Menomonee Falls, WI Real Estate News

By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
 With the new laws in effect as of April 5, 2010, the NAR has sent out an update and suggests all agents add the following language to Listing contracts and the Offer to Purchase for all short sales. The following language must be written into any listing contract used for a HAFA short sale: "Seller may cancel this Agreement prior to the ending date of the listing period without advance notice to the broker, and without payment of a commission or any other consideration, if the property is conveyed to the mortgage insurer or the mortgage holder," and "Sale of the property is contingent on written agreement to all sale terms by the mortgage holder and the mortgage insurer (if applicable)." Listing agents must write this into their listing contracts for HAFA short sales. The following lan...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
What do you think about the REO listings who want you to have buyers preapproved through their preferred source?  Many of my buyers are suspicious, thinking the seller wants to know exactly how much they can spend.  I question this reasoning.  REOs must know cash buyers can spend more money, but will set a limit on each property they bid. Some of lenders you have to pre-approve buyers through want to talk to the real estate agent so they can ask for a list of referrals.  Why would I want to share buyer's information with a strange lender?  Isn't this crossing the line of confidentiality?  Take this a step further.  If I give a list of buyers to a lender, what is stopping that lender from referring my buyers to the listing agent?  All may be fair in love and war but in real estate I expe...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
I can not believe they all missed this little trick guaranteed to bring more hits to your web site.  Use the robots to your advantage.  We all heard of computer robots.  These are programs operating from a computer constantly visiting web sites to track changes.  Whenever you change something on your site it gets scanned.  You can use these brainless entities to your advantage.  There are thousands of these computers.  When you change a single letter on your web site the robots swarm your site and the hit count sky rockets.  The higher your hit count, the higher your ratings.  This is one reason why sites drop out of the ratings if they do not have updates.  Sites offering new material are on the top of search lists. Look at this as a positive perspective.  Some agents are giving a fort...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
Jesus is looking for a few good Christians to teach others how to read and understand His word, relying only on the Bible to reveal the lessons He has taught. I have discovered a quick and easy Bible study method taught by Dr. Lee Gugliotto Ph D. Lee who has developed an independent ministry dedicated to teaching others how to read, study and understand the Bible on their own. This quick method will accomplish two goals. It saves time in preparing sermons and creates instant lessons for group discussions. This quick method of Bible study is based on the fact scripture is written in sequence, where the inspired author maintains a train of thought patterns conveying the same thought from one story, parable or prophecy to the next. This is known as a form of poetry, not made up of words wh...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
I don't know about you, but I am sick and tired of politicians acting more like 3 year olds playing in a sand box.  It's time we get rid of the GOOD OLD BOYS CLUB and elected people who know how to serve the public. Okay, I know I should be giving explicate examples.  But I am in the process of collecting data to see how this Congressman voted on a number of key issues.  This past Sunday I took the time to meet with a congressman from Wisconsin at a town hall meeting. Additional details to follow.  I wanted to present some positive ideas on creating jobs.  Basically the idea centered around tax breaks and incentives for rehabbers to come in, buy properties, rehab and resell them.  A simple plan I have been trying to get our elected officials to listen to since November 2008.  We all kno...
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By Kristin Johnston - REALTOR®, Giving Back With Each Home Sold!
(RE/MAX Realty Center 262-567-2455)
My name is Kristin Johnston of Remax.  My market report gives you the real estate activity for Menomonee Falls, WI for the last 30 days. I strongly encourage any seller that is looking to market their property this year to get a sound feeling for what it is worth.  Furthermore, I can't think of a better time for a buyer, whether you are a buyer wanting to utilize the first time home buyer tax credit in Waukesha County, or any existing buyer looking for a tax credit for their home in Waukesha County.  Real estate in Waukesha County is now an excellent investment, prices of superb, selection is great, and the rates are outstanding.  Please feel free to call me for any of your real estate needs, including an online market if you are a seller, or finding a home in Waukesha County.  The fol...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
Wells Fargo has teamed up with Lowes, Home Depot and Sears to introduce a new, simplified loan program focusing on homes in need of repair.  This new program has many key features setting it above and beyond similar repair and remodeling loan programs.  Some of the advantages include. Mortgage amount based on "after improved" market value. Remodeling costs are paid for over the life of the loan. Make only one monthly payment. Much lower interest rates than a charge card. No need to pay high fees for a loan escrow account. Repair and remodeling costs up to $35,000. All the work is completed after closing. For all types of homes from foreclosures to 1 year old homes you want to add your personal touches to. Following is a partial list of items eligible for this program. Roofs, gutters an...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
Does anyone have any information on the, "produce the note" method to stop a foreclosure?  I looked at a number of sites to see if this was legitimate and of course there are more sites claiming this is true compared to sites claiming this is a hoax.  This is how it works. While a home owner is facing foreclosure they can ask the lender to produce the original note promising to pay back the loan.  Because loans have been bundled and sold the lender may not have the original note.  These sites claim if the lender can not produce the original note, the mortgage no longer exists.  The home owner walks out of court owing nothing. Search the Internet for, "produce the note" and let me know what you think. This may sound good on the surface and I am not an attorney but, don't all lenders requ...
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By April Hayden-Munson, Brookfield Wisconsin Real Estate
 Market Report for 2009 - Menomonee Falls Wisconsin Sold Homes  Real estate is hyper local, here are the final numbers for sales and listings of homes in Menomonee Falls Wisconsin for the year 2009. The final numbers are in for Real Estate in Menomonee Falls .  The numbers for 2009 ended with less sales.... 388 homes being sold.  (as provided by the Multiple Listing Service).  2008 number of sales was 418.  Time on market remains steady with an average of 93 days to sell. Percent of Original list price received at sale is 92.2%.  This is down from 94.3%  the previous year (2008). The median sales price was $214,750.  Down almost 9% from $235,000 in 2008. Inventory is down just a touch with 675 homes on the market.  What does this mean?  It is a great time to buy a home!!  It is a great ...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
"I can sell your house better than your old agent."  I don't know how many times I have heard that or read this in a letter addressed to me, a Real Estate Agent who had his own home on the market.  I let my listing expire which opened the flood gates to agents calling and mailing me information in an attempt to impress me.  Some of them market with the thought they have a 1 minute window of opportunity.  So they quickly go through this canned speech slamming the old agent.  Little do they know, I am the licensed Real Estate Agent.  Here is a list of the following mistakes they have made. 1. CHECK THE MLS SPEC SHEET!!!!!!!!!!! The MLS spec sheet clearly indicates the listing is BROKER OWNED.  This means an agent is selling their own property.  Why should I have to explain this?  If you c...
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By April Hayden-Munson, Brookfield Wisconsin Real Estate
Menomonee Falls Wisconsin Real Estate Market Report for November 2009 The year in real estate..... The numbers are in for Menomonee Falls Wisconsin Real Estate sold for the year up to November 30, 2009. Menomonee Falls Wisconsin has seen the housing inventory reduced this year over the past 2 years.  The prices are also coming in lower.  The November numbers for Menomonee Falls sold homes are up compared to the last 2 years sales.  The first time buyers were rushing to get their deals done before the deadline of November 30th to receive up to $8,000 in tax credit money.  With that in mind, the numbers for November were 36 sold homes in Menomonee Falls, with a median price of $190,750 (down from $264,900 in 2008).  This is a reflection of the strong first time buyer numbers.  For the yea...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
One of the worse things that can happen to a Real Estate Agent is loosing their entire contact list or address book on their phone.  Without an address book what is a phone?  Is that what they mean by paper weight mode? Have you seen the new Windows Mobile commercials designed to make us think a Windows phone is just like an Apple of Google phone.  Are they all the same?  I used to use an HTC with Windows Mobile.  I tried to download dozens of apps.  It seemed there were six different ways to download apps and if you didn't follow the correct procedure it wouldn't work.  I wasted hours of time, about 1 out of every 10 apps worked.  Syncing is another exciting experience with Windows Mobile.  If you are a computer geek it should be no problem going on the Internet to download the 3 apps ...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
I don't know why I didn't think of this before.  The results were astounding.  I added a page, "Internet Links with Help for Foreclosures,"  to my web site and the hits went through the roof.  Most visitors also check my page set up with sales data on every surrounding city, town and village.  They also check out many other pages on my site.  The hit counts soared. It was simple to set up.  I searched the Internet to find links of legitimate sites for organizations who help people facing foreclosure.  The best site is a page on the HUD web page. Foreclosure Avoidance Counseling Http://www.hud.gov/offices/hsg/sfh/hcc/fc/ This will show you a map of the US.  Click on your state and copy the links for your area.  Post them on your site and watch the ratings go through the roof.  Post a lin...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
I always say, "we could have the easiest job in the world if everyone would just do their job."  That goes beyond Real Estate Agents.  To bring a transaction to a successful closing it takes a team effort.  There are normally two Real Estate Agents, one representing the Seller side and one on the Buyer's side, who may or may not be representing the Buyer.  There is usually a lender for the Buyer.  Additionally there are title companies, an appraiser, in most cases an inspector, and of course there is the Seller and the Buyer.  Each has at least one job to do.  I will concentrate on the Agent representing the Seller. Think about this statement;  the Real Estate agent will represent you.  Which means they will be the first contact in every step of the transaction.  That should give you a ...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
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 ma...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
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...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
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 
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
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...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
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/governme...
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By Dennis Herman, Dennis Herman
(Crossroads Real Estate LLC)
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 c...
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