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Waukesha County : Real Estate Advice

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  • Home Buying11
  • Home Selling0
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Activity 119
Sun Jul 25, 2010
Pat & Steve Pribisko answered:
I don't know why local Realtors haven't responded. For anyone who doesn't know, LP stands for "Lead Paint." Are you interested in buying the condo if the LP siding issues are resolved? If this really is a condo, with the customary restrictions, that is it having LP problems, why aren't the other condos in the complex having the same problems? How do you know about the LP problem? Were you in the process of buying the condo when your home inspection identified a LP siding problem? Are you already using a Buyer's Agent or do you need one? As you can determine, your question needs to be more specific to receive answers from local Realtors. ... more
0 votes 3 answers Share Flag
Mon Jul 5, 2010
Dan Chase answered:
The tax assessment is worthless when trying to determine fair market value. Often that assessment is a few years old. Even if it was correct when done in 2006 it would not be correct today.

Some places do not use 100% market value for assessed value. That also can cause some problems trying to make it fair market value.
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0 votes 7 answers Share Flag
Sat May 31, 2014
Debra B Albert PA answered:
Kip,
I think you two should Email and not argue in a public question/answer forum. Trulia is a public information forum not a bull ring.

Debbie Albert, PA
Coldwell Banker Residential ... more
0 votes 2 answers Share Flag
Sun Jun 27, 2010
Nancy Wagner answered:
If your home purchase is about the investment, rather than the location and lifestyle, then I would not recommend a condo. Most condo owners stay about 3 years, rather than 7 years in a single family home. And at the 3-year point, most of your mortgage dollars will have been spent on interest and not principal. When purchasing any home, decide what is most important, and go from there. It's kind of like thinking about where you'd like to work. Some people used to think it was about the amount of income guaranteed by that employer. Surveys have proven, time and time again, that other factors, such as security, management practices, etc., are more important than the hourly wage. Hope this helps. ... more
0 votes 3 answers Share Flag
Thu Jun 24, 2010
Mack McCoy answered:
The future is uncertain.

The three most important words in real estate: location, location, location.

Houses come with land, which has value, but in down markets, when builders aren't building, it has a whole lot less value.

Fixer condos in Manhattan go for six, seven hundred dollars a square foot.

More importantly, life is short - you work for a living, why take on a second job: living in a property that you don't love because you think it might pay out in the end. Buy something you love, live your life out loud, and you will be rich enough.

I'm serious.
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0 votes 5 answers Share Flag
Tue Jun 22, 2010
Heather Jarden answered:
Don’t skimp on the master bath. Not a master shower, a master bath. Unreal how many builders I have heard tell me that they do not think a master bath is high on demand. They couldn’t be more wrong. I have had several buyers pass on a new construction because it did not have a master bath.
Second, if the grading allows give it exposure in the basement. It certainly does not need to be a walk out, but a couple of windows make the difference.
Lastly the kitchen is king and the open concept of kitchen flowing into family/living room would appear to be a feature every single buyer is looking for. At least in my portfolio!
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0 votes 7 answers Share Flag
Tue Feb 4, 2014
Cindy Maclay answered:
from my experience, we us a 72 hr. first right of refusal. Meaning the primary has 72 hr. to remove all contingencies and have financing in place to close. I have never heard of the term "Bump Clause" but it sounds like it is the same thing. ... more
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Sun May 2, 2010
Sally K. Hanson answered:
Hi Iris...
The commission for a house that is listed by a real estate agent is set by and included in the price of a house. The reason the agent wants you to sign a buyer agency is so that she can better represent you and advise and negotiate for you...her commission is included. We have heard very occasionally of agents who charge an additional fee to be a buyer's agent......that is the exception rather than the rule and not necessary to pay.
Best of luck to you!
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Wed Apr 25, 2012
Dan Chase answered:
The real question is a bit different. IS new construction selling there or not? If new construction is selling well a contractor could be looking for more land to develop. If new house sales are not happening it is very unlikely.

There is one other possibility. If the 2 homes are horrible, but have good well and septic you could call the fire dept. Have them practice and get rid of your houses that way. Then drag in a trailer or double wide. You now have 2 sellable properties. It is a bit of an expense and a gamble, but could be a workable plan.
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Thu Mar 25, 2010
None answered:
Yes, you can. But if all contingencies have been cleared - inspection, testing, appraisal and loan commitment - you will most likely require an attorney.

The possibilities are:

1 - The seller lets you out of the transaction and may or may not keep your earnest money deposit. If they have a secondary offer already in place, they may be leinient with you.

2 - The seller sues you for specific performance, meaning they will force you to close on the home as agreed upon in the contract.

3 - The seller lets you out of the transaction, gives you back your earnest money but sues you for damages (time lost on market etc. This could be huge because they now have just over 30 days before the tax credit deadline and could very well be on the market a long time after that.

4 - Long shot, but the seller may renegotiate some terms of the transaction with you to keep you in the deal and close as agreed upon in the terms of the contract.

Good luck.
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0 votes 4 answers Share Flag
Tue Feb 23, 2010
Anna M Brocco answered:
You may wish to be more specific with your question so that it can be answered appropriately.
0 votes 0 Answers Share Flag
Sun Feb 21, 2010
Beth Jaworski answered:
That depends Kip. They are not supposed to be, unless it is an exposed basement. With an exposed or english basement, the finished area will generally be counted. As you can see, it will really very from listing to listing, so have your agent check with the listing agent. ... more
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Wed Apr 21, 2010
Barbara Bay answered:
What home are you looking at? I'm an agent who lives and works in New Berlin. I can easily find out this information for you. Or use the search on my website
0 votes 1 answer Share Flag
Sat Jan 9, 2010
Anna M Brocco answered:
Sun Jan 10, 2010
Dallas Texas answered:
In this market homes with 1st time home buyers credit we are busy as agents can have 10 showings a day.

No agent would take a home off the market unless there was a contract executed.

Not knowing all the particulars difficult to determine if listing agent is truthful . Go look if you like the home submit a sales offer.

I have been a buyers agent with listing agent telling me they had 10 offers on home , I stated we would skip that home submit another offer NEXT thing I know the sales agent contacting me begging submit an offer... However we pushed on.

Up to you as buyer either go with or move on

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com
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0 votes 6 answers Share Flag
Sat Jan 9, 2010
None answered:
The first thing you should listen to is your gut. If the whole thing rubs you wrong, step back. The next thing you should do is hire an agent to represent your interests. Regardless of where the money comes from to pay the agents commission they are obligated by law to represent whomever they have a contract with. If she does not have a buyers agency contract with you, it is her job to represent the seller and to bring the seller the highest offer possible, even if it isn't her listing.

Sometimes agents do use the "so many people are looking at this house" ploy to generate a high offer, but if you find that you like the house and think that it could be a good buy for you, you can be sure that there are other buyers out there thinking the same. The market is slow, but really nice houses priced well have been going quickly and even draw multiple offers.

With regards to the house going in and out of MLS, this can happen. Listings expire at midnight and agents are usually up at that time to input the new listing. It could be most of a day before it is back in MLS. It could have also been the case the the seller wanted to step back and evaluate their position and could have decided to re-list. This decision could have been influenced by the fact that you and possibly others had interest in the house. Furthermore, since you had been through the house when it was listed with an agent, that agent would be entitled to a commission if you bought the house for up to a year after the expiration of the listing provided that agent had listed you with the seller as a protected buyer. This is under the "extension of listing" clause in the listing contract.
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0 votes 4 answers Share Flag
Thu Jan 20, 2011
Catherine "Cathy" Chaudemanche answered:
Hi Kip,

Are you looking at flipping homes or buying a home to raise your family?
0 votes 10 answers Share Flag
Sat Jan 9, 2010
Alan May answered:
procuring cause is a series of events that eventually leads to a closing.

Automated e-mails, even physical showings aren't enough. It's a relationship. Assuming that you haven't signed an exclusive buyer's agreement, any homes that you view from now forward (since you've notified your agent that his services are no longer required) will not be subject to paying him a commission.

Assuming that you might want to purchase one of the homes that he showed you, that might lead to a little more complication... but again, since you "fired him", it's likely that he would not have claim to the full commission... perhaps a partial commission, referral fee, showing fee, or possibly even zero.

There's a lot more that goes into "procuring cause", than a simple showing.
... more
0 votes 8 answers Share Flag
Mon Nov 23, 2015
Joseph Washick answered:
You're right, Kip, and I don't know the answer to that question either. The market time meter may still be running, though. A buyer should be able to ask the Realtor what the market history is of the property. Does that help? ... more
0 votes 23 answers Share Flag
Wed Apr 8, 2015
Scott Godzyk answered:
To clarify, if you hold a mortgage on say Mr Smith, and you foreclose on them, yes the cost of foreclosure on Mr Smith can be deducted from the income you earned from the property. you really would want to check the IRS.gov site or check with an accountant for yoru exact situation. For a larger bank, with many many mortgages, yes they deduct it as part of the cost of doing business. There are several types of losses including the legal, auctioneer fees, legal notices and then when you buy it back at foreclosure there could be a loss so it is a complicated scenario. good luck ... more
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