fellow Realtor said he had a listing that the seller said was haunted by a young boy. He said when his article came out in the newspaper for advertisement of the new listing, there was a young, dark figure of a boy standing in the doorway in the picture.

I was showing a home built in the 1800s. The kitchen was actually located in the basement. When I went to get the lockbox key, my client told me that the door to the basement/kitchen was unlocked, so we went ahead and went in that way. We pulled the door closed behind us but didn’t touch any locking mechanisms. We proceeded to preview the home. We decided to exit the same way we came in, but when we went to open the door, it was locked. That creeped us all out, fortunately were able to get out through the back door. No sale here.

I showed a house built around 1900. There was an attic area with a stairway. At the top of the stairway was an old doll, sitting in a rocking chair, staring at you. If you went all the way up the stairs, you were greeted by about 10-15 similarly creepy dolls sitting in rocking chairs. It was an eerie experience.

A local real estate agent justified the strange placement of the bed and several layers of blackout curtains with the fact that her client is a vampire. The home eventually sold. No further update, but, “When Black Cats prowl & Pumpkins Gleam, may luck be yours on Halloween!”

Question: I'm considering the purchase a home I cannot afford. At this time, I can afford around $80,000 -- basically a home that's in need of repair. The house that I want is $219,000. I do not know if either choice is acceptable. I obviously do not want to live at either choice for very long (no more than three years). Should I take the plunge and get in the game now, or should I save up money and do things the "traditional way."

Answer: There is no choice. You cannot buy a property which is three times beyond what you can afford. No legitimate lender will provide financing. Such a purchase has a huge chance of leading to foreclosure and bankruptcy. Even if you can make the mortgage payments, what about taxes, utilities and repairs?
What you should do is to work at saving more and increasing your income. Also, spend more time learning about real estate in general as well as the specific trends in your local community.
No less important, buying a home with the intent of selling in three years could be a disaster. It costs money to acquire real estate and money to sell, so even if you get a higher price you could have an actual cash loss on the sale.

E-mail us your Real estate questions at:
Call Cathy & Jim Higgins for our opinion on your Home:
Ind: 219-865-4361  Ill: 708-828-3304.                         
Licensed Broker/Realtors in Indiana & Illinois
Coldwell Banker Residential Brokerage