August Events in Waukesha County

This great magazine landed on my desk yesterday and it is full of great happenings and news from Waukesha County. If you are looking for something to do in August this is a great resource.  Take note of the Waukesha Old Car Club that will be hosting its event in Frame Park on August 12th or check out the historic Mail Boat Tours on Lac La Belle from August 13-17th. That one sounds really fun. There there is the World renown arts festival in Oconomowoc from the 18-19th of August. To wrap up the month watch for the Wings Over Waukesha event, August 25-26. Need a place to walk the dog? Check out page 11 for a list of the Dog Parks in your area. What a great resource!! For More Information click here for the AUGUST CALENDAR OF EVENTS

Meeting the Appraisal

Most offers today in our market are subject to an appraisal. In the past these contingencies were rare, but today they are one of the most common contingencies second to financing. So what does this mean to you as a seller? Once you have negotiated the offer price with the buyer the contract must survive the appraisal process. I might note here that most do. However in the event that the appraised value is less than the offer price, a lender and or the buyer may ask the seller to reduce the contract price to the appraised value. This scenario does happen and causes great concern for a seller. The banks are concerned about insufficient value as is the buyer, so the pressure rests on the seller to concede to the new appraised price. Without the sellers consent the deal will not survive. It is so important in our market that your home is priced correctly to begin with. A legitimate list price generally escapes appraisal problems.

Picking a Mortgage Lender

There is more to finding the right mortgage lender than just the interest rate. That would be like buying a car because it is red. As a borrower you want to know a few things about the company before you commit. Here are a list of questions you might want to consider:

1. Where is the company located?
2. Will the loan be processed and underwritten locally or out of state?
3. How long has the bank or mortgage company been in business?
4. Is the company licensed to originate loans in Wisconsin? 
5. Are the "Pre-Approvals" certified by an underwriter or is it a Pre-Qualification?
6. Has a Good Faith Estimate been provided to you as a borrower? (this form breaks down all the costs of the loan)
7. Is the lender charging a origination fee?
8. Has a Federal Truth in Lending been provided? (this shows the loan program and the interest rate)
9. Does the loan have a pre-payment penalty?

Make sure you ask for these before you commit to a lender. 

Dog fences and the offer to purchase

Today many homeowners have an invisible pet fence installed in their yard to keep Fido from running into the street. When selling your home, it is always a good idea to list what equipment is staying with the property and what the you intend to take with you to avoid a conflict with the buyer.  Generally most sellers leave the transmitter and of course the wiring, but take the pet collar with them. I had one seller who wanted to take the transformer in the garage—this is generally met with skepticism and frustration by a buyer. Whatever you decide let your Realtor know your intentions so it can be properly documented in the listing contract and the offer to purchase.

There is a lot of confusion out there

Read Here about the Health Care Tax on your home

There is a lot of confusion out in the public domain regarding the 3.8% tax on your home when you sell to help fund Obamacare. Steve Harney from KCM spelled out what the new tax means in the best terms.  I have copied his blog here. Click on the link above for Steve's insightful summary. 

Mark Your Calendars NOW!

The Waukesha Rotary Club puts on this great Blues Fest each year and this year the entertainment should be very exciting. Rain or shine the event goes on as planned. There is a big tent that will seat 1,000 so with all the warm weather we have had and no bugs this is a great event to attend. For all the latest information click on the image to the left and you can buy your tickets on-line. Dates are August 10-11th! Mark your calendars now for this outstanding event sponsored by the Rotarian's of Waukesha!




When: August 10-11 2012
Where: Nagawaukee Park off HWY 83
Cost:$15-$35
http://www.waukeshabluesfest.com

What is Earnest Money?

Earnest money is generally provided either with the offer or after the offer is accepted by a seller. The earnest money is held in the listing brokers trust account or an attorneys trust account until the closing. The buyer is credited the earnest money at the closing. This money shows your intent and seriousness in the offer that you tender to the seller. In situations where there are multiple offers I have seen sellers pick an offer, if the terms are mostly the same, based on the earnest money. What a disappointment it is to a buyer who has their heart set on their dream home to lose out because they did not put enough earnest money in the offer. You should consult with your Real Estate professional when drafting your offer to put your best foot forward. Even in this market, buyers may only have one shot at offering their best terms for the home.

A Dose of Zinc May Help Your Roof

Easy to install zinc strips for good "roof health"

Have you ever noticed that on the north side of the roof moss can sometimes grow? Left alone the moss can prematurely wear the roof down. But there is a cure for this roof malady. Recently I met Jim Nelson, from James R. Nelson Remodeling of Nashotah, out at a home in Oconomowoc where he was installing zinc strips on the ridge of the roof. He told me that this was a safer way to remove the moss from a roof. The rain washes the zinc down the roof which kills the moss or offending growth. The installation takes a few minutes and is easier on the shingles than most other products. The strips will take a little longer to arrive at the desired outcome but also keep you off the roof, which is a great advantage.

What About Paint Cans?

Just a few hours and the paint is dried up

Check with your waster hauler for proper disposal

 Several weeks before the closing of your home you will want to consider getting rid of the unwanted paint cans. Unless the buyer requests the old paint for touch-up, the extra cans of paints are considered hazardous material. Since most paint is water-based, disposing of those unwanted colors is easy. First, contact your local municipality to determine their rules for proper disposal. In Oconomowoc, as long as the paint is hard, the waste hauler will take care of it. Veolia Environmental services the greater Lake Country area. For clean-up I purchase large tinfoil roasting pans then fill them with an inexpensive kitty litter. I pour the remaining paint into the pan, stir and in a few hours the paint is hard and can be thrown out in the trash. Take a few moments before the rush of the closing and take care of those extra cans of burnt orange and lavender paint!

Get Unplugged!

Once you hear what buyers say, over and over, about plug-ins, potpourri and scented candles you will want to go unplugged immediately. I was showing a very sharp house not too long ago. The seller obviously had a flair for decorating, the right furniture, colors and accessories, except…the smell. The plug in smell was not overpowering but it was enough to through the buyer off. Rather than focus on the home they wondered aloud if there was a cat in the house (no cat) or if pets had used the carpets (no pets). The point was the seller lost all the energy from the great furniture, excellent color palate and presentation because of the plug ins. It is time to get unplugged when you are selling your home. For all the work you expend to sell your home, don’t lose great opportunities because of a plug-in.