Friday, August 22, 2014

When Do I Finally Get the Keys to My New House

It might be the most nerve-wracking, anticipatory, hard-to-find-the-patience question of home buying for first timers:
“When do I finally get the keys to my new house?”
Usually, a buyer takes possession of a new home after closing. But exactly how that is defined differs transaction to transaction.
In some states, this occurs when the local government has the new title on file, which could be a few days after you’ve signed all the papers. And other contingencies can be built into the negotiating process.

Get the Keys Before Closing

When Do I Finally Get the Keys to My New House? photoNew buyers might want to move in before closing for a variety of reasons—because they sold their old place, because they want to get a jump on fixing up the new house, or because in a buyer’s market, they may ask themselves, “Why not?”
But moving in early presents a host of issues. First, there’s legal liability—what if the soon-to-be-owners do something to the house, or hurt themselves while in the new place? Who’s responsible for damage to property or person?
Then there’s the money angle—the old homeowners could ask for rent, since they still own the place, which the almost-owners might not be keen on paying.
And of course, there’s always the risk that for some reason the sale falls apart in the final hours, especially with all the various deals, parties and paperwork involved in home buying. And what if the new occupants refuse to move?
This type of possession can work, especially if the seller has already vacated the property. Just make sure to get any agreement in writing, in case anything sours.

Get the Keys At or After Closing

This is more typical. But exactly when closing occurs varies. It’s not always at the signing of the papers, no matter how exhaustive that process.
As mentioned above, you may have to wait until the county officially records the new title. Your REALTOR® should know local laws and be able to guide you through this process. This way, there’s a clear delineation between the previous owner and their responsibility and liability for the home, and the new owner’s.
The biggest surprise to many homeowners can be how long it takes the county to record the title. It could be a few days after signing—so while you just handed over large sums and signed hours worth of paperwork, the keys may not officially be yours for a few more days.
Again, talk to your REALTOR® about your local rules.

Renting Back

If you’re selling, organizing a move can be a challenge. Not only do you need to pack, but booking movers during a busy summer season or around a holiday can prove tough.
And if you’re selling your current home and buying a new one in quick succession, you’ve got a lot to coordinate. Some buyers will agree to rent-back agreements, where they will rent the home back to the seller for a few days after closing. Divide the mortgage and costs by 30 (or 31), and that’s usually the amount you’ll pay per day to rent the home back.
Buyers don’t have to do this, of course, and they may have their own reasons for wanting to take the keys ASAP. They might have someone moving in to their old place. Maybe they are moving from out-of-town straight to the new house, so a rent-back means they’d have to find their own shelter for a few days.
Or maybe they just want to get a jump on painting and shampooing the carpet—their right as the owners. So while renting can be an option, it’s not always possible.
And the sellers can rent to the buyers as well. If the buyers want an early possession, a rental agreement is certainly in the rights of the soon-to-be-former homeowners, and often happens on similar terms as rental agreements after closing, at daily rates based on monthly mortgage costs.

Delays

Most loans close in a timely manner, but be prepared for closing delays.
First, there’s the radical delay—don’t expect your South Florida closing date to hold if, say, there’s a hurricane churning up the coast. That’s an unlikely scenario but not an unheard-of one.
More typically, the closing delay stems from more benign paperwork and human error. An active market when a high amount of home transfer activity translates into higher amounts of paperwork for banks and county deed recorders’ offices.
From the loan standpoint, delays occur when the bank requires some type of loan condition, such as additional credit references, additional paperwork to show income, or a higher escrow amount. A mortgage underwriter, upon reviewing the particulars of the closing, may want more information.
Some paperwork glitch might delay money transfers until late in the day, and then the funds won’t be available until the next morning, notes REALTOR® Jonathan Osman in his Charlotte, NC, area blog.
His tips: Always schedule closings for mornings, never close on Fridays, and plan movers for the day after you plan to get the keys. That way you leave yourself some wiggle room.
For all, patience rules. Many veteran homebuyers have last-minute home buying paperwork frustrations to share. But ultimately, their trials ended with that most prized possession—getting the keys.

Thursday, August 21, 2014

Buying a Historic Home: What You Must Know First

Buying a Historic Home: What You Must Know First


If you’re a home buyer, you may have fallen in love with a historic home or with a home in a historic district.
Although a historic home has an appeal and charm for many buyers, there are certain restrictions and expenses you must know before sealing the deal.
While being the proud owner of a literally one-of-a-kind home is alluring, you may run into unexpected complications when purchasing vintage houses.
Buying a Historic Home: What You Must Know First photoFor example, older properties may have serious structural problems you wouldn’t encounter in a new house, as well as hidden problems which will only surface later.
Owners of historic homes are also required to follow strict home rehabilitation guidelines—many of which allow you to repair, but not to rebuild or to replace.
To help protect your future home investment, here is some vital information and expert advice about buying a historic home.

What constitutes a historic home?

A home is deemed historic or “architecturally significant” by the National Register of Historic Places—or by the local historic board—if it exemplifies a signature architectural style, captures the essence of a given time period, or is associated with famous people from the past.
Also included in this category are homes located in neighborhoods designated as historic districts.

Benefits of buying a historic home

The aesthetic beauty of historic homes is a magnet for many home buyers, as is the often unmatched architecture that has withstood the test of time.
If you’re thinking about buying a historic home, you’ll be happy to learn additional benefits may come with the purchase of a historic property.
Many states and local governments offer tax incentives in the form of tax credits or lower interest loans for preserving and restoring historic structures. You have to qualify for these tax abatements, and while the amounts won’t make you rich, they’re still benefits you wouldn’t otherwise receive when buying a new house.

Advice for buying a historic home

Now that you have set your sights on a vintage home, it’s time to get down to the nuts and bolts of purchasing your coveted property.
Before you sign on the dotted line, here are some tips on buying an older house:
  • Have a formal home inspection conducted by a qualified home inspector who specializes in older homes and/or by a structural engineer.
  • Get price estimates from contractors regarding all necessary repair work.
  • Make sure the house meets safety and health standards, including passing asbestos and lead paint tests.
  • If your dream house suffers from major structural problems, walk away. The long-term headaches will far outweigh your emotional attachment.
  • Carefully study the Standards for Rehabilitation of Historic Buildings imposed by local/state laws on owners of historic structures. You may have remodeling/expansion plans that you will not be able to fulfill.

Historic home restrictions

Since the goal of historic home renovation is to preserve a home’s true nature and original construction, a home buyer wishing to renovate must obtain special permits and therefore is subject to restrictions aimed at protecting the character of the property or neighborhood.
Here are some of the typical restrictions and extra costs you need to know about before buying an historic home:
  • Additions: Rarely are homeowners permitted to add footage to historic homes, including extra stories.
  • Windows, shutters and roofs: Since house exteriors such as windows, shutters and roofs embody the original architecture or design style, they are to be preserved and can only be replaced in kind. If costly construction materials are involved, this may be an added expense you didn’t anticipate.
  • Taxes: Although you may qualify for tax benefits for investing in a home or in a district where preservation and restoration are priorities, tax levies for merely living in a historic neighborhood may be higher than other neighborhoods.
  • Utility bills: Before you seal the deal, study the previous year’s energy bills. It may cost you significantly more to heat and cool an older home than a new one.
If you’ve done your homework and the pros outweigh the cons for you, enjoy becoming the proud owner of a historic home.
Welcome to Wisconsin Real Estate
RE/MAX REALTY CENTER, Real Estate in Wisconsin

Thank you for visiting our REMAX REALTY CENTER, Real Estate in Wisconsin website.
Please feel free to contact us for any of your residential or commerical real estate needs including an online market if you are a seller, or finding a home if you are a buyer.

Our real estate focus in the  Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dane County, Dodge County and Washington County areas. Several agents in the office also their IRES designation (International Real Estate Specialist) so they can assist you with all your real estate needs in Wisconsin, the USA or anywhere in the WORLD!

When you are seriously looking or just browsing at real estate in Wisconsin, RE/MAX REALTY CENTER, Real Estate in Wisconsin, is the BEST resource to help you with all your needs and questions, whether a first time home buyer, relocating to or from the beautiful LAKE COUNTRY area, looking to invest or explore foreclosure opportunities or just thinking ahead to the future. 

The agents at RE/MAX Realty Center, Real Estate in Wisconsin (262-567-2455) are experienced agents with many years of real estate under their belts.  If you are looking for top notch real estate agents in Waukesha County and the entire Milwaukee Metro area look no further! The agents in our office think "outside of the BOX", focus on you and YOUR needs. We offer what most of the other agencies in the area cannot. Creativity, Listing  Package Options and unsurpassed marketing exposure locally, throughout the entire United States and Internationally!  If you want creative options and exceptional marketing and service -- we are the answer.

The RE/MAX Realty Center Office, has experienced agents with expertise in luxury home marketing, lake property experts, foreclosure and short sale specialists, investment and property management brokers and commercial brokers. 

Our agents areas of service include, but are not limited to:
The prospering communities of Waukesha County including Delafield, Waukesha, Oconomowoc, Pewaukee, Waukesha, Sussex, Wales, New Berlin, Dousman, North Prairie, Mukwonago, Chenequa, Menomonee Falls, Brookfield, Elm Grove, Okauchee, Eagle, Muskego and Merton

Great municipalities in Milwaukee County including Milwaukee, South Milwaukee, Wauwatosa, Hales Corners, Greenfield, Glendale, Franklin, Bayside, Brown Deer, Cudahy, Fox Point, Greendale, Shorewood, Oak Creek, St. Francis, West Allis and Whitefish Bay. 

The hometown favorites of Washington County, Jefferson County and Dodge County including Watertown, Hartford, West Bend, Germantown, Jackson, Richfield, Ashippun, Lake Mills, Jefferson, Johnson Creek, Slinger and Erin.

There is no place like "WISCONSIN LAKES"
If lake living is what you desire then Lake Country is the place to be! If you are thinking about buying waterfront property in Wisconsin, a little time invested in learning about waterfront living will pay back sizeable dividends in matching your expectations to realities. 

 Lake Country Living on one of Waukesha Countys great lakes as a full timer or vacationer is a must and there are some great lakes to choose.  Nagawicka Lake, Pine Lake, Oconomowoc Lake, Beaver Lake, Okauchee Lake, Pewaukee Lake, Moose Lake, North Lake, Lake Keesus, Lac La Belle, Upper Nashotah, Lower Nashotah, Upper Genesee, Lowe Genesee, Middle Genesee, Upper Nemahbin, Lower Nemahbin, Fowler Lake, Golden Lake, Pretty Lake, Silver Lake, Waterville Lake, and Crooked Lake. Great lakes of the surrounding area also include Lake Michigan, Rock Lake, Big Cedar Lake, Little Cedar Lake, Pike Lake and Lake Ripley.


RE/MAX REALTY CENTER, Real Estate in Wisconsin, 262-567-2455 or 262-893-5555,  offer online markets, listing package and FOR SALE BY OWNER (FSBO) options, MLS search access, buyer agency and marketing that will exceed your expectations, all with outstanding service!  

Your home purchase or sale is likely your largest investment, be sure you have an good agent you can trust! Real Estate in Wisconsin is an excellent investment, prices are superb, selection is great and rates are outstanding!!!

Ask us about our preferred vendors -- from lenders to help you finance your new purchase to contractors to help maintain!

Wednesday, August 20, 2014

4 Wrong Ways to Pay Off Debt

Not all options to pay off debt are good ones.
4 Wrong Ways to Pay Off Debt photo
When considering methods like obtaining a home equity loan or an increased line of credit, cashing out your 401(k), and cash payday advances, you should realize these are simply quick fixes that will increase your total debt and financial risks.
Knowing the wrong approaches to reducing your debt will help steer you in the direction of the right ones.

1. Don’t Leverage Your Home to Get Out of Debt

Home equity lines of credit, or HELOCs, are good for things like home repairs and updates. But if you use them to reduce a heavy debt, you are putting your home at risk since you are putting it up as collateral.
The ultimate loss of your home in foreclosure makes this too risky a path to take. You can’t plan for the future—things like divorce, illness (particularly the medical bills that follow), job loss or other unforeseen events can drain your bank account.
If that happens when you are using a HELOC, you might not be able to pay it back: debt is better than homelessness.

2. Don’t Increase Your Line of Credit

Asking a bank or credit card company to increase your line of credit often results in greater debt and less attainable payoffs, especially since the interest rate will likely increase as the line of credit is extended.
While taking on more credit—and more debt—is better than leveraging your home, it’s still a way to bury yourself in more unpaid bills.

3. Don’t Take Route 401(k)

Even if you are eligible to take money out of a 401(k) plan, you will be required to pay federal taxes on it when you do so.
If you take a loan out on your 401(k), you can be taxed on the money as income when you receive the loan—and then again later when you withdraw the money for retirement. Being taxed twice is never a sound financial move.
It is better to let the 401(k) sit and earn interest rather than cost you loan interest or tax dollars. Save it for your retirement.

4. Don’t Get Cash and Payday Advances

Cash and payday advances should be for emergencies only—not to handle debts. The payday advance can carry an even larger interest rate than those attached to your debts, sometimes astronomically.
The cash advance puts money in your hand, but ultimately, it only increases your total debt. You’ll be subjected to minimum fees and percentage fees—or both.
Again, unpredictable events can harm the payoff of these added debts as well as the original debt you may have sought these advances to cover.

Beware the Bankruptcy Option

Bankruptcy should only be considered as an option when all other paths have failed, as it will seriously hinder your ability to get a loan for a while. For example, you shouldn’t even consider applying for a mortgage for two years after your bankruptcy has been discharged.
If you are considering bankruptcy, seek proper credit and bankruptcy counseling before filing. There are several different forms of bankruptcy to consider, and a counselor can advise you as to which best fits your circumstances.
Bankruptcy is a legal proceeding with specific consequences. You need an attorney to handle the details of a bankruptcy.

Reduce Expenses, Budget Better, Reduce Debt

You can’t get in incredible shape by going to the gym for just one day, one week or even one month. Likewise, you can’t get in good financial shape if you don’t budget accordingly until your debts are paid.
The best way to do this is to create a long-term budget and stick to it. Involve your family, go over expenses and see what you can do without.
It takes discipline, but it’s the best way—for while there’s no quick fix to getting out of debt, you can eliminate it over time.

  article from:
 http://www.realtor.com/advice/4-wrong-ways-pay-debt/

Welcome to Wisconsin Real Estate
RE/MAX REALTY CENTER, Real Estate in Wisconsin

Thank you for visiting our REMAX REALTY CENTER, Real Estate in Wisconsin website.
Please feel free to contact us for any of your residential or commerical real estate needs including an online market if you are a seller, or finding a home if you are a buyer.

Our real estate focus in the  Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dane County, Dodge County and Washington County areas. Several agents in the office also their IRES designation (International Real Estate Specialist) so they can assist you with all your real estate needs in Wisconsin, the USA or anywhere in the WORLD!

When you are seriously looking or just browsing at real estate in Wisconsin, RE/MAX REALTY CENTER, Real Estate in Wisconsin, is the BEST resource to help you with all your needs and questions, whether a first time home buyer, relocating to or from the beautiful LAKE COUNTRY area, looking to invest or explore foreclosure opportunities or just thinking ahead to the future. 

The agents at RE/MAX Realty Center, Real Estate in Wisconsin (262-567-2455) are experienced agents with many years of real estate under their belts.  If you are looking for top notch real estate agents in Waukesha County and the entire Milwaukee Metro area look no further! The agents in our office think "outside of the BOX", focus on you and YOUR needs. We offer what most of the other agencies in the area cannot. Creativity, Listing  Package Options and unsurpassed marketing exposure locally, throughout the entire United States and Internationally!  If you want creative options and exceptional marketing and service -- we are the answer.

The RE/MAX Realty Center Office, has experienced agents with expertise in luxury home marketing, lake property experts, foreclosure and short sale specialists, investment and property management brokers and commercial brokers. 

Our agents areas of service include, but are not limited to:
The prospering communities of Waukesha County including Delafield, Waukesha, Oconomowoc, Pewaukee, Waukesha, Sussex, Wales, New Berlin, Dousman, North Prairie, Mukwonago, Chenequa, Menomonee Falls, Brookfield, Elm Grove, Okauchee, Eagle, Muskego and Merton

Great municipalities in Milwaukee County including Milwaukee, South Milwaukee, Wauwatosa, Hales Corners, Greenfield, Glendale, Franklin, Bayside, Brown Deer, Cudahy, Fox Point, Greendale, Shorewood, Oak Creek, St. Francis, West Allis and Whitefish Bay. 

The hometown favorites of Washington County, Jefferson County and Dodge County including Watertown, Hartford, West Bend, Germantown, Jackson, Richfield, Ashippun, Lake Mills, Jefferson, Johnson Creek, Slinger and Erin.

There is no place like "WISCONSIN LAKES"
If lake living is what you desire then Lake Country is the place to be! If you are thinking about buying waterfront property in Wisconsin, a little time invested in learning about waterfront living will pay back sizeable dividends in matching your expectations to realities. 

 Lake Country Living on one of Waukesha Countys great lakes as a full timer or vacationer is a must and there are some great lakes to choose.  Nagawicka Lake, Pine Lake, Oconomowoc Lake, Beaver Lake, Okauchee Lake, Pewaukee Lake, Moose Lake, North Lake, Lake Keesus, Lac La Belle, Upper Nashotah, Lower Nashotah, Upper Genesee, Lowe Genesee, Middle Genesee, Upper Nemahbin, Lower Nemahbin, Fowler Lake, Golden Lake, Pretty Lake, Silver Lake, Waterville Lake, and Crooked Lake. Great lakes of the surrounding area also include Lake Michigan, Rock Lake, Big Cedar Lake, Little Cedar Lake, Pike Lake and Lake Ripley.


RE/MAX REALTY CENTER, Real Estate in Wisconsin, 262-567-2455 or 262-893-5555,  offer online markets, listing package and FOR SALE BY OWNER (FSBO) options, MLS search access, buyer agency and marketing that will exceed your expectations, all with outstanding service!  

Your home purchase or sale is likely your largest investment, be sure you have an good agent you can trust! Real Estate in Wisconsin is an excellent investment, prices are superb, selection is great and rates are outstanding!!!

Ask us about our preferred vendors -- from lenders to help you finance your new purchase to contractors to help maintain!

Thursday, August 14, 2014

Miracle Treat Day is today!

Children’s Miracle Network and Dairy Queen are at it again….tempting our taste buds for a good cause!  Miracle Treat Day is today!

On Thursday August 14th, 2014, $1 or more from every Blizzard® Treat purchased at participating DQ® stores will be donated to your local Children’s Miracle Network Hospitals® to help children in need.

If you ask us, that’s a very good reason to treat yourself to some ice cream!