Archive for tag Foreclosures
August 24, 2011 at 11:10 AM · Posted under Pat Tasker
If you listen to the news or read the paper, you have been seeing some encouraging news of late.
GOOD NEWS: End of July numbers indicate that home sales in Wisconsin are up 34.4% over last year! If you think back, you will remember that the first half of 2010 included a hefty $8,000 tax credit for first time buyers who closed by June 30th, IF they had an accepted offer by April 30th. Last year May and June numbers for accepted offers were dismal to say the least, making the numbers this year not that hard to show improvement.
BAD NEWS: While the number of home sales are now on an upward swing, prices are not. In fact, the median home price dropped 5.9% this year to $139,000 (state wide).
What is happening? It's like a clearance sale. In order to clear large amounts of inventory, prices come down. With more foreclosures now approved by banks to hit the market, it appears that inventory will stay high through year end, keeping prices down. Only when inventory is at lower amounts, would prices stabilize and eventually head back up. So we have some time to wait on that, but homes are successfully selling. And, if you are moving UP to a higher price range, that will make for a sweet deal on the buy side. You can get a bigger home for the same price as 5 years ago.
Many of our mid priced homes are moving well with first time buyers entering the market. Rates are historically low, and 20 years from now, those buyers will be bragging about the deal they got with a 4% interest rate!
Are you ready to jump into the game? Buying a first home or making a move up can be done easier than you think. Call me today to discuss a strategy for YOU to take advantage of this historic market! I can be reached by calling or texting 414-588-4907 or emailing Rates are LOW, there is a lot to choose from, THE TIME TO BUY IS NOW!!
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Pat Tasker
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July 19, 2011 at 06:34 AM · Posted under Lisa Rossetto-Glowacki
What will happen to home prices? Should you sell now or later? Here are a few opinions from various analysts:
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Lisa Rossetto
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December 27, 2010 at 10:48 AM · Posted under Pat Tasker
One of the buzz words in real estate these days is “Shadow Inventory”. To a seasoned professional, it is a common and understood term. To a homeowner or the general public, it may be a mystery.
Shadow Inventory, is all of the properties that are expected to come on the market in the near future. It includes all the homes that owners are going to put on the market in the next few month. Some of those sellers are brand new to the market, and some are the ones that tried to sell last year, and took their home off the market for the holidays. Here is a list 10 reasons that is mistake in my opinion.
Shadow Inventory also includes the properties that are currently held by the bank after a sheriff sale, and those the bank knows will be coming back to them through the foreclosure process. Each state and local market has differing numbers on the amount of Shadow Inventory.
There is no question that Shadow Inventory does exist, the question is how much, and how will it the buyers and sellers in each of our markets.
The way Steve Harney (an expert on real estate trends) explained it goes like this, and I hope I can explain it as well as he did. Shadow Inventory is like a river, that flows though a town, with a dam in the middle, and a river valley below that dam. (If you are from Wisconsin, picture the dam in the downtown area of Wisconsin Dells..) The banks have many properties that are going through the foreclosure process (the river). The real estate market is based on supply and demand. Therefore, the banks can’t release all the inventory as it will come back to them. The Shadow Inventory is held up by the dam. When the market can tolerate it, the bank will release more of the foreclosed properties. As the Robo signing issues came to light, there was a stoppage of sheriff sales, and even more inventory built up behind that dam. Add the new foreclosures to that. If they allowed the flood gates open, and released all the homes above the dam, the river will flood the valley and take out all the homes that run along the banks of the river. Again, if you are from Wisconsin, remember when the levy broke and took out those homes) That would destroy everything, everything being the market and the prices of all homes in the market, not just the foreclosures. So the banks, have the masses above the dam, and as the markets absorb some sales, more of the foreclosures are let through the dam. This is managing the volume and protecting the neighborhoods down river.
If you would like more insight as to the amount of “Shadow Inventory” and how it affects your homes value please contact me. I would be glad to share.
Posted by: Pat Tasker
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September 16, 2010 at 03:16 PM · Posted under Colleen Kuchta
I am writing this today to let you know that short sales are not always the nightmare we perceive them to be. We recently had a terrific short sale experience. We listed a property in Menomonee Falls at the price the market analysis suggested. After a short time, and several showings, it became obvious that the price needed to be reduced. With the sellers approval, we set the price to reduce at certain dates until an offer was received.
On July 14, 2010 we received an Offer to Purchase which our seller accepted. The count down began immediately! We had already gathered the items that Bank of America would require as part of the short sale package, so I sent them in with the offer. Our stage one negotiator was easily accessible via email, so I sent an introduction email letting her know who I was, and that I was happy that we were going to be working together. On August 5, 2010 we received the approval to move into stage two. Our request for a short sale was approved, but now the offer needed to be scrutinized before final approval could be issued.
Our stage two negotiator was assigned within two days. Again I sent out an introduction email similar to the one I sent to our first negotiator. There were a few papers to be signed by my seller, and more information was requested at this point. We knew that we needed to hustle to avoid a delay, so everything was submitted the very next day. On August 14, 2010 our Bank of America negotiator sent the approval with a September 13, 2010 close date. Our seller would be able to avoid a foreclosure!
Things did not get easier from here. As part of the approval we needed to get the buyer’s lender to provide a final HUD to Bank of America no later than 5 business days prior to closing. This would be no easy feat - recent changes in lending laws have been causing delays. Often times, approval isn’t issued until the day prior to closing. We needed everything in stone by September 3rd! Luckily, the buyer’s lender was on top of things. We sent our final HUD to Bank of America on September 3rd, and on September 9th we were told that Bank of America would also be willing to pay the special assessments and the outstanding water and sewer bill. Wow! We made the changes to the HUD and on Saturday, September 11th, we received our closing instructions. We could proceed to close on Monday, September 13th.
This short sale experience was most definitely a positive one. At the closing table on Monday, September 13th, my seller gave me a huge hug. She was so relieved that this part of her life could be put behind her. The quick approval and smooth process gave her a chance to move forward. We were truly honored to be able to help.
Remember, not all short sales are alike, and not everyone qualifies for a short sale. You need to select the listing agent that is willing to go the extra mile to ensure documents are sent on time, the line of communication stays open, and is willing to put in the time it takes to see the process through. This was a very quick turnaround, and that is not common. But, if there were a longer wait, we would have made sure to adjust to the situation. Kelly & I are fully trained in short sales and foreclosures, and have experience in handling both. Don’t you deserve an agent that can get the job done? Contact us today, and we will do all that we can to get you a brighter tomorrow. We are easily accessible by phone or email, just click on our names to access our website for our contact information! The Kuchta’s, Kelly & Colleen
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Colleen Kuchta
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April 30, 2009 at 11:31 AM · Posted under Pat Tasker
You hear about them every day....Foreclosures. They are growing in numbers. They dominate neighborhoods. Their prices are dropping more and more. Every buyer asks about them. You would think they are a great buy and a good deal. But here are 11 things you need to know before you even look at one, much less make an offer on one!
- It might not be pretty! I have heard them called SUV's, (stinky, ugly and vacant). Not every one, but most of them need more work than the average buyer is willing to put in.
- You will be buying it AS IS. What you see is what you get, you are buying it AS IS. The bank won't fix ANYTHING, it's AS IS. There is no condition report, it is AS IS. Yes, you can have an inspection, but you get it AS IS. Did I mention, it is AS IS?
- You need an experienced REALTOR® to write the offer. They know what to put in, and what will never fly. Banks are starting to weasel out of some of the normal seller paid closing fees, and if your agent isn't aware of that and doesn't write them in the offer as a seller expense, YOU will be paying them!
- You better get title insurance! And be sure to ask for Gap Insurance coverage. You don't want anyone knocking on the door after you close and find out they have a lien on your new home! As a Buyer's Agent, I have my title company do a short search, just to double check what the seller is telling us is true regarding liens on title, and to be sure the bank actually has acquired title to the property.
- You better have a lot of PATIENCE. Banks work M-F, 9-5. You will not get any answers on the weekend. They don't care about your offer deadline. They will answer when that offer gets to the top of their pile. Or should I say piles! They have thousands of files, and you are just a number! Wait your turn.
- Be prepared to get a counter, usually verbal. They are the same most of the time: "We have multiple offers. We are asking all buyers to give us their highest and best offer."
- Read the fine print! Many times there are terms in the sellers addenda that impose terms that favor the bank and NOT the buyer, ie: $100 daily penalty if YOU don't close on your contract date. Or you must close no later than 30 days after acceptance of the offer.
- Be Patient...REALLY patient! And you will need patience all the way through until closing. The bank many times is the one who can't get to closing on time. You may have to get extensions. Yes, you will be waiting until you get to the top of the pile! And no, they don't pay you $100 per day they are late!
- Read the fine print! Again, this is where an experienced REALTOR® comes in handy. Is the seller able to prove to you in writing that the water bill is paid in full through the closing date? What about taxes, condo fees or other special fees? Better get that in writing! It would be highly advised to get an attorney to represent you at closing.
- Be sure to re-key EVERYTHING after closing. Many asset managers use a master key system. You want to be sure that you are THE only person who has keys to access your new home.
- Realize when looking at foreclosures that they are priced significantly lower than the market value, usually due to the amount of work they need. The assessment, though, is based on the assumption of good condition, so the taxes will be much higher than most homes in the same price range. Don't look at this like a negative, rather a positive. You are getting an eventually higher value home in a lower price range, and probably a much nicer neighborhood than you were looking in.
Use these tips to purchase a foreclosure property and keep your sanity! If you need an expert Buyers Agent, contact Pat Tasker at 262-437-5853 or by email at ptasker@shorewest.com.
Posted by:Pat Tasker
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