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March 26, 2010 at 11:01 AM · Posted under Pat Tasker
Having worked with many buyers over the past 20+ years, I am always amazed at how misunderstood property assessments are, especially when it comes to a market value. As we look at homes, buyers will always compare the assessment to the price. When it came time to write an offer, the assessment numbers would come up again.
In a hot sellers market, most homes could sell over their assessments. In a long term declining market, the properties would most likely sell under their assessments.
Why is there such a swing? It has to do with timing, and how fast the market is moving and how slowly assessments are revised. A good buyers agent will be able to point out and prove to you what the current trend is. If the comparable sales over the last 3-6 months have been selling at X% over/below the current assessments, it gives the buyer a good formula to work with. That is based on the assumption that the property is assessed in the same manner as the comparables (comps). You can’t look at just one or two comps to get an accurate number, you will need to look at a handful of 5-10.
Assessments vary from one neighborhood to another within the city of Milwaukee, and the same in the suburbs of Greater Milwaukee. Some municipalities reassess yearly, others only every few years. When a reassessment is being done, it could be completed by using sale numbers for neighborhoods and changing assessments on a percentage basis of those sales. On occasion, assessors will reassess by actually viewing the interiors of homes by way of appointments with the owners. If you don’t agree to let the assessor in the door, you are at the mercy of their imagination. If you let them in the door, they will have an accurate picture of the condition of the home and any improvements you have made, whether or not permits were pulled. It is your choice to “co-operate” or not.
If you don’t agree with the new assessment numbers, you can follow the procedure to protest it. That information will be included with the new numbers. Be sure to take note that it is usually for a limited period that you can protest the numbers!
Here is a dictionary of terms related to this subject. For more questions on assessments, feel free to call me!
Posted by:
Pat Tasker
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March 24, 2010 at 08:45 AM · Posted under Pat Tasker
Homebuyers, home sellers, and property owners alike are often confused on the difference between Assessed Value, Appraised Value, and Fair Market Value. There was this funny cartoon that used to go around the office, here it is in full color.
But seriously, here is the official explanation on the differences:
ASSESSED VALUE: The value the municipality places on a property on which the taxes will be determined.
MARKET VALUE: The value that a buyer is willing to pay and a seller is willing to sell for under “normal” conditions (not related to the seller, not a distressed seller etc.).
APPRAISED VALUE: The value that an appraiser puts on a property after reviewing comparable sold and active properties. Appraisals are usually done for a bank to be sure they are making a good decision to loan money on that property, for a buyers purchase or an owners refinance.
At any given time, a property could have 5 different values:
Assessed Value, Fair Market Value, Appraised Value, and the value a seller would sell for, and a value a buyer would buy for!
Stay tuned over the next few Fridays for parts 2-4 of this series!
Part 2: Assessments - What They Mean To A Buyer
Part 3: Assessments - What They Mean To A Seller
Part 4: Assessments - What To Do If You Disagree
If you are confused on the value of your home, call me at 414-588-4907 or email me at Pat@PatTasker.com! With over 20 years in real estate sales in the suburbs of Greater Milwaukee, I can give you the most up to date information on getting top dollar for your home in today’s market!
Posted by:Pat Tasker
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March 23, 2010 at 12:05 PM · Posted under Lisa Rossetto-Glowacki
“Grab a tissue, dry your eyes and lower the price”
A recent quote I heard directed towards sellers of real estate.
There is still time to make it all happen–that is, sell your house and get an accepted offer on a new house, before April 30th, in order to take advantage of the tax credit.
All it takes is that tissue!
Posted by:
Lisa Rossetto
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March 23, 2010 at 10:18 AM · Posted under Colleen Kuchta
By now I’m sure that you have heard plenty of stories about short sales, and how they should really be called ‘long sales’. You may have even written an offer on a property that is in a short sale situation, only to be disappointed by the amount of time you had to wait for an answer.
Well, some of what you are hearing is true. There is a longer wait to have an accepted offer with a short sale. The owner of the property can accept your offer right away, but the offer is not binding until the lender gives the final approval. The wait for bank approval can take anywhere from 2 weeks up to 9 months, or more!
This does not mean that you should avoid all properties that are in a short sale situation. Your Buyer’s Agent can do a little bit of leg work before you decide to dive in with an offer. A call to the Listing Agent is a great place to start. Your Buyer’s Agent can ask a few questions like:
- Has the Listing Agent ever done a short sale?
- Are there other offers?
- Has the bank given approval for a short sale, or do they need an offer before giving that approval?
- Has the bank given a time-line as to how long they expect approval to take?
- How many lenders are there? (if there is more than one lien holder, that will slow the process)
Although there may be a longer wait, there are a few benefits to purchasing a short sale property. You can usually buy the home for a discounted price, and you can get away with a lower earnest money deposit as well.
Two more bits of advice: Be sure to include the Short Sale Addendum to the Offer (SSO) when drafting an offer. There is specific verbiage in the SSO that addresses the issue of bank acceptance and deadlines for inspections & earnest money. You should also try to set your closing date for 45 days after the date given for bank acceptance. This will give you enough time to get your home inspection completed. Remember that the sellers usually do not have extra money for repairs that come up during your inspection, you could be purchasing the home as-is. Some buyers chose to do the inspection prior to bank approval to avoid last minute surprises.
As always, if you have questions or need help buying or selling, give us a call! The Kuchta’s - Kelly & Colleen 262-894-6512 or www.thekuchtas.shorewest.com
Posted by:
Colleen Kuchta
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March 19, 2010 at 02:24 PM · Posted under Pat Tasker
If you are looking for a home for sale in Germantown, WI, mark your calendar for Thursday March 25th! That’s right!
Thursday evening after work and through the dinner hour, ambitious agents will be holding 10-15 properties open in Germanton.
We realize with spring on the way, people are busy with kids activities on the weekends. In order to help out these busy families, evening opens during the week are becoming more and more popular.
In an effort to think “out of the box” in this unpredictable market, I started doing evening opens last fall. At the National Association of Realtors national conference in November, Matthew Ferrara spoke of the new generation of buyers and marketing to their needs and schedules. He confirmed what I had been trying.
Is it successful? TWO of the homes I held open last fall, sold to buyers whose first visit to the house was during one of those creatively timed open houses! The buyers were happy to be able to run in after work on their way home. And let me tell you, the sellers were quite pleased, not only with the creative timing, but the RESULTS!
So check it out this coming Thursday, March 25th in Germantown. Call me for a list and a map of all the opens being held 262-437-5853. If you are looking for a home in the suburbs of Greater Milwaukee and need some help, call me to get started… or you can visit my facebook page at bit.ly/PatsRealEstateFanPage.
Posted by:Pat Tasker
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March 12, 2010 at 01:51 PM · Posted under Pat Tasker
March Madness is usually associated with the competitive sport of basketball. This Sunday that madness will come to the real estate market in Southeastern Wisconsin!
Shorewest Realtors is holding an Open House Extravaganza with over 1,000 open houses being held this Sunday March 14th. All open houses can be found here.
Agents will be in top form, showing off the best qualities of homes for sale. With the Federal Tax Credit for homebuyers (both first time buyers and prior homeowners) ending on April 30th, the deadline to take advantage of this large credit is looming. Get out this weekend and find YOUR dream home, and then collect your tax credit!
Is an open house the BEST way to find a new home? Maybe, maybe not. It is a great way to find a home that may fit your wish list. Crowds at open houses can cause some excitement, and get buyers falsely excited to buy.
Viewing a home under a private appointment with your very own buyers agent is always optimal. Your buyers agent doesn’t care WHICH house you choose, they want to help you find the one that is BEST for YOU. Open house agents on the other hand want you to buy THAT home. If you are looking for more information on how a buyers agent can benefit you, call me today. I will be glad to sit down and go over the differences on how an agent can work with you in the home buying process! I can be reached at 414-588-4907.
Open Houses are a great way for Sellers to check out their competition, and get a feel for the host agent. Buyers can get out and do some comparison shopping. Open Houses serve several purposes, with so many this weekend, get out there and take a look!
Posted by:Pat Tasker
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March 09, 2010 at 03:38 PM
The BIG PIG GIG IS COMING BACK!!!!!
Mark your calendars & start gathering your volunteers!
The Menomonee Falls Community Chamber is thrilled to announce September 17 & 18, 2010 as the dates for the 2010 Big Pig Gig.
The Big Pig Gig Volunteer Committee is requesting updated information from your non-profit organization if you would like to be considered for volunteer hours for the 2010 Big Pig Gig. Volunteers provided by non-profit organizations are essential to the success of this event. 2008 we had 575 volunteers who worked a combined 2,290 hours! The Chamber gave away $10,000 to local organizations and groups that volunteered to help us in 2008.
This year, with our focus on providing GREAT customer service for all areas of the Big Pig Gig and to give away even more than $10,000 to our volunteer providers. In appreciation for the services provided by the non-profit volunteers,
the Menomonee Falls Community Chamber is planning to
share 10% of net profit of this event with all participating non-profit organizations.
More information will follow, but here is what we need by April 2, 2010…
- Updated Contact Information for your Organization – Organization name, Non-Profit #, mailing address
- Contact Person - Current Email and phone number
You can send this information by contacting me at mkoch@shorewest.com or fax it to 262.395.5032
If you provide this information by the April 2 deadline, we will Guarantee that your group will have FIRST CHOICE of doing the same jobs/tasks as they performed the last BPG
Thank you for considering involvement in the Big Pig Gig 2010! This event cannot take place without community stewards like you.
Posted by:
Mickey Koch
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March 08, 2010 at 03:57 PM
When it comes to choosing a lender for your mortgage most people spend more time researching which shoes go with which belt than who is best fit to finance your largest single investment!
Choosing the correct company to help with the mortgage is just as important as choosing the correct home. If you’re shopping closing costs and interest rates you’re on the right track. Finding the perfect lender is a bit harder today. Here are some steps I think are without a doubt essential.
- Talk to family, friends and your Realtor. Get a few names of people that they have used and trust.
- Ask a lot of questions. A good lender will answer all your questions. A GREAT lender will give you extra info you never thought of.
- Tell the lender what you want to spend every month on your mortgage, taxes, and insurance. Don’t forget about private mortgage insurance if you don’t have 20% down. A great lender will coach you on what price range to be looking in so you don’t leave your “comfort zone” for how much you want to pay each month.
- Ask them up front what their costs are and have them put them in writing. READ THAT DOCUMENT! And understand it.
- Set up a face to face meeting with your lender and bring all of the required documentation ASAP. Don’t put this off.
- Ask about your different options, Conventional, FHA, WHEDA. Make sure you know what they mean to you.
A really good Realtor should be able to help you through this process. It’s really heartbreaking to find the perfect home and then find out that you cannot buy it because of something that was missed in the pre-qualifying process.
If your Realtor doesn’t offer to or is unwilling to be a huge part of the lending process that should be a red flag to start looking for a different Realtor. Your Realtor and your lender should be a team working together for you.
Please as always feel free to give me a call at (414) 416-0704. If you’re just starting the home buying process or are unsure if you’re getting the best service I can help.
Posted by:Mickey Koch
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March 02, 2010 at 04:16 PM · Posted under Colleen Kuchta
Have you hired an agent to represent you for the purchase of your new home? Most buyers are unaware that when an agent is showing a home, the agent is actually working as a sub-agent of the agent that has the property listed. Many times a buyer will call or email the listing agent to request a private showing of the property, as well. In both cases, the loyalty 
of the agent lies in the seller’s best interest. This means they should be working to get the most money at the best terms possible for the property.
A sure way to have someone on your side during the biggest purchase of your life is to hire a Buyer’s Agent. Kelly & I are part of the Shorewest Realtors team. When you hire us, there is no charge for the peace of mind in knowing that we are putting your needs above even our own. We are Accredited Buyers Representatives with the ability to show all of the properties that are for sale. Whether this is your first home or you need a refresher, we will guide you through the transaction so that you know what to expect every step of the way!
Posted by:Colleen Kuchta
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March 01, 2010 at 10:05 AM · Posted under Pat Tasker
February 24th, 2010 was Realtor and Government Day. It’s the day that busy Realtors head off to Madison to talk to legislators face to face about issues that are front and center for Wisconsin Homeowners. With one of the largest groups in years, over 500 Realtors from across the state, set aside the day to take care of business at the Capitol. This year, main topics included bills that will be voted on and could make significant effects on your real estate investments and your pocketbook!
- AB 472-Appraiser Licensing, with an amendment that will allow professional real estate licensees to provide expert opinions of property value to private parties for purposes other than a real estate transaction or mortgage loan (ie: reassessment data or removing PMI)
- “HOPE” legislation Homeowners Property Tax Exemption Plan (uniform taxation clause) which is a tax shift and not a tax reduction plan. We love lowering taxes, but it has to be fair to all property owners.
- Farmland conversion Penalty-hurts farmers and is a bad Land-use policy
- AB638 - Access to Property Tax Records-clarify what subcontractors hired by municipalities to perform property tax assessments can charge for producing the requested real estate data, and the format in which they would provide the information
After briefings on the issues, we walked to the Capitol for those face to face meetings with our local representatives to let them know what is best for homeowners when it comes to the bills at hand. While it is nice to have one to one discussions with lawmakers, it is interesting to see government in action. With the 2009-2010 legislative session coming to an end, many legislators were rushing from meeting to meeting. The job seems tough when it looks to me like many times it is not what is best for the people that is approved, but which party is larger that wins the vote by majority….
Our day ended with a discussion between two of the candidates for Governor. Tom Barrett was having surgery that day, so Mark Neuman and Scott Walker discussed their ideas on improving our state, and how they intended to get the job done. There was one thing that everyone agrees on, and that is the key to turning things around: JOBS . The next time your see YOUR favorite Realtor, ask them if they were in Madison protecting your interests.
Posted by:Pat Tasker
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