It doesn’t feel like spring yet, but then, April is not over either. I have listed below the major events that will soon take place. Jot a note of the one that best suits you and your family. Click here to check out a map of the parks in Oconomowoc that I received from the Parks and Recreation Department.
Spring Gallery Night (Downtown Oconomowoc) May 6
Farmer’s Market Saturday’s beginning May 14 thru October 29
Memorial Day Ceremony at the City Beach May 30
Legion Band Concerts—Bandshell Wednesdays June 15 thru August 17
Moonlit Movies (a must see if you have not been to one) June 16, July 14 (Fowler Park) August 18 (Downtown Oconomowoc)
Badgerland Ski Team Shows (Fowler Lake) June 16, July 14 (Just before Moonlit Movies) August 4
Concerts in the Park (Bandshell)Thursdays June 23, 30, July 7, 21 & 28
Fourth of July Parade and Fireworks (Fowler Park) July 2 (crazy huh??)
Festival Week August 13-21
Street Dance August 13—a fun time for everyone!
Ice Cream Social, Legion Concert and Parade of Lights (City Beach) August 14
Kid’s Day (City Beach) August 16
Festival of the Arts (Fowler Park) Artists from around the globe! August 20-21
Here are a couple friendly reminders with the parks in the City of Oconomowoc:
Dogs are not allowed
Roosevelt Park does have a dog exercise area
No fermented beverages or intoxicants after 10pm in the parks
Please don’t feed the ducks at the boardwalk or the parks
You can reserve Park Shelters. Please call the Superintendent of Parks at 262-569-2180 for more information.
March 30, 2011 at 12:00 AM · Posted under Glenn Hanon
Now that you have found that perfect house and you are so excited to write an offer the tension starts to mount with the offer you submit to a seller. Here is a simple tip that can avoid some pain or problems down the road. The WB-11 Residential Offer to Purchase has a provision on line 269 regarding an appraisal. Above this section on line 220 there is a blank for how many days for you, the buyer, to provide the seller with a loan commitment letter. On line 269 are the days required to get an appraisal done on the property. If the days are the same, for example 45 days, the buyer could potentially put themselves in a difficult position. If your lender needs the extra time to process your file and the appraisal is due the same day that the loan commitment is due you could be out because you could not meet your appraisal deadline which was needed to obtain the loan commitment. Do you see the potential for a problem? Perhaps the appraisal contingency should be sooner than the actual loan commitment so as to give your lender time to receive the appraisal, then issue a loan commitment. Some lenders do not see a problem with this since they are on top of the dates and the appraisal is done sooner. But in some cases this could be just the out the seller needs if they have secured a second offer. Dates are important in an offer. Please consult with your real estate professional or an attorney for further advice on this topic.
March 29, 2011 at 12:00 AM · Posted under Glenn Hanon
For a long time I would keep track of my ‘things to do’ on scraps of paper or put a note in my phone, but the haphazard approach left me forgetting some important things to do. A friend of mine told me about an application that could save me tons of time and frustration. Nozbe was what he suggested could keep me on track. So what is Nozbe anyway? It is a great reminder of ‘things to do’ projects that you have on the back burner that should be moved forward, a list of people to call or whatever you need to organize. It is fantastic and everything goes to the ‘cloud’. The best part of Nozbe is that it talks to Evernote, which I use daily. So let me give you a for instance. Rather than putting little notes on your computer, phone or on actual paper you can keep all these tasks in one place—staring at you like my dog does when she waits for her food! It is a quiet persistent tool to help keep you on track. The check box is just begging for you to complete your task so you can put that big green check mark in its place—Finished! What a great feeling marking things off the list. I have household projects on the list with a time to complete the task—like June 2020. I have recommended this to some friends but they say they are not that organized to use an organizer. Hmmm…Did they really say what I thought they said? This is a great app IF you want to remember what it is you were supposed to do but almost forgot.
March 28, 2011 at 12:00 AM · Posted under Glenn Hanon
Do you remember those heady days back a few years ago when your then neighbor turned-real-estate-investor, would buy a house with almost nothing down, then borrow money to renovate the house? Shortly after the renovations were complete they would flip the house—a new term in real estate was born, Flippers. Ahh those were the days… (Said with tongue firmly in cheek) Now with the real estate bust in full swing, the past sins are what many are blaming on the decline of our real estate values. Today if you want to buy a home and borrow to renovate that home you are out of luck, right? Not so. Guess who is offering 100% financing or little to nothing down, NO appraisals required and will actually lend you money to fix the house? Some subprime lender who charges tons of points? Some fly by night organization? No. Sorry you are wrong; it is good ol’ Uncle Sam. Yup Fannie Mae, you might have heard of them lately, like this article in the WSJ regarding Fannies interpretation of subprime loans. Today Fannie is offering such a risky program to purchase their distressed inventory through a program called Home Path. BUYER BEWARE there are gimmicks and tricks with loans and programs like this. Here are some things to be wary of:
Low down payments only hurt the borrower and surrounding neighbors. If you default on a home path loan because you got in over your head, we just don’t need another foreclosure.
Watch for hidden closing costs. Generally these low down payment deals come with several thousand dollar price tags for points—in other words a rip off
What are the conditions that you have to meet in order to qualify for the loan
Is there an appraisal required? Some of the Home Path loans do not require appraisals! Hmmm… sounds a lot like 2004 before the bubble popped
Buyer Beware as to the condition. There are no warranties or disclosures. Inspections should be mandatory if you are a buyer.
You need an attorney. Some of the forms with this type of program will be on state approved contracts and others will not. Your Wisconsin Real Estate professional cannot interpret forms that are not approved by the state. It is the law. Hire counsel!
Use extra caution when engaging in these types of programs. Get lots of information before you commit and please seek good real estate advice regarding the price of the home in the area you are purchasing. Why am I so opposed to this program? Because the ‘fix’ that the government is using to liquidate the thousands upon thousands of bank owned properties will not fix the problem. The crisis we are facing now is that some homeowners feel that it is okay to walk away from their mortgage because they are not heavily invested in the property. This program perpetuates this conundrum. Home Path will attract responsible home buyers, there is no doubt. But it will also attract many who simply should not be in a home at this time, plus the government will assist them in adding to their debt! If this was happening in the private sector the Feds would frog march these charlatans in front of the world to see what loathsome, seedy characters are still preying on the public. The second reason I think this is inequitable is that only the government can offer this type of program, while the regulators are constantly peering over the shoulder of private banks to see if they are being good stewards with their money. The hypocrisy is startling and frightening. What Fannie is doing with this program is just shifting the monthly debt service to a consumer rather than the taxpayer. But if Fannie were to discount the property and require that the borrower use 20% of their own money then the true shift in debt obligation would shift from the taxpayer to the consumer, where it should be. Remember when this was a good idea?
March 25, 2011 at 07:46 AM · Posted under Glenn Hanon
The other day a buyer that I am working with had their home inspection and it made me think about some past transactions. These are good times for a buyer to find out some additional things regarding a home. Unfortunately some buyers use these inspections as opportunities to re-negotiate the price they paid for the home. If there are legitimate concerns that were not discovered during the sale process by all means they should be discussed and hashed out between the parties. What concerns most sellers and their agents is the use of a home inspection regarding maintenance issues. For example; when a buyer views a well-kept home that is 15-20 years old it stands to reason that the furnace is original. Most manufacturers will say that their furnaces have a life expectancy of 15-20 years. This does not mean that the furnace will stop running in year 21. Nor does it mean that they will chug along for another 20 years. Some buyers will use this opportunity to obtain a new furnace from the seller because of the age of the older unit or have the furnace tuned and cleaned at the home owner’s expense. Some sellers are eager to have this done (which begs the question why didn’t you do that before you listed the house, but that is another topic) and some start to argue. Buyers should know that maintenance is a part of homeownership. If you are purchasing a home you should have funds available to repair things that break or replace things that stop working. This is part and parcel of ownership. I have known of buyers to call back past sellers years after the sale looking for financial assistance for repairs that the now buyer-turned-owner needs to take care! Sounds silly but it actually happened. Buyers beware—you will have to maintain your property.
March 22, 2011 at 12:00 AM · Posted under Glenn Hanon
The southern half of the Oconomowoc Bike trail is open to all you who love to ride your bike without the fear of cars whizzing by. The Oconomowoc portion of the Lake Country Trail starts at the site of the Imagination Station at the Roosevelt Field in Oconomowoc. In the past the trail ended at the intersection of Valley Road and Sawyer Road. Today you can pedal south towards Delafield where you can pick up that portion of trail at the corner of Delafield Road and Sawyer Road. Last year Delafield completed a stretch from Mill Road east to Downtown.
The yellow highlighted area pictured above is the final addition to the Oconomowoc portion of the bike trail.
With the warm weather City of Oconowowoc residents can ride from Oconomowoc to downtown Delafield on a nicely paved trail! What a treat. Hopefully one of these days there will be a link from the Pabst Farms subdivision to the bike trail. This will help connect this neighborhood to the downtowns of Delafield and Oconomowoc in a safe and friendly route for bike enthusiasts and kids. Wisconsin offers some great opportunites for trail rides throughout our area and the state. For more information on Rails to Trails in Wisconsin click here.
March 21, 2011 at 08:00 AM · Posted under Glenn Hanon
Currently in the greater Oconomowoc Area there are approximately 33 homes in the MLS system that are listed as REO (Real Estate Owned) or Short Sale Properties. You can view these homes via the attached link here at Oconomowoc REO. If you are interested in REO or Short Sale properties there are a few things to keep in mind.
Short Sale homes can take longer to process than REO’s. It really depends on the lender and the process they use to move these homes through their system. Many of the larger banking institutions are now using the Equator system, which is a computer platform that allows the negotiators to organize large batches of files. There is very little person to person contact with this system, however it is very efficient. The down side to the Equator system, from my past experience, is that I have never received a signature that the deal has been Okayed, even though we progress towards a closing. This can make a buyer very jittery for obvious reasons.
REO properties are generally managed by an out of state asset Management Company. The condition of these homes is generally ok to poor. As a buyer you will want to do your homework on these homes before purchasing. You will most likely need an attorney since their addendums are not on approved Wisconsin forms. Only an attorney can interpret and give advice on these forms.
Just because the home is in distress does not automatically mean you will get a “steal” on the price. Be prepared before writing an offer.
Short Sale properties will require lots of information about you the buyer IF you want to be considered by the lender.
Some Short Sale properties will require the seller’s permission, the lenders permission and the investors’ permission to sell. If the seller has declared bankruptcy you will have to wait for the courts permission as well. These are things you should know before spending lots of time waiting for your dream home.
REO sales can change on a dime. If you have submitted an offer on a REO and have received verbal acceptance, this DOES NOT mean you will end up with the house. If another offer comes in after your offer for more money or better terms, the banks will most likely take that deal despite what they have told you. BUYER BEWARE.
All in all it sounds like a hassle, but remember the old adage, with much risk there is great reward. Your professional Realtor can help you decide if that property is indeed a good value.
March 18, 2011 at 05:28 PM · Posted under Glenn Hanon
Well my last post on piers and the new regulation prompted some interesting comments from readers. Some are still convinced that they do not need to register their piers. Nothing could be further from the truth. Please note the following post from the Wisconsin Realtors Association. If you have questions about this feel free to contact me, as some of you have, or call the WRA. Their number is on the post below. If you do not live on waterfront property, please pass this post on to your friends or relatives who do. Thanks so much. It is great working with all of you who have called with your concerns. This is a great way to get this valuable info out to everyone. Important Stat: According to the DNR there are 10,000 piers in the State of Wisconsin and only 300 have registered so far! The task is daunting, but we can do it.
March 16, 2011 at 12:00 AM · Posted under Glenn Hanon
On April 9th, 2011 The Oconomowoc Tri- Club (Rotarians, Kiwanis, Lions Club) is presenting their 3rd annual spring concert featuring “Four Guyz in Dinner Jackets” and “Two Rhode Girls.” You can purchase tickets by calling 262-569-3989 or online at www.theoac.net, or through a member of one of the three clubs. As a Rotarian, I would be happy to assist you with this. There are three price levels for the tickets:
Dinner & Center Section Seat for $50.00 (per person)
Prime seat location for $25.00
General admission for $20.00
The program is wonderful and if you have not been to the OAC (Oconomowoc Arts Center) you are in for a real treat. The dinner will be hosted at the OAC, so call now while tickets last!
March 15, 2011 at 07:52 PM · Posted under Glenn Hanon
Tom Larson of the Wisconsin Realtors Association stopped by the Shorewest office in Oconomowoc to a packed house of Shorewest Agents, other Realtors and Homeowners to share the new regulations concerning piers and Shoreland Zoning requirements. If you are a waterfront owner the new regulations are important for you to know and understand. Tom was kind enough to provide the power point presentation to me and I am sharing this with you. If you do not own a lake front home but know of someone who does please pass this information on to them. Here are some key points from the discussion this morning.
April 1, 2011 is the deadline for existing pier registrations. If you have not registered your pier PLEASE do so ASAP
March 14, 2011 at 12:00 AM · Posted under Glenn Hanon
When it is time to sell a homeowner generally wants to get the most they can for their home. Well there are ways to make that happen. Preparing your home for the sale is a good place to start. HGTV is a great channel to get all sorts of ideas on how to get your home ready to show, or follow along as buyers think about what home to purchase—hmm reminds me of that episode of House Hunters with yours truly, but I digress. I have a FREE booklet that is available if you want to know what you should do to get your home ready to show and SELL! Just contact me at the office, 262-567-4349 or Toll Free at 1-888-HEY GLEN and I will send this absolutely FREE booklet to you to help you prepare. Call while supplies last!
March 11, 2011 at 12:00 AM · Posted under Glenn Hanon
Charles Schwab completed an Investor Confidence Survey this past September and they reported on some interesting results. The question was asked to over 12,000 participants what they would do if they received a $25,000 windfall. Here is how the numbers broke down:
62% of the surveyed participants said that they would invest the money
29% said they would save the money
24% would use the money to pay off debt
14% would spend the money
6% would donate the money to charity
The survey allowed for multiple responses. So if you received a windfall what would you do with the money? It is interesting to note that a vast majority would invest the money. Savvy investors see an opportunity in the market and in housing. This is the time when real wealth will be created. Are you taking full advantage of this real estate market?
March 10, 2011 at 11:45 AM · Posted under Glenn Hanon
REO properties (Real Estate Owned) are generally held by the lender and are serviced by an asset manager, typically out of the state. There are a number of things to consider when purchasing an REO property. Blindly purchasing a REO simply because the price looks good can get some buyers into trouble. Here are a few things to keep in mind:
1. Most asset managers or lenders do not know that actual condition of the property. They have no idea if the pipes have burst and the basement has 1’ of standing water.
2. REO transactions are “AS-IS” sales and the REO seller usually uses their own REO addendum. If the REO seller is out of state your agent cannot interpret this document for you as a buyer. You need an attorney. It is the law.
3. Most REO sellers will negotiate verbally with you as the buyer. Only written contracts are enforceable. If the REO seller receives a better offer you will most likely be out.
4. Many REO sellers use out of state title companies, which may not be familiar, our laws. This can present a real problem with conveyance if the title company is taking short cuts to save money on the policy.
The bottom line when purchasing a REO property is that first you should be working with an experienced agent who understands the pitfalls and second you will most likely need to engage legal counsel to help navigate the paperwork.
February 25, 2011 at 12:00 AM · Posted under Glenn Hanon
The old adage goes like this, “I’ve got good news and bad news, which do you want to hear first?” The article in the Wall Street Journal by Nick Timiraos and Justin Lahart posted yesterday poses that question. The good news is that economists believe that the overall economy is in recovery mode (although some disagree with this) however real estate is still lagging. Why is this good news? When the economy builds some steam and the threat of job loss becomes a distant memory, the housing market can begin to see some stability. The Wisconsin unemployment market is less than the national market, but is still in troubled waters. We have a long way to go before job loss becomes a distant memory. What’s the bad news? According to the article, home prices are continuing their downward slide, and it is predicted that we may see further erosion over the next two years. So what do we do in the meantime? Sellers who compellingly price their homes will do better than sellers who competitively price their homes. In a sliding downward market, if a homeowner is trying to catch the market (competitive price), they will generally be behind the fall in prices. In other words, they are always the higher price just out of range of most buyers. But the seller who compellingly prices his home will find that they are always in the “mix” with the buyers looking to purchase a new home.
There are buyers out there who are looking for a home to live in, raise their children and avoid the hassles of apartment living. We can all work together to help those buyers and sellers realize their objectives. It isn’t good news or bad news…it is just news.
February 24, 2011 at 08:37 AM · Posted under Glenn Hanon
Not too long ago, I was on a conference call with pros across the country, discussing our individual real estate markets. While there are definite differences from the Southeast and East to the Midwest, there are many more similarities in each of our markets. Here are a few of the issues that my friends and I encounter with this “new” market.
Staging is one of the top strategies in a highly competitive market. If you ponder this for a moment, it makes a lot of sense. In any given price range there are countless homes vying for the attention of a diminished buyer population. With many of our buyers today determining their “show list” online, the more attractive a home actually determines IF that home will have in-person visits. A colleague of mine said that not only are we in a price war, but we are in a beauty pageant as well. How true!
This leads me to my second point. One of the most important things a seller can do is to price their home at a compelling price. Most of the pros on the phone conference noted competitive pricing does not work anymore. This is the tension point with most sellers who are disadvantaged with a lack of real time information regarding home values. The professionals see day in and day out what is happening in the local markets with foreclosures and short sales. We know from each transaction how these prices are affecting our neighborhoods, and it is up to us to educate the sellers we sit before on a daily basis as to the real value of their home. This is not an easy discussion, but is one that we must have if we are to see a turn-around in our local real estate markets.
One of the points that resonated with all the conference call attendees is that we are the vital link to our sellers as to what is working and what is not working. Those factors are now changing quite rapidly and the agents that are on the forefront will have a better advantage than those catching up with the market. Most agents I know are well-informed.
I am a third generation Realtor and my grandfather and father have never seen a market like this before. We are in unchartered waters where the old rule book no longer applies. The best way to navigate through these turbulent times is to work with your Realtor. You may not like the advice or the price, but in the end it may be the very best advice you recieve.
February 17, 2011 at 02:51 PM · Posted under Glenn Hanon
There are many fine young people who make it to American Idol because they are convinced they have talent. Some do and some don’t. It really is up to the judges on the show to discern the talent levels, after all they are professionals. And yet some of these “talented” contestants leave befuddled that the judges did not recognize their talent–case in point with this short video clip. In today’s quickly changing real estate market, many sellers think they “know” the market, when in all reality it is really up to the professionals to help them see the true market. Randy Jackson, J-Lo or Steven Tyler knows talent when they see it, regardless of how the contestant protests their greatness. This applies to professional Realtors who know the market, regardless of the protests from Sellers. Like the befuddled contestant the American Idol judges are sending them a message. Listen to your Realtor, even though you may not like their advice, it could save you thousands of dollars!
January 14, 2011 at 04:57 PM · Posted under Glenn Hanon
In this blog, I discuss how you can transform a small laundry room with a busy wallpaper pattern into a more serene space. If you have removed wallpaper before, you know the hassle that comes with this tedious job. Stripping paper is never easy, until now. In this laundry room, the homeowner uses the services of Daryl Anderson from Anderson Painting (414-861-1234) who recommends that we first strip any loose edges of wall paper. Once this step is finished, he skim coats the seams and rough edges of paper with a drywall mud. This dries and then he sands thoroughly. An oil based primer is applied and then a sand texture is rolled on the walls. Note: if you are not experienced in rolling on sand texture do not attempt to do this on your own. Professionals make all the difference when it comes to this step. The final process is to paint the walls the new desired color. The wallpaper actually becomes the new skin of the drywall. With this process we have eliminated the time consuming effort of wallpaper removal and repair of the damaged walls. Because this room was initially prepped for wall paper, a sand texture would be needed if you spent time stripping the old paper. I hope you enjoy the video from HEY GLEN.
As a Realtor in southeastern Wisconsin, people often ask me information about the inland lakes near homes they are interested in. Lake properties offer many advantages and it’s best to get all the information to see if a particular lake meets your needs. How deep is it? What types of fish live in it? Is there a public swimming area? How many acres is it?
It is 80 degrees. Puffy white clouds are floating in the endless blue sky. A constant, gentle breeze is folding the corners of your “beach towel”, though you are not at the beach - there is no sand in your face, on your feet, or in your mouth. Feel the warmth of the sun on your back, the firm surface beneath you. The lake is lapping rhythmically under the pier. In the distance, you hear the gentle purr of engines on the water, boaters out enjoying the day. You are a peace.
Summer is coming! We can’t wait to escape the indoors, drawn by all kinds of fun on the lake. Appreciation and the enjoyment of the water nurture all of us here, through childhood, our teen years, and into adulthood. How blessed we are to be here in the summer, in this beautiful part of Wisconsin called Lake Country! Oh “happy days!” as my mother likes to say.
Glenn Hanon
Tim Wright
Cathy Butschke
