Spring 2012 is really heating up in the Dane & Rock County Wisconsin real estate markets! You've probably heard about it, whether on the news, in the paper, online, or even from a neighbor. Wisconsin home buyers are out in force! The real estate market is starting to feel like 2006-2007 again.
Good homes are being snapped up fast! Home sellers are listing their properties at great prices. Banks are still offering fantastic deals on foreclosure homes and short sales. Best of all, rates are still sub 4%! That's close to the rate of inflation. People are starting to realize that this is almost like borrowing free money!
At Rock Realty, we currently have 10 fantastic listings from Janesville to Madison and further West in Deerfield and Marshall. Of these ten homes listed, 6 currently have accepted offers!
Have you been considering listing your home now that the market has bottomed? We would be happy to use our extensive online marketing campaign to help sell your home too! Call us at 877-774-7625 or email at info@rockrealtywi.com today.
Are you a home buyer that has been waiting on the fence? Have you heard about Rock Realty's 1 percent home buyer rebate? We would love to show you any home in Dane or Rock County.
We wanted to make everyone aware of recent price reductions on two fantastic short sale homes. One home is a beautifully maintained Deerfield Wisconsin home that has 3 bedrooms and 1 1/2 baths. There is 1560 s/f of living space and it is now priced at an incredible $132,000!
The other short sale home is located in Brooklyn, WI. The property sits on 1/2 acre corner lot and has a very large garage, perfect for a handyman or mechanic! Can you believe the price of $69,600!?
Posted by: Michael Collins at 10:29am
Tags: reduced price on these short sales,short sale properties,3 car garage
Understanding the Subtle Differences in Various Mortgage Loans
Getting a mortgage to purchase a home can be a little confusing. There is so much industry lingo that loan officers use like “terms” and “conforming” or “government loan” or “eligibility.” Let’s look at the most common types of loans side-by-side in order to understand each one a little bit better.
Conventional
USDA
VA
FHA
Reverse
Credit scores
Excellent – Typically scores of 720 or
higher
Typically a score of 620 is needed
No certain credit score required;
various criteria are reviewed to determine credit worthiness
Usually, credit score of 620 is
needed.Slightly lower scores can get
approved with significant explanations and documentation
No Credit score requirements
Down Payment
Minimum 5% of the purchase price; can
be 10%
No down payment if home appraises for
more than sales price.
Not required
3.5% of purchase price; down payment
money can come in the form of gift from relative
No down payment needed
Income
Typically high income compared to other
loans
Income may not be higher than average
for the area
Debt to income ratio may not exceed 41%
House payment cannot be higher than 31%
of gross monthly income; all debt, including house payment, cannot be more
than 43% of gross monthly income
No income requirement
Eligibility
Most people that meet the above
requirements will be eligible.
Home must be in designated rural area
Veterans as well as people currently
serving; surviving spouse of a veteran; members of Guard and Reserve
Most people that meet the above
requirements will be eligible.
Borrower must own home and be at least
62 years old. Home should be paid off or have very low mortgage balance.
Mortgage Insurance
Required if less than 20% down payment
Required
if less than 20% down payment
Not required
Required if less than 20% down payment
Not required since the loan is usually
at or below 80% of home’s value
As the chart illustrates, each kind of loan has its advantages. Choosing a loan will depend on your current circumstances. However, there are a few more considerations besides the type of loan. The most important of these considerations are the terms and picking a interest rate that is either fixed or adjustable.
Term
Term simply refers to the length of a mortgage in years. Mortgages range from 5 years to 30 years and move up in increments of 5. Obviously, the shorter length will result in a higher payment but it also means you will pay less interest over the duration of the loan.
ARM
Adjustable Rate Mortgage or ARM refers to a loan that offers an interest rate that can change. Most of the time the interest rate will be set for a pre-determined amount of time such as 1 to 7 years. At the end of the “fixed rate” period the interest rate can adjust. The rate will be based on a particular index and will adjust either once a year or once every 6 months.
All of the loans mentioned in the chart above can be offered with various terms and with either fixed rates or an ARM. Talking to a mortgage lender will provide you with the most current interest rates, available terms and payment options to fit your circumstances.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a lender directly to learn more about its mortgage products and your eligibility for such products.
Most homes are expensive. There is just no way to sugarcoat it. Finding affordable transportation and good clothes at a decent price can be a simple task, but finding a LIVABLE home that is also CHEAP can be almost impossible. However, the people of Wisconsin now have an opportunity to buy a home, at an affordable rate, thanks to the Fannie Mae Advantage plan offered through WHEDA.
Basic Requirements
There are multiple lenders throughout the state that can go over your specific details to ensure that you meet the requirements for the Fannie Mae Advantage loan. Basically, the requirements are this:
You must be buying your first home. (if you have owned a home previously, you may qualify if you buy a home within certain designated areas)
You must have a strong credit history.
Your income must be high enough to afford the mortgage as well as your current obligations.
You must intend to live in the home as your main residence
Before receiving the loan you must complete a home buyer course offered through a counselor certified by WHEDA
Features
If you qualify for the loan, and you fall within the income limits as well as the purchase price limits, then the features of the Fannie Mae Advantage loan are outstanding.
Very low down payment – It is possible to buy a home with only a 3% down payment. There are grants and down payment assistance programs available to help with some of the down payment costs.
Great rates – The rates are really low and they are fixed for a full 30 years. This means the principal and interest payment on the loan will never change.
Protection against loss of job – In the tough economy of the past few years, many people are worried that they may not be able to keep their job. Protection is available to help make mortgage payments in the event that you lose your job.
Help with needed repairs – It is even possible to make necessary repairs to the home before purchasing. As much as $10,000 can be added to your mortgage in order to cover necessary items to improve the property’s safety and function.
Income and Purchase Price
There are also guidelines for the borrower’s income as well as the price of the home. A full list of the limits can be found here. There are some important facts to understand. The income limits are based on the number of ADULTS living in the house, whether they are borrowers on the loan or not. The purchase limits are the maximum amount for a loan that will be considered for the Fannie Mae Advantage loan. This means you are welcome to search for a home that is cheaper than the maximum. Furthermore, there are several counties and cities where you do NOT have to be a first time buyer in order to qualify for the Fannie Mae Advantage loan.
If you have a strong credit history and you are wondering when you will be able to afford a home, the time could be perfect for you to use the Fannie Mae Advantage from WHEDA and move into that first home!
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a WHEDA lender directly to learn more about its mortgage products and your eligibility for such products.
Posted by: Michael Collins at 7:09am
Tags: wheda fannie mae advantage,first time wisconsin home buyer
In 1934 the United States congress created FHA (Federal Housing Authority) which originally was designed to insure loans offered to contractors that were building affordable housing. Of course, over time the mission and goals of FHA changed to insure loans offered to people who needed to buy a home. In 1972 Wisconsin organized the Wisconsin Housing Economic Development Authority, also called WHEDA, to help people of low income afford their first home. Now, a new program is aiding even more potential home buyers.
WHEDA FHA Advantage
The FHA Advantage program offered by WHEDA takes all of the benefits of a FHA mortgage and applies it to the select group of people that WHEDA serves. Some of the features of the FHA Advantage are
Borrowers without traditional credit reports can be eligible for the loan
Interest rates are low and fixed for 30 years
The mortgage can be assumed by a qualified borrower in the future
The borrower does not have to meet the 3.5% contribution rule. The seller can receive a gift for the down payment
There is also the possibility of using the WHEDA Easy Close Advantage to help with the down payment
Who is Eligible?
In order to be eligible for the FHA Advantage loan, borrowers must meet a few criteria.
First and foremost, a person must be buying their first home OR buying a home within a target area defined by WHEDA
The buyer must attend a counseling course designed for home buying. If the loan is more than 97% of the home’s purchase price, the counseling must be completed via a WHEDA approved agency.
The borrower must be able to document their work history for the past two years. In addition, their income must be sufficient to meet their current obligations and the home loan
The buyer must intend to live in the home as their primary residence once the loan is completed.
Income Restrictions and Purchase Price Limits
In order to comply with FHA rules, there are income restrictions in two forms for the WHEDA FHA Advantage. First there is the debt to income ratio. The house payment may not exceed 31% of the borrower’s monthly income before taxes are deducted. Furthermore, all debt, including the house payment, may not be more than 43% of the borrower’s monthly income before taxes are deducted. In addition to these limits, there is a maximum amount of income that a person can earn and still be eligible. The total of the gross monthly income for all the adults intending to live in the home may not be higher than the income limits established for the county that the property is located. There is also a purchase price limit determined by the county of the property’s location. To view the various limits you can click here.
With rates at historical lows, and the help of WHEDA, many Wisconsin residents are able to buy their first home and enjoy a new kind of happiness.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a WHEDA lender directly to learn more about its mortgage products and your eligibility for such products.
Posted by: Michael Collins at 7:12am
Tags: wheda fha advantage,fixed rate 30 yr mortgage,wheda easy close
In an effort to help the lower income individuals of Wisconsin find affordable housing, the Wisconsin Housing and Economic Development Authority, or WHEDA for short, was formed. The various loans offered by WHEDA have unique features that make it easier for people to buy their first home.
One-of-A-Kind Loans
The loans offered by WHEDA are different from the products with similar names. The WHEDA FHA Advantage uses FHA guidelines to offer extremely low, fixed rate mortgages. Manual underwriting is also encouraged by lenders in order to help people without traditional credit histories.
The Fannie Mae Advantage is quite flexible in allowing borrowers to seek help from grants and down payment programs in order to secure the funds for the necessary down payment.
The Home Improvement Advantage is an excellent product to help homeowners and homebuyers make needed repairs to their home. This loan allows up to $10,000 to be used towards minor items.
Distinct Benefits
Along with the special loans provided by WHEDA there are also unique advantages offered to all borrowers. Based on their success of 40 years, it would seem that WHEDA has found a winning formula for the people of Wisconsin. Here are just some of the benefits offered by their loans:
Assistance for closing costs and down payment – In order to help borrowers pay the sometimes high fees of closing costs and down payments, WHEDA introduced the Easy Close Advantage to aid buyers.
Protection for mortgage payments in event of loss of job – Up to six mortgage payments can be covered if you lose your job involuntarily.
Education for potential buyers – In an effort to provide the most up to date information, WHEDA has partnered with eHomeAmerica . Their counseling courses for credit and home ownership are designed to inform consumers about the advantages and disadvantages of home ownership and warn them of possible pitfalls along the way.
Home Buyer Courses
All prospective WHEDA home buyers are required to complete an education course aimed at purchasing your first home. The course will teach homebuyers about specific lingo used for mortgages and real estate and is conducted by partner agencies. Buyers will learn about the basics of a mortgage, home insurance, and budgeting. In addition, credit topics are discussed so that people have a better understanding of what makes up a credit score. To make it easier for buyers to complete the course, WHEDA has partnered with eHomeAmerica. This company offers online courses so that classes can be completed at the convenience of the buyer.
Wisconsin wants to be at the forefront of helping its citizens find, and pay for, affordable housing. The WHEDA program is proof that the needs of the people in Wisconsin are being met in a respectable and efficient manner.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a WHEDA lender directly to learn more about its mortgage products and your eligibility for such products.
Posted by: Michael Collins at 7:48am
Tags: wheda loan features,wisconsin wheda,wisconsin housing and economic dev
The American Dream usually consists of a few major items for the majority of people; a satisfactory, well-paying job, dependable transportation and an affordable home to call their own. Lots of initiatives have been offered over the years to help people in middle to low income brackets afford a home purchase. The Wisconsin Housing and Economic Development Authority (WHEDA) has filled that need for over 40 years.
Early Beginnings
In 1972 WHEDA was organized by the state legislature of Wisconsin. However, the group does not operate as a state agency. Instead, WHEDA is independent, giving it more flexibility in its dealings.
Mission
WHEDA exists to offer affordable financing to people in moderate to low income brackets. The loans are fixed rate mortgages and aimed at helping people obtain their first home.
WHEDA works in conjunction with a host of different groups such as developers, lenders, nonprofits and local governments in order to ensure that there are affordable homes for deserving individuals.
The agency also offers financing to developers that plan to offer rental properties for low or moderate income individuals and families.
Small business loans are also offered to aid agriculture initiatives and economic improvement.
Various Loans
WHEDA offers loans for people to buy homes. The loans come in three different varieties to accommodate purchases and even limited home improvements.
Besides these loans, other programs exist aimed at multifamily housing. Developers can take advantage of these loans to build or renovate properties such as a duplex or 4-plex and make them suitable for a number of families. WHEDA has several programs for developers to make it easier for the builder to find the right financing for their needs.
Like the FHA and VA loans, WHEDA offers its products through various lenders across Wisconsin. This makes it easier for borrowers to get the loan they need and allows WHEDA to focus on managing their products rather than operating a mortgage operation.
No Taxes
WHEDA does not use any revenue from taxes to fund its programs. Revenue bonds are sold and used to finance the loans. This allows the program to self-fund its offerings without relying on the taxpayers of Wisconsin.
More than Just Loans
While the principal focus of WHEDA is to offer affordable loans for moderate income and low income individuals, the agency is involved with other projects as well. In 1983 a foundation was established to offer annual grants. The grants are designed to help housing situations among special needs such as victims of domestic abuse, runaways, homeless, people with disabilities, and people in need of protective services.
Based on their successful track record and commitment to the people of Wisconsin, WHEDA is dedicated to helping people fulfill their own American Dream. If you feel you fall under their guidelines, talk with a mortgage lender about the WHEDA programs to see if one is right for you.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a WHEDA lender directly to learn more about its mortgage products and your eligibility for such products.
Posted by: Michael Collins at 5:26am
Tags: what is wheda,how can wheda help, loans, mortgage
This weekend is the Nationwide Open House Weekend! Rock Realty will be hosting two open houses for this National Event. Please take some time to walk though these great properties!
Hosted by Michael Collins, SFR - Broker.
Short Sales & Foreclosure Resource
OPEN HOUSE
11:00 A.M. - 12:30 P.M. Sunday, April 29th, 2012 514 S Jackson St, Janesville WI 53548
$49,400
What a great price! Well kept Victorian home with original hardwood floors and wood trim. Large wrap around front porch adds to the character of the home. 4th bedroom is attached to the master bedroom and can be used as a nursery.
OPEN HOUSE
1:00 P.M. - 3:00 P.M. Saturday, April 29th, 2012 No longer listed
Posted by: Michael Collins at 6:45am
Tags: janesville wi open houses,beloit wisconsin open house,nationwide open
What: FREE LEGAL HELP! For homeowners facing foreclosure. Help available in English and in Spanish Ayuda disponible en español también.
Who: For homeowners who have received a Foreclosure Summons and Complaint
When: 11:00 am – 1:00 pm, Thursday, May 3 & 17
Where: City-County Building, 3rd floor, 210 Martin Luther King Jr. Blvd.
PLEASE DISTRIBUTE WIDELY AND ADD TO ALL EVENT CALENDARS. THIS IS A RECURRING EVENT, 1ST AND 3RD THURSDAY OF EACH MONTH.
Thank you for your help in disseminating this vital information.
FREE LEGAL HELP is available for Dane County homeowners in foreclosure. Homeowners can receive basic legal information and free assistance in writing an Answer to the lawsuit at the Foreclosure Answer Clinic. The Clinic has assisted almost 200 homeowners to understand the legal process of foreclosure and to respond their lawsuit. Homeowners who respond in writing to the lawsuit have more control over the process and a better chance for a favorable outcome.
Homeowners have ONE CHANCE to file an Answer to their lawsuit. Filing an Answer is one of the critical things a homeowner MUST do even if the homeowner is in communication with the lender and working on options such as a loan modification or short sale.
Time is of the essence because homeowners generally have only 20 calendar days from the date they receive the initial lawsuit papers to file a formal response called an Answer. Failing to file an Answer to the lawsuit on time significantly reduces homeowners’ control over the process and their ability to share their story with the judge. In addition, they may not be notified of important steps in the court process of foreclosure.
The Clinic is open the 1st and 3rd Thursdays of each month from 11:00 a.m. to 1:00 p.m. on the 3rd floor of the City-County Building, 210 Martin Luther King Jr. Blvd, Madison. No appointments are necessary. Homeowners should bring their Summons and Complaint as well as any other relevant papers about the foreclosure.
The Foreclosure Answer Clinic is a collaborative effort of the Dane County Foreclosure Prevention Taskforce, the Dane County Bar Association and the UW Law School, with grant funding provided by the State Bar of Wisconsin and other support provided by Dane County.
Who We Are. The Dane County Foreclosure Prevention Taskforce is a coalition of public agencies, non-profit service providers and other community partners working together to develop sustainable alternatives to foreclosure in Dane County. For more information, please visitdaneforeclosurehelp.org.
Our Mission. To develop and implement a coordinated response to the current foreclosure problem in Dane County.
Ellen Bernards
Community Relations & Education Specialist
GreenPath, Inc.
(608) 576-8658
The Wisconsin housing statistics are now in for March of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
“We certainly had a mild winter, and that may account for some of the strength in home sales last month, but it’s important to note that we’ve seen very strong growth in home sales over the last nine months,” said Rob Keefe, Chairman of the WRA board of directors.
“These are the strongest signals we have seen in some time going into the spring selling season,” said Keefe, who noted that the combination of low rates and modest improvements in the job market should support continued growth in sales.
The WRA says an improving state jobs market is helping home sales. Since December, the state has added nearly 18,000 nonfarm private jobs even as government employment fell by 3,400 based on seasonally adjusted estimates.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. The median sale price in Dane County has fallen approximately $16,000 year over year. In Rock County Wisconsin, the median sale price has also fallen. $14,625, year over year.
If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallenbelow what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.
Housing Statistics for the State of Wisconsin:
March 2012
Home Sales: 4,816
Median Home Price: $123,500
March2011
Home Sales: 3,834
Median Home Price: $123,000
Housing Statistics for Dane County, WI:
March2012
Home Sales: 457
Median Home Price: $187,000
March2011
Home Sales: 354
Median Home Price: $203,250
Housing Statistics for Rock County, WI:
March2012
Home Sales: 153
Median Home Price: $86,000
March2011
Home Sales: 126
Median Home Price: $100,625
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
Because of the large investment needed to purchase a home, sellers often find themselves in a difficult situation. This inanimate object that they have owned for years and used to develop many memories will suddenly belong to someone else. This can be a difficult time emotionally for many people. Here are some ways in which the seller can set aside emotions when selling a home.
Values vs. Sentiment
Everyone that tries to sell a home has the same goal in mind; to get the most that the market will bear. However, this is a difference between asking someone to pay a fair price for a feature of the home as opposed to asking someone to pay a premium for something that is only valuable to you. The unique door handles, exquisite bathroom fixtures or one-of-a-kind chandelier may hold great meaning for you, but they may simply be accessories to someone else.
Vacate the Home during Showings
When your real estate agent notifies you that they will be showing the home to a proposed buyer, it is best to leave the home for a little while. Someone that has never seen your home will have a much different opinion on things like the condition of the carpet, placement of furniture and the colors of the home. Rather than risk hurt feelings or irritation from a buyer nit-picking over small details it is best if you are not there when the buyers arrive.
Give the Real Estate Agent Room and Freedom to Work
The job of your real estate agent can be summed it in one sentence. They are on a mission to find the one person/family that is serious about purchasing your home. While your home may be viewed by multiple parties, it only takes one to offer a contract and close the deal. Give the Realtor® some flexibility in handling offers and let them come to you with news, instead of going to them after every showing and phone call.
Consider the Transaction as Strictly Business
Once a seller has realized that selling their home is merely a financial transaction in the eyes of the buyer the whole process will move along much smoother. Sellers should not react to comments about the decor or the curb appeal as a personal affront. The buyer is simply trying to find a way to get the price lower. This points to a good sign. If the buyer is trying to negotiate then it means they are interested in buying the home. The next step is coming to a mutually agreeable price. Once again, sellers should not take a counter offer as an insult. Instead, consider the price based on advice from the real estate agent. Holding out for a higher offer is not always the best tactic.
For many people there is no way to get around the fact that their home has been a cherished possession for a considerable time. However, detaching one’s self away from the physical building emotionally will help make the transition easier to handle.
Looking for a 4 bedroom walk out ranch in Madison, WI? Take advantage of this aggressive short sale price reduction! Be the first to submit an offer that we can bring to the bank! Bring your handyman skills for some necessary updates.
Be the new owner of this large 4 bedroom Eastside Madison ranch. Master bath and walk-out basement with a raised deck overlooking the back yard. Needs some TLC. All offers subject to lenders approval of Short Sale.
Tips for Home Sellers to Minimize Their Risk in Lease-to-Own Transactions
The economic downturn in the housing market over the past 5 years has driven up the number of sellers willing to consider leasing out their homes with an option to sell. This can be a wise move in the right situation but sellers need to make sure they take steps to minimize their risk in these transactions.
Demand an Option Fee Up Front
For the duration of the lease the seller of the home cannot market the home to would-be buyers. This time period could be as short as one year or as long as three years depending on the renter’s financial condition. Sellers should demand an option fee up front. This fee can be applied to the purchase if the renter indeed manages to arrange financing at the end of the lease. However, if the renter decides to pursue another home, they forfeit the fee. This fee is usually in the range of 3% to 5% of the agreed purchase price in order to ensure the buyer is committed to the purchase.
Protect Against Appreciation
Once again, going back to the fact that the seller is not able to market the home while it is under a lease contract, it is possible the home could appreciate greatly in value. It is wise for most sellers to add at least 5% to the current market price of the home when writing out the lease-to-own contract to help the seller reduce their possible loss. At the same time, the buyer is getting a price on the home, in writing, for a future date. This is a big plus for the buyer since they now know the price cannot rise.
Work Out a Contract for Maintenance and Repairs
In order to give the buyers the sense of actually owning the home, sellers can ask buyers to sign a contract that spells out responsibilities for maintenance and repairs. Obviously, most renters will not be inclined to pay for major repairs such as a roof replacement or installing a new heating and air conditioning system. But the seller may want to enforce a policy that lawn maintenance, modest repairs for plumbing and electrical needs, and other such items are the responsibility of the buyer. This can help the buyer budget for future repairs and also help them decide if they are financially ready to purchase a home.
Carrying Additional Insurance
While the buyer/renter is in the home as a tenant sellers will require proof of renters insurance. However, it is a good idea to carry an additional policy on their home beyond their current needs. Catastrophic events such as tornadoes, fires and floods happen when we least expect them. Nothing makes a tragedy worse than realizing there was not sufficient insurance coverage to handle the damage.
Many hopeful borrowers are in need of something beyond a traditional mortgage. The lease-to-own model is a good way for sellers and buyers to reach their intended goals. However, sellers need to be especially careful in these deals to make sure their interests are protected beyond merely the sale of the home.
The economic climate of the past few years has made the real estate industry a buyer’s market. With so many homes available due to foreclosure or short sales, a buyer can pick and choose their next house. However, there is another segment of the real estate industry that is in the driver’s seat; the landlord. People searching for a place to rent are finding that the landlords are not quite so willing to offer incentives as they once were.
High Demand for Places to Rent
Real estate analysts have stated that the demand for renting has greatly increased in the past few years. More people renting means the landlords can raise the rental rates. It also means the landlords are in control of the transaction. People that have searched for a suitable place to rent have come to realize that the monthly rental amount is either too high for their budget, or is higher than a comparable mortgage payment.
Conditions are Right for Many People
Fortunately, many of the conditions that have forced rental rates to rise are the same factors influencing low mortgage rates and affordable home prices. The real estate bust in the past few years has greatly reduced prices in most areas. And with the mortgage rates at the lowest point in history, many new buyers are finding it easier to justify a home purchase in light of the rise in rental rates.
Future Benefits
While buying a home now makes sense for many people, it will also be a good boon for people in the years to come. It is inevitable that home prices will begin to go up in the next few years. People that buy now while prices and interest rates are low will reap the financial gain of an appreciation in home values. They can later choose to use the equity to move up in a home, purchase a different home or even invest in rental properties.
Improve Financial Situation through Fixed Costs
Buying a home now with a fixed rate mortgage can also help people improve their financial planning. As we have seen in the past, rent amounts normally increase year to year. Sometimes the amounts are minimal and other years the change is substantial. People who choose to purchase a home using either a 15 year fixed or a 30 year fixed rate mortgage will be able to plan financially for the future with a fixed cost for housing.
Emotional Stability
Beyond the financial gains seen from purchasing a home, most people see an emotional benefit from being a homeowner. The knowledge that they have a true place in the world to put down roots can be quite satisfying for many people. They realize they now have a place to call home and it helps improve their general outlook.
If you are part of the rental crowd considering a home purchase now could be one of the best times in history to take the plunge and become a new homeowner. At Rock Realty, we are now offering a 1% home buyer credit. This could mean $1,000 back to you on a $100,000 home purchase.
We are happy to announce that last Friday we had another successful short sale closing. As you have likely heard, short sale transactions can be complex, and an experienced Short Sale Realtor® is a must.
This was a great home that the buyers are sure to enjoy! If you are thinking of selling or buying a short sale home in Wisconsin, we would be happy to assist you. Give Rock Realty a call at 877-774-7625.
Or, if you are considering a short sale for your home, feel free to fill out our no obligation
How to Buy a Home Once You Have Completed a Short Sale
Tragedy strikes across the country every year. People lose jobs, injuries are sustained from accidents and financial hardships cause tough decisions. Fortunately, most things improve with the passage of time. Read on to see how you can prepare for your next home purchase once you have sold a home via short sale.
Option 1: Big Down Payment
One constant that has remained in mortgage lending in many years is the power of a large down payment. Although it is uncommon to see someone with a 30% or more down payment, it does happen. Especially for people who are recipients of a windfall, such as payment on a judgment or an inheritance. If you can rationalize the high interest rates, and you have the funds for the large down payment, then you can usually find a private lender to set up a mortgage for you.
If you choose this route, be alert to a few items. First, the lender may have a stiff penalty for paying off the loan within the first few years. Secondly, the lender may attempt to set up the mortgage with a balloon payment. Avoid these two snags at all cost.
Option 2: Wait a Few Years
If you don’t have the money for a 30% down payment you can simply wait for three years. The Federal Housing Administration (FHA) will ask that a person who sold their home via short sale to wait for three years before applying for a new mortgage. However, if your circumstances show that the short sale was beyond your control, and you kept your payments up to date right up to the sale date, then you may be able to get the loan sooner.
People who would prefer to use conventional loans offered by Fannie Mae or Freddie Mac will have a similar wait. Fannie Mae only asks that borrowers wait for two years if they are able to pay a 20% down payment. For circumstances beyond your control Fannie may allow you a 10% down payment after a two year period.
Veterans who wish to use the VA loan will need to wait a full two years after their short sale to apply for a new loan.
Option 3: Lease with Option to Buy
It is not surprising that many home sellers have chosen to offer their homes with a lease and an option to purchase at a certain time and at a designated price. Due to the economic slump over the past few years, home prices have dropped. Sellers do not wish to sell their home at such a loss so many are willing to lease out the home in hopes that the market will rebound. For buyers who are not quite ready to qualify for a traditional mortgage, buying with a lease-option could be the easiest way to get in to a home.
With a little planning and a little patience it is possible to find yourself holding the keys to your next home after you have made it through a short sale.
Your company's online presence and reputation is a critical component of bringing in new leads and business. One of the most effective ways to communicate that your company is both competent and reputable is to post online client testimonials.
Up to this point, we had been sending customers a direct email asking them to reply with their personal testimonial. The response rate was less than ideal. Today I created an online form that hopefully will make a positive difference. It's a short form that was easy to create using Wufoo.com. Setting up a free account will allow you to:
Create 3 unique forms
Max of 10 Fields per form
A limit of 100 client form submissions per month
These forms can be used for anything from 'Home Buyer' submission forms to 'Employee Surveys'. They provide the necessary HTML code. I personally use the WordPress platform on my site. With the Wufoo WordPress plugin, creating the page was very easy. If you would like to see the finished product, click on the picture below.
Posted by: Michael Collins at 9:42am
Tags: wufoo forms,rock realty testimonials,submit a testimonial
There is only one home cheaper in Brooklyn WI as of 4/5/2012, and it's only 2 bedrooms! This large five bedroom farm house sits on a half acre lot on Brooklyn's main road. Recent renovations added 3 bedrooms. Huge garage. Wood burning fire place in the living room. Additional rec room leads to a four season porch with a deck. All square footage and room dimensions are an estimate. Original list price was $135,000!
All offers and commissions subject to seller's bank short sale approval. 105 W Main Street, Brooklyn Wisconsin
Posted by: Michael Collins at 7:51am
Tags: 5 bedroom home for sale,half acre lot,brooklyn wisconsin,green county
“We are glad you chose us as your lender. As you know, your credit score is _______.” For some people, filling in that blank might be nerve-racking. For others, it might be a source of pride and personal accomplishment. If you are working on your credit score, or simply want to know more about putting together a score that will make friends jealous and bankers swoon, read on.
Keep Your Available Limits Manageable
One of the top factors that affect a credit score is a person’s available credit. This is simple to understand with some numbers.
A person has one credit card to their name. The available balance is $1,000. At present, the person has charged a total of $200 on the card, leaving them with $800 available. As a percentage, the person has 80% available credit.
A different person has only one credit card, but their available limit is $300. At present, the person has charged $100 on the card. Their available limit is $200 or 67%.
Even though the second person in our example has a smaller outstanding balance, their available percentage is lower and their credit score will be lower. The closer your available limit is to 100% the higher your score will be.
Pay On Time, Every Time
Without a doubt, the single biggest factor of a person’s credit score is whether or not they pay their obligations on time. Paying all debts, regardless of the size, on time will do more to improve a person’s credit score than other tactics.
Keep Paid Off Credit Lines Open
Review the earlier example about available credit for a moment. Suppose you have three credit cards but you only owe money on two of them. Most people would be tempted to close out the one card in order to reduce temptation of charging too much. However, closing down the account hurts in two ways. First, it reduces your available credit limit. Second, it wipes out the history you had with that account. Both of these items will lower your score.
Strive to Have a Good Mix of Debt
In order to reach the magical number of 700 or more it is necessary to have a mix of debt that you are paying timely. A modest automobile loan, one or two credit cards and a small unsecured loan are usually enough to provide someone with enough diversity to get a high score. Having only one type of debt, regardless of the type of debt or how it is paid, will keep your scores in the 600 to 680 range.
Above all else, it is important to understand that building a strong credit score takes time. It will not happen in a day, a week or even a month. You will need to focus on the tips outlined above for a few months, maybe a year, in order to reach the pinnacle of credit scores.
Are you looking for a great deal on a Deerfield Wisconsin short sale home? This updated home is now listed at $138,000!
Beautifully maintained home with many updates. Wood burning fireplace with stone mantle and newer insert. Wood deck overlooking property. Walk-out basement. Truly a must see. Deerfield Wisconsin Short Sale. Offers subject to bank approval of short sale.
Posted by: Michael Collins at 9:36am
Tags: deerfield wisconsin short sale,motivated seller,reduced price on this
Local Financial Educators Organize Money Conference for Women
The Money Smart Women Conference is being held Saturday, April 21, 2012 from 8 a.m. to 1:00 p.m. at the Concourse Hotel in Madison with the theme of “Building Inner and Outer Wealth: Going from ‘I Can’t’ to ‘I Can’ to ‘I Will.’” So many of us are dealing with a new financial reality, caused by changes to our pay structure, job burnout or the economic downturn. Others of us are doing just fine but are ready for a new chapter, a new path. Join Michelle Carolla, Anchor of the WMSN Fox 47 News Team who will MC the conference, which offers area women, especially public employees, teachers, small business owners, solo entrepreneurs and other professionals, a unique opportunity to come together with other likeminded women, learn from area experts and walk away from the morning with tools, an action plan and the confidence to make the changes need to have the life we want, need and deserve!
Keynote Speaker, Tracey Anton, Vice President of Googins & Anton, Inc. Investment Advisors, Registered Investment Advisor and co-host of “Straight Talk about Money” radio program, is dedicated to helping people make sound investment decisions. In addition to advising individuals and small businesses and sharing her financial expertise each week on her radio show, Tracey also organizes and participates in investment seminars within the Madison community including seminars held at Madison Area Technical College.
Tracey will help us move from “I Can’t” to “I Can”, giving us the hope and courage to move forward. The Breakout Sessions will help take us from “I Can” to “I WILL” by giving us the tools we need to actually make changes in our lives. Topics including: “Is Your Hobby a Business…or Your Business a Hobby?”, “Confidently Marketing Yourself”, “Back to School as an Adult”, “Couples and Money”, “Investment Basics”, “Making Ends Meet”, “Wills, Probate and Estate Planning”, “Mindful Spending” and others. Breakout Session Speakers include Connie Kilmark, Owner of Kilmark & Associates and the “Dr. Ruth of Money”, Certified Professional Organizer Nancy Kruschke McKinney, Attorney Melinda Gustafson Gervasi among other experts.
Women attending the Conference will be treated to a plated breakfast, enjoy chair massages and an energizing chair yoga session and have the chance to win fabulous prizes including a 1 night stay at the Concourse Governor’s Club. Cost for the event is $20 in advance/$30 at the door. Only 130 seats are available so register early. Registration at www.moneysmartwomenwi.com.
This conference supports Money Smart Week Wisconsin, a statewide financial literacy effort created by Governor Doyle and the Federal Reserve Bank of Chicago.
Organizers and supporters of this conference include: Great Lakes Higher Education Corporation, CBM Foundation, The Federal Reserve Board of Chicago, Madison Gas and Electric, Heartland Credit Union, Summit Credit Union, Dane County Credit Union, UW Credit Union, GreenPath, Fox47, H Cubed Group, LLC, GreenPath Debt Solutions, Googins and Anton, Dane County UW-Extension Financial Education Center.
About Money Smart Week
Money Smart Week WisconsinSM is a creation of Governor Doyle's Council on Financial Literacy. Wisconsin Governor Jim Doyle created the Council to help improve financial literacy in Wisconsin. Wisconsin's campaign grew out of similar successful promotions run by the Federal Reserve Bank of Chicago in the cities of Chicago and Detroit. However, Wisconsin's campaign is the first-ever aimed at an entire state. It targets every city, town, and village throughout Wisconsin.
Take advantage of this aggressive price reduction! Be the first to submit an offer that we can bring to the bank! Bring your handyman skills for some necessary updates.
Be the new owner of this large 4 bedroom Eastside ranch. Master bath and walk-out basement with a raised deck overlooking the back yard. Needs some TLC. All offers subject to lenders approval of Short Sale.
The Wisconsin housing statistics are now in for February of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
This increasing sales trend began last summer and has continued at a healthy pace throughout the fall and winter. “It’s very encouraging to see sustained growth in home sales,” said Rob Keefe, Chairman of the WRA board of directors. He noted that sales over the last five months have seen growth rates in double digits without any distortion from federal incentive programs.
“We’re hopeful that the combination of moderating prices and low mortgage rates will carry this momentum into the next six months, which are the prime homebuying season in Wisconsin,” said Keefe.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. The median sale price in Dane County has fallen approximately $10,000 year over year. In Rock County Wisconsin, however, the median sale price has risen almost $10,000, or 13%! Have we hit bottom in Rock County for home prices??? I certainly hope so.
If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.
Housing Statistics for the State of Wisconsin:
February 2012
Home Sales: 3,137
Median Home Price: $115,000
February 2011
Home Sales: 2,695
Median Home Price: $117,000
Housing Statistics for Dane County, WI:
February 2012
Home Sales: 221
Median Home Price: $187,750
February 2011
Home Sales: 208
Median Home Price: $197,250
Housing Statistics for Rock County, WI:
February 2012
Home Sales: 110
Median Home Price: $83,249
February 2011
Home Sales: 76
Median Home Price: $73,500
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
One of the most important aspects of home ownership is being able to keep your home safe, so that it can be the secure and comfortable environment that your family no doubt desires. There is of course a certain measure of comfort that automatically accompanies any place we call “home.” Yet this comfort is meaningless if the security of your home is not adequately attended to. Fortunately, it is easy enough to take measures toward protecting your home environment. Here are a few ideas to help get you started.
• Security System – The most effective and logical place to start with protecting your home is to contact a local security company and discuss the installation of a security system in your home. These systems can consist of alarms, motion sensors, video cameras, and any number of other features that can work together to form a very protective network of security in your home.
• Yard Sign – Whether or not you actually have a security system (though it is of course advised that you do have one), you can actually achieve a high level of home protection by simply placing a sign in your yard indicating that you are protected. You may have seen ADT or CPI signs in people’s yards before, and it is easy to understand why – no one is likely to attempt to break into your home if he or she is concerned about being identified by a security system.
• Maintain a Presence – This may seem like a simple step, but once again, it is something that can prevent criminals from attempting to break into your home. Try to make it appear at all times as if someone is at your home. This means keeping a car visible, and leaving lights on when you are out of the house. It may seem unnecessary to you, but again, if you put yourself in a criminal’s shoes, you will likely feel far less inclined to break in to a home that appears to be occupied.
• Maintain Vigilance – Once you establish your home as a comfortable and well-protected environment, it can be easy to become a bit complacent. Unfortunately, this can have a directly negative effect on the security you’ve worked so hard to establish. Always remember to keep doors and windows locked, to be careful about opening the door for strangers, and to keep garage doors down. At times these sorts of tasks are a bit tedious, but it is important to remember that your own vigilance is the strongest security your home has.
- Kyle Anderson is a professional freelance writer, blogger, and participant in social media outlets. He has contributed to advertisements and online marketing campaigns for sites such as HomeSecuritySystem.com.
Mortgage Forgiveness is Currently Set to expire at end of 2012
One primary feature attracting many underwater homeowners to a short sale is the fact that the taxes are lowered thanks to a Mortgage Forgiveness Debt Relief Act of 2007 provision. However, that credit is set to go away at the end of the year 2012. This means that homeowners who have put off selling need to get busy.
Basics of the Rule
When foreclosures were the primary topic of almost every news broadcast, Congress stepped in and offered this one time transaction. Homeowners could sell their home, for less than the existing mortgage, if the lender agreed to the deal. The outstanding balance would normally be taxable as earned income to the homeowner. However, the Mortgage Forgiveness Act wiped out the taxes on any unpaid balance up to a whopping two million dollars. This act applies to short sales that occurred between 2007 and 2012.
New Area of Expertise for Real Estate Agents
Many real estate agents have chosen to specialize in certain areas. Some people prefer to work with commercial property, while others may focus their energy on single family homes. The past few years has seen a rise in the number of agents that zero in on the short sales, and for good reason. Many banks are not open to the idea of a short sale coming straight from the homeowner. But with an experienced real estate agent, the situation changes. Banks realize that these agents are quite familiar with the local area and can accurately predict a home’s true value. Using an experienced agent can help homeowners negotiate a fair sales price and remove themselves from the burden of a mortgage that is no longer feasible.
Possible Change before End of the Year
It is possible that Congress could move to extend the Mortgage Forgiveness expiration. After all, the home purchase credit initiated a couple of years ago was extended twice to encourage more people to buy homes. However, it is too early to tell if this particular act will be extended so it is better for most people to err on the side of caution and begin negotiating a sales price with their real estate agent and their lender.
Getting Everything in Order for a Short Sale
If you are considering a short sale of your home then you will need to get a bit of information together. First, you must contact your lender and ask them for a 30 day payoff on your mortgage. If you have more than one mortgage, or Home Equity Line of Credit (HELOC), then you will need a payoff amount for each loan. Once you have these figures you can call your real estate agent and ask for their professional opinion about the value of your home. The agent will be able to access sales of homes similar to yours in the surrounding area and provide you with an accurate value. Then, you will have a strong argument to present to the lender. The lender may ask that you have an actual home sale contract in hand before accepting your offer. But at least you will be on the track to selling the home once you have spoken to a real estate agent.
Here is today's market listings update for Active foreclosure single family homes located in Rock County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:30 A.M.
59 total Foreclosure|Bank Owned|REO homes are currently listed in Rock County, WI
Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great single family homes listed for sale in Rock County. Feel free to visit our listings page linked below:
Here is today's market listings update for Active foreclosure single family homes located in Dane County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/7/2012 at 8:15 A.M.
130 total Foreclosure|Bank Owned|REO homes are currently listed in Dane County, WI
Of course these numbers change on a daily basis, so to obtain the most up to date information on current foreclosure/bank owned homes for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great single family homes listed for sale in Dane County. Feel free to visit our listings page linked below:
Here is today's market listings update for Active short sale single family homes located in Dane County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/6/2012 at 12:30 P.M.
131 total short sale homes are currently listed in Dane County, WI
Low listing price: $64,000
High listing price: $675,000
Average listing price: $209,988
Median listing price: $175,000
Average days on the market: 198
Of course these numbers change on a daily basis, so to obtain the most up to date information on current short sales for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great short sale homes listed for sale in Dane County. Feel free to visit our listings page linked below:
Here is today's market listings update for Active short sale single family homes located in Rock County Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/6/2012 at 12:15 P.M.
66 total short sale homes are currently listed in Rock County, WI
Low listing price: $26,800
High listing price: $290,000
Average listing price: $109,994
Median listing price: $97,000
Average days on the market: 158
Of course these numbers change on a daily basis, so to obtain the most up to date information on current short sales for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great short sale homes listed for sale in Rock County. Feel free to visit our listings page linked below:
For any and all homeowners who are looking for help with their mortgage and/or property taxes.
What: FREE Workshop – Learn about Loan Modifications and Other Options
Where: Madison College (MATC) – Madison Truax Campus (near the airport)
3550 Anderson Street, Room 217 (at the top of the escalator)
(Free Parking in the Student Parking Area off Wright Street.)
When: March 8, 2012 6:00 pm to 8:00 pm (may go past 8 pm)
(Please allow time to walk from parking to the class room.)
This is a recurring workshop and takes place on the 2nd Thursday evening of every month.
Call: Reservations are appreciated but not required. Please call Bethany Nelson @ (608) 261-5677 for more information
Cost:FREE
Homeowners are rightfully frustrated with the loan modification system and need help to navigate and understand the process. Come and learn how the modification process works, why some homeowners get modifications and others do not, and what other options you might have.
Comments from homeowners attending the workshop:
· You all got straight to the point
· It was very informative and realistic
· I appreciated getting legal information on bankruptcy
· I appreciated the willingness of presenters to take questions
· It was very clear with difficult topics
· The workshop helped me identify other resources that may help my situation
· They kept it lively
Presenters: Ellen Bernards, GreenPath Debt Solutions and Co-chair of the Dane County Foreclosure Prevention Taskforce Attorney Stacia Conneely from Legal Action of Wisconsin and Attorney Patricia Hammel, Herrick & Kasdorf, LLP.
The Dane County Foreclosure Prevention Taskforce wants to make sure that homeowners have the information they need to make good decisions and get the assistance they need. We are increasing the number of workshops this year in an effort to reach more homeowners in distress. They will take place every month on the 2nd Thursday at the Madison College (formerly MATC) Truax Campus beginning February 10, 2011. A special thank you to Madison College for providing free space for these workshops.
The Dane County Foreclosure Prevention Taskforce is a coalition of government agencies, non-profit service providers and other community partners working to implement a coordinated response to the foreclosure problem in Dane County through prevention, intervention, and neighborhood stabilization effort.
If your bank or attorney has recommended that you look into a short sale of your home, we would be happy to help. For more information on Short Sales, please visit the links below:
Homebuyers Can Use a FHA Loan to Purchase Property from an Investor
FHA has been the most popular mortgage used by Wisconsin residents looking to purchase their first home. The relaxed credit standards lower down payment requirement and higher debt ratios has allowed many people to purchase a home through this type of loan. However, investors who were in the business of buying a home to simply turn around and sell it for a profit, called flipping, always steered clear of FHA borrowers. FHA had a rule stating a home could not be sold a second time within 90 days of its last purchase. But that has all changed.
Original Intent
The primary reason for this “anti-flipping” rule was discourage fraud on mortgages. However, as time marched on it became apparent that deserving FHA buyers were being denied a home. Many homes have been bought after foreclosure by investors and repaired to make them ready for resell. The FHA ruling prevented the investors from selling and the market has struggled.
Some Rules to Keep in Mind
Although the FHA administration has decided to lift this rule, there are still other guidelines that must be followed when dealing with one of these investment homes.
The seller of the home and buyer cannot have any type of pre-existing relationship. This could be as simple as a relative selling to a family member or as complex as a business owner selling to a partner or employee.
In the event that the new sales price is 20% or more than the price paid at acquisition by the investor the loan may be inspected more closely to ensure the value of the property was not artificially raised.
Keep in mind that the original rule was put in place to prevent fraud. In addition, the original rule only came in to effect when a home was bought by an investor and then resold within 90 days. If the investor waits beyond the 90 day window to sell the home most of these issues will not be present.
Protection against Future Fraud
Most lenders are well aware of the abuse that has taken place in the mortgage industry over the past few years and have stepped up their lending standards to catch fraud and illegal practices. Because of the heightened scrutiny, many high ranking managers among the top lenders do not feel that this change in FHA rules will lead to a sudden burst of bad loans. The tighter appraisal restrictions, along with the general awareness of potential problems, should allow banks and mortgage companies to move forward with new FHA loans without falling victim to a scam artist.
Here is today's market listings update for Active short sale single family homes located in Madison Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/2/2012 at 10:00 A.M.
54 total short sale homes are currently listed in Madison, WI
Low listing price: $69,900
High listing price: $650,000
Average listing price: $181,519
Median listing price: $159,900
Average days on the market: 194
Of course these numbers change on a daily basis, so to obtain the most up to date information on current short sales for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have great short sale homes listed for sale in Madison. Feel free to visit our listings page linked below:
Here is today's market listings update for Active short sale single family homes located in Janesville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 3/1/2012 at 12:30 P.M.
41 total short sale homes are currently listed in Janesville, WI
Low listing price: $26,800
High listing price: $290,000
Average listing price: $108,963
Median listing price: $94,900
Average days on the market: 136
Of course these numbers change on a daily basis, so to obtain the most up to date information on current short sales for sale, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
At Rock Realty, we currently have 5 great short sale homes listed for sale in Janesville. Feel free to visit our listings page linked below:
Since buying a home is one of the largest financial transactions that most people will undertake, it makes sense to do your homework and find the right loan officer for your mortgage. The following list represents some suggested questions you should ask of any loan officer before signing up for a loan.
What will my true interest rate be on this mortgage? – Ask your loan officer to present you with the APR which is the acronym for Annual Percentage Rate. The APR will include not just the mortgage interest rate but also the points, margin and closing costs. If you are looking in to a mortgage with an adjustable rate then you should ask about the maximum rate, the frequency of the adjustments and which of the many indexes are used to calculate the rate for your loan.
What loan is best for me in my current situation? Your loan officer should be able to provide you with at least two different loan scenarios, if not more. You need to compare the APR as well as the monthly payments and the number of years the loan is amortized. People with less than ideal credit may have to settle for only one type of loan, but it does not hurt to ask about the various options.
Can you tell me the origination fees and the points? A point is equivalent to 1% of the loan value. It is possible for a lender to charge a borrower with more points in order to get a lower interest rate. However, this will drive up the closing costs. An origination fee is a price paid to initiate the loan. Some lenders operate with no origination fees while others may charge anything from 0.5% up to 3% of the loan amount as an origination fee.
What are the closing costs associated with this loan? Closing costs are the items that are paid for in association with completing the loan. This can include, but is not limited to, the appraisal, property taxes, recording fees, title search, closing fee for the attorney, document preparation, and a survey. Ask for a breakdown of the costs and who is being paid on each item.
Do you offer an estimate of the closing costs? The majority of lenders will provide a GFE, or Good Faith Estimate, to a borrower upon request. This document will list out an estimate for the various costs associated with the mortgage.
What is the average processing time for this kind of mortgage? A mortgage can take two weeks or as long as 60 days to process completely. Ask your loan officer for an estimate of the closing time and keep one thing in mind; an estimate is an educated guess. Unforseen variables can delay or speed up the processing.
Will you lock in the mortgage rate now? Ask your loan officer if they are locking in the rate or if they are looking at various lenders to try and get the best deal. If your lender requires an upfront fee to lock in a rate for 30 or 60 days, find out the amount to see if you are prepared to pay it.
A mortgage is very much like a business negotiation. Having your facts straight and ready to go can make a big difference in the rate as well as the type of loan you get.
Get all the facts before choosing a mortgage broker to work with. Refinancing or buying a home is a big commitment and you want to know you can trust whoever you hire.
If you are looking to purchase a home in Rock, Dane or the surrounding counties in Wisconsin, please give me a call. We are based in Janesville, but service Madison & most surrounding cities.
Amidst the turmoil and problems of the year, there was some good news about Wisconsin home values in the year 2011; prices have stabilized. Based on a year-end report conducted by the Wisconsin Realtors® Association (WRA), the number of homes sold was slightly better than for the year 2010. And the price drop from 2010 to 2011 has been minor, signaling that we may have found the bottom of the price bubble.
Not Unexpected
However, this trend is not a surprise to seasoned real estate agents. The Federal Homebuyer credit that was so popular during the year 2010 was projected to have a negative impact on the first six months of 2011. This prediction came true. Even more importantly, the latter half of 2011 saw a strong increase in home sales that were higher than the same point from 2010.
Small Signs of Economic Improvement
The best news is the fact that the number of homes selling has increased. While different parts of Wisconsin have seen varying degrees of improvement, the entire state has benefitted from improvements made in the economy. While government has shown a loss in jobs, the private sector is increasing enough in new jobs to offset the government loss. This has led to a drop in the total state unemployment number, down from 7.6% to 7.1%
Lower Prices Main Reason for More Sales
Obviously, when the price of goods drops it usually signals more buying from consumers. The same is true for homes across Wisconsin. Historically low mortgage rates, paired with lower home prices, have enabled more families to buy that first elusive home. While the average home price is roughly 25% to 30% lower today than it was in 2006, the recent trends are promising. Prices will rise with increased demand. As long as unemployment continues to drop and people continue to purchase homes, the prices will eventually rise again.
Everything moves in Cycles
Keep in mind that the state economy is like a giant organism. When something affects one part, another part is affected as well. Case in point, apartments are beginning to see a good recovery. A large number of people have chosen to rent a place for the short term while they make their plans to buy a home. As this trend continues, the price to rent an apartment or single family home will rise. When the price to rent becomes higher than the monthly payment on a typical mortgage, more people will look to purchase a home.
The last few years have been tough on a lot of people. Loss of jobs, drop in home prices and a general feeling of despair have been quite common. However, times are improving, if only slightly. Now is the time to get our financial houses in order and push forward to take advantage of the great home ownership opportunities that lie before us.
Although the winter months have traditionally been a slow time in the real estate market, business has seen significant improvement across Wisconsin. While it may be premature to proclaim that the recession is ending, these signs do point to an improvement in the overall economy.
Starting Off 2012 with a Bang
Across the state the number of home purchases increased by 11 percent in January 2012 in comparison to the number of homes sold in January 2011. This is a continuation of the trend that began in October of 2011. Although the average home price is still down from the levels of 2006, the improved activity is a good sign.
Refinancing is Hot now
Along with improvements in home sales, refinancing has been quite popular lately. The record low interest rates have caused quite a few people to investigate refinancing their home. Recent reports show that as much as 80% of mortgage applications have been for refinancing.
Primary Key to Fuel Home Sales and Price Improvements
The majority of economists agree that it is too soon to determine if the surge in home sales will last. However, they all agree on one point. A steady, stable growth in the number of people able to return to full time work will drastically help the housing market.
Still a Buyer’s Market
The good news for buyers is the available inventory makes it possible for a buyer to review multiple homes and find the one that is best for their needs. The recent statistics show that the current inventory of homes for sale is quite large, but the numbers are moving down. Along with the incredibly low interest rate this marks a great time for new homebuyers to get in their first home as well as for current homeowners to consider selling for either a bigger property or a home in a better area.
Short Sales and Foreclosures add Properties to the Mix
While home prices have declined in recent years due to the struggling economy, some of the best deals can be found in the case of foreclosures and short sales. It is common for a short sale to be in a much better condition than a foreclosure. Most of these owners were living in the home right up until the time they sold the property and moved on. This means that a home that was part of a short sale has a good chance of being in move-in condition. For the do-it-yourself type of people, a foreclosure could be a way to get a home at a tremendous discount and have the option of adding paint, carpet, and fixtures to customize the home to their liking.
New Employment Numbers has Negative Impact on Mortgage Rates
The recent good news for the job market had a less than desired effect on mortgage rates. Thanks to signs of an improvement in the economy the recent reports stating more people are back to work had an almost immediate impact on trading in the stock market. For years economists have pointed out the inverse relation between home mortgage rates and the general health of the economy. Usually, when investors are worried about risk, they will avoid the stock market and invest more money in to bonds and mortgage backed securities. This flow of cash makes the rates drive lower. However, when times are good and investors rush to the stock market, the opposite effect is felt.
But the Sky is Not Falling
However, this does not mean that any improvement in the stock market will automatically push mortgage rates up. And it also does not mean that the mortgage rates will move dramatically one way or the other. For example, back in the year 2007 the average 30 fixed rate hovered between 6.325% and 6.625%. Now, for the past 3 months, the average rate has moved between 4.345% and 3.875%. This shows roughly a 2% change in rates over the course of 5 years. Mortgage rates do move with the ebb and flow of the economy, but it is rare to see drastic jumps or drops.
What Does this Mean for Homeowners and Potential Homebuyers?
If the economy continues to slowly improve, this means that we may indeed have seen the lowest rates ever. Homeowners that have been wavering between refinancing and hoping for a slightly better rate would be well advised to lock in a rate suitable for their needs.
At the same time, potential homebuyers who are wondering if rates could possibly get any lower may wish to go ahead and put out a contract on a home. Locking in a good rate now for 30 or 60 days could provide a small cushion against any small uptick that will likely come in the next few weeks.
Locking in a Loan
Fortunately, the costs for doing a mortgage loan are still relatively low. Combined with the modest amount to lock in a loan, this is a great time to secure a solid rate. Most lenders are seeing quite a bit of pressure to keep the costs down so it is highly unlikely that the expense of ate locking will jump any time soon. Keep in mind that the current rates are around 3.875%. Rates cannot go to zero because that would mean the lenders are not making any money. Sooner or later, rates will go back up. How high will they go? That is the proverbial “big question” that no one really has an answer for at the moment. Better to get in on the low rates while you can rather than kicking yourself for waiting and missing out.
Original list price was $135,000! Now listed at $73,000!
This large farm house sits on a half acre lot on Brooklyn's main road. Recent renovations added 3 bedrooms. Huge garage. Wood burning fire place in the living room. Additional rec room leads to a four season porch with a deck. Above ground pool is negotiable. All square footage and room dimensions are an estimate.
All offers and commissions subject to seller's bank short sale approval.
Posted by: Michael Collins at 1:49pm
Tags: price reduction,half off,five bedroom short sale,brooklyn wi
The Wisconsin housing statistics are now in for January of 2012. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
“While we wouldn’t want to draw too many conclusions from strong January sales figures, it is encouraging to see some the strong growth patterns of the last three months continue into 2012,” said Rob Keefe, Chairman of the WRA board of directors.
The January (home inventory) figure stands at 11.8 months of unsold homes, meaning that it would take nearly a year to sell the current inventory of homes available for purchase given the average pace of sales over the last year. “In the 20 months that we’ve tracked this measure, this is the first time we’ve been below 12 months, which is a good sign,” said WRA President and CEO, Michael Theo.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. But as you can also see, all prices are dropping in this market.
If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.
Housing Statistics for the State of WI:
January 2012
Home Sales: 2,881
Median Home Price: $118,362
January 2011
Home Sales: 2,584
Median Home Price: $128,507
Housing Statistics for Dane County, WI:
January 2012
Home Sales: 240
Median Home Price: $192,700
January 2011
Home Sales: 236
Median Home Price: $204,950
Housing Statistics for Rock County, WI:
January 2012
Home Sales: 105
Median Home Price: $63,000
January 2011
Home Sales: 86
Median Home Price: $64,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
Here is today's market update for Active single family foreclosure and bank owned home MLS listings located in Madison Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/15/2012 at 10:45 A.M.
42 total Foreclosure|REO|Bank-Owned home listings in Madison, WI
Low listing price: $58,000
High listing price: $340,000
Average listing price: $152,235
Median listing price: $149,500
Average days on the market: 57
There are some fantastic deals available right now! Of the 42 foreclosure listings in Madison, 21 of them are listed for under $150,000. These numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 877-774-7625 or email us at Info@RockRealtyWI.com. If you are looking to buy a discounted home in Madison Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market update for Active foreclosure and bank owned home MLS listings located in Janesville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/14/2012 at 2:50 P.M.
26 total Foreclosure|REO|Bank-Owned home listings in Janesville, WI
Low listing price: $45,500
High listing price: $679,900
Average listing price: $118,167
Median listing price: $84,000
Average days on the market: 82
There are some fantastic deals available right now! Of the 26 foreclosure listings in Janesville, 19 of them are listed for under $100,000. These numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 877-774-7625 or email us at Info@RockRealtyWI.com. If you are looking to buy a discounted home in Janesville Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Cambridge Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/13/2012 at 1:15 P.M.
15 total 3 bdrm ranch homes are currently listed in Cambridge, WI
Low listing price: $87,500
High listing price: $399,900
Average listing price: $233,613
Median listing price: $199,900
Average days on the market: 212
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. If you are looking to buy a home in Cambridge Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
The original list price on this great home was $74,900. Buyers, it's time to take advantage of this significant price reduction! A lot of square footage here.
Well kept Victorian home with original hardwood floors and wood trim. Large wrap around front porch adds to the character of the home. 4th bedroom is attached to the master bedroom and can be used as a nursery.
Offers & commissions contingent on bank short sale approval.
Posted by: Michael Collins at 2:11pm
Tags: janesville wi price reduction,short sale victorian home,wisconsin
Here is today's market listings update for Active three (3) bedroom ranch homes located in Monona Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/8/2012 at 12:40 P.M.
14 total 3 bdrm ranch homes are currently listed in Monona, WI
Low listing price: $89,900
High listing price: $849,900
Average listing price: $297,150
Median listing price: $219,700
Average days on the market: 104
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. If you are looking to buy a home in Monona Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Mc Farland Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/8/2012 at 12:35 P.M.
22 total 3 bdrm ranch homes are currently listed in McFarland, WI
Low listing price: $144,900
High listing price: $950,000
Average listing price: $275,127
Median listing price: $232,450
Average days on the market: 164
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
9 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Mc Farland
Low listing price: $150,000
High listing price: $269,900
Average listing price: $220,500
Median listing price: $225,000
Average days on the market: 174
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. If you are looking to buy a home in McFarland Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Fitchburg Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/8/2012 at 12:20 P.M.
29 total 3 bdrm ranch homes are currently listed in Fitchburg, WI
Low listing price: $149,900
High listing price: $1,649,000
Average listing price: $390,558
Median listing price: $299,900
Average days on the market: 136
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
21 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Fitchburg
Low listing price: $165,000
High listing price: $1,649,000
Average listing price: $422,980
Median listing price: $319,900
Average days on the market: 130
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. If you are looking to buy a home in Fitchburg Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Oregon Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/8/2012 at 12:15 P.M.
39 total 3 bdrm ranch homes are currently listed in Oregon, WI
Low listing price: $87,500
High listing price: $2,999,900
Average listing price: $397,276
Median listing price: $259,900
Average days on the market: 149
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
20 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Oregon
Low listing price: $129,900
High listing price: $584,900
Average listing price: $242,670
Median listing price: $220,900
Average days on the market: 139
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. If you are looking to buy a home in Oregon Wisconsin, we would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Just Reduced again! Beautiful victorian home made into a 2 unit rental property. Attractive landscaping helps give this home a wonderful location. Well maintained with newer windows and plaster on ceilings and walls. This is a great multi-family opportunity for cash flow. Large 2 car garage!
Short Sale. All offers and agent commissions are subject to seller's lender approval.
Posted by: Michael Collins at 6:59am
Tags: short sale rental property,janesville wi multifamily,2unit rental prop
Are you looking for a Verona Wisconsin Short Sale Realtor or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Verona WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Verona property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Verona home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Here is today's market listings update for Active three (3) bedroom ranch homes located in the city of Verona Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/6/2012 at 9:40 A.M.
27 total 3 bdrm ranch homes are currently listed in the City of Verona
Low listing price: $99,900
High listing price: $1,295,000
Average listing price: $292,107
Median listing price: $237,900
Average days on the market: 122
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change significantly. Those stats are listed below.
13 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Verona
Low listing price: $179,900
High listing price: $389,900
Average listing price: $245,753
Median listing price: $244,900
Average days on the market: 81
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Edgerton Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/6/2012 at 9:30 A.M.
40 total 3 bdrm ranch homes are currently listed in Edgerton, WI
Low listing price: $20,900
High listing price: $675,000
Average listing price: $215,802
Median listing price: $176,700
Average days on the market: 122
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
13 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Edgerton
Low listing price: $154,900
High listing price: $675,000
Average listing price: $255,861
Median listing price: $189,900
Average days on the market: 107
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in the city of Beloit Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/6/2012 at 9:15 A.M.
67 total 3 bdrm ranch homes are currently listed in the City of Beloit
Low listing price: $45,000
High listing price: $450,000
Average listing price: $110,840
Median listing price: $94,000
Average days on the market: 187
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change significantly. Those stats are listed below.
19 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Beloit
Low listing price: $89,900
High listing price: $398,000
Average listing price: $153,263
Median listing price: $129,000
Average days on the market: 180
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Stoughton Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/6/2012 at 9:00 A.M.
32 total 3 bdrm ranch homes are currently listed in Stoughton, WI
Low listing price: $84,000
High listing price: $558,900
Average listing price: $222,203
Median listing price: $188,450
Average days on the market: 162
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
14 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Stoughton
Low listing price: $139,900
High listing price: $495,000
Average listing price: $214,128
Median listing price: $194,900
Average days on the market: 148
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Evansville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/2/2012 at 4:00 P.M.
30 total 3 bdrm ranch homes are currently listed in Evansville, WI
Low listing price: $125,000
High listing price: $1,500,000
Average listing price: $240,536
Median listing price: $177,500
Average days on the market: 152
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
14 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Evansville
Low listing price: $138,500
High listing price: $245,000
Average listing price: $185,578
Median listing price: $177,000
Average days on the market: 146
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market listings update for Active three (3) bedroom ranch homes located in Milton Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/2/2012 at 3:30 P.M.
29 total 3 bdrm ranch homes are currently listed in Milton, WI
Low listing price: $75,000
High listing price: $400,000
Average listing price: $203,275
Median listing price: $169,900
Average days on the market: 164
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change. Those stats are listed below.
13 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage in Milton
Low listing price: $129,900
High listing price: $400,000
Average listing price: $217,084
Median listing price: $187,000
Average days on the market: 156
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly at 608-921-8536. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market update for Active three (3) bedroom ranch homes located in the city of Madison Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/2/2012 at 1:45 P.M.
354 total 3 bdrm ranch homes are currently listed in the City of Madison
Low listing price: $55,000
High listing price: $1,649,000
Average listing price: $252,986
Median listing price: $189,900
Average days on the market: 136
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change significantly. Those stats are listed below.
164 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage
Low listing price: $118,900
High listing price: $1,649,000
Average listing price: $286,971
Median listing price: $229,900
Average days on the market: 131
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $2,000 back on a home purchase of $200,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Here is today's market update for Active three (3) bedroom ranch homes located in the city of Janesville Wisconsin. This information was pulled from the South Central Wisconsin MLS on 2/2/2012 at 10:15 A.M.
195 total 3 bdrm ranch homes are currently listed in the City of Janesville
Low listing price: $35,000
High listing price: $679,900
Average listing price: $171,758
Median listing price: $144,990
Average days on the market: 145
If you are looking for a 3 bedroom ranch home that has a 2 car garage and a minimum of 2 bathrooms, then the numbers do change significantly. Those stats are listed below.
92 total 3 bdrm ranch homes, with 2 bathrooms & a 2 car garage
Low listing price: $65,900
High listing price: $625,000
Average listing price: $167,627
Median listing price: $149,900
Average days on the market: 142
Of course these numbers change on a daily basis, so to obtain the most up to date information, please contact us directly. We would be happy to customize the search further for you to find the home that is just right for you.
As an extra benefit to Rock Realty home buyers, we offer a 1% broker commission rebate after closing. This could mean $1,500 back on a home purchase of $150,000. We love to hear how these rebates help our clients. Some use them for home improvements, while others simply put it in savings for future needs. It is a great option that we are happy to offer. Contact us for further details and limitations.
Are you looking for a Madison Wisconsin Short Sale Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Madison WI area. We have helped home owners in both Rock County and Dane County, from Beloit to Lodi.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors® (NAR). Feel free to contact me directly at 608-921-8536 for help with any of your short sale home questions. I have helped many Madison home owners with their distressed property needs and consider myself a Wisconsin Short Sale Specialist.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Real Estate Agents at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Madison property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation Many home owners have preferred to first determine if a short sale is the right option for their Madison home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Click here for a free Madison WI Short Sale Home Evaluation
If you are curious what short sale homes we currently have for sale, please feel free to visit our Short Sale Home Listings page. These are fantastic homes at a great price.
Across Wisconsin there are a large number of short sale homes available to buyers. A short sale is a home being sold for an amount less than the existing mortgage balance. These homes often have a few cosmetic repairs that need to be made in order to make the home more presentable, if not safe. For years the issue of repairing a home prior to purchase was a catch 22. The bank or seller was not willing to spend extra money on a home that they are selling. The buyer could not make the repairs because they did not legally own the home. The FHA 203k loan solves that problem with ease.
Two Kinds of Loans
The Federal Housing Authority (FHA) offers a loan called the 203k mortgage, named after the code section where the loan is found in the FHA guidelines. This loan is offered as a Streamline version and the regular version. The streamline was designed to offer lower amounts designated for repairs and slightly less paperwork. Both loans are ideal for Wisconsin homebuyers who wish to purchase a home in need of some repairs.
How the Loan Works
The loan program allows buyers to purchase a home based on the sales price. In addition, the buyers can borrow extra money to make the necessary repairs. Once the loan is approved and closed, the extra money is placed in an escrow account. The contractor that is doing the work will receive payment once the work is completed. This protects the borrower and the lender against problems with the repair process.
The amount needed for repairs is added to the loan for the purchase and the homebuyer makes one payment, at one interest rate, on the entire loan. Since mortgage rates are so cheap right now it is a wonderful way to buy a home that may be priced below market value due to some simple fix-ups.
Loan Amounts
The Streamline 203k loan will allow Wisconsin homebuyers to borrow a minimum of $5,000 and a maximum of $35,000 to be used towards the repairs. The regular 203k loan allows much more as a percentage of the sales price and the estimated appraised value after the proposed repairs have been made. The regular 203k loan will need the involvement of an appraiser, home contractor and loan officer from the very beginning to make sure the loan and repairs meet the guidelines of the program
What Can be Done with 203k?
Wisconsin homebuyers often ask about the types of repairs that can be done with the Streamline 203k program. The following list shows some of the more popular tasks accomplished using this type of loan
New gutters and a new roof
New Heating and air conditioning system or repairs to the existing system
Plumbing updates and repairs
Electrical updates and repairs
Bath and kitchen remodels, to a lesser extent
New flooring of any type; wood, carpet, tile
Painting for both exterior and the interior
New windows and doors
Energy efficient appliances
The 203K loan allows many types of repairs and improvements that can greatly enhance the value of a home and give buyers a chance to purchase a place at a savings. This loan is ideal for Wisconsin short sales or foreclosures.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a FHA lender directly to learn more about its mortgage products and your eligibility for such products.
Posted by: Michael Collins at 6:31am
Tags: fha,203k,fha loan,mortgage,home buyers,home repairs,wisconsin short sa
How would you like to pay less than $340/month for this beautiful condo? That's how much the principal and interest payment comes to when assuming the following factors!
$79,000 purchase price
10% down payment ($7,900)
4.0% interest rate (Rates today are at 3.875%)
Let's say you can only put down 5% ($3,950) for a down payment. The mortgage payment changes by only$20 more per month!
Own this Wonderfully maintained Marshall condo unit that has vaulted ceilings with skylights. Move-in ready. Complete with appliances including dishwasher, microwave oven, and washer dryer. Short drive to Madison Wisconsin.
Subject to lender approval of short sale.
Posted by: Michael Collins at 6:25am
Tags: marshall wisconsin short sale condo,short sale home,wi condominium,und
Check out this new lower price of $84,900! This fantastic Janesville ranch home will not last long! The bank wants to see an offer. All offers are subject to bank approval of short sale.
Well maintained east side ranch with many updates. Tile kitchen counter top and laminate wood flooring. Gas fireplace in basement. Within walking distance to elementary and middle school.
Posted by: Michael Collins at 10:40am
Tags: janesville wi,short sale ranch,reduced price,reduction,lower list pric
Take advantage of this aggressive $10,000 price reduction! Be the first to submit an offer that we can bring to the bank!
Be the new owner of this large 4 bedroom Eastside ranch. Master bath and walk-out basement with a raised deck overlooking the back yard. All offers subject to lenders approval of Short Sale.
Posted by: Michael Collins at 7:17am
Tags: madison wi ranch,short sale wisconsin,wi short sale,price reduction,lo
The original list price on this great home was $74,900. Buyers, it's time to take advantage of this 30% price reduction!
Well kept Victorian home with original hardwood floors and wood trim. Large wrap around front porch adds to the character of the home. 4th bedroom is attached to the master bedroom and can be used as a nursery.
Offers contingent on bank short sale approval.
Posted by: Michael Collins at 6:07am
Tags: large house,janesville wisconsin short sale home,price drop,reduction,
The Wisconsin housing statistics are now in for December of 2011. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:
"What is encouraging is to see monthly home sales continue to outpace last year's levels," said Rob Keefe, Chairman of the WRA Board of Directors, noting that home sales in December were 11.3 percent higher than December 2010".
"If home sales are to continue to grow, we will need more robust job growth going forward, but a falling unemployment rate is a welcomed sign" said WRA President and CEO Michael Theo. The [Wisconsin] unemployment rate dropped more than a half percent over the last two months to 7.1 percent in December 2011.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. But as you can also see, all prices are dropping in this market.
If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Has your home value fallen below what you currently owe? A short sale may be right for your situation. Visit the following page on Wisconsin Short Sales.
Housing Statistics for the State of WI:
December 2011
Home Sales: 3,792
Median Home Price: $120,000
December 2010
Home Sales: 3,399
Median Home Price: $135,000
Housing Statistics for Dane County, WI:
December 2011
Home Sales: 313
Median Home Price: $199,900
December 2010
Home Sales: 293
Median Home Price: $222,450
Housing Statistics for Rock County, WI:
December 2011
Home Sales: 117
Median Home Price: $79,000
December 2010
Home Sales: 92
Median Home Price: $90,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
Buying a home in Wisconsin with no down payment is still a reality thanks to the USDA program. The Rural Development section of the United States Department of Agriculture (USDA) has made great strides in the past two years to educate loan officers and potential borrowers of the benefits of this program. The mortgage offered by the USDA is quite different from other programs and is a great way for people to purchase a home without a costly down payment.
Mortgage Insurance
Unlike conventional loans and FHA loans, the USDA loan does not require any mortgage insurance. This means that every dollar of every payment is going towards the principal, the interest or the escrow for the home.
Closing Costs Paid by Seller
A conventional loan allows the seller to pay closing costs up to 3% of the purchase price. Similarly, FHA will allow the seller to pay closing costs up to 6% of the purchase price. However, USDA has no limit on the amount that can be paid by the seller. This means it is possible to find a house and purchase it without paying a down payment or any closing costs.
Property Location
In order to be considered for the USDA loan a home must be located in an area designated as rural by the USDA. However, would it surprise you to learn that of the 72 counties listed in Wisconsin, 50 of those counties are considered rural? And the remaining 22 counties have sections that are considered rural. This means that there are numerous homes that could be eligible for this type of loan.
Income Limits
There are also some limits on the person’s income. The USDA bases the limits on the total number of people that will occupy a home. For example, a family made up of a mom, dad, and three children under the age of 18 will be allowed more income than just a married couple. A Wisconsin loan officer can look up the limits for each county and let you know if you meet the guidelines.
Loan Limits
The maximum amount allowed for a USDA loan is different for each county in Wisconsin. However, the limits are very liberal. Some counties, such as Ozaukee and Dane, will allow qualifying borrowers to get a loan up to $230,000.
Not For Select Buyers
Some people are under the impression that the USDA loan is only for Wisconsin borrowers looking for their first home. However, nothing could be further from the truth. People buying their first home or their fifth home can use the USDA loan. The only stipulation is that the property must be the borrower’s primary residence.
It has been mentioned in the news a lot in the past three years that mortgage rates are at an all-time low. When rates are so low it is only a matter of time before they start to rise. Take the opportunity to talk to a Wisconsin loan officer and find out if you can get a home using the USDA loan.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a USDA lender directly to learn more about its mortgage products and your eligibility for such products.
It is true that mortgage rules have become stricter in the last few years. However, getting a jumbo mortgage in Wisconsin is still a very real possibility. Borrowers need to understand up front the basic requirements and also how to compare loans to make sure they are getting the best deal.
In the not so distant past homebuyers could get approved for a jumbo mortgage with only a 5% down payment. In addition, there were no strict requirements for proof of income. As long as the credit score was 700+, the loan was as good as done. Things have changed a lot in the past 4 years, not just in Wisconsin but all over the country. Here are the basic requirements for anyone that wishes to borrow more than the standard $417,000 amount:
Borrower must pay 20% of the home’s purchase price as a down payment. The money must come from their own funds, meaning it cannot be a gift. Borrowers should be prepared to provide copies of bank statements and investment account reports to document where the down payment came from.
Borrowers will need to provide adequate documentation that reflects their income. This may come in the form of paystubs and W-2 forms. For self-employed individuals, the most recent two years tax returns will be required.
Borrowers should be prepared to look at loans with adjustable rates. Long term fixed Jumbo loans are possible but the rates are usually significantly higher than the adjustable loan.
Current Property Values
Before buying a home it is a good idea to talk to a Realtor® to find out about trends in property values in the area. Many places have seen declines in the past 5 years. However, recent reports show that the overall sales in Wisconsin are keeping pace with last year’s numbers. And the drop in values seems to have hit a low point. This means that most places like Madison should see at least stable values for the upcoming year and hopefully a rise in values in coming years.
Limits on Intended Purpose
People can only get a jumbo mortgage on a home that they intend to occupy as their primary residence. This means that for people looking to buy a vacation home or a rental property will not be able to use a Jumbo mortgage for their purchase.
Focus on Other Debt
One of the biggest changes for approving jumbo mortgage applications is the attention given to debt-to-income ratios. The current guideline is 38%. This number is calculated using the borrower’s gross, monthly income before taxes are deducted. Lenders want to make certain that borrowers can comfortably afford the large house payment and still have discretionary income left over.
For those borrowers that are considering a jumbo mortgage in Wisconsin the current mortgage rate climate seems like a good fit for buyers. Low rates along with lenders who are still pushing these loans make it a good investment for a savvy buyer who has a good handle on their finances.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a lender directly to learn more about its mortgage products and your eligibility for such products.
For Wisconsin residents that have previously served our country in the armed forces or in the reserves, the VA mortgage is a great way to purchase a home. This loan is offered to qualified veterans with no money down and no mortgage insurance, making it very affordable. And the rules for determining who is eligible are quite liberal as well.
Minimum Service Times
People who have served in the Coast Guard, Navy, Marine Corps, Air Force or Army can be considered eligible for a VA loan if they have been discharged and met at least one of the following service times
At least 181 days of military service during peacetime
At least 90 days of military service during wartime.
This rule is slightly different for people that enlisted past September 7, 1980 as well as any officer whose service began past October 16, 1981. For these people they must have completed 24 months of service.
Current Enlisted Military
People that are currently enlisted in full duty for one of the branches of the armed forces can also use the VA mortgage. After the person has completed 90 days of active service they can apply for a loan.
Service Time for Reserves
Wisconsin residents who have served in the various reserve branches can also be eligible for a VA mortgage. This applies to any of the Reserve components established with the Marine Corps, Army, Air Force, or Navy as well as the Air National Guard, Coast Guard Reserves and Army National Guard. For these people they must serve at least 6 years in their chosen Reserve before they are eligible for the VA certificate.
Benefits for Spouses
The spouses of veterans who perished in wartime may also be eligible to apply for a VA mortgage loan. The person would have to meet the other requirements regarding credit and income in order to be approved for the mortgage.
Other Exceptions
There quite a few exceptions for veterans who were not able to complete the minimum service requirements. If you fall in to one of these categories then you may also be eligible for a Wisconsin VA loan.
Any person that became disabled during service and received a discharge due to the disability
People who were discharged after completing only 20 months of a 2 year agreement may be eligible if their discharge was at the convenience of the federal government.
Discharged due to a personal hardship and have completed either the 181 days in peace or 90 days in war
Discharged due to a pre-existing medical issue and the person completed either the 181 days in peace or 90 days in war
As you can see from the previous listing, several different people that have served in the military can be eligible for a VA mortgage. With rates so low, it is a great time to buy a home in Wisconsin and enjoy low payments for years to come.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact a VA lender directly to learn more about its mortgage products and your eligibility for such products.
The FHA mortgage has grown in popularity over the last few years for first-time homebuyers and experienced homeowners. The flexible rules used to qualify buyers make it one of the more attractive ways to get a home in Wisconsin. Although the following list is meant as a guideline, keep this in mind; FHA has the authority to make exceptions for almost every rule. Their goal is to find a way to qualify people for a loan, rather than look for a reason to decline them.
Employment – Borrowers need to have a minimum of two years of continuous employment. It is preferred that this employment is with the same company or in the same line of work and it should be within Wisconsin if at all possible.
Credit Report – The most recent 12 month period should show signs of being able to make your current obligations on time. Any late payment or problem needs to have a reasonable and verifiable explanation.
Ratios – In general, the FHA underwriters look at two ratios. The first ratio compares the proposed mortgage payment to the person’s income. This number usually cannot be higher than 31%. The second ratio is total debt ratio which compares a person’s existing debt, as well as the new mortgage payment, to the existing income. This ratio normally should not be higher than 43%. However, as stated earlier, there are several lenders in Wisconsin that can get loans approved with slightly higher ratios under certain circumstances.
Down Payment – The FHA program requires a down payment of at least 3.5% of the home’s purchase price. However, this money can be a gift from a relative or a friend.
Closing Costs – The FHA mortgage program allows the seller to willingly pay the closing costs of a mortgage, up to 6% of the home’s purchase price. In most cases, the 6% is sufficient to cover all expenses.
Rent or Mortgage payments – For people that currently rent they must show that the most recent 12 months payments were made on time. For people who currently own a home, their most recent 12 mortgage payments must be on time.
Bankruptcy – For people that have filed a Chapter 13 bankruptcy they must pay in the plan at least one year, on time, before they can be considered for an FHA loan. For people that have filed Chapter 7 bankruptcy, they must wait 24 months after the bankruptcy was discharged.
Past Foreclosure – For any borrower that has a previous home foreclosed, they must wait at least 3 years after the final foreclosure before they can be considered for an FHA loan.
If you meet these guidelines then it is quite possible that you have a good chance of getting approved for an FHA mortgage in Wisconsin. For people that may have a couple of strikes on their credit, such as a bankruptcy or foreclosure, you need to understand that you too can qualify for a FHA mortgage loan. It is simply a matter of allowing enough time to pass so that the negative items no longer hamper your chances of getting the loan.
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact FHA directly to learn more about its mortgage products and your eligibility for such products.
I read an article today at dsnews.com titled “For Every Two Homes for Sale, There’s One in the Shadows“. According to the article, there are new housing statistics out from CoreLogic that paint a sobering picture. For every two homes listed on the MLS, one home is lying out there ‘in the shadows’. CoreLogic defines this shadow inventory as the number of distressed properties not currently listed on MLSs that are seriously delinquent (90 days or more), in foreclosure, and real estate owned (REO) by lenders.
“The number of distressed properties not currently listed for sale on multiple listing services (MLSs) stood at 1.6 million as of October 2011, according to CoreLogic. CoreLogic’s latest shadow inventory assessment represents a supply of five months and is down from October 2010, when shadow inventory stood at 1.9 million units, or 7-months’ supply.”
With declining home values and a bad economy, many home owners are finding that they now fall within this new ‘shadow’ inventory. Back in 2007, right as the housing market started to turn, I switched my focus to distressed property home owners. Back then, many homeowners had not heard of a process called a short sale. Since that time, I have helped many homeowner that were struggling to make their mortgage payments avoid foreclosure. If you are finding it difficult to make your house payment and worry that your home isn’t worth what you owe, a short sale may be a good avenue to pursue. I’d be happy to review your home information and answer your short sale or foreclosure questions. Follow the link below for a simple to fill out short sale home evaluation.
Below is a list of Stoughton Wisconsin area schools. You will find contact information, including phone numbers and addresses. This list is supplied by Education.com. If you are looking for specific details on Stoughton area high schools, middle schools and elementary schools this is a great place to start your search.
If you would like further detailed information on Stoughton Wisconsin Local Information, please visit the page linked below on Rock Realty's website. These pages offer local area information and statistics for Wisconsin Cities and Towns in Dane County and Rock County Wisconsin. Items like Real Estate Market Stats, Neighborhood Walk Score, Colleges and Schools can be found via the link below. These stats are gathered from Zillow.com, WalkScore.com, Yelp.com, TeachStreet.com, MatchCollege.com, and Education.com.
Be the new owner of this large 4 bedroom Eastside ranch. Master bath and walk-out basement with a raised deck overlooking the back yard. All offers subject to lenders approval of Short Sale.
Posted by: Michael Collins at 9:20am
Tags: madison wi short sale ranch, four bedroom, eastside
If a Wisconsin home owner completes a short sale on their house, how long will they have to wait until they can purchase another home? What if they let the Wisconsin property go to foreclosure? This is a common question that I hear from home owners looking to short sale their home. The answer will depend on which lender these hopeful home buyers end up choosing. For now, let's focus on the two largest entities as an example. Here is an excerpt from a HREU blog that I recently came across:
Fannie Mae
Foreclosure: 7 Years
Deed-in-Lieu/Short Sale: 2 Years with 80% LTV /4 Years with 90% LTV
FHA
Foreclosure: 3 Years
Deed-in-Lieu/Short Sale: No Waiting Period *
*If the borrower was current on their mortgage and all other installment debt for the 12 months preceding the short sale, the subject property is not in the same geographical area as the short sale and the short sale lender accepted the short sale as payment in full.
Deed-in-Lieu/Short Sale: 3 Years*
*It is treated as a foreclosure if the borrower was late on the mortgage and other installment debt for the 12 months preceding and at the time of the short sale. In addition, if the borrower pursued the short sale to take advantage of the declining market or purchased at a reduced price a similar or superior property within a reasonable commuting distance.
Posted by: Michael Collins at 9:15am
Tags: buying after short sale, buying after foreclosure, wisconsin short sal
Beautifully kept 2 story with hardwood floors and vaulted ceiling. Full master bathroom. Hot tub and gazebo. Located on end lot adjacent to open field. Square footage per assessor website. Room dimensions are an estimate. All offers contingent on bank approval of short sale.
Posted by: Michael Collins at 9:19am
Tags: short sale home in stoughton wi, stoughton wisconsin
Earlier this year I found myself in the midst of a very complex multiple property short sale transaction. To be honest, I was doubtful that the deal would get to closing and escrow. Here is a breakdown of some of the items that made this Wisconsin short sale(s) transaction so challenging.
It involved 4 different investment multi-unit Janesville Wisconsin properties
All four units were owned by a multi-person partnership
Some of the rental units were vacant and some were rented out. The tenants of the rented units were hard to reach, making showings a troublesome task
One buyer was looking to purchase all four properties at a significant discount
As you can imagine, this was a daunting task. Luckily, the bank was local and easy to get a hold of. This, of course, didn't make the negotiations any easier however. In the end though, every party came out ahead and I'm happy to say the four investment properties did close. The owners were able to get an accepted short sale on each of the properties. The bank did not have to take the rental units back through foreclosure, and the buyer got an exceptional value on a multiple Wisconsin investment property deal. It just goes to show you that with enough hard work and a little bank cooperation, just about any short sale transaction is possible. If you are looking to sell or purchase investment property/rental units in Janesville or Madison Wisconsin, I would be happy to assist. I service most areas of Dane and Rock County Wisconsin.
Posted by: Michael Collins at 9:29am
Tags: investment, wisconsin, multi unit, property, rental, cash flow
Today we uploaded many new pictures of the short sale condo located at 449 Farnham St #2 in Marshall Wisconsin. Click below to go to the property site. Own this Wonderfully maintained Marshall condo unit that has vaulted ceilings with skylights. Move-in ready. Complete with appliances including dishwasher, microwave oven, and washer dryer. Short drive to Madison Wisconsin. Subject to lender approval of short sale.
Posted by: Michael Collins at 8:04am
Tags: marshall wisconsin short sale condo, short sale home, wi condominium,
Own this beautiful ranch on nearly 1 acre rural lot. Living room with a fireplace and a vaulted ceiling with skylight. Master bedroom has a full bath and basement is studded for a bathroom. Short Sale. Square footage per assessor. All room dimensions are an estimate. Offers subject to bank approval of short sale.
Posted by: Michael Collins at 8:43am
Tags: short sale janesville ranch,one acre rural lot,wisconsin short sale
This large farm house sits on a half acre lot on Brooklyn's main road. Recent renovations added 3 bedrooms. Wood burning fire place in the living room. Additional rec room leads to a four season porch with a deck. Above ground pool is negotiable. All square footage and room dimensions are an estimate. All offers and commissions subject to seller's bank short sale approval.
The Wisconsin housing statistics are now in for November of 2011. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
"We are definitely closing out the year on a strong note," said Rob Keefe, Chairman of the WRA Board of Directors, noting that the seasonal pattern of home sales typically slows as winter approaches. "The strong market of the last few months has pulled sales in 2011 nearly even with the 2010 level," he said. Keefe noted that year-to-date home sales through the end of November are now less than 1 percent below last year, and that is without any bump from the federal government to stimulate existing home sales.
"This is clearly a buyer's market, and while inventories are down from October, they still remain high at more than 14 months," said WRA President and CEO Michael Theo. "This means buyers will be in the driver's seat for the foreseeable future. The economy did get a little good news in November with an improvement in the national unemployment rate and even an uptick in consumer confidence and consumer expectations"
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. What I find most interesting in November's data is that Rock County Wisconsin home prices are actually increasing, while Dane County Wisconsin home prices have been decreasing. Both counties continue to have an uptick in the number of homes sold.
If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market.
Housing Statistics for the State of WI:
November 2011
Home Sales: 3,874
Median Home Price: $133,900
November 2010
Home Sales: 3,334
Median Home Price: $137,000
Housing Statistics for Dane County, WI:
November 2011
Home Sales: 332
Median Home Price: $210,405
November 2010
Home Sales: 250
Median Home Price: $213,475
Housing Statistics for Rock County, WI:
November 2011
Home Sales: 117
Median Home Price: $95,000
November 2010
Home Sales: 104
Median Home Price: $91,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
Are you looking for a Rutland Wisconsin Short Sale Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Rutland WI area. We have helped home owners in both Rock County and Dane County, from Beloit to Lodi.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors® (NAR). Feel free to contact me directly at 608-921-8536 for help with any of your short sale home questions. I have helped many Rutland home owners with their distressed property needs and consider myself a Wisconsin Short Sale Specialist.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Real Estate Agents at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Rutland property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation Many home owners have preferred to first determine if a short sale is the right option for their Rutland home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Click here for a free Rutland WI Short Sale Home Evaluation
If you are curious what short sale homes we currently have for sale, please feel free to visit our Short Sale Home Listings page. These are fantastic homes at a great price.
Posted by: Michael Collins at 10:01am
Tags: rutland wisconsin short sale specialist,rutland wi real estate agent,r
“We are writing this testimonial to inform any potential clients that Michael Collins successfully helped save our home. We found ourselves in a financial hardship which caused us to be late on mortgage payments. This eventually led our lender to foreclose on our home. Michael Collins was able to negotiate with our lender and cancel the court auction. This gave us time to resolve our financial difficulties and eventually work out a payment plan with the bank.”
“We both strongly endorse Michael Collins as an agent who has the experience and resources to help people like us in a similar situation. We are deeply gratefull for his efforts and plan to use him as our agent in any future real estate transactions.”
Chris & Linda C.(Janesville, WI) Rock Realty Clients
—–
“I found myself in a bad financial spot when I lost one of the two jobs I was working. Soon I didn’t have the money to pay even my most important bills. After falling behind in payments on my house I was contacted by Rock Realty.They suggested that instead of losing my house through foreclosure I should attempt to do a short sale on my home.
It was easy working with Matthew and Michael from Rock Realty. They were able to keep a foreclosure off of my records and lift a huge weight off of my shoulders. The couple that we sold the home to were very happy to get it at such a cheap price. I would recommend Rock Realty to anyone who may be struggling to make their house payments.”
Melvin A.(Madison, WI) Rock Realty Client
—–
“I am nothing but honored and enthusiastic to be able to write and highly recommend Mike Collins with Rock Reality for your next real estate adventure. I had a very negative experience with a different major realtor in the Janesville area who rushed me in an out of houses, pressuring me to sign purchase agreements, and caring more about the money then the person and the house that best fit them.
It was just the opposite with Mr. Collins. Mike with Rock Reality is honest, takes the time to find the right home for you without pressure, cares more about doing what is right by his clients and his reputation than just simply making the sale. For Mike, word of mouth is the best advertising he can get and he cherishes keeping his positive.
Mike Collins and Rock Realty were fair and thorough. When it came to signing contracts and paperwork, Mike took the time to go line-by-line to make sure I understood exactly what I was signing. Never did I feel like I was being rushed or taking up time from a different appointment.
With great pleasure and gratitude, I recommend Mike Collins and Rock Reality for your next home hunt or sale.
Ben P.(Janesville, WI) Rock Realty Client
Posted by: Michael Collins at 5:28am
Tags: wisconsin home buyer,home seller,testimonials
Are you looking for a Cambridge Wisconsin Short Sale Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Cambridge WI area. We have helped home owners in both Rock County and Dane County, from Beloit to Lodi.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors® (NAR). Feel free to contact me directly at 608-921-8536 for help with any of your short sale home questions. I have helped many Cambridge home owners with their distressed property needs and consider myself a Wisconsin Short Sale Specialist.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Real Estate Agents at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Cambridge property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation Many home owners have preferred to first determine if a short sale is the right option for their Cambridge home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Click here for a free Cambridge WI Short Sale Home Evaluation
If you are curious what short sale homes we currently have for sale, please feel free to visit our Short Sale Home Listings page. These are fantastic homes at a great price.
Posted by: Michael Collins at 7:24am
Tags: cambridge wisconsin short sale specialist,cambridge wi real estate age
Are you looking for the most current real estate stats for Madison, WI? Here is a great page that lists great statistical information about home prices and sales in Madison from Zillow. Click the image below for details on recent:
Average Home Values - including a graph of month to month changes
Median Single Family Home Value
Median Condominium Value
Percent Home Decreasing
Percent Listing Price Reduction
Median List Price Per Square Foot
Number of Homes Recently Sold
Average Property Taxes
One Year Percentage Change
Number of FSBO, New Construction, Foreclosures|REO
These Madison WI real estate statistics also compare national values as well. Following the link below will also bring up information like:
Schools - Middle, Elementary and High Schools
Walk Score - How close are Restaurants, Grocery, Parks and Shopping
Yelp Score - Local recommended Shops and Cafes
Local Classes - Everything from Curves to Painting
Colleges - 4 year and 2 year
Posted by: Michael Collins at 8:50am
Tags: real estate statistics madison wi,yelp,walk score,schools,classes,coll
Are you looking for a Monona Wisconsin Short Sale Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Monona WI area. Although we are not based in Monona, we have helped home owners in both Rock County and Dane County, from Beloit to Monona.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors® (NAR). Feel free to contact me directly at 608-921-8536 for help with any of your short sale home questions. I have helped many Monona home owners with their distressed property needs and consider myself a Wisconsin Short Sale Specialist.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Real Estate Agents at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Monona property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation Many home owners have preferred to first determine if a short sale is the right option for their Monona home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Click here for a free Monona WI Short Sale Home Evaluation
If you are curious what short sale homes we currently have for sale, please feel free to visit our Short Sale Home Listings page. These are fantastic homes at a great price.
Posted by: Michael Collins at 11:21am
Tags: monona wisconsin short sale specialist,monona wi real estate agent,mon
Well kept Victorian home with original hardwood floors and wood trim. Large wrap around front porch adds to the character of the home. 4th bedroom is attached to the master bedroom and can be used as a nursery.
Offers contingent on bank short sale approval.
Posted by: Michael Collins at 7:46am
Tags: large, janesville wisconsin short sale home, price drop, reduction
The Wisconsin housing statistics are now in for October of 2011. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
For the fourth straight month, Wisconsin’s monthly home sales outpaced last year while median prices continued to fall, according to data released by the Wisconsin REALTORS® Association (WRA). Existing home sales increased 13.5 percent in October compared to October 2010, and median prices fell 7.8 percent over the same period to $129,000.
“We are continuing the trends seen throughout the third quarter with home sales well above the depressed levels of 2010,” said Rob Keefe, Chairman of the WRA Board of Directors. “By front-loading sales in 2010, the Federal Tax Rebate Program made sales in the first half of this year look weak,” said Keefe. “Conversely sales in the second half of this year look much stronger by comparison,” he added. Sales in the first half of 2011 were 17.6 percent below the 2010 levels, but in the last four months, the state is 24.5 percent ahead of last year’s pace, making the year-to-date figures just 2.8 percent lower. “The economic fundamentals really haven’t changed much over the past year so it’s not surprising our sales volume is about the same overall,” said Keefe.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. As you can see, home sales have been increasing substantially this year. What I find most interesting in October's data is that Rock County Wisconsin home prices are staying steady, while Dane County Wisconsin home prices have been decreasing.
If you would like some insight into how much your home is currently worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market.
Housing Statistics for the State of WI:
October 2011 Home Sales: 4,343 Median Home Price: $129,000
October 2010
Home Sales: 3,825
Median Home Price: $139,900
Housing Statistics for Dane County, WI:
October 2011
Home Sales: 298
Median Home Price: $203,250
October 2010
Home Sales: 277
Median Home Price: $210,000
Housing Statistics for Rock County, WI:
October 2011
Home Sales: 136
Median Home Price: $95,450
October 2010
Home Sales: 121
Median Home Price: $96,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
I came across the video below and was shocked to hear that nearly 50% (half) of the nations homeowners are effectively underwater. In times like these, it's important to know that there is help available. If you are a home owner that is struggling to make mortgage payments, I would first suggest that you talk with your bank. They may be able to offer you a few different options. They can sometimes lower your interest rate, offer you a forbearance, or even roll your past due amounts into the mortgage principal.
In the event that you need to sell your home due to your financial situation, I would be happy to discuss if a short sale might work for you. This is a process in which we work with your bank to sell your home for less than you owe on the mortgage. Does your home qualify for a short sale? Fill out our Short Sale Home Evaluation Form to find out.
Posted by: Michael Collins at 11:30am
Tags: half of homeowners underwater on their mortgage,short sale,late paymen
Considering the cost of purchasing a home it would make sense that buyers would take necessary precautions to see if the home has any problems. A home inspection can point out any problems, if they even exist. The following list represents some pointers to consider when ordering a home inspection.
Review Credentials of the Inspector
It is wise to choose an inspector with engineering qualifications. The inspection process may discover some problems that would be best suited for an engineer to review. If that is the case, and your home inspector has no engineering certifications, then you could end up paying for the inspection of the home as well as an inspection by an engineer. A Professional Engineer designation is offered by the state and governed by a state board as well. You may ask for the inspector's designation before hiring him or her to look at your home.
Be Part of the Inspection
Do your best to coordinate the inspection with time that you are free. These inspections will typically last one to two hours. Going along to look at the home can give you a chance to see the home through the inspector's eyes. While it is a given that you will receive a copy of the report, and hopefully accompanying pictures, being present when the home is reviewed will allow you to hear and see the inspector's reaction to the condition of the home. It will also give the inspector a chance to actually show you an area of concern and perhaps provide some suggestions for how the issue can be resolved.
If Something is Confusing, Ask Questions
Home inspectors are trained professionals. They understand the structure of a home along with its working systems such as the plumbing, electrical and heating/air conditioning system. This means that the inspector may use terms foreign to you. Ask the inspector to explain any observation or issue that you do not understand. Buying a home does not mean that you have to be as knowledgeable as a general home builder. However, you should feel comfortable that the home is safe for living and that there are no immediate problems demanding expensive repair. Conversely, if the home is in need of serious repair and you have the ability or resources to fix it then you could negotiate with the seller to lower the home's price.
It is important to try and remain impartial about the home inspection. If the inspector finds some significant problems that will require a great deal of work and expense to rectify then it may be wise to consider buying a different home. However, it is also a good idea to remain rational. If you are looking at a previously owned home then you should expect that the home is not perfect and may need attention in a few areas. Just like buying a used car can mean saving some money in place of some small sacrifices, getting a used home can save many buyers some money if they are not afraid of doing a little clean up and some simple projects like a little painting or wallpapering.
If you are using a mortgage to purchase your first home it is highly likely that the lender will request that you use escrow in order to handle the annual homeowner's insurance and taxes on the property. This is reflected by an additional payment on top of the interest and principal payment that you make on the home loan. Ideally, the lender will review this account every year to see if there are overpayments or underpayments and change the escrow accordingly.
Unfortunately, we don't live in a perfect world and companies do make mistakes. Here are some important facts to help you understand the basics of an escrow account.
Taxes
Property taxes are usually reviewed one year after a home has been purchased. At this time the property will likely get a new assessment, which can drastically increase the tax amount. For people that are buying a previously owned home this will usually not be an issue, although you should look at what the current assessment value is. If you are buying a brand new home, or if you have just built a home, then the previous tax amount was based on an empty lot. The existence of a new home will greatly improve the lot's value and subsequently change the tax amount.
Insurance
Before finalizing the loan you will be asked to provide proof of insurance from a licensed insurance agent. The location of your home may dictate a few extras that might not be prevalent in other areas.
For instance, if you are considering the purchase of a home that is close to a river or lake then you may be in a flood zone and subject to flood insurance. Homes that are located in extremely rural areas may be subject to higher premiums if there are no fire fighting stations in close proximity to the home. It is vital that you speak to your Realtor® before buying a home to see if there are any conditions about the home that would result in a higher insurance policy.
Reviewing the Escrow
Every year your lender should mail you a letter that goes over the escrow account for the previous year. It should list all of the payments you made to the escrow account as well as any amounts disbursed from the account to cover your expenses. You should also contact your homeowner's insurance agent and the local tax assessor's office to see if there are any upcoming changes for your tax bill or your insurance bill.
How to Handle Property Tax Increases
Going back to the early example of someone buying a new home or building a home, there is the expectation that the property tax amount will increase tremendously. If the increase is more than $1,000 then the lender will possibly add $2,000 to the escrow account in case the taxes increase again the following year. This presents you with three choices:
Accept the new escrow amount and pay the additional $167 monthly amount
Ask your lender if they will spread the extra amount over the next two years to make the monthly amount lower
If you have the funds, offer to pay the increased tax amount yourself so that your escrow payment does not change.
You've read about Wisconsin short sales online or maybe you have heard about them on TV. Now you are wondering if this could be a good option for your Wisconsin house. In simple terms, a short sale is a process in which your bank agrees to accept a sale amount on your home that is lower than what you currently owe. There are many reasons why you might consider an option like this.
Your home is 'underwater'. You currently owe more on your home than what you could sell your home for on the market.
You have recently experienced a financial hardship. These hardships can include losing a job, under-employment, recent medical expenses, divorce, or a death in the family.
You are falling behind on your mortgage payments or may soon have to. Your monthly expenses exceed the amount of money you are bringing home.
Whatever the reason you may have to be considering a short sale on your Wisconsin home, we would be happy to help you evaluate your particular situation. Rock Realty has helped many Wisconsin homeowners work with their bank to come up with a resolution. Feel free to fill out our no obligation online form for further assistance.
A short sale is a fairly simple procedure, at least in theory. A homeowner sells their home for a price below the current mortgage balance. The bank agrees to take this lesser amount as payment in full of the mortgage in order to avoid the heavy cost of a foreclosure. Here are some tips for buying your first short sale.
Short Sale prices are determined by the Market
Banks determine which offers to accept by reviewing the current market conditions. They will look at the prices of homes that have recently sold in the nearby area. This information will provide the lender with solid data for the average price of a home in that vicinity. How low will they go? This depends on how quickly they would like to sell the home. If they determine that they would prefer to sell the home now, and not proceed to foreclosure, they may agree to sell the home at below market value.
Ask your Realtor® for their Price Opinion
Before you submit a low-ball offer to the seller, ask your Realtor® for their price opinion. This is a good way for a prospective buyer to find an appropriate price range for an offer. Your agent can look at recently sold comparable homes and give an opinion on what they feel the home should sell for. This is similar to a Comparative Market Analysis, or CMA.
Multiple Mortgages Can Cause Problems
When a home has a 1st mortgage and 2nd mortgage that are held by separate lenders then a short sale could take a very long time, if it gets approved at all. Unfortunately, this type of scenario is out of the hands of the real estate agent and the seller. Whether or not the two lenders agree to the short sale offer is totally up to them.
Approved Prices are Usually Processed Faster
If a lender has already determined a price that they will accept, this can speed up the process. Usually, this is an indication that the seller has been in contact with the bank to discuss the possibility of selling the home. If an offer within that price range is submitted to the bank, the short sale is far more likely to be approved quickly.
Prepare for the Bank to say No
While short sales can help buyers get a home at a discounted price, the process can stretch out over time. The sale can get turned down by the bank for a number of reasons. This is why people looking to buy a short sale should be prepared to move on to a different property in the event that the bank denies the short sale. Keep an eye open at available homes during the short sale process. If the bank does say no, you will then have a list of potential houses that may also be an option.
While a short sale transaction may span a few months, it is a good way to buy a home at a friendly price. Talking to an experienced Realtor® about the available short sales in your area could put you in line to get a good home at a great price.
There is no doubt that an insurance policy on a home can be tough to understand. However, going over the policy and making sure you are comfortable with the important parts can payoff down the road. Here is an overview to make sure you have the basics covered.
The Home
It is important to know that in the event you lose your home to some sort of accident or force of nature that the insurance plan will provide enough funds to rebuild the home. This goes beyond the selling price of the home when you bought it. You need to know that the home can be replaced at today's costs. Construction costs and materials tend to rise over time. It is important to have replacement cost as part of your insurance policy.
Replacement of Belongings
Besides the actual structure of the home you should also consider your belongings. This can really mean anything such as furniture, dishes, picture frames, electronics, clothes, jewelry and a host of other items.
Try to stay away from the “current market” clause. This means that your 5 year old couch would be replaced at a price that assumed 5 years of use. The same concept would apply to any item that you have owned for a considerable amount of time. Also, ask the insurance company about their process for allowing you to replace items. For instance, if your home burned down and you are staying in a small apartment, do you really want to replace your giant screen TV right now? If the insurance company only gives you 60 days to replace an item, where will you store the products? Does the company demand that you buy an item, provide a receipt and then get reimbursed? All of these items should be covered prior to getting a policy.
Deductible
The deductible for a home insurance policy works in the same manner as an automobile insurance plan. Higher deductibles will result in a lower monthly premium. However, a high deductible assumes that you have the funds to pay the amount in the event of an emergency. A smart financial move would be to save up a good amount, such as $2000, and then change your plan to a deductible of $2,000.
Liability
It is always a good idea to have a strong liability plan in place. For instance, if you have guests for a backyard barbecue and someone falls at the party, your liability policy should cover the expenses for the fall. This could be the cost for the ambulance, any stay at the hospital and possible rehabilitative therapy that is necessary after the injury.
Day to Day Expenses
Some insurance companies will reimburse you for your expenses while you are awaiting for your home to be rebuilt. Make sure you understand the circumstances surrounding this type of expense and how the insurance company will reimburse you.
A lot of the terminology used in the insurance plan is unique to the insurance world and may take a conversation with an agent to understand it properly. Understanding the policy before purchase will help you to feel confident that you are covered in the event of a major crisis.
Are you looking for a Newville Wisconsin Short Sale Realtor or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Newville WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Newville property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Newville home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for a Dunn Wisconsin Short Sale Realtor or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Dunn WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Dunn property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Dunn home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Although it is hard these days to still find a true no money down mortgage loan, there are a few programs that come pretty darn close. Take the HUD|FHA $100 sales incentive program as an example. The loan officers over at Inlanta Mortgage have brought this newer mortgage program to my attention. I have included some excerpts from their HUD FHA $100 Down Mortgage Program blog post below.
----- Just like every bank out there, HUD has also seen a rash of foreclosures over the last few years. When someone defaults on a FHA mortgage, HUD may end up owning that property since they insured the borrower against default. HUD is not in the business of owning or renting properties so they came up with a unique sales incentive in order to sell these homes.
HUD has offered a program to allow for a qualifying borrower to purchase a single family home with only a $100 down payment requirement. The borrower can finance the cost of the home + the 1% UFMIP as long as the value is supported by an appraisal. The home buyer may increase the offer and ask for a seller credit to cover closing costs and then would only be required to bring $100 to close. This is a great deal if you can find a property that is eligible. We have a link we’ll post below to get you to HUD’s website where these eligible homes can be found in your area.http://hudhomestore.com/HudHome/Index.aspx
The requirements for this program: Home must be an approved HUD home Single Family Residence Owner Occupied
-----
I'd be happy to help you find the perfect HUD home for you! Don't forget about our home buyer discounts available. Call me at 608-921-8536.
Posted by: Michael Collins at 8:42am
Tags: hud, fha, down payment, sales incentive, home buyer, 100 down, no mone
Come out this Sunday before the Packer game to this Deerfield Wisconsin Open House! Drop by between 11 A.M. - 1 P.M. and see all that this short sale property has to offer.
Beautifully maintained home with many updates. Wood burning fireplace with stone mantle and newer insert. Wood deck overlooking property. Walk-out basement. Truly a must see. Short Sale. Offers subject to bank approval of short sale.
Equal Housing Opportunity.
Rock Realty : PO Box 1361 - Janesville WI 53547 : 877-774-7625
If you are looking to purchase or sell a home in Rock, Dane or any of the surrounding counties in Wisconsin, please give me a call.
We are based in Janesville, but service Madison and most surrounding WI cities.
These pages offer local area information and statistics for Wisconsin Cities and Towns in Dane County and Rock County Wisconsin. Items like Real Estate Market Stats, Neighborhood Walk Score, Colleges and Schools can be found via the links below. These stats are gathered from Zillow.com, WalkScore.com, Yelp.com, TeachStreet.com, MatchCollege.com, and Education.com.
We are happy to offer this all on one convenient page! Also note, if you are looking for any other city or town in the country, we have that page too!! Simply enter in your city and state in the format below. Keep it all lower case lettering and add a dash (-) where any space might be.
Neighborhood Statistical Information for Madison Wisconsin.
These pages offer local area information for Madison Wisconsin neighborhoods. Items like Real Estate Market Stats, Neighborhood Walk Score, Colleges and Schools can be found via the links below.
The Wisconsin housing statistics are now in for September of 2011. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
Wisconsin home sales were significantly higher in September even as median prices dipped slightly from their levels last year. Existing home sales rose 17.7 percent in September compared to September last year, and median prices fell 1.5 percent to $134,900 over the same period, according to data released by the Wisconsin REALTORS® Association (WRA).
“It’s no surprise to anyone familiar with the housing market that home sales were so strong in the last three months compared to 2010,” said Rob Keefe, Chairman of the WRA Board of Directors. The expiration of the federal tax rebate program in June last year pushed much of the 2010 sales activity into the first half of the year, creating a steep drop-off in the second half. In fact, home sales for the July through September period were up 26.2 percent over the third quarter last year primarily as a result of the termination of the federal program. “Still, on a year-to-date basis, we’re only 4.9 percent off the pace set last year, and we expect to further close that gap in the fourth quarter,” said Keefe.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. What I find most interesting in the latest data is that Rock County Wisconsin home prices are increasing, while Dane County Wisconsin home prices decreased by over 10 percent.
If you would like some insight into how much your home is worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market.
Housing Statistics for the State of WI:
September 2011
Home Sales: 4,855
Median Home Price: $134,199
September 2010
Home Sales: 4,072
Median Home Price: $137,000
Housing Statistics for Dane County, WI:
September 2011
Home Sales: 373
Median Home Price: $196,859
September 2010
Home Sales: 302
Median Home Price: $222,225
Housing Statistics for Rock County, WI:
September 2011
Home Sales: 155
Median Home Price: $84,000
September 2010
Home Sales: 109
Median Home Price: $80,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: WRA Housing Statistics
There are often overlooked benefits to buying an owner occupied Wisconsin Short Sale home. It’s amazing just how much of a difference having someone living in a property can make. Here are some of the upsides that I have noticed in a Wisconsin owner occupied short sale home versus a vacant Foreclosure:
- It feels like a home. When someone is living in a short sale home, there is furniture and pictures on the wall. It has already been somewhat ‘staged’ for showings. This helps potential home buyers get a feel for what an office or kids bedroom would look like if they purchased the home.
- The grass is mowed. This helps with weed and rodent reduction. It also keeps the neighbors happy.
- The air conditioning remains on. I have come across some foul smells in vacant foreclosure homes. When a property sits sealed up for too long, there is almost always a stale smell that results.
- The heat remains on in the winter. This helps to prevent plumbing from freezing and the resulting water leaks.
- The electricity remains on. In Wisconsin, this is important for basements. When sump pumps don’t have electricity, flooding often occurs. This can result in a very costly fix. It also means that the refrigerator is cooling and dishwasher is being used. This can prevent mildew growth.
- The water is being used. Many Wisconsin homes require a water softener due to hard water. With the water being used, the softener is allowed to work. This will prevent sediment build-up which can ruin a water heater and clog up pipes.
- Property Condition Report. When a bank lists a foreclosure property, they do not have to provide a Property Condition Report. Wisconsin doesn’t require a report if the current owner has not lived in the property. In a Wisconsin Short Sale, the owner is legally required to inform potential buyers of any defects they are aware of.
Finding the home that meets your needs and makes you happy will usually take a little time and effort. Here are some tips that should make the whole process easier for you and your Realtor.
Develop a List
What exactly are you looking for in a home? If you are buying the home with another person then there are two sets of opinions and preferences to contend with. For this reason it is a good idea to make a short list of the features that you cannot live without. You also need to determine what features you CAN'T live with. Having these items identified and discussed before looking at homes can save some frustration. An easy way to develop the list is to look at your current living arrangements. Decide what you would like to have different in your next place and put that on the list.
Location
Picking a good location is important to every purchase. You need to determine if the home is close enough to your job. Some people don't mind a short drive everyday while other people prefer to be at work in just a minute or two. If you have children, what is the reputation for the school district of the home you are considering? Do you like to shop or attend certain events like concerts or sports? If so, how close are the available shopping and sporting venues? Looking at the home's surroundings is also important. Do you want to be in a well established community, next to a commercial development or out in the country with privacy? The location is one of the prime indicators of a home's future value. If you feel that you will sell the home in a few years then you need to take into account the home's potential for appreciation.
Mortgage Pre-Approval
Getting pre-approved for the mortgage loan is one of the best things to do before you start hunting for a house. The maximum amount you can qualify for is based upon your credit, your down payment, the amount of income you earn and the available interest rates at the time. Once you have your pre-approval letter from a lender you will be able to tell your Realtor the price range of the homes that you would like to consider.
Take Along a List
If you plan to look at multiple homes it can be difficult to remember important features of each home. Take some pictures when you look at homes and make notes about the features you like as well as the features that are displeasing to you. Having good notes can help you narrow down your choices to the home that actually meets your needs.
Listen to Your Realtor
It is good to ask questions of you Realtor and listen to their input. Realtors have lots of information about the home's neighborhood, facts such as appreciation rates and average time to sale, as well as property tax information. Ask lots of questions, take solid notes and use the data from your Realtor to help you make your purchase decision.
Are you looking for an Edgerton Wisconsin Short Sale Realtor® or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Edgerton WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Edgerton home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Edgerton property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Edgerton home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for a Deerfield Wisconsin Short Sale Realtor or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Deerfield WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Deerfield home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Deerfield property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Deerfield home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Getting Pre-Approved for a Mortgage Before Looking for a Home
It should come as no surprise that the vast majority of home purchases involve some type of financing. In fact, a study by the NAR (National Association of Realtors) reveals that 90% of home purchases are financed. This is especially true for people buying their first home.
When it comes to a home loan, most borrowers have at least a few options. That is why it is so important for buyers to carefully go over the loan process and determine the right loan for their needs.
Get a Pre-Approval
It is for this reason that Realtors advise buyers to talk to a mortgage loan officer before placing a bid on any home. Most Realtors have established relationships with a few lenders and can recommend a reliable source for financing to any potential buyer. Meeting with a lender will give the buyer the chance to find out what they are able to afford for a home price.
Purchase documents normally include a clause that require proof of financing within a certain amount of time. The time limit is usually not very long, only 7 to 10 days. Talking to a lender first and arranging appropriate financing will make the whole process easier for the buyer and less stressful.
Understanding the Pre-Approval
A pre-approval is a letter issued to a borrower from a lending institution. It means that a loan officer has looked over the borrower’s credit history, inquired about their income and savings, and has determined that the borrower should qualify for a mortgage. The pre-approval letter will outline the maximum amount for which the buyer can qualify. Borrowers have the liberty to inquire about a pre-approval letter from multiple lenders but they need to understand an important fact. Each interview with a lender will mean another check on the person’s credit which can lower the credit score.
The pre-approval can be provided to the listing Realtor for a home in order to initiate a bid on the home. Most home sellers will not entertain any offers without having some level of assurance that the buyer is ready and able to go through with the purchase process.
Getting the Right Pre-Approval
Everyone’s situation is different. Some people have a significant down payment and can easily qualify for a mortgage loan with a bank or credit union. Other people may have a limited down payment or some small credit issues and need to speak to a mortgage broker in order to find the right loan. There are even a small number of sellers willing to entertain the idea of financing the purchase themselves, but only in certain circumstances. That is why it is a good idea to talk to a Realtor and get some advice concerning which lender to contact.
Getting pre-approved for a mortgage before actually looking at homes will make the entire process much easier. It will give the buyer a firm idea of their future payments. It will also let them know the maximum amount they can spend on any home. This gives the Realtor a price range to work with and can make house hunting much more efficient.
Posted by: Michael Collins at 7:34am
Tags: home buyer,loan officer,mortgage,preapproved
Are you looking for a Fitchburg Wisconsin Short Sale Realtor®or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Fitchburg WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Fitchburg home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Fitchburg property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Fitchburg home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
While there are a lot of licensed real estate agents in most locations, the industry is quite tough. A large number of people who apply for their license end up leaving the industry in a short time. This means that there is a small number of Realtors® with licenses who have the experience and knowledge to truly help a person buy a home.
The NAR (National Association of Realtors®) shows that sales people with the Realtor® designation are sworn to uphold a set of Ethics. They also participate in various training sessions each year and have access to information about the local community and other houses for sale. Members of the NAR are normally visible participants of their community. They usually have a membership in PTA, volunteer for neighborhood organizations and/or participate in local government boards. This type of involvement helps Realtors® stay in touch with the area and keep tabs on improvements and changes.
Realtors® Help Clear up the Confusion
It could seem that browsing through a few internet sites aimed at real estate listings could be enough to help a person find their next home. However, every home is unique. Homes are like snowflakes in that way. Even homes that seem similar on the outside and were built by the same contractor will have different features.
In addition to the differences in the home, each transaction is unique. Home purchase contracts, closing costs, mortgage loans and inspection requirements will vary from home to home. This complex assortment of loans, contracts, legal forms, pricing, negotiations and inspections can be quite overwhelming. That is why so many people seek out the advice of a professional Realtor® who is established in the community and has a track record of helping people buy homes.
Picking a Realtor®
Since the real estate market normally has a large numbers of Realtors® there is quite a bit of competition among agents. That is why it is a good idea to speak to other people that have used a Realtor® and get recommendations. Using an experienced Realtor® with a successful track record of finding homes that meet the buyer’s needs and makes the buyer happy should ensure that you are using a Realtor® that can do the same for you.
What the Realtor® Can Do for You
After you have asked around to some friends and read over testimonies from happy clients, it is a good idea to set up a meeting with the Realtor® for a first consultation. Establishing the right relationship with the Realtor® is important to help your home purchase, or sale, go smoothly.
The Realtor® will explain to you their method for marketing homes and finding homes for buyers and also disclose the agency’s rules. This basically establishes the contract between you and the Realtor®.
Once you have established your contract with the agent the Realtor® can begin to inform you of the current conditions of the market as well as prevalent lending options that are currently available.
The real estate industry is just like other industries. There are terms and acronyms unique to homes and home lending that are used frequently in advertisements, contracts and basic conversations. Here is a list of the some of the most common terms to help you understand what is going on.
Appraisal – An assessment or estimate of what a home is worth in today’s market. This is an in-depth analysis that banks require in order to finance a home.
Assum Fin. - This means the home has financing that could be assumed by the new buyer.
CMA – Acronym for Comparative Marketing Analysis. This is a report that a Realtor can produce to show the prices of different homes that sold in the area. The report can also show homes that are currently for sale and even homes that formerly were listed up for sale but did not receive any successful bids.
3B/2B – This means the home has 3 bedrooms and 2 full bathrooms. The first number always refers to the number of bedrooms and the second number refers to the number of baths. Most of the time a bedroom indicates a room with a window, closet and place for a bed, however this can differ among areas. A full bathroom has a bathtub, toilet and sink. Some people refer to a three quarter bath as a bathroom that has a shower stall along with a sink and toilet. The half bath does not have a shower or bathtub at all, but only has the sink and toilet.
Contingency – This is a legal term that means the home purchase agreement will not be binding until a particular condition is fulfilled. For instance, the buyer could request a satisfactory inspection of the home before completing the loan.
Closing Costs– These are the various fees associated with completing a mortgage loan. There are fees charged by the lender, the closing attorney that conducts the title search, the local courthouse for recording the mortgage and several other items.
Fixture – This is a broad term that refers to things attached to the home. Some examples are light fixtures, landscaping, carpeting and window adornment.
FDR – This is the dining area. The F stands for “Formal.”
FP or frplc or fplc – All of these are acronyms for a fireplace
Gar – This is an acronym for a garage. A garden is typically abbreviated as gard.
HWF or hdwd or hdw – These are various acronyms that refer to hard wood flooring.
In-law quarters – This usually refers to a section of the home that has a full bedroom, full bath, kitchen and sitting area. It may even have a separate entrance. It simply indicates a place where another person can live in the home and have some degree of privacy.
Listing – An agreement made between the home owner and a listing agent to market and actively look for buyers of the home. Listing is often used to simply refer to a home that is available for sale.
LTV – The term ‘Loan to Value’ refers to how much of a home purchase is going to be financed. How much of the value of the home with your loan be for. A common LTV is 80% of the home’s price or value.
Move in Condition – This is typically a description of a home that does not need updates. The interior components of the home are in great condition.
Pvt – This is an abbreviation for “private.” It can refer to the home’s location or a feature of the home.
Are you looking for a Milton Wisconsin Short Sale Realtor®or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Milton WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Milton home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Milton property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Milton home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
The Wisconsin housing statistics are now in for August of 2011. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
For the second straight month, Wisconsin’s existing home sales were up by a substantial margin. Home sales rose 31.1 percent in August compared to the same month last year; however median prices were down 7.3 percent to $139,000 over the same period, according to data released by the Wisconsin REALTORS® Association (WRA).
“This was not a surprise since home sales in July and August of last year were very low after the federal homebuyers tax credit program expired in June of 2010,” said Rob Keefe, Chairman of the WRA Board of Directors. The WRA indicates that monthly comparisons won’t be valid until at least the fourth quarter when sales are no longer distorted by last year’s federal program. “Nonetheless, on a year-to-date basis through the end of August, Wisconsin’s home sales are only 5.9 percent lower than last year, suggesting that 2011 is shaping up to look a lot like 2010,” said Keefe.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. If you would like some insight into how much your home is worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market.
Housing Statistics for the State of WI:
August 2011
Home Sales: 5,437
Median Home Price: $139,000
August 2010
Home Sales: 4,135
Median Home Price: $150,000
Housing Statistics for Dane County, WI:
August 2011
Home Sales: 515
Median Home Price: $210,000
August 2010
Home Sales: 416
Median Home Price: $220,000
Housing Statistics for Rock County, WI:
August 2011
Home Sales: 158
Median Home Price: $98,450
August 2010
Home Sales: 116
Median Home Price: $93,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: Wisconsin Housing Statistics
Posted by: Michael Collins at 9:53am
Tags: dane rock county,home sales,housing statistics,janesville,august 2011,
Are you looking for a Mc Farland Wisconsin Short Sale Realtor® or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Mc Farland WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many McFarland home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Mc Farland property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their McFarland home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for an Oregon Wisconsin Short Sale Realtor®or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Oregon WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Oregon home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Oregon property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Oregon home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for a Stoughton Wisconsin Short Sale Realtor® or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Stoughton WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Stoughton home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Stoughton property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Stoughton home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for an Evansville Wisconsin Short Sale Realtor® or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Evansville WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Evansville home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Evansville property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Evansville home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for a Beloit Wisconsin Short Sale Realtor® orReal Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Beloit WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Beloit home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Beloit property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Beloit home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Are you looking for a Madison Wisconsin Short Sale Realtor®or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Madison WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Madison home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Madison property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Madison home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Janesville WI Short Sale Realtors®
53545, 53546, 53548
Are you looking for a Janesville Wisconsin Short Sale Realtor® or Real Estate Agent? Rock Realty is a real estate brokerage that specializes in Short Sales and Bank Owned Foreclosures in the Janesville WI area.
My name is Michael Collins, broker for Rock Realty. I have completed the Short Sales and Foreclosure Resource training and have been given the SFR designation through the National Association of Realtors®. Feel free to contact me directly at 608-921-8536 for help with any of your short sale questions. I have helped many Janesville home owners with their distressed property needs.
REALTORS® who have earned the SFR certification know how to help sellers maneuver the complexities of short sales as well as help buyers pursue short sale and foreclosure opportunities. The certification program includes training on how to qualify sellers for short sales, negotiate with lenders, protect buyers, and limit risk.
What is a Short Sale?
A short sale occurs when a lender agrees to take less than the amount owed to payoff a loan as an alternative to foreclosure. Lenders know that it will cost them a significant amount of money to take a property back. The Realtors® at Rock Realty can often convince them that they will be better off financially if they sell the property now rather than taking the home through foreclosure and trying to sell it later. So, a short sale can actually be good for the bank. It can also be good for the home owner, as it is typically better to perform a short sale on their Janesville property instead of letting it proceed to foreclosure.
Short Sale Home Evaluation
Many home owners have preferred to first determine if a short sale is the right option for their Janesville home. I have set up an online form that is very simple to fill out. Upon completion, I can determine if a short sale with your bank is the most favorable option. Often, we find that simply listing your home for fair market value is the best first step.
Getting that first home can be a really exciting time for anybody. However, it needs to be approached with realistic expectations. Going through a few of the following suggestions will make the whole process much easier.
Get Familiar with Real Estate Terms
Buying your first home will involve learning about the home market as well as loans. Therefore some terms may be unfamiliar to you. Here is a list of some common terms used in Wisconsin mortgage loans and real estate transactions.
Closing Costs – These are fees associated with all mortgages. Amounts paid to a title company for the title search, recording the deed and mortgage at the court house, origination, credit report fees, appraisal fees and the fee from the attorney to close the loan are just some of the items involved.
Warranty Deed – This document proves that the seller can legally sell the home.
FHA – This is a government organization known as the Federal Housing Authority. This organization authorizes lenders to offer FHA loans and enforces the guidelines for approving the loans.
Bait Rate – Some mortgage companies will advertise an extremely low interest rate to entice borrowers to contact them and submit a loan application. However, it is later discovered that the advertised rate was for people with the absolute highest credit scores, along with a sizable down payment and a well established job history.
GFE – This is an acronym for Good Faith Estimate. It provides an estimate of the costs associated with closing the mortgage loan.
Underwriting – This is the process of approving a loan application. An underwriter will compare the borrower’s credit, income, savings and residence history to the guidelines of the particular loan program that has been matched with the borrower. The underwriter must make sure that the borrower meets the requirements of the loan in order to issue an approval.
Organize Your Finances
Before applying for a loan it is a good idea to ensure your credit rating is worthy of a mortgage loan. If you have some blemishes on your credit report then it is important to fix them before hand. Setting aside enough money for the down payment is also critical. You should plan on between 3% and 5% of the purchase price of the home. It is also a good idea to have another 3% to 5% for the closing costs.
Be Realistic About the Home
It is not a good idea to look at homes well beyond your affordable range. Talk to a mortgage company and get pre-approved for the loan. Then talk to your Realtor and ask to look at homes that fall within your price range. Looking at a home that may seem perfect, but is $10,000 more than you can afford, will make you unhappy with other homes and could lead you to make a bad decision towards an alternative mortgage.
Take some time to learn about the real estate market and get everything in order before house hunting. This will make it easier for your Realtor to find the right house for you and make the whole process less stressful.
At Rock Realty we want to make sure that your home buying experience is smooth and that you feel comfortable with your decision. It’s important that you buy the right home for you. Don’t forget about the great Wisconsin home buyer discounts that Rock Realty has to offer!
The Wisconsin housing statistics are now in for July of 2011. Here is an excerpt from what the Wisconsin Realtors Association (WRA) had to say:
"As expected, the sales of existing homes in Wisconsin increased 34.4 percent over July of last year, and the median house price fell 5.9 percent to $139,900"
“We anticipated July was going to show very strong sales compared to last year when the federal homebuyers tax credit expired,” said John Horning, Chairman of the WRA Board of Directors. The federal tax credit expired in June of 2010 causing a substantial decline in home sales the following month. “Home sales this year follow a more typical seasonal pattern whereas last year sales were front-loaded into the first six months because of the tax credit,” said Horning. “That’s why the sales figures for April, May and June this year appeared so weak, and it’s one of the reasons they are so strong in July,” Horning said.
Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Rock County, and Dane County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. If you would like some insight into how much your home is worth, I would be happy to provide you with a free comparative market analysis. This is a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market.
Housing Statistics for the State of WI:
July 2011
Home Sales: 5,132
Median Home Price: $139,900
June 2010
Home Sales: 3,797
Median Home Price: $148,800
Housing Statistics for Dane County, WI:
June 2011
Home Sales: 546
Median Home Price: $211,500
June 2010
Home Sales: 385
Median Home Price: $221,500
Housing Statistics for Rock County, WI:
June 2011
Home Sales: 146
Median Home Price: $99,500
June 2010
Home Sales: 109
Median Home Price: $122,000
This information is courtesy of the WRA, Wisconsin Realtors Association. Please follow this link for further details: Wisconsin Housing Statistics
Posted by: Michael Collins at 6:40am
Tags: housing statistics, wra, july 2011, dane rock county, wisconsin, janes
I receive daily updates on current mortgage rates in the Janesville Wisconsin area. One of those rates is for the WHEDA Home Loan. Todays mortgage rate showed a new historic low at 4.75%. These rates of course can and do change often so you will want to check with your bank to get the most up to the minute information. To give you an idea of how low this mortgagerate really is, consider this scenario. If you were to purchase a Janesville WI foreclosure property for $75,000 at a 4.75% mortgage rate, your mortgage payment with interest would be only $391. Say you purchased a Janesville WI short sale at $150,000 your monthly mortgage payment would be a reasonable $782. This is assuming no down payment.
If you are looking to purchase a bank owned/foreclosure/REO property, short sale or standard listing in Janesville WI, I would be happy to help assist you. I’ve listed details from one of the WHEDA loan programs below. Please refer to the WHEDA website for the most current home loan details.
Michael Collins, SFR
Short Sales & Foreclosure Resource
Janesville, WI
Are you a first-timebuyer? Do you want an affordable home loan with a fixed rate and 100% financing? If so, then you are in luck. Wisconsin Housing and Economic Development Authority (WHEDA) has partnered up with Fannie Mae to bring affordable housing to qualified first-time buyers. You can find a link to WHEDA’s site on Rock Realty’s home page. Here are the features you will find on their site:
FEATURES AND BENEFITS
Low cost, 30-year fixed interest rate – Ensures the rate on your mortgagewill never increase
$1,000 minimum borrower down payment – Reduces the cash you need to close your loan
Reduced mortgage fees – Your mortgage will cost less thanks to the elimination of fees commonly found with other traditional loan products
If you involuntarily lose your job during the first two years of your mortgage, WHEDA’s job loss mortgage payment protection will cover up to six months of payments.
There are eligibility guidelines as well as income and purchase price limits to this program. You can find them on WHEDA’s site too. Buyers are required to take a home buyers seminar and pass the WHEDA pre-approval. These are good things. You should be educated on owning a home and the pre-approval verifies your ablility to own a home long term.
Rock Realty offers home buyers a 1 percent credit at closing. Follow the below link for further details! Home Buyer Discounts
This communication is provided to you for informational purposes only and should not be relied upon by you. Rock Realty is not a mortgage lender and so you should contact WHEDA directly to learn more about its mortgage products and your eligibility for such products.
Just Reduced AGAIN!! Well maintained duplex condo on east side. Large 2-car garage with driveway and parking area. Short sale subject to seller's bank approval.
Equal Housing Opportunity.
Rock Realty : PO Box 2444 - Janesville WI 53547-2444 : 877-774-7625
Posted by: Michael Collins at 9:16am
Tags: investment property short sale madison wisconsin
Beautiful victorian home made into a 2 unit rental property. Attractive landscaping helps give this home a wonderful location. Well maintained with newer windows and plaster on ceilings and walls.
Short Sale. All offers and agent commissions are subject to seller's lender approval.
Equal Housing Opportunity.
Rock Realty : PO Box 2444 - Janesville WI 53547-2444 : 877-774-7625
Posted by: Michael Collins at 8:33am
Tags: investment property short sale janesville wisconsin
I just wanted to update everyone on a feature that can be found on our website. Since mortgage rates are at an all time low, many of you may be thinking about refinancing or making a home purchase. The Rock Realty website has a very helpful mortgage calculator that can answer some of the following questions:
-Should I refinance?
-What if I pay more every month?
-What is the real APR for that loan?
-Should I pay points to lower my interest rate?
-How much income do I need in order to qualify?
-Should I use HELOC to lower my debt payments?
-Which loan is better?
Feel free to try it out & let me know how you like it.
Short sales and bank owned properties can offer a great price point to the savvy buyer or investor. Typically though, these homes do require some amount of work and repairs. I’ve found that many properties just need some cosmetic ‘touch ups’ like paint and landscaping. Others however may need significant remodeling, including drywall, roofing or windows.
In any event, having a mortgage available that gives you the option of financing these repairs is a huge advantage. The two most common options currently in the market are the FHA 203K and the HomePath loans. The Zillow article below goes over the differences in each.
If you are in the market to buy a home, chances are that you have seen at least one property that is either a short sale or a bank-owned property.
And based on what I have seen, many short sales or properties that are currently owned by the bank are in need of a few repairs before anyone can live in them.
Which is why I get quite a few questions about two of the most popular loan programs designed to help homeowners finance needed repairs on a new home: the FHA 203k program and Fannie Mae’s HomePath mortgage program.
One of the more common quick questions I hear when people are learning about these loan programs is:
“Which is better, the HomePath mortgage or the FHA 203k loan?”
The simple answer to this question is “it depends” and before I give you a simple formula that might help you choose between the two programs, here is a quick review of each loan program.
The FHA 203k and FHA Streamline 203k Loans
The FHA 203k loan program can be grouped into two different types of loans: the FHA Streamline 203k loan program and the FHA 203k loan. The FHA 203k streamline is designed to be a limited repair program and has simpler processes and no HUD consultant required like on the full FHA 203k loan. In my experience, the FHA 203k streamline is a more popular option since many of the needed repairs for bank-owned homes can be considered “cosmetic.”
Highlights of the FHA 203k streamline loan include:
It works very similar to a construction loan – it allows you to purchase a home that wouldn’t qualify for FHA financing due to repair work being needed
The loan amount is equal to the purchase price of the home plus the amount needed for repairs
FHA 203k streamline program allows for repairs ranging from $5,000 and $35,000
Qualifying for FHA 203k loans are the same as regular FHA loans
Repair work cannot begin until loan closes and the money to pay contractors comes from an escrow account set up when the loan closed
FHA 203k loans require UFMIP and MIP just like regular FHA loans
Appraisal required
Currently available for owner-occupied properties only although I have heard rumors of an “Investor 203k loan” coming soon.
Fannie Mae HomePath Renovation Loan
When the housing downturn began and Fannie Mae started owning more homes than ever before, one of the things Fannie Mae did to help move the homes to new owners was to design the HomePath mortgage program.
The HomePath mortgage program has two different programs within it – the HomePath loan and the HomePath Renovation loan.
For homes that are in need of repairs, the HomePath Renovation loan is the loan program that is often compared to the FHA 203k loan when weighing options.
HomePath Renovation loan highlights include:
The property must be currently owned by Fannie Mae
The loan amount is for both the home and the repairs required for the home
Repairs can be up to 35% of the as-completed value, but not to exceed $35,000.
Down payment requirements can be as low as 3%
Fixed or adjustable rates are available
No mortgage insurance required
Investment properties or 2nd homes and investment properties are allowed
No appraisal required
Lenders can be difficult to find, not every lender is HomePath approved and many HomePath approved lenders do not offer the HomePath Renovation loans
HomePath Renovation Loan or FHA 203k Loan?
When deciding on financing for a home that is in need of repairs, the Fannie Mae HomePath Renovation loan program and the FHA 203k loan program are what most people are going to select.
Is there an easy way to select the “right” loan between the two?
Yes.
Which Loan Program Is Better?
Here is a simple way to choose the right loan program between the two if you are buying the home as your primary residence:
Is the home owned by Fannie Mae?If yes, it probably makes the most sense to get a HomePath Renovation loan.
Is the home owned by someone other than Fannie Mae? If so, then your best option is the FHA 203k loan.
While both the FHA 203k loan and the Fannie Mae HomePath Renovation loan programs are similar, I have found that for houses owned by Fannie Mae it usually makes more sense to go with the HomePath Renovation loan.
Which means the first question you may want to ask is:
Justin McHood works for Academy Mortgage and is based in Chandler, AZ. He is a contributor to Zillow Blog and has conversations about mortgages whenever he can. Learn more about Justin at http://www.mortgagecommentator.com.
Michael Collins in Janesville WI, has earned the prestigious Harris Real Estate University Certified Real Estate Owned Specialist Designation (RSD), having completed extensive training in the techniques necessary to secure, negotiate and sell (REOs).
FOR IMMEDIATE RELEASE
PRLog (Press Release) – Apr 28, 2011 – Michael Collins Completes Prestigious RSD Designation to Specialize in Bank Owned Homes
Real Estate Agent Specializing in REO/BPO
April 1, 2011 Michael Collins, Broker of Rock Realty in Janesville, has earned the prestigious Harris Real Estate University Certified Real Estate Owned Specialist Designation (RSD), having completed extensive training in the techniques necessary to secure, negotiate and sell Bank Owned Properties (REOs). This REO training is invaluable during the current recession, especially in housing markets where foreclosure rates continue to climb.
A property becomes an REO if the original owner fails to pay their mortgage and the lending bank is forced to repossess it. The bank then reaches out to qualified REO designated brokers and agents to sell the home and recover their investment. Without access to experienced REO Listing agents, lending authorities must continue to hold onto the foreclosed property as an investment loss.
“The Harris Real Estate University RSD designation has been invaluable as I work with banks and lenders on complicated BPO & REO assignments. In Janesville Wisconsin, an increasing number of homes are in some stage of foreclosure. And it is happening with homes of every price range,” said Michael Collins, “It is so rewarding to be able to help banks rehabilitate these homes, get them back on the market, and find eager homebuyers so we can improve the condition of our neighborhoods. My RSD training through HREU has enabled me to work with more lenders, move more properties and get some of these vacant homes sold!”
Tim and Julie Harris, founders of the Harris Real Estate University in Las Vegas, NV, said “Realtors such as Michael Collins with the HREU RSD designation have valuable training in REO properties and can help banks find qualified buyers using our extensive techniques. Through our in-depth training and continuous education programs, these agents better understand market conditions that will help lenders appraise their properties through a BPO and eventually sell their REO inventory.”
The Harris Real Estate University opened in 1998 and provides REO agent training through webinars, teleseminars and teleconferencing. Agents can earn their HREU REO Listing Designation remotely from their offices all across the nation. The RSD is the premier designation for Realtors who develop an expertise in Bank Owned properties.
“Our goal is to prepare our enrolled agents for the increasingly competitive REO market. It’s becoming more difficult for uncertified agents to out-sell our graduates. Our comprehensive RSD Designation gives them everything they need to gain an edge over other agents in their communities,” Harris said.
If you feel you are in need of more information about REO properties, or if you are a lender looking for a certified Bank Owned Property Realtor, call Rock Realty for more information at 608-921-8536. We also offer in depth BPO (Broker Price Opinion) services.
Specializing in the sale of REO homes and commercial properties in the Madison, Beloit, Evansville & Janesville areas, Rock Realty lists homes for sale in Dane and Rock County. Contact Michael Collins at 608-921-8536 for more information, or visit www.rockrealtywi.com
Below is an informative NAR article for home buyers. It is a short list of 7 items you should go over before you buy a home. I would add that it is important to find out how important location is to you. Sometimes the home you can afford is not located as close to things as you would like it to be. For some buyers, the shorter commute is more important, while others would rather drive a little further to get the home they have always dreamed of.
By doing your homework before you buy, you’ll feel more content about your new home.
Most potential homebuyers are a smidge daunted by the fact that they’re about to agree to a hefty mortgage that they’ll be paying for the next few decades. The best way to relieve that anxiety is to be confident you’re purchasing the best home at a price you can afford with the most favorable financing. These seven steps will help you make smart decisions about your biggest purchase.
1. Decide how much home you can afford
Generally, you can afford a home priced 2 to 3 times your gross income. Remember to consider costs every homeowner must cover: property taxes, insurance, maintenance, utilities, and community association fees, if applicable, as well as costs specific to your family, such as day care if you plan to have children.
2. Develop your home wish list
Be honest about which features you must have and which you’d like to have. Handicap accessibility for an aging parent or special needs child is a must. Granite countertops and stainless steel appliances are in the bonus category. Come up with your top-five must-haves and top-five wants to help you focus your search and make a logical, rather than emotional, choice when home shopping.
3. Select where you want to live
Make a list of your top-five community priorities, such as commute time, schools, and recreational facilities. Ask your REALTOR; to help you identify three to four target neighborhoods based on your priorities.
4. Start saving
Have you saved enough money to qualify for a mortgage and cover your downpayment? Ideally, you should have 20% of the purchase price set aside for a downpayment, but some lenders allow as little as 5% down. A small downpayment preserves your savings for emergencies.
However, the lower your downpayment, the higher the loan amount you’ll need to qualify for, and if you still qualify, the higher your monthly payment. Your downpayment size can also influence your interest rate and the type of loan you can get.
Finally, if your downpayment is less than 20%, you’ll be required to purchase private mortgage insurance. Depending on the size of your loan, PMI can add hundreds to your monthly payment. Check with your state and local government for mortgage and downpayment assistance programs for first-time buyers.
5. Ask about all the costs before you sign
A downpayment is just one homebuying cost. Your REALTOR; can tell you what other costs buyers commonly pay in your area-including home inspections, attorneys’ fees, and transfer fees of 2% to 7% of the home price. Tally up the extras you’ll also want to buy after you move-in, such as window coverings and patio furniture for your new yard.
6. Get your credit in order
A credit report details your borrowing history, including any late payments and bad debts, and typically includes a credit score. Lenders lean heavily on your credit report and credit score in determining whether, how much, and at what interest rate to lend for a home. Most require a minimum credit score of 620 for a home mortgage.
You’re entitled to free copies of your credit reports (https://www.annualcreditreport.com/cra/index.jsp) annually from the major credit bureaus: Equifax (http://www.equifax.com), Experian (http://www.experian.com), and TransUnion (http://www.transunion.com). Order and then pore over them to ensure the information is accurate, and try to correct any errors before you buy. If your credit score isn’t up to snuff, the easiest ways to improve it are to pay every bill on time and pay down high credit card debt.
7. Get prequalified
Meet with a lender to get a prequalification letter that says how much house you’re qualified to buy. Start gathering the paperwork your lender says it needs. Most want to see W-2 forms verifying your employment and income, copies of pay stubs, and two to four months of banking statements.
If you’re self-employed, you’ll need your current profit and loss statement, a current balance sheet, and personal and business income tax returns for the previous two years.
Consider your financing options. The longer the loan, the smaller your monthly payment. Fixed-rate mortgages offer payment certainty; an adjustable-rate mortgage offers a lower monthly payment. However, an adjustable-rate mortgage may adjust dramatically. Be sure to calculate your affordability at both the lowest and highest possible ARM rate.
More from HouseLogic
Learn how Fannie Mae and Freddie Mac mortgages can help you save on financing (http://www.houselogic.com/articles/how-fannie-mae-and-freddie-mac-save-you-money/)
Learn more about the costs of homeownership (http://www.houselogic.com/articles/a-financial-plan-for-your-home/)
Get a free credit report from each of the three credit reporting bureaus (https://www.annualcreditreport.com/cra/index.jsp)
G.M. Filisko is an attorney and award-winning writer who has thrice survived the homebuying process. A frequent contributor to many national publications including Bankrate.com, REALTOR® Magazine, and the American Bar Association Journal, she specializes in real estate, business, personal finance, and legal topics.
Posted by: Michael Collins at 12:37am
Tags: buyers, first-time home buyer, home buying, house, purchase
Are you a first-time buyer? Do you want an affordable home loan with a fixed rate and 100% financing? If so, then you are in luck. Wisconsin Housing and Economic Development Authority (WHEDA) has partnered up with Fannie Mae to bring affordable housing to qualified first-time buyers. You can find a link to WHEDA’s site on Rock Realty’s home page. Here are the features you will find on their site:
FEATURES AND BENEFITS
Low cost, 30-year fixed interest rate – Ensures the rate on your mortgage will never increase
$1,000 minimum borrower down payment – Reduces the cash you need to close your loan
Reduced mortgage fees – Your mortgage will cost less thanks to the elimination of fees commonly found with other traditional loan products
If you involuntarily lose your job during the first two years of your mortgage, WHEDA’s job loss mortgage payment protection will cover up to six months of payments.
There are eligibility guidelines as well as income and purchase price limits to this program. You can find them on WHEDA’s site too. Buyers are required to take a home buyers seminar and pass the WHEDA pre-approval. These are good things. You should be educated on owning a home and the pre-approval varifies you ablility to own a home long term. Don’t feel bad if you miss the tax credit that expires in May. Rock Realty offers buyers 1% of the purchase price to their closing costs.
There are new programs for those looking to purchase foreclosed homes or home owners wanting to make improvements and repairs to their home. You can find information on these programs with the same link. Good luck and please leave a comment.
Rock Realty is a brokerage that specializes in Short Sales, Bank Owned Foreclosures, BPO's & REO listings in the Janesville and Madison Wisconsin area. This may involve negotiating a short sale for a home owner in need or finding the perfect home for a first time home buyer. Whatever it is you are looking for, Rock Realty's WI real estate agents are here to help you with your real estate needs!
It involved 4 different investment multi-unit Janesville Wisconsin properties
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