Ez1 Realty Blog

The Winter Market in Wisconsin

Dennis Herman (Realty Executives) — Tue, 08 Dec 2009 09:24:59 -0600

The snow is beginning to fall in Menomonee Falls, Wisconsin. You can see the big flakes floating down, piling on top of one another making everything white. Did you ever notice the snow muffles the sound. It is getting so quiet outside you can almost hear the sound of home prices falling.

It used to be only Milwaukee homes experiencing a high degree of falling home values. Over the past few months price drops have spread out into the suburbs. There is an old saying, one bad apple spoils the whole barrel. One foreclosure lowers the prices of the whole neighborhood.

These days buyers are aware of the best price in the neighborhood. The average buyer spends weeks on the Internet researching home prices in a number of neighborhoods looking for the best deal. They have visions of making it big in the Real Estate Market. Landing that one big deal of a life time which would give them bragging rights at the coffee machine for months. Today's Buyers take the cheapest price on a home and have no problem applying it to every home within miles. Even crossing city limits in an attempt to find the one desperate Seller who will take anything to close the deal. Buyers know they have control.

The Greater Milwaukee Area has 14.74 months of inventory on the market. That means unless you have your property set at the right price to sell, you may be waiting until January 2011 before you accept an offer.

The few Buyers actively looking are waiting for the best price with the highest quality. A clean home in a great location does not cut it any more. In today's market you have to have the lowest price with the maximum amount of updates to sell. New kitchens, baths, finished basements, the Buyer's wish list goes on. And they do not expect to pay a dime more for it. Why?

Sellers need to check the Internet to find out why. In my opinion the major source of the pie in the sky attitude comes from Internet scammers. The endless list of ads aimed at getting Buyers to think the pie is sitting there begging to be taken. These scammers post page after page of dribble which has little or no truth. They make claims of buying million dollar mansions for less than $7000. They have pages of testimony from people that claim they have made it big on the Real Estate Market. All these lies complied in an attempt to part a fool and their money.

The biggest scam is selling a list of foreclosures. Where do they get these lists? These Buyers do not realize, many of these companies don't care if you ever buy a home. All they want is a charge card or bank account number. Most are happy with what ever price they can sell this list for.

And what do you do with this list you just paid a company located 1000 miles away? Is this company going to show you any of these properties? No they are not. They have their money and that is the only service they are going to provide. Ask any Real Estate Agent how many calls we receive from Buyers who have paid for these lists. All we can tell them is, that property has sold, and that one has sold, and that one also. The lists these people give you most likely contain only properties which have sold. These lists are easy to get.

I have received dozens of calls from Buyers looking for a list of foreclosed properties. They have no idea what kind of hassle it is to buy a foreclosed property. Dealing with the banks is a time consuming effort most closely defined as spending a vacation in hell. As far as finding a list of foreclosed homes, it is unlikely anyone can supply such a list. The local MLS has a special box to check if the property is a foreclosure of a short sale. Checking the box is not mandatory and most Listing Agents do not check the box. I would say 98% of the foreclosures in the Milwaukee area are not identified on the MLS.
Anyone can obtain a list of properties scheduled for auction or Sheriff Sale. But beware. Read the warnings on the county web site. I can find more stories on people loosing everything in an attempt to made a killing at these sales. There are success stories but the gain is minimal compared to the risk.

If you are looking for the deal of a life time in Real Estate you may want to consider the following suggestions.

Common sense would tell you, no one from Nigeria is ever going to show you a house in Milwaukee.

Make a list of what you need is a home. You wouldn't go grocery shopping without a list. Why would you shop for a home without one? If you shop in a store without a list you will find yourself going up and down isles over and over again, wasting time. The same is true with buying a home. When you give a list to a licensed Real Estate Agent they can customize a search to find just what you are looking for. Keep in mind, the BEST DEALS NEVER LAST LONG. If you waste time looking at the best prices which do not match your needs, the best deals will be sold before you have a chance to see them.

Shop for the best financing and work with a lender who will react quickly once you find the home you are looking for. So many deals have been lost because lenders took too much time gathering the information they need. If you are working with a bank as a Seller, they may not give you a second chance or extra time to arrange the financing.

Know the market.

Work with a licensed Real Estate Agent who knows the market.

Ask for data, DO NOT RELY ON YOURSELF TO COLLECT MARKET MATERIAL. In one hour a professional Real Estate Agent can collect and organize more marketing information than any Buyer can find in a week.

Find a home in an area which is not saturated with foreclosed properties. No one knows how long this is going to last. Think in the short term. You may have to sell within 5 years. What will happen to the value of your home if there are still a dozen foreclosures near you? You will find yourself in the same situation you put the previous Seller in.

Brick Ranch with Exposed Basement Menomonee Falls

Dennis Herman (Realty Executives) — Mon, 07 Dec 2009 17:50:37 -0600

Dennis Herman | Realty Executives Menomonee Falls | 414-426-1784

W208N6963 Fillmore, Menomonee Falls, WI

Comparing price, size, condition and features, this is the best
value in Menomonee Falls.

4BR/2.5BA Single Family House

offered at $230,000

Year Built	1955
Sq Footage	2,903
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	1
Parking	2 Covered spaces
Lot Size	.51 acres
HOA/Maint	$0 per month

DESCRIPTION

With over 2900 sq ft this home embodies all the rooms and features buyers with growing needs are looking for. Sprawling great room with natural fireplace and built-in cabinets. Formal dining room includes built in cabinets, raised panels, granite flooring and distinctive wood trim. Large kitchen with generous cabinets, extended counter space, dishwasher and granite flooring. Master bedroom features WIC and large bath. 4 bedrooms, 2 full baths on main level. Additional living space in exposed basement with 3 entrances, family room, office, 5th bedroom, pantry, rec room, laundry, additional storage and 2 heating systems for efficient zoned heating. Gently sloped lot with enclosed front porch, patio, Lannon stone details, storage shed and fenced back yard. Located only 25 minutes from downtown Milwaukee. Offered due to a job relocation.

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Hardwood floor	- Tile floor
- Family room	- Living room	- Bonus/Rec room
- Office/Den	- Dining room	- Breakfast nook
- Dishwasher	- Refrigerator	- Stove/Oven
- Basement	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Front	Living Room
Dining Room	Kitchen
Master Bedroom	Family Room Lower

Contact info:

Dennis Herman

Realty Executives Menomonee Falls

414-426-1784

For sale by agent/broker

Equal Opportunity Housing

Posted: Dec 7, 2009, 2:40pm PST

Together we can turn this economy around

Dennis Herman (Realty Executives) — Mon, 07 Dec 2009 14:05:51 -0600

Is the market still going slow? The quickest way Real Estate Agents can turn this market around is to reduce the amount of foreclosures.

I always thought my license agreement with the State of Wisconsin required me top provide information to the public. Although there may not be required guidelines, common sense would dictate helping home owners facing foreclosure would be mandatory. While our elected officials are busy pointing fingers and perfecting the art of wasting time and money on this matter, I suggest Real Estate Agents who really care and are passionate about their work provide free information to home owners.

The best place to begin is the official HUD site. The following site provides a map linking you to programs within your state.

Http://www.hud.gov/offices/hsg/sfh/hcc/fc/

From there you can find government sponsored organizations providing real help to home owners. Many of these services are free. You can rest easily knowing you may have helped hundreds of home owners avoid the scams scattered all over the Internet.

Here is a link to my site. Feel free to copy and use any of the information and links for help on foreclosures and loan modification.

Http://www.ez1realty.net/1039711.html

Together we can turn this economy around and in the future I know the home owners will remember this and thank us for being involved.

Information on SOLD prices for the Greater Milwaukee and Waukesha Areas

Dennis Herman (Realty Executives) — Mon, 07 Dec 2009 13:48:04 -0600

See the latest information on home selling prices in the Greater Milwaukee and Waukesha areas. This is a list of actual SOLD prices through November 17, 2009 listed by city. Feel free to request a detailed list of homes in your neighborhood or a Comprehensible Market Analysis of homes similar to yours. Know what the current market conditions are before you decide to buy or sell. Knowledge is power.

http://www.ez1realty.net/467482.html

Craigslist Rental Scam

Dennis Herman (Realty Executives) — Mon, 30 Nov 2009 16:27:25 -0600

Following is a copy of an e-mail sent to an inquiry for a home to rent posted on Criagslist. The scammer copied one of my listings, pictures, description and all, and has posted it on Craigslist as a rental. They claim they are now out of the country. They use a Yahoo e-mail address and use the first and last name of the owner for the e-mail address.

Of course we cam guess what the next step will be. Send the security deposit and one month rent to them via a bank wire.

You can report these scams directly to the FBI on the Internet site:
http://www.ic3.gov/default.aspx

Hello,

Thank you very much for the reply and interest in my home. I am the owner of the home you are making inquiry of. Actually I resided in the home with my wife before and presently we had packed out of the home due to my recent transfer from our company and now situated in the united kingdom.I am a welder under ship building,I worked with Nassco ship building Company,but I have a job appointment with BVT Surface Fleet Limited you can view site at www.bvtsurfacefleet.com . And presently we want to give out our house for rent to a clean and tidy person.

Our home is available now for rent at $950 with a security deposit of $950 including all the Utilities like electricity, warmer, Gas, internet connection etc. I want to let you know that money is not our problem but what we are looking for is absolute care of the home when you pack into the home. We are looking out for someone that can always keep the home clean and tidy.So please I want you to stand on the agreement you will make with us.

We are kind and honest people,we don't like disappointing people and we don't want anyone to disappoint me.We spent alot on our house that we want to give to you for rent.It is very close to Parks and Shopping.

What really happened is this, we are not giving the home out for rent just because of money but because of our recent work to uk.So we will solicit for your absolute maintenance of our house. We want you to treat it as yours when you move in, I hope this is very clear to you? I want you to keep it tidy all the time so that we will be glad to see it neat and clean whenever we visit the country.
I want to let you know that there is no one there in the state to show you the inside of the house as the keys and all documents of the house are here with us and we shall get it shipped to you via FEDEX or DHL Courier Service as soon as you are ready to move in
You can go check out the house and the neighbourhood from the outside and get back to me if you really like it for more information.I will also send some of the pictures to you in my next email.The physical Address:XXXX Milwaukee, WI 53XXX
Below are the final question that you must answer to qualify for the rent of our house.

TENANT RENT APPLICATION
FIRST NAME: __________________
MIDDLE NAME: __________________
LAST NAME: __________________
PROFESSION: ________________
PHONE (____) __________ (CELL)
PHONE (____) __________ (WORK)
PHONE (____) __________ (HOME)
MARITAL STATUS: _________
KIDS _____ (YES/NO), HOW MANY ________
PRESENT ADDRESS: ___________________________
CITY: _______________
STATE: ______________
ZIPCODE: ____________
HOW LONG? ___________IF RENTING
WHY ARE YOU LEAVING? ______________________________
_________________________________________
CURRENT RENT: _______
PREVIOUS ADDRESS: ___________________________
CITY: ________________
STATE: _______________
ZIPCODE: _____________
HOW LONG? ____________ IF RENTING,HOUSE.
WHY DID YOU LEAVE?
_______________________________________________________________________
PREVIOUS RENT: _______
IF THIS HOUSE IS BEING GIVEN TO YOU,
HOW LONG DO YOU INTEND STAYING? ____________
WHEN DO YOU INTEND MOVING IN? ______________
PERSONAL REFERENCES
(LIST 3 PERSONS, OTHER THAN YOUR RELATIVES, THAT WE CAN CONTACT TO
VERIFY YOUR CHARACTER.)
FIRST PERSON
FIRST NAME: _______________
MIDDLE NAME: ______________
LAST NAME: ________________
RELATIONSHIP______________
PHONE (___) ________________
SECOND PERSON
FIRST NAME: _______________
MIDDLE NAME: ______________
LAST NAME: ________________
RELATIONSHIP______________
PHONE (___) ________________
THIRD PERSON
FIRST NAME: _______________
MIDDLE NAME: ______________
LAST NAME: ________________
RELATIONSHIP______________
PHONE (___)________________
EMERGENCY
(IN AN EMERGENCY, LIST 2 PERSONS THAT CAN BE CONTACTED STARTING WITH
NEAREST RELATIVES)

So i solicit for your absolute maintenance of our house. We want you to treat it as yours when you move in, I hope this is very clear to you? It's not all about the money but I want you to keep it tidy all the time so that we will be glad to see it neat and clean when ever we visit the country. You can stay in the house as long as you wish because we already own another house here in UK and will buy a house in USA before we return.I also want you to let me have trust in you as I always stand on my words. You can email me back or call me on my direct number for further discussion +447024079949.
Thanks and God bless you.
Best Regards

City of Milwaukee Property Information

Dennis Herman (Realty Executives) — Wed, 25 Nov 2009 14:20:15 -0600

Here is a city of Milwaukee Web Site where you can enter the address of any property to find a list of Property Recording, Code Violations, Service Requests and Permits.

This information can supply you information on a property you are considering.

http://itmdapps.ci.mil.wi.us/MyMHome/SearchDB2_prod.jsp

Here is an Idea to Run an Effective Government

Dennis Herman (Realty Executives) — Wed, 25 Nov 2009 12:58:51 -0600

Why do we keep electing officials who have no ideas to solve the problems we face? It seems many of our elected officials know nothing about balancing a budget. We continue to elect and reelect the same people with the exact same qualities, or lack thereof.

I propose we fashion a test. Before a person is allowed to run for any public office they must first prove they can manage money. If they can survive for one year on an income of $25,000, they qualify for public office. They can live any where they choose. The $25,000 must pay for their families housing, transportation, food, clothing, education and medical coverage.

This will give our elected officials the experience of seeing how the average person lives. This should force them to think before raising taxes when the economy sours.

Imagine what the average family faces. Prices rise, government falls short of cash, so they increase taxes. They charge another $25 to license your car. Another $1 to fill the tank. Another $2 to shop for clothes. Another $2 to use the phone. $5 a month more to heat the house will not effect too many people. Just before Christmas, when the shopping is done and the money is spent we can send them a property tax bill to let them know the city's Christmas bonus is $400. At the end of the year when winter has set is we will let them know they owe an extra $200 on income taxes.

Do our elected official have enough sense to total up the extra taxes the average family must pay?

Milwaukee NSP Home buyer Assistance Program

Dennis Herman (Realty Executives) — Tue, 24 Nov 2009 15:23:59 -0600

The City of Milwaukee has a number of programs to assist home buyers. Many of these programs are for targeted areas or incomes. These programs are designed to help revitalize neighborhoods by reducing he amount of vacant, foreclosed homes.

The Housing and Economic Recovery Act of 2008 provided the City of Milwaukee with $9.2 million in federal funding for the Neighborhood Stabilization Program (NSP) to address foreclosed properties in Milwaukee neighborhoods impacted by the foreclosure crisis.

The NSP Home buyer Assistance Program provides funding to help prospective homeowners purchase and rehabilitate foreclosed homes they will occupy as their primary residence. Both financial and technical assistance are provided as part of the program.

Find out more by contacting the City Of Milwaukee.

Http://www.mkedcd.org/MilwaukeeStrong/Homebuyers.html
414-286-5610

Milwaukee Area Loan Restructuring and Pre-Foreclosure Mediation

Dennis Herman (Realty Executives) — Tue, 24 Nov 2009 14:57:10 -0600

There are a number of local associations with help for those facing foreclosure. Marquette Milwaukee Foreclosure Mediation Program is among this group. Following is the contact information.

Http://law.marquette.edu/foreclosure/
MFMP
P.O. Box 633
Milwaukee, WI 53201
Phone: (414)288-4040
Fax:(414)288-0192

Contacting a legitimate mediation service as soon as possible will allow you the greatest amount of options. The Marquette Milwaukee Foreclosure Mediation Program can connect you with professional mediators, working with you and the lender to find a solution when possible.

HUD is introducing a new GOOD FAITH ESTIMATE

Dennis Herman (Realty Executives) — Tue, 24 Nov 2009 09:38:18 -0600

HUD is introducing a new GOOD FAITH ESTIMATE to help reduce the amount of surprises at the closing table.

The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide consumers with improved disclosures of settlement costs and to reduce the costs of closing by the elimination of referral fees and kickbacks. Through the years, the Department of Housing and Urban Development (HUD) has issued regulations and policy statements to provide RESPA guidance to industry and consumers alike.

On November 17, 2008, HUD published a new final rule "To Simplify and Improve the Process of Obtaining Mortgages and Reduce Consumer Settlement Costs." The rule mandates use of a new Good Faith Estimate (GFE) and HUD-1 which go into effect on January 1, 2010.

Http://www.realtor.org/government_affairs/respa

Following is a link to the new GOOD FAITH ESTIMATE.

Http://www.hud.gov/offices/hsg/ramh/res/gfestimate.pdf

As I look over this new form I see it is designed to explain the charges in detail and inform the Buyer they can shop around for some of the services, to see if they can save some money at closing.

Overall this is a very good idea. I do see one item missing on the form which should be explained before the total settlement charges are calculated. Real Estate Taxes. This is the one area I see questioned most often at closing. Many lenders will require the Buyer to pay a number of months of Real Estate Taxes at closing. This is especially true at the end of the year. Maybe HUD should require this detail to be explained before the lender makes the phone call to the Buyer, giving them the total amount they will have to bring to closing. When this figure does not agree with the GOOD FAITH ESTIMATE, Buyers will continue to question the final figures. How often has this happened to you?

Real Estate Taxes may have been caused most of the confusion on the first place.

What is Our Image in the Foreclosure Market?

Dennis Herman (Realty Executives) — Sun, 22 Nov 2009 15:08:03 -0600

I dare you. Do a search on the Internet to find information to avoid foreclosure. You already know what you will find. An endless list of sites selling a list of foreclosed properties. How do you think this makes the home owner looking for help feel? Hopeless.

There is little if any effort to help people facing foreclosure. Chances are an Internet search will not supply the information people in need are seeking. The search engines are flooded by paid ads from companies trying to make money from the unfortunate situation a home owner finds themselves in. Is this how we want the home sales industry portrayed to the public?

It doesn’t matter who runs these sites, people think these sites are owned by Real Estate Companies. What do you think this is doing for our image? How many people are getting the impression, Real Estate Agencies are out to make money and have no feelings for those in need? If we like it or not the publicity we are receiving from these actions is an image of circling vultures, waiting for the next foreclosure.

Here in Wisconsin our continuing education hours have been increased by 50%. Many of these additional hours involve training designed to understand foreclosures and the loan process. Having agents take additional hours of training, aimed at understanding foreclosures may give a good fuzzy feeling to our state officials. They may feel they have done their part in reducing the number of foreclosures. They may have received a sizable federal grant to introduce this program. But what is being done with this information? After we receive this additional training, what do we do with it? Does anyone know we have this information?

The training includes a few links we can pass along to people in need of help, but that’s about it. The training does not cover the concept of how we are supposed to use this information. Why doesn’t the state government of WRA advertise the fact Real Estate Agents can help point people in the right direction for help?

The quickest way we can get back to a normal market is to reduce the amount of foreclosures. There are a number of tools available to us. Passing along information on loan restructuring, the name of a good real estate attorney, providing sales figures to give an estimate of property value and days in the market.

Local Real Estate Associations need to provide links to government approved agencies providing help to home owners. Many cities have targeted grant and loan programs for neighborhoods hit hardest with foreclosures. This information should also be provided.

Before we can hope to see a stable housing market, Real Estate Agents need to become more proactive in providing useful information to the public. Our federal, state and local governments are not going to do the job. The media is a joke. The only way we can make a difference is to accept the responsibility. Information is power.

Another Email Scam

Dennis Herman (Realty Executives) — Fri, 20 Nov 2009 13:33:17 -0600

Beware of shop at home scams. I received an e-mail with an offer to get paid for being a secret shopper. This scam used a well known established name and appeared to be sent by an Internet job search. The only problem is, I am not registered at the Internet job search which appeared to send the e-mail.

It was easy to see it was a scam because the reply e-mail address was not for the company on the offer but through a free e-mail server. Major companies do not use free e-mail servers.

To check out these offers, copy and paste the name of the company in a search engine. If the company lists the address and phone number on the contact page but not on the e-mail, it may be a scam. E-mail signatures from major companies will usually contain the contact information.

This particular company included a page on their web site warning about scams and how to avoid them. One of the suggestions listed is, never send money or share financial information via e-mail.

It is usually easy to find Blog sites warning about scams.

One of the most comprehensive sites for pre-foreclosure help.

Dennis Herman (Realty Executives) — Thu, 19 Nov 2009 11:36:04 -0600

After studying this current economic situation, its causes and effects, I have come to the conclusion, the most effective way to turn this condition around is to find a cure for two situations, jobs and foreclosures. There is little I can do to create jobs. As for reducing the amount of foreclosures, I have taken the time to research programs designed to help people avoid foreclosure and created this web page listing links to the best resources available. Please feel free to contact me with sources which are not listed.

My research has shown there is an unbelievable amount of web sites and businesses created to take advantage of this situation. While searching the Internet a large amount of paid advertising designed to lure unsuspecting consumers will appear in the search results. One of the major concerns is having the ability to find reliable information. To avoid scams begin your Internet search on sites ending with the .gov suffix. The .gov shows the information is listed on a government site, such as www.irs.gov. Many government sites contain links to other sources and agencies.

You may also contact local Real Estate Agents for specific information in your area. Many Real Estate Agents have advanced training in the area of short sales and foreclosures. If you are considering selling your property, my suggestion is to interview a number of agents before making a decision. Ask them about the type of marketing they use to advertise a property. Ask for addresses of current listings and search the Internet to see if they have adequate exposure. Local Real Estate Agents will be able to review current market conditions, giving you an idea of a sale value for your property and an estimated time it may take to sell.

In many cases a number of options may be available. It may also be a good idea to consult an attorney before making a decision. Contact a local government sponsored organization offering credit counseling. Many local governments have grant and refinance programs available. Ask your local Real Estate Agent or search the Internet for web sites supported by your local city and county government agencies.

Visit this web site to view a collection of links designed to answer a host of questions and provide pre-foreclosure counseling and loan restructuring information.
http://www.ez1realty.net/1039711.html

Local Internet Links for Help Facing Foreclosure in Milwaukee

Dennis Herman (Realty Executives) — Tue, 17 Nov 2009 14:48:26 -0600

Milwaukee Foreclosure Help

The most important factor is, getting in touch with the right sources and beginning the process as soon as possible. The longer you wait the less time you will have to seek alternative solutions.

Following is a list of sites aimed at helping home owners facing the possibility of foreclosure.

Local Milwaukee Information.

City of Milwaukee web site.

Http://www.ci.mil.wi.us/

Marquette University Law School Milwaukee Foreclosure Mediation Program.

Http://law.marquette.edu/foreclosure/

UW-Extension Foreclosure Prevention Programming

Http://www.uwex.edu/ces/quad/projects/foreclosures.cfm

For Foreclosure Counseling Assistance:

    * Milwaukee-Housing Resources, Inc. 414-461-6330
    * Racine-Housing Resources, Inc. 262-636-8271
    * HBC Services, Inc. 414-727-5700
    * Metropolitan Milwaukee Fair Housing STOPP (Strategies to Overcome Predatory Practices) HOTLINE 414-278-9190
    * Acorn Housing 1-866-444-6893
    * National HOPE NOW HOTLINE 1-888-995-4673
    * For additional local HUD approved housing counseling agencies, call 1-800-569-4287 or visit the HUD website, www.hud.gov/foreclosure/

Websites for more information on foreclosure prevention and resources:

Avoiding Foreclosure
www.hud.gov/foreclosure/

HopeNow
www.hopenow.com

Home Ownership Preservation Foundation
www.995hope.org
www.foreclosureHelpandHope.org

National Foundation for Credit Counseling
www.housinghelpnow.org

Neighborworks Center for Foreclosure Solutions
www.nw.org

Wisconsin Housing and Economic Development Authority
Www.wisconsinforeclosureresource.com

Internet Links with Wisconsin Help for Foreclosures

Dennis Herman (Realty Executives) — Tue, 17 Nov 2009 14:42:11 -0600

Wisconsin Foreclosure Help

One of the major concerns is having the ability to find reliable information from the correct sources. To avoid scams begin your Internet search on sites ending with the .gov suffix. The .gov shows the information is listed on a government site, such as www.irs.gov. Many government sites contain links to other sources and agencies.

Local Wisconsin Information.

Following is a collection of links to government sponcered web sites listing local help in Wisconsin.

-        Housing counseling agencies
-       Contact your Veterans Affairs Regional Loan Center
-       Legal assistance

Http://www.hud.gov/local/wi/homeownership/foreclosure.cfm

Wisconsin State Law Library Website

Http://wilawlibrary.gov/learn/tutorials/foreclosure.html

Internet Links with Help for Foreclosures

Dennis Herman (Realty Executives) — Tue, 17 Nov 2009 12:29:23 -0600

Facing foreclosure? Here is a collection of material I have been passing along to home owners looking for answers to many of the most asked questions.

One of the major concerns is having the ability to find reliable information from the correct sources. To avoid scams begin your Internet search on sites ending with the .gov suffix. The .gov shows the information is listed on a government site, such as www.irs.gov. Many government sites contain links to other sources and agencies.

You may also contact local Real Estate Agents for specific information in your area. Many Real Estate Agents have advanced training in the area of short sales and foreclosures. It may also be a good idea to consult an attorney before making a decision. Many local governments have grant and refinance programs available. Ask your local Real Estate Agent or search the Internet for web sites supported by your local city and county government agencies.

Local Real Estate Agents will be able to review currant market conditions, giving you an idea of a sale value for your property and an estimated time it may take to sell.

Contacting your lender may be the first step. Gather information on refinancing and restructuring loans. You can search the Internet using the key words, loan modification .gov. Again, look for sites ending with the .gov, such as HUD.gov.

Http://www.hud.gov/offices/hsg/sfh/nsc/faqlm.cfm

Http://makinghomeaffordable.gov/

The most important factor is, getting in touch with the right sources and beginning the process as soon as possible. The longer you wait the less time you will have to seek alternative solutions.

Following is a list of sites aimed at helping home owners facing the possibility of foreclosure.

Here is a portion of information from the IRS site concerning debt relief. Many home owners are looking for information concerning the liability of taxes in regards to a short sale or foreclosure.

Dec. 11, 2008 — The Mortgage Forgiveness Debt Relief Act of 2007 generally allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualify for this relief.

This provision applies to debt forgiven in calendar years 2007 through 2012. Up to $2 million of forgiven debt is eligible for this exclusion ($1 million if married filing separately). The exclusion doesn't apply if the discharge is due to services performed for the lender or any other reason not directly related to a decline in the home's value or the taxpayer's financial condition.

Here is a link to the IRS site.

Http://www.irs.gov/individuals/article/0,,id=179414,00.html

Http://www.irs.gov/newsroom/article/0,,id=174034,00.html

The following links provide information about foreclosure procedures from state to state. Each site provides a little information to answers some of the questions most home owners may have.

http://www.realtytrac.com/foreclosure-laws/foreclosure-laws-comparison.asp

Http://www.foreclosures.com/pages/state_laws.asp

Specific questions can be answered on web sites such as AllExperts.

Http://www.allexperts.com/cl2/2927/realestate/Foreclosure/

Make sure you do not pass along any personal information unless you know exactly who you are dealing with. When asked to share information, credit card companies and the IRS will ask a number of questions such as date of birth, address and phone number. They will never ask this information if they place a call to you. Know who you are calling. If you receive a letter, confirm the contact information, address and phone number on the Internet before calling. Never give charge card numbers or social security numbers over the phone unless you can verify who you are talking to.

H1N1 In Perspective

Dennis Herman (Realty Executives) — Mon, 02 Nov 2009 13:11:51 -0600

We have heard way too much about this H1N1 flu. The drug companies claim there is a shortage of shots. These are the same drug companies spending BILLIONS in advertising, most of which is during the news hour. I suspect these drug companies are threatening the media, telling them to create a scare so they can make more money. If they create a shortage, they raise th

http://www.kirotv.com/money/20975936/detail.html

Talk about CONTROL, this is only the beginning. After spending millions of dollars lobbying against any type of public health insurance plan, the same drug companies want the government to spent $18 BILLION dollars to publicly distribute the shot.

http://www.lakelandtimes.com/main.asp?SectionID=9&SubSectionID=9&ArticleID=10046

Let's gauge the scare tactic. How many people have died from the N1H1 virus this year?

4700 WORLD WIDE.

http://www.chinadaily.com.cn/world/2009-10/17/content_8805678.htm

How many people have died in traffic accidents in the UNITED STATES?

Over 40,000.

http://www.edmunds.com/ownership/safety/articles/120006/article.html

How many people are killed by drunk drivers in a year in the United States?

Over 13,000

http://www.duiattorneyhome.com/DUI/Drunk-Driving-Statistics

If these drug companies were really concerned about our health, shouldn't they be spending money to loby against drunk driving?

Take precautions against the flu, but look at it in a realistic manner.

Land Contracts and the first-time homebuyer tax credit.

Dennis Herman (Realty Executives) — Fri, 02 Oct 2009 14:48:48 -0500

I don't know about you but I have been searching the internet looking for this information. To think this has been changed in July and no formal announcement was formulated.

Mortgage Banking/Finance - General Finance
QUESTION:
Re: Land Contracts and the first-time homebuyer tax credit.

ANSWER:

Here is the new addition from the IRS on their Q and A page at http://www.irs.gov/newsroom/article/0,,id=206291,00.html.

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer's payment obligations?

A. If the taxpayer obtains the "benefits and burdens" of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)

READ MORE ABOUT IT:
For more information about the homebuyer tax credit visit the WRA’s new Wisconsin Homebuyer Microsite @ http://www.wisconsinhomebuyer.org/taxcredit.html and the IRS information @ http://www.irs.gov/newsroom/article/0,,id=206291,00.html.

Menomonee Falls 2900 Sq Ft Ranch Home $255000

Dennis Herman (Realty Executives) — Mon, 28 Sep 2009 16:21:41 -0500

Dennis Herman | Realty Executives Menomonee Falls | 414-426-1784

W208N6963 Fillmore, Milwaukee, WI

Comparing price, size, condition and features, this is the best
value in Menomonee Falls.

4BR/2.5BA Single Family House

offered at $255,000

Year Built	1955
Sq Footage	2,903
Bedrooms	4
Bathrooms	2 full, 1 partial
Floors	1
Parking	2 Covered spaces
Lot Size	.51 acres
HOA/Maint	$0 per month

DESCRIPTION

see additional photos below

PROPERTY FEATURES

- Central A/C	- Central heat	- Fireplace
- Walk-in closet	- Hardwood floor	- Tile floor
- Family room	- Living room	- Bonus/Rec room
- Office/Den	- Dining room	- Breakfast nook
- Dishwasher	- Refrigerator	- Stove/Oven
- Basement	- Laundry area - inside	- Balcony, Deck, or Patio
- Yard

ADDITIONAL PHOTOS

Front	Living Room
Dining Room	Kitchen
Master Bedroom	Family Room Lower

Contact info:

Dennis Herman

Realty Executives Menomonee Falls

414-426-1784

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 28, 2009, 12:44pm PDT

Menomonee Falls Wisconsin Rotary Evening of Grapes & Hops Fund Raiser

Dennis Herman (Realty Executives) — Fri, 25 Sep 2009 16:20:43 -0500

Wednesday October 28, 2009 5:00 - 9:00

Cost - $40 per person Reservations needed by Oct 19

North Hills Country Club
N73 W13430 Appleton Avenue

Come and taste some of the finest wines and beers in the area. Enjoy chef prepared
appetizers and desserts! The beautiful North Hills Country Club is our venue for this
fabulous fall event. Activities will spill outdoors weather permitting. Make your plans now and
share in a great fall evening with Rotary and many of the most influential people in the area.

Proceeds will go to benefit ARCh CAmp Pow Wow, a summer camp for those with learning
disabilities, cognitive challenges, mental health needs and physical health difficulties.
http://www.waukeshaarch.org/

See the Menomonee Falls Rotary Club Web page for additional details:
http://www.menomoneefallsrotary.org/Grapes_Hops.html

Making it All Worth the Frustrations

Dennis Herman (Realty Executives) — Fri, 25 Sep 2009 12:21:51 -0500

One of the things I do consistently is stay in contact with clients after a sale. I feel a need to build more than a business relationship with people. Last week I closed the first bank owned property of the year. The first one out of many accepted offers. I still have a few waiting for seller approval, the majority of buyers decided to drop the whole process after feeling they had been treated in a less than professional manner.

I had put more than 400 hours into this one deal. Everything that could go wrong did. In one week this deal consumed the majority of my cell phone minutes. We all know how much one makes on a 50k property. But that one phone call changed everything. I placed a call and left a message with the buyer to see how things were going. The buyer returned the call and left a message. When I listened to the message all the bad aspects of the transaction disappeared. The buyer explained how much they loved the house. It was perfect for them. They were so excited to paint all the walls and have new carpeting installed. There were a few other minor repairs needing attention but he was not worried about getting them done.

It gave me the feeling, "why would I want to be in any other line of work?"

Panasonic KX-MB781 printing problems.

Dennis Herman (Realty Executives) — Fri, 25 Sep 2009 11:19:39 -0500

If you have white streaks appearing on your copies on the Panasonic KX-MB781 four in one copier, printer, fax, scanner, there is an easy solution.

Remove the drum assembly and check for toner in the narrow glass cover. For some reason my drum leaked toner on this glass plate. If you notice the bands of white getting wider, this may be the problem.

Sorry, I have no clue how to fix blacks streaks which appear when the drum is getting old. If you have a solution let me know. Or if you figure out how to reset the drum counter, let me know.

Rent to Own Option

Dennis Herman (Realty Executives) — Thu, 24 Sep 2009 09:33:31 -0500

A Rent to Own Option may be perfect for Home Buyers who find themselves just one step away from realizing their dream of owning a home. With today's prices you may never get another chance to own a home for the same cost of renting an apartment. A Rent to Own Option may be the bridge you have been looking for.

A Rent to Own Option works much like a loan. To qualify you must meet the following criteria.

You must have a credit score of at least 550.

If your credit score is between 550 and 620 you will be required to enroll and participate in a credit counseling course.

Includes a free credit repair consultation.

Down payments of 3 to 5% are required.

Call for more details and begin the qualification process.
Dennis Herman
Realty Executives
414-426-1784

Serving the Menomonee Falls and Greater Milwaukee Areas.

Most clients are able to refinance and buy out the Rent to Own Option in 3 to 6 months.

A Solution to Bad Banking

Dennis Herman (Realty Executives) — Thu, 24 Sep 2009 09:10:37 -0500

I know there are a lot of lenders on this site, if you agree, take this idea to those in charge.

There seems to be a couple of bad boys on the block. This is true in any business, just as it is true in any class room. There is always a minority group who seems to think it is their place in life to ignore the rules, which make life miserable for everyone else. This pretty much describes the lending industry. A few bad apples are spoiling the whole barrel. In this case the barrel turned out to be the world economy.

What are these bad apples doing to turn the economy around? Absolutely NOTHING! Agents attempting to work with these companies can testify to this fact. They are supposed to be selling these toxic assets, it seems they have decided to get a better deal by sticking the American tax payer with their bad investments.

Correcting bad behavior has always been a challenge. The government has already tried the reward system. Any teacher will tell you, if you attempt to bribe students with candy, it will never work, They will act out worse than before to get more candy. This creates a viscous cycle. When people are bad, they have a completely different mode of learning. They will always perceive everything on a different level than rational human beings.

One solution to this problem is to have the banks and other lending institutions police themselves. If Real Estate Agents and the Nursing profession can do it, why not lenders? Following is a list of details to consider.

Create a code of ethics.

Create a method of enforcement.

Create a symbol identifying members.

Advertise to educate the public.

Learn form a proven model, the NAR.

I am sure the NAR will do everything they can to guide lenders and help them establish an institution which will help gain and maintain the trust of the public. The vast majority of lenders are great, honest and helpful institutions. It is a shame a small minority has received all the news and has been allowed to operate in such a manner as to cause such problems. The question is, how to avoid this matter in the future.

Investors may be back.

Dennis Herman (Realty Executives) — Sun, 20 Sep 2009 11:23:02 -0500

Here we are, in the middle of September 2009 and I just about broke even in the stock market, compared to last year. On Thursday I showed about a 1% gain, which of course was eaten up in a fall on Friday. It's no wonder I am finding more investors getting back into the housing market. Why not? Where else can you get a 5-7% return on your funds with minimal risk. Real estate is becoming an attractive investment once again? It has been one matter, trying to guess the bottom of the stock market. I have seen some stocks increase as high as 600% when I made my best guess at the market bottom. But I also own a number of stocks which are off as much as 80%. Hence, it all balances out to a zero percent gain. I can see why investors are feeling more secure back in the housing market. At least the investment is secured by real estate which is at the lowest price in years. As a buyer's agent I negotiate the best price I can for the investors, which in this market is often an easy task. Today there appears to be little risk of prices dropping much more in the housing market, which makes this an attractive investment.

This helps me out in a number of ways. It opens opportunities for rent to own options. The investors share in a small portion of the profits from the closing costs, receive the interest during the rental period and receive the full sum of their money when the buyer is able to close on a new loan, usually in 3 to 6 months. Banks have found a thousand ways to say no to many highly qualified buyers. I am sure most of us have seen this happen. After investing dozens of hundreds of hours into a purchase we find out the entire transaction is killed by reasons making little or no sense. This has opened the field up to investors. I hope the banks are paying attention. There are plenty of smart investors making a good income from this situation.