Foreclosures sell at 30% discount - 06/30/10 11:33 AM
 
NEW YORK (CNNMoney.com) -- Foreclosures accounted for a third of all sales -- and sold at a nearly 30% discount -- during the first three months of 2010.
According to a new report from RealtyTrac, the marketer of foreclosed properties, 31% of all sales were foreclosures. And homebuyers purchasing those properties paid a whopping 27% less, on average, compared to sales of non-distressed homes.

These foreclosure sales include properties sold in short sales or after a bank repossession, known as REOs in industry terms. It does not include transfers from borrowers to banks, as in a sheriff's auction.
REOs, … (1 comments)

Bank Of America Give Customer Option Before Foreclosure - 06/29/10 11:45 PM
 For three years, Clark Howard has taken heartbreaking calls from homeowners who've felt there's no way out of the housing mess they're in. Approximately one in four Americans owe more on their house than what it's worth. A fraction of those one in four can't make their monthly payment. Lenders have been just as confused and frustrated as the borrowers through the whole downward spiral in the housing market. Bank of America is now trying something that's very unique: They've been soliciting people to do a deed in lieu of foreclosure. Here's how deeds in lieu work: The bank agrees to take … (2 comments)

Lenders Pulling 2nd Credit Report on Buyers Pre-Closing - 06/28/10 07:19 PM

Under Fannie Mae's new Loan Quality Initiative (LQI) that went into effect on June 1, 2010, lenders are pulling a second credit report on the buyer right before closing to verify that the buyer's credit status has not changed and that all debts were disclosed. In other words, the buyer is not officially approved for the mortgage until the second credit report is approved. The lender may also re-verify job status and check other sources to make sure there are no undisclosed debts.
Other lenders also have been known to pull second credit reports right before the closing, but the … (0 comments)

Low mortgage rates are not enough to lure potential home buyers - 06/25/10 11:41 PM
 
Mortgage rates have tumbled to record lows, but high unemployment and job jitters by still-working Americans mean the milestone is unlikely to attract enough borrowers to boost the unsteady housing market, economic and real estate professionals say.
Mortgage buyer Freddie Mac reported Thursday that the average interest rate on a 30-year fixed-rate mortgage in the U.S. slipped this week to 4.69%, down from 4.75% last week. A year ago the rate was 5.42%.
The 4.69% rate is an all-time low for Freddie Mac since it began tracking 30-year mortgages in 1971. Freddie Mac's rate assumes an average point of 0.7, … (3 comments)

Mosinee Home Price To Sell $245,900 - 06/23/10 11:07 PM
 

One of a Kind Log Home Set on 3/4 of an Acre Just Across from the Eau Pleine Flowage. Grand Foyer, Light & Bright Living Room with Cathedral Ceiling, Floor to Ceiling Stone Fireplace, & Double French Doors to a Wraparound Deck, Kitchen with Hickory Cabinetry, Large Dining Area with Hickory Floor. Two Bedrooms on the Main Level Share an Adjacent Full Bath. Upper Level Loft with Office/Sitting Area & Spacious Master Suite with Balcony & Full Bath. Main Level Laundry
The Beautiful Lower Level is Completely Finished & Features a Large Family Room with Bar & Built-In TV, … (0 comments)

Wausau Rea Estate - Guide For Home Mortgage - 06/23/10 09:01 PM
Home Buying Process
If you are a first-time homebuyer or haven't bought a home in a while, this guide will offer valuable information about buying a home.
Gather the information you will need to qualify for a home mortgage
 
Before you can buy a home, you will need to secure financing. Be ready to provide a mortgage lender with the following information:
Income and Employment
What is your current income? Are you employed? Do you have a history of steady employment? Down Payment
Your lender will ask how much money you have available for a down payment. A down payment … (0 comments)

Wausau Real Estate - Time Frame For Getting Loan After Prior Foreclosure - 06/23/10 07:38 PM
Underwriting Borrowers with a Prior Foreclosure

A variety of foreclosure alternatives are available to borrowers who are having difficulty making
their mortgage payments. In Announcement SEL-2010-05, Underwriting Borrowers with a Prior, Fannie Mae announced changes to the
Preforeclosure Sale or Deed-in-Lieu of Foreclosure
policies regarding the amount of time that must elapse after a borrower experiences a
preforeclosure event (preforeclosure sale, short sale, and deed-in-lieu of foreclosure). The
changes highlighted the importance of borrowers working with their servicers to avoid
foreclosure.
As a follow-up to that Announcement, Fannie Mae is now modifying the waiting period that must
elapse before a … (0 comments)

Wausau Real Estate - Drafting Contracts - 06/23/10 05:56 PM
New Supreme Court Rule Affects REALTOR® Date: June 14, 2010
MADISON, WI - Almost 50 years ago, the Wisconsin Supreme Court held in State ex rel. Reynolds v. Dinger (1961) by a narrow 4-3 decision that a real estate licensee drafting contracts for customers and clients is the practice of law, but that real estate licensees may do so on state-approved forms so long as the consumer is not harmed by such practice. Right now you may be thinking, "How does this affect me and why are we talking about Dinger?" On June 1, 2010, the Wisconsin Supreme Court ruled on … (0 comments)

Wausau Real Estate - New Homes Sales Down Across The County - 06/23/10 05:24 PM
New home sales plummet to record low.  
NEW YORK (CNNMoney.com) -- New home sales plummeted to a record low in May, the first month following the expiration of the homebuyer tax credit. This snapped a two-month streak of gains.
New home sales declined 32.7% to a seasonally adjusted annual rate of 300,000 last month, down from an downwardly revised 446,000 in April, the Commerce Department reported Wednesday. Sales year-over-year fell 18.3%.
 
This is the slowest sales pace since the Commerce Department began tracking data in 1963. The prior record was set in September 1981, when new homes sold at an … (0 comments)

Wausau Real Estate - Down-Payment For Home - 06/22/10 11:36 AM
Did you know: 49 percent of consumers say they would never be able to save for a down-payment for a home?

The graph represents the poll results from the National Foundation for Credit Counseling (NFCC). The poll asked consumers about ability to meet the down-payment requirements associated with buying a home in today's market.
Of the more than 2,000 respondents, almost half (49 percent) believed they would never be able to save enough money for a down-payment on a home. Others responding to the survey indicated that their mortgage loan would either have to require a much lower down-payment (20 … (0 comments)

Wausau Real Estate - Understanding Real Estate Representation - 06/21/10 10:51 PM

Whether you're buying or selling, it's important to choose representation that meets your needs in the transaction.
You have choices when selecting representation in a real estate transaction. Here are five tips for understanding which type of legal relationship with a real estate professional, called an agency relationship, will best protect you when you buy or sell a home.
 
 
1. Buyer's agency
When you're buying a home, you can hire an agent who represents only you, called an exclusive buyer's representative or agent. A buyer's agent works in your best interest and owes you a fiduciary duty. You … (0 comments)

Wausau Real Estate - Mortgage Applications Down - 06/20/10 12:28 PM
June 9, 2010: Mortgage Applications
Mortgage purchase applications--which do not take into consideration all-cash transactions--fell 5.7 percent the week ending June 4th, marking five consecutive weeks of decline after the tax credit expired on April 30th. Purchase applications are down 35 percent over the past four weeks. Refinance activity slowed 14.3 percent, despite interest rates falling to 4.81 percent on a 30-year fixed mortgage. … (0 comments)

Wausau Real Estate - The Trouble of Listing Your House For Too Much - 06/20/10 12:17 PM
One of the most common and costly mistakes made by sellers is setting an unrealistically high asking price. Every seller wants to receive the highest closing price possible for their house, but losing sight of fair market value can have serious repercussions.
In some cases a lack of objectivity results in overpricing the home, other sellers may subscribe to the theory that pricing high initially leaves room to negotiate lower later. Overpricing from the outset could actually force you to end up settling for a lower price than you would have received by setting a realistic asking price based on market … (0 comments)

Wausau Real Estate & U.S. housing recovery dependent on jobs - 06/20/10 12:11 PM
Job growth will be the key factor in whether the U.S. real estate market can extend a recovery after the end of the federal homebuyer tax credit, according to a Harvard University study.  High unemployment is fueling the foreclosure crisis and discouraging the household formation that drives property demand, according to the State of the Nation's Housing report issued by Harvard's Joint Center for Housing Studies.
The weak labor market resulted in people "doubling up," or sharing residences, rather than buying their own home, the report said.
The U.S. unemployment rate dropped to 9.7 percent last month from 9.9 percent in … (0 comments)

Wausau - Concerts on the Square Schedule - 06/17/10 10:24 PM
Concerts on the Square

Marshfield Clinic and City Pages along with Wausau Area Events present what has become the place to in Wausau during the summer! The Wednesday evening Concerts on the Square series features a diverse musical lineup for all tastes and ages. Carry-ins are allowed or visit some of our great restaurant options in downtown Wausau.
Click here for artist videos!
Sound provided by Abe Gabor.
2010 Schedule
… (0 comments)

Wausau Real Estate - Buying A Foreclosed Home ( REO ) - 06/17/10 05:21 PM
Buying REO
REO, or real estate owned (by the lender), is the most popular method of buying a foreclosure, because it's generally the easiest and safest way. However, when you purchase a lender-owned property, it can offer the least value and most competition. Understand that the lender acquired the distressed property at the auction, because no one bid higher than the default amount. Now that the lender owns the property, it can be sold for any price, even for a profit.
There is about 70 Foreclosed homes on the market In Wausau Area.  Email Tim Hagedorn at exttim@aol.com for free Foreclose … (0 comments)

Wausau Real Estate - How Much Can You Afford For A Home - 06/17/10 05:08 PM

Article highlights:
Figuring a maximum monthly payment Getting prequalified vs. preapproved Checking your credit score When you are shopping for a Wausau home, it makes sense to know your price range. Often the first step a real estate agent will take is prequalify you for a loan. This might be a ballpark figure or estimate based on typical loan setups, or you may formally apply for a loan and become preapproved. When you are preapproved, you need to submit various documents that specify your income and expenses. The lender then gives you a letter specifying the loan amount you qualify for … (0 comments)

Wausau Real Estate - Tax Credit For Military - 06/17/10 05:00 PM
The Home Buyer's Tax Credit recently expired for first time home buyer's but it is still available uniformed  services of the U.S military, members of the Foreign Service of the U.S., or employees of the intelligence community who are actively serving outside of the U.S. on official extended duty.
The Homebuyer's Tax Credit of up to $8,000 for first-time buyers and up to $6,500 for certain repeat buyers has been extended one year for the above groups.  The rules are that the buyer must be under contract by April 30, 2011 and closed by June 30, 2011.
This can be a very attractive … (0 comments)

Wausau Real Estate - Sales Numbers - 06/17/10 01:29 PM
Homes on the market In Marthon County as of 6/17 10   #1267
Homes Sold 1/1/10 - 6/17/10  #482
Homes Sold 1/109 - 6/17/09   #419
Homes Sold 1/1/08 - 6/17/08  #461
Homes Sold 1/1/07 - 6/17/07  #589
Homes Sold 1/106 -  6/17/06  #610
Homes Sold 1/1/05 - 6/17/05  #577
 
… (0 comments)

Wausau Homes Sold For Month Of June 6/1 - 6/17 - 06/17/10 12:47 PM
Homes Sold Under $100,000 - #22
Homes Sold $101,000 - $200,000 #26
Homes Sold $201,000 and up #10
 
Total For Marathon County for part of June #58
… (0 comments)

Steps For Buying A Home Wausau WI - 06/15/10 07:35 PM
Steps for Getting Ready to Buy 
 
Step 1. Find a Local Lender You Can Talk To in PersonLocal lenders understand your market and know of loan programs that might be beneficial to you. Check with your lender on any local programs that might help with closing costs or in other ways. Even though the media have pronounced the 100-percent-financing option dead, this is not always the case. Check it out for yourself and then get preapproved for a loan so you know how much house you're able to buy.
Step 2. Be Specific in the Area You Want To LiveEducate … (0 comments)

Home Foreclosures Wausau - 06/11/10 11:48 PM
The outcomes of the economic downturn in Wausau are all too predictable. The percentage of schoolkids eligible for free or reduced-cost lunches has climbed to 43%. Home foreclosures soared in Wausau and the surrounding Marathon County from 107 in 2000 to 505 in 2009, according to figures compiled by the University of Wisconsin-Extension
… (0 comments)

Mortgage Rates Touched New Low 6/11/10 - 06/11/10 11:34 PM
 
Conventional fixed mortgage rates touched a new all time record low Friday. The 30-year fixed mortgage rate available to well-qualified consumers at 1 point origination dropped to 4.375%, from 4.5%. The 15-year fixed-rate also declined, from 4% to 3.875%. Mortgage rates have never been this low.
The decline in mortgage rates stemmed from a big increase in mortgage-backed securities prices Friday. MBS prices, which drive mortgage rates in the opposite direction, gained +21/32 (FNMA 30-yr 4.5 at 102.23) on less than spectacular jobs numbers and more European debt concerns, this time in Hungary. Typically when we see significant declines in stocks as … (3 comments)

NAR Commends Senators for Offering Homebuyer Tax Credit Extension, Urges Senate and House to Quickly Pass Legislation - 06/11/10 08:00 PM
The National Association of Realtors® today expressed thanks on behalf of America's homebuyers to three Senators for introducing a measure to extend the present home-buyer tax credit closing deadline to Sept. 30. They are Senate Majority Leader Harry Reid, D-Nev., and Sens. Johnny Isakson, R-Ga., and Chris Dodd, D-Conn.
"As the leading advocate for homeownership and housing issues, NAR commends these Senators for their attentiveness and sensitivity to thousands of qualified home purchasers, who through no fault of their own, are not able to meet the closing deadline of June 30 for the homebuyer tax credit. Now we urge the Senate … (0 comments)

Homes In Marathon County Price Range 6/10/10 - 06/10/10 08:17 PM
Home Listed on the Market as of 6/10/10
 
#330 Under $100,000
# 572  $100,001 - $200,000
# 453  Over $200,001
 
Total # 1355
… (0 comments)

Wausau - Marathon County Homes on the Market 6/10/10 - 06/10/10 08:08 PM
#59 Foreclose Homes
#49 Short Sales
#1247  Homes
 
Total   #1355 on the Market just In Marathon County
… (0 comments)

May 2010 Sales For Wausau WI. Area - 06/09/10 10:39 PM
 #50 Homes Sold under $100,000
 #10 Where Foreclose Homes
 #1 Was Short Sale
------------------------------------------------------------------------------------------------------------------------
#68 Homes Sold $101,000 - $200,000
#7 Where Foreclose Homes
# 2 Where Short Sales
------------------------------------------------------------------------------------------------------------------------
#12 Homes Sold Over $201,000 and Up
#1 Was Foreclose
----------------------------------------------------------------------------------
Total For Month of May Wausau Area #130
… (0 comments)

Foreclose Homes Wausau Area $119,900 - $489,900 - 06/09/10 10:23 PM
… (0 comments)

Foreclose Homes Wausau Area $65,900 - $119,900 - 06/09/10 10:16 PM
… (0 comments)

Foreclose Homes Wausau Area $15,900 - $64,900 - 06/09/10 10:12 PM
… (0 comments)

Special Financing For Fannie Mae Homes - 06/09/10 09:55 PM
HomePath® Mortgage Financing
This special financing is available on Fannie Mae homes with the following logo:
The benefits include:
Low down payment and flexible mortgage terms (fixed-rate, adjustable-rate, or interest-only) You may qualify even if your credit is less than perfect Available to both owner occupiers and investors Down payment (at least 3 percent) can be funded by your own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer No mortgage insurance* No appraisal fees Also eligible for HomePath Renovation Mortgage (see details below) HomePath Mortgage financing is available from a variety … (1 comments)

How To Buy A Hud Foreclose Home - 06/09/10 09:48 PM
All properties available for purchase by the public are offered for sale at Internet listing sites maintained by management companies under contract to HUD. Any real estate broker registered with HUD may submit an offer and contract to purchase on your behalf. HUD pays the real estate broker's commission, if included in the contract.
HUD Homes are offered for sale at fair market value, based on a recent appraisal. Generally, HUD Homes are sold in what is known as an "Offer Period," during which a potential buyer's offer must be made. At the end of the Offer Period, all offers are … (0 comments)

Why does Fannie Mae require a lender's prequalification statement before negotiating a home purchase offer? - 06/05/10 12:43 AM

Fannie Mae wants to be sure that prospective buyers will be able to complete the sales transaction, including obtaining financing when needed. Prequalification allows you to see how much house you can afford and the mortgage amount you may be able to qualify for before you make an offer on a home. It also helps you focus on homes in an affordable price range.
A loan prequalification doesn't mean your loan is approved. You must apply for a loan separately, after you are prequalified and your purchase offer is accepted.
… (1 comments)

Has Fannie Mae fixed everything in the house? - 06/05/10 12:41 AM

Fannie Mae may make some repairs to properties to increase their marketability; however, the buyer should be aware that other repairs may be needed. Fannie Mae sells each property "as is," which means that the buyer accepts the property "as is." Fannie Mae is not responsible for fixing any problems after settlement.
Even if the house has fresh paint, brand new carpet, new appliances, perhaps even a new roof or siding, it doesn't mean everything in the house is new, or even works.
Fannie Mae does not warrant or guarantee any work that may have been done on the property, … (3 comments)

How is buying a home owned or managed by Fannie Mae different from other home purchases? - 06/05/10 12:38 AM

Usually, when you buy a home, you deal with a seller who lives in the home. Fannie Mae has acquired these properties through foreclosure, deed in lieu of foreclosure, or forfeiture.
When buying a Fannie Mae-owned home, you should know the condition of the property, as explained in more detail below, the cost of any needed repairs, and the steps in the loan qualification and closing process before you enter into a purchase and sales agreement
… (1 comments)

Why does Fannie Mae have properties for sale? - 06/05/10 12:35 AM

Fannie Mae works with all of its partners to help homeowners prevent and avoid foreclosure; however, sometimes it is unavoidable. When foreclosures occur on mortgages in which Fannie Mae is the investor, our goal is to sell properties in a timely manner in order to minimize the impact on the community.
… (0 comments)

Beware of Foreclosure Rescue Scams - Help is Free! - 06/05/10 12:31 AM

Scam artists are stealing millions of dollars from distressed homeowners by promising immediate relief from foreclosure when HUD-approved counseling agencies provide the same services for free. If you receive an offer, information or advice that sounds too good to be true, it probably is. Don't let them take advantage of you, your situation, your house or your money.To determine if you are a possible victim of a scam, ask yourself these two questions:
1. Did anyone offer to help modify your mortgage, either directly or through advertising such as a flyer? 2. Were you guaranteed a loan modification or asked … (3 comments)

New Register of Deeds Recording Fees - 06/05/10 12:16 AM
 
Under existing law the fee to record a real estate document is $11 for the first page plus $2 for each additional page. This has been changed by Senate Bill 507, signed into law by Governor James Doyle May 12, 2010, as Wisconsin Act 314.
Effective June 25, 2010, recording fees will change to a flat fee of $25 per document (regardless of the number of pages). 2010 Wisconsin Act 314 also provides that counties may charge an additional $5 fee per document if the Register of Deeds in that county is in the process of redacting Social Security numbers … (0 comments)

First Quarter 2010, Strong Sales and Stable Prices for Wisconsin's Housing Market - 06/05/10 12:08 AM

2010 started like 2009 ended for Wisconsin's housing market, with strong sales and stable prices, according to first quarter data released by the Wisconsin REALTORS® Association (WRA). Sales of existing homes rose by 16.8 percent in the first three months of 2010 compared to the same quarter last year. This percentage outperforms the nation, which grew at 11.4 percent, and the broad Midwest region which increased 10.8 percent over the period. Median prices were essentially unchanged, increasing less than 0.1 percent.
"This marks the third straight quarter of positive gains in home sales and the second straight quarter of double-digit … (1 comments)

 
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Tim Hagedorn

Wausau, WI

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yourChoiceRealty.net

Address: 114 W Knox Street, Wausau, WI , 54401

Office Phone: (715) 571-4700

Cell Phone: (715) 571-4700

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