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Come see some great homes all in the same great Eastside Neighborhood!
Sunday January 29, 2012 from Noon to 3pm
Listings include:
Address /Agent /MLS
2604 E. Hartford / Judy Shortridge / 1205580 & 1217939
2909 N. Hackett / Jim Christenson / 1219328
3253 N. Shepard / John Newland / 1219015
3123 N Shepard / Bradley Brumder / 1233068
2815 E. Hartford / Rachel Bloch / 1229299
2929 E. Hartford / Sarah Pavlak / 1161223
3054 N. Hackett / Tim Vertz / 1178885
2700 E. Menlo / Suzanne Powers / 1226167
2600 E. Edgewood / Ann Moran / 1221982
3493 N. Shepard / Suzanne Powers / 1234484
3133 N. Hackett / Krystal Kimmel / 1227354
Please join us for a wonderful home tour! Agents, buyers and anyone who’s interested in seeing these great homes are welcome!
Here’s a link to the map:
WE LOOK FORWARD TO SEEING YOU ON SUNDAY!
By Andrea Hartmann
When I was selling my house back in 2009 I was, of course, trying to save as much money as possible. I knew the market was down and I had to try to squeeze every penny out of the investment I had made. So even though my broker recommended it, I chose not to do a pre-listing home inspection. I figured the buyer would do it and there wasn’t anything wrong with my house that I knew of so I should be fine, right? Right…..
Well, when the buyer did do the inspection the inspector noted that the palmer valve was stuck. Without getting into hairy details of drain tile systems and the like, I not only had to pay to get the valve un-stuck but the buyer then requested that a drain tile flush be done as well to make sure the system was working properly. After all was said and done I was down $800- and that’s minor compared to some of the transactions I’ve seen. Whereas an inspection and the correction of the palmer valve issue would have set me back a total of maybe $500 I had to pay $300 more out of my own stubbornness. And I’ve seen transactions fall thru because of inspection issues that could easily and inexpensively be addressed. In turn these homes stay on the market for months longer and in cases get a much lower selling price because of it.
Not all homes need a pre-home inspection. But if you bought your home more than 5 years ago and/or you feel that there may be some issues, I would suggest you get one done. Talk with your listing agent or any agents you may be interviewing to work with to get their opinions as well. They will be aware of what issues are holding up sales in the current market and have recommendations of reputable inspectors they have worked with in the past.
Here are some sites to visit for more information on pre-home inspections and why they may be advantageous for you.
http://www.ourfamilyplace.com/homeseller/prelistinspect.html
Usually we write on some topic regarding the purchase or sale of real estate. This time
we’re going to take a different spin and tell you about one great property we have in
Shorewood! It’s currently being used as a two-family townhouse style home but could
easily be converted to a single family! Here’s some info for both case scenarios:
Single Family:
How about 5 bedrooms, large living room and family room with fireplaces and huge
master walk-in closet on one of the largest & most private lots in Shorewood? Add a
3 car garage + 3 outside spaces and mechanicals in tip top shape and you are ready to
move in! Two full baths and two half baths including whirlpool! Includes a huge office/
den and two sun rooms. Oak hardwood floors, ceramic tile kitchen, wonderful attention
to detail throughout! This huge townhouse conversion will be completed by owner. So
much storage you will never use it all!
For the full listing visit our website:
http://www.livingdimensions.net/Milwaukee,_Shorewood,_Downtown_Milwaukee,_Ozaukee,_Whitefish_Bay_listings/A77E83E8-A40F-8AFC-DC18E573817C92C0.shtml
Townhouse-Style Two-Family:
How would you like to live in Shorewood for only $1349/month? With 10% down at
4.5% interest and a renter on the other side, you can make that a reality in this wonderful
side-by-side townhome! It’s a beautiful, spacious side-by-side two-family home with
private entrances! There are 3 bedrooms and 1.5 baths on each side. Huge corner
lot artfully landscaped for privacy, these townhouses have cobblestone SEPARATE
entrances, lots of big windows, oak floors, dens, fireplaces, balconies, newer roof, half
baths on 1st floor, full on 2nd; ceramic kitchens, whirlpool on one side, security systems,
glass block, sump system, 3 car garage + 3 spaces outside. Townhouse style has privacy;
yards are large. Let renter pay your mortgage!
For the full listing visit our website:
http://www.livingdimensions.net/Milwaukee,_Shorewood,_Downtown_Milwaukee,_Ozaukee,_Whitefish_Bay_listings/D9328F39-F373-FF83-EA8C48B248AC1893.shtml
By Andrea Hartmann
When I was looking to buy my first home back in 2004 I had heard of buyer agency and I was definitely not interested! I mean, heck, this house business was going to cost me enough I didn’t need someone else taking a cut! Right? But then something happened- a friend actually explained buyer agency to me. They told me it was free!…
They explained that I could get listings according to my search parameters from realtor.com (aka MLS) sent to my email. Then all I had to do was call the buyer agent who would take me to see any properties I wanted. When I was ready to move on a property, they would come with all the paperwork and expertise to draft an offer. If I had to work counter offers with the sellers the buyer agent would walk through it and explain my options. When the offer was accepted they stayed on top of deadlines and made sure to walk me through all the steps I needed to take to get an inspection, testing, financing, and anything else that came up along the way. And then at closing I would pay them nothing. Wait, for real? Nothing? Yep, since most MLS listings include a buyer agent commission split the seller actually pays for the buyer agent. And since the split usually comes out of the listing agent commission having a buyer agent rarely even affects the bottom line!
After hearing all that I did get a buyer agent who really did help me get a great deal on a home that I loved! And at no cost to me! Now that’s a great deal!
There is a lot of information available on buyer agency, but here are some sites that I recommend to take a look at:
http://rebac.net/descriptions_of_agency.cfm
http://top7business.com/?id=2761
There are lots of factors that are involved in the buyer agency agreement. I would always suggest you find an agent that you feel comfortable with and then ask them to walk you through a Buyer Agency Agreement. They can explain to you how it works and how to maximize the agreement for you!
By Andrea Hartmann
So now you’ve made it through to the big day- closing day! The day you get the keys to that new place! How exciting!!! But…. Don’t just think that you show up with a down payment that day and we’re off to the races. There are a couple more things involved. Here is a good website to check out for a lot of the different fees and costs involved:
http://www.goodfaithestimate.biz/closing_costs.html
But it’s not all bad news. You do get some credits. Like the Earnest Money you put down in Part 1 comes back to you at closing. Not that you get to see it again, but it does help cover costs. And you are credited for things like taxes, water, and other government services that are prorated to the day of closing (unfortunately you will be paying the full amount later, that’s why you’re getting a credit now). But it’s useful for bringing the closing costs down.
It’s hard to put a solid number on these costs because so much depends on the cost of the house, what the lender charges for certain things, and even what day of the month and year you close on. Just make sure to get a GFE (Good-Faith Estimate) from your lender or broker and look it over for what your fees are.
Here’s the yahoo page on closing costs. These numbers may be higher than yours depending on your financing:
http://loan.yahoo.com/m/securing9a.html
Part 1
What? Earnest Money
When? Within 3 days of binding acceptance
How Much? Approx 1% of purchase price
Part 2
What? Building Inspection
When? Within 10-15 days (and probably sooner) of binding acceptance
How Much? $200-$400
Part 3
What? Closing Costs (excluding down payment)
When? At closing
How Much? Varies
By Andrea Hartmann
So now you’ve made an offer to purchase and it’s been accepted. Congratulations! Your earnest money check is in the mail. Now what? Hopefully your buyer agent has informed you about the inspection contingency and included it in your offer to purchase. Usually you have 10-15 days from binding acceptance to do a building inspection, review the results and negotiate and changes of terms with the seller. That’s A LOT to cover in just over a week so don’t delay! Your agent can give you recommendations of building inspectors they’ve worked with in the past but I always advise clients to do their own research as well. Your agent cannot schedule your home building inspection for you. So it’s up to you to find a reliable inspector that you feel comfortable with. And it’s up to you to pay them. Be prepared to pay $200-$400 for your building inspection on the day of the inspection. But please don’t think this is some fat that can be trimmed from your home buying costs. The home inspection can alert you to current issues with the property and potential ones in years to come. It gives negotiating leverage to you if an undisclosed material adverse fact is found. You can ask the seller to correct the issue(s), ask for money back from the seller to correct it yourself, or even get out of the contract and get your earnest money back if you can’t come to an agreement with the seller.
We’ll get into more on what the building inspection covers in a later blog. But for now, let’s take a look at our home buying expenses to date:
Part 1
What? Earnest Money
When? Within 3 days of binding acceptance
How Much? Approx 1% of purchase price
Part 2
What? Building Inspection
When? Within 10-15 days (and probably sooner) of binding acceptance
How Much? $200-$400
By: Andrea Hartmann
Check out this latest press release from Fannie Mae- they are offering 3.5% credit to use toward closing costs or new appliances! This is a great opportunity for buyers to save money!
Here’s how you can spend that money:
• Closing costs;
• The purchase of new Whirlpool® appliances by Fannie Mae; or
• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%.
To be eligible for this incentive:
• Offers must be accepted on or after January 28, 2010;
• Property sales must close before May 1, 2010, and;
• Buyers must be owner-occupants (investors are excluded).
You can check out the press release at the Fannie Mae web site: http://www.fanniemae.com/newsreleases/2010/4923.jhtml?p=Media&s=News+Releases
Properties eligible for this incentive are listed on HomePath.com
By: Andrea Hartmann
There are several advantages and disadvantages to owning a home. Some of them are pretty common knowledge but some are less well-known. Here are a few things to consider if you are looking to buy:
Advantages:
Multiple tax incentives: mortgage interest deduction, property tax deduction, first time homebuyer credit
Equity: ability to make money on the investment; your money goes into something YOU own as oppose to paying someone else’s mortgage with your rent money
Freedom: the ability to customize the property to fit your lifestyle/tastes
Space and Privacy: especially in a single family home- gaining square footage and some distance from your neighbors
Payments: especially in 2+ unit homes but also for anyone who finds roommates- there is the ability to reduce your payments even to less than you were previously paying for rent!
Pride of home ownership: it does feel good to have your name on a deed! And most people will take better care of something they own as opposed to something they rent
Stability: especially for families with young children- an owned home provides stability and comfort for family members
Disadvantages:
Cost: mortgage payments, etc and when something breaks, you have to pay to fix it
Illiquidity of investment: not something you can liquidate quickly /easily if you want to move the capital into another investment or if you need to move somewhere else
Instability of market: historically the real estate market has been a very safe, solid investment option, but as we’ve seen lately it’s not a guarantee of profits. It’s also something that takes some time to appreciate
Maintenance: Performing all the necessary duties to “keep up the property” or having enough money to pay someone else for these services
The first few weeks your home is for sale are the most important. There is a certain momentum and enthusiasm created with the newness. Once your MLS listing hits the internet, the whole world can have your listing in front of them. Hundreds of hungry Buyers will see your new listing as it arrives in their email searches. This is the broadest showing it will have. This is why it is essential to price your home to sell and do it from the start.
So many home Sellers think they will start high just in case…just in case there is an uniformed Buyer who just happens to walk in and buy their home. This phantom Buyer will not have looked at the competition, has never watched HGTV, has extra money in his pocket and really cares that you raised your whole family in this home and so is willing to pay you thousands of dollars for the same feeling. They can see with their mind’s eye how the walls could be painted, how the floors would look carpeted and how the kitchen would look with painted cabinets. Oh, by the way, they like the cat smell.
Sellers, it will never happen. As weeks go by you will have to lower your price but by then you have lost the momentum and as a result have lost money paying for holding costs, have lost time looking for your new home and have lost your negotiating power.
Listing price is so important. If you are still considering a higher price than your Realtor advises, get more information…get a building inspection before you list, do your homework to pack and stage, study the comparable sales and active listings, talk to your bank and be prepared to come “out of the gate” (as we say regarding a Montana rodeo) with a great competitive price.
A question to ask yourself…”Would you buy this house and could you afford it?”
What is the process to sell your home? The process that a Seller goes through to sell their home is broken down into these steps:
It is in the Prelisting Period that so much work has to be done by the Seller. They have to have a complete change of prospective for this home that they have lived in and perhaps have a strong attachment to.
Their home becomes a house! That house is a commodity that competes with others on the market at the same time for a price that someone is willing to give.
In this stage the Seller has to change their mindset to sell, clean, pack, sometimes remodel and stage their home. This can take a long time or a short time depending on the motivation and many other variables such as physical help with all that packing and attitude of the kids as well as money to bring things up do date.
The way you live in a home is different than the way you sell a house! Take all the photos off the refrigerator! If it’s smaller than your fist pack it! Not everyone accepts dog smell like you do!
It’s work and commitment and inconvenience, but if this stage is not completed in grand style, it will cost the home seller thousands of dollars.
That is where Realtors come in! If you choose Real Estate á la carte! ® we can assist you via workshops and personal coaching in this stage. You will also have to:
Now you are the savvy Seller who has watched enough HGTV and is motivated and has cleaned, remodeled, staged talked to Living Dimensions Real Estate about Real Estate á la carte! ® and you are ready to go to the next steps…listing and marketing your property!
Welcome to Living Dimension’s Blog!
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