REMAX and WATERTOWN RIVERFEST - Win a free hot air balloon ride!

REMAX and WATERTOWN RIVERFEST - Win a free hot air balloon ride! 

A wonderful free community event  - WATERTOWN RIVERFEST

For just a year over of a quarter-century, Watertown's Riverfest has been bringing world-class musical entertainment to green and shady Riverside Park. This year's 26th annual lineup, which runs from Thursday, August 9 through Sunday, August 12, promises more great music for the thousands who now make the event an annual summer rite. 

Every year we attempt to have a REMAX balloon flight in conjunction with Watertown’s Riverfest. This year it is scheduled for Friday evening, August 10^th.

Be one of 2 lucky people to fly with the pilot - contact me if you are available to "fly" next Friday evening and are interested! All entries need to be in by Monday, the 6^th.

The winner will be drawn at the RIVERFEST  just prior to the launch.

REMINDER - You  need to be available the date and time of the launch and it is fully subject to weather.






Click here to see the Watertown Riverfest SCHEDULE OF EVENTS

Welcome to Wisconsin Real Estate with Lisa Bear

Thank you for visiting.  Please feel free to contact me for any of your real estate needs including an online market if you are a seller, or finding a home if you are a buyer. My real estate focus in the  Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dodge County and Washington County areas.  I have my IRES designation (International Real Estate Specialist) so I 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, I am a great 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.

Lisa Bear of RE/MAX (262-893-5555) is an experienced real estate agent in Waukesha County and the entire Milwaukee Metro area including:

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.

Real Estate in Wisconsin is an excellent investment!
 

 "HELPING YOU MOVE IN THE RIGHT DIRECTION"

5 Home Features Young Home Buyers Love | ForTheBestRate.com

5 Home Features Young Home Buyers Love | ForTheBestRate.com

5 Home Features Young Home Buyers Love

Selling a home can be contingent on the property's value, condition and desirable features. Depending on the type of home buyer, there are certain features that may help seal the deal.
Here's a list of some popular home options for the younger home buyer.

1. Move-In Ready
A lot of young buyers are busy starting careers or families and will appreciate a home that doesn't need a lot of transition time.

2. Low-Maintenance
Most young buyers are also first-time buyers, which means they won't have much experience in home maintenance. They'll be attracted to a home that runs smoothly, and doesn't require an extensive knowledge of plumbing, electricity or construction.

3. Great For Entertaining
Young, hip homeowners often enjoy an active social life, which means they will be on the lookout for a home that's conducive to entertaining. An open kitchen or a large, screened-in porch are a few great examples.

4. Modern appliances
The generation of young home buyers who are hitting the market now are of the information age. They want "smart" technology, and that doesn't just apply to their phones. High-tech home appliances are big selling points, especially to younger buyers.

5. Convenient location
A home that's situated close to shopping, dining and entertainment is an attractive option for any buyer - but young home buyers will be especially drawn to good locations.

Keep in mind that every home buyer is different. Despite the common similarities in certain buyers, this list may not apply to everyone.

Find information on mortgages that are popular with first time buyers such as FHA loans and USDA rural housing loan programs.

Did You Know? Basic Mortgage Traps and Pointers

Did You Know? Basic Mortgage Traps and Pointers

By: Deb Conrad

Mortgage Basics

What is a mortgage? In legal terms, a mortgage is a conveyance of a security interest in real property to secure the payment of a debt, typically evidenced by a mortgage note. The note imposes personal liability for the amount of the note on the person or persons who sign the note. The mortgage is a lien on the property.

From a REALTOR^®’s perspective, a mortgage may be viewed in a variety of ways: as that “necessary evil” that the buyer typically needs to arrange so that the buyer can purchase a property, or maybe as part of the long lists of items printed in a title insurance commitment, or the major obstacle in the way of a smooth short sale. There is no end to the trouble that mortgage loans can cause, but REALTORS^® can’t conduct a successful real estate practice without them!

There are two basic varieties of mortgages: fixed-rate and adjustable-rate mortgage (ARM). Fixed rate payments are steady and predictable, while the ARM payments start at a much lower rate yet pose the risk of dramatically higher payments later on. Beyond that basic distinction, mortgages comes in a whole array of varieties including FHA loans, VA loans, interest-only loans, home equity credit loans, Rural Development loans, reverse mortgages and so on.

For those embarking on the quest for a mortgage loan, or assisting a party in that endeavor, there are many traps for the unwary. The following practical pointers may help them steer clear of pitfalls, minimize the pain and derive the optimum benefits from the mortgage loan.

Consumer Misconceptions 

Buyers, particularly first-time buyers, may often have misconceptions about the mortgage loan process, including the following:

1. Mortgage lenders are required to give borrowers the lowest rate available. That would be wonderful, but currently there are no federal or state laws requiring a mortgage lender to give a borrower the best rate available.
2. The principal balance will go down each month as long as the borrower makes the required monthly payments. While this is true with a fixed-rate mortgage, with some option-ARMs and interest-only loans with teaser rates, for instance, the balance may not fall and instead may go up. This is the result of negative amortization that occurs when monthly payments cover only a part of the monthly interest owed and none of the principal. The interest not paid is added to the principal balance and thus the balance due actually increases.
3. The monthly payment will stay the same from month to month. Unfortunately a borrower’s monthly payments could increase dramatically, if the borrower does not have a fixed-rate mortgage loan. Interest-only loans and option-ARMs feature lower initial payments but also carry a significant risk of payment shock – a large and sudden increase in the monthly payment amount when, for example, the interest rate adjusts or the interest-only period ends.
4. If the lender is willing to lend the money for the home, then the borrower must be able to afford it. While reputable mortgage lenders will not lend beyond a person’s means, some others will. They may not consider the borrower’s ability to repay the loan over the long haul.
5. Discounted interest rates are a good deal because they lower the monthly payments. Paying “discount points” or a “discount fee” in return for a lower interest rate may be beneficial in the short term, but the lower interest rate may only last until the first payment amount of interest rate adjustment.

Mortgage Practice Pointers

Lock-In Policy 
Savvy consumers ask the lender to “lock your loan,” which is basically an agreement from the lender that states that the loan applicant is entitled to a certain interest rate through a certain closing date, and get the lock in writing. Most companies have a rate lock form that spells everything out. If the lock expires, any changes will not be to the applicant’s benefit and the applicant will likely need to accept a higher rate. The lender generally cannot increase the loan fees to cover the cost of the higher rate.

PMI Tips
If borrowers put down less than 20 percent on a house, they should expect to be required to purchase private mortgage insurance (PMI), which protects the lender in the event the borrower defaults on the mortgage loan. That means the borrower will have to pay PMI premiums, roughly $50 to $100 per month on average, in addition to the monthly mortgage payments.

Getting the PMI tax deduction    

Starting with loans issued or refinanced in 2007, and continuing through 2011, borrowers can deduct each year’s premiums paid on PMI for the principal residence and for a non-rental second home. Unless it is extended again, the deduction won’t be available beyond the 2011 tax year.

In general, the borrower can deduct PMI premiums in the year paid if the borrower itemizes deductions on his or her income tax return. However, if the borrower prepays PMI premiums for more than one year in advance, the borrower can deduct only the part of the PMI payment that will apply to that year. Rules can vary for mortgage insurance provided by the FHA, VA and Rural Housing Service, so it is always best to consult a tax adviser with any questions. 

The deduction begins to phase out once the adjusted gross income reaches $100,000 ($50,000 for married filing separately) and disappears entirely at an AGI of $109,000 ($54,500 for married filing separately). Depending on the specific circumstances, this can potentially save a few hundred dollars each year.

For more information, see the Internal Revenue materials at www.irs.gov/publications/p936/ar02.html.

PMI cancellation  

Canceling the PMI as soon as a borrower is entitled can save thousands of dollars. Under the Homeowners Protection Act (HPA) of 1998, when a home is purchased after 1999, the lender is required to automatically cancel the PMI once the mortgage is paid down to a 78 percent (0.78) loan-to-value ratio (LTV), or once the homeowner has 22 percent equity. To figure the LTV, divide the outstanding loan amount by the original price of the home.
When the LTV reaches 80 percent, the homeowner can submit a written request to the lender to end the PMI. This can be a lengthy process and the lender may require an appraisal or other property valuation to confirm the property has not declined in value. See the Federal Reserve materials at www.federalreserve.gov/boarddocs/caletters/2004/0405/CA04-5Attach1.pdf for more information.

Mortgage Terminology 101

Adjustable-Rate Mortgage (ARM): A mortgage where the interest rates are tied to an interest-rate index. If the index rises or falls, the mortgage interest rate and the monthly payment amount go up or down accordingly.

Debt-to-Income Ratio (DTI): This ratio represents monthly fixed expenses divided by gross monthly income, which is the income before taxes and deductions. The lender uses this ratio to help determine how much they will lend a potential borrower. If the percentage is greater than 36, the ratio could negatively impact the ability to obtain a mortgage loan because the lender considers that the borrower has too much debt.

Interest-Only Mortgage: The borrower is required only to make interest payments for a specified number of years. When this initial period expires, the mortgage may begin to fully amortize and monthly payments of principal and interest make the payment amount increase significantly.

Loan-to-Value Ratio (LTV): This ratio compares the value of the loan with the fair market value of the home.

Negative Amortization: If the monthly payment amount does not cover the interest owed each month, sometimes as the result of a teaser rate, the unpaid interest becomes part of the principal. Thus, the principal balance increases and may eventually exceed what was borrowed in the first place.

Option-ARM: This loan typically offers the borrower three different monthly payment options: 1) payments of principal and interest, 2) interest-only payments, or 3) minimum monthly payments that don’t cover the monthly interest such that the unpaid interest is added to the principal loan amount. To ensure that the loan is repaid within the agreed-upon time, these loans “recast” after a set number of years (usually three or five) and monthly payments increase significantly so that the loan fully amortizes.

Payment Shock: Payment shock is a large and sudden increase – sometimes as much as double or triple – in monthly payments, often seen with interest-only loans and option-ARMs.

Private Mortgage Insurance (PMI): PMI is required by lenders when a borrower has less than 20 percent down. PMI protects the lender from default losses in the event a loan becomes delinquent.

Teaser Rates: These are low rates that lenders offer to make mortgage products more attractive. When the “teaser rate” period expires, the lender raises the interest rate for the remainder of the loan period.

Types of Mortgage Loans

Rural Development: www.rurdev.usda.gov/HAD-HCFPLoans.html
FHA loans: www.hud.gov/buying/loans.cfm [The Federal Housing Administration (FHA), which is part of HUD, insures the loan, so the lender can offer the borrower a better deal, as well as low down payments, low closing costs and easy credit qualifying.]
VA loans: www.benefits.va.gov/homeloans
Home Equity Credit Lines:www.ftc.gov/bcp/edu/pubs/consumer/homes/rea02.shtm and www.federalreserve.gov/pubs/equity/equity_english.htm [A home equity line of credit is a form of revolving credit in which the home serves as collateral.]
Reverse mortgages:www.ftc.gov/bcp/edu/pubs/consumer/homes/rea13.shtm [Those 62 years or older can convert part of their home equity into cash without selling.]
Interest-Only and Option-Payment ARMs: www.fdic.gov/consumers/consumer/interest-only/index.html

Published: March 07, 2012

Homeownership: The American Dream (Part 2)

Homeownership: The American Dream (Part 2)

Homeownership: The American Dream (Part 2)

by The KCM Crew on July 19, 2012 ·

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A major benefit to homeownership is community. There is a greater sense of community among homeowners than there is with renters. Studies have shown that homeowners have a higher participation in local volunteer activities; participate more in local political activities and organizations; have higher voting rates; and are more involved in self-help activities (like the PTA and neighborhood crime watches) than those who rent. Homeowners do not move as frequently as renters, therefore providing more neighborhood stability. This helps reduce crime and support neighborhood upkeep and value.

Let’s look at homeownership as an investment. In 1998 the average Homeowner’s net worth exceeded that of renters by 31 times. In 2001 it was 36 times and eventually in 2007 it was all the way up to 46 times that of renters. Even in these toughest times, the wealth of the homeowner is still over 30 times that of renters. Now, homeownership isn’t about a guaranteed financial short-term return – the market goes up, down and back up again. We have to be prepared for the long-term and a key component to wealth is homeownership.  In Pew Research Center’s The Home as an Investment Survey, 81% of Americans agree that buying a home is still the best long-term investment a person can make.

There’s also the aspect of an educational investment. United States Immigrants all talk about home ownership because they want a better education for their children. It’s proven that children of homeowners achieve greater math and reading scores, they have lower high school dropout rates, and more years of schooling by the age of 25.

Not to mention there’s also a greater social network among homeowners than renters. You have a built in support system of neighbors and friends. You know the local merchants and they know you. You have that support system for you and your family – and it’s there for life.

There you have it. You now know the benefits to homeownership and the American dream.

Welcome to Wisconsin Real Estate with Lisa Bear

Thank you for visiting.  Please feel free to contact me for any of your real estate needs including an online market if you are a seller, or finding a home if you are a buyer. My real estate focus in the  Waukesha County, Milwaukee County, Lake Country, Jefferson County, Dodge County and Washington County areas.  I have my IRES designation (International Real Estate Specialist) so I 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, I am a great 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.

Lisa Bear of RE/MAX (262-893-5555) is an experienced real estate agent in Waukesha County and the entire Milwaukee Metro area including:

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.

Real Estate in Wisconsin is an excellent investment!

 

 "HELPING YOU MOVE IN THE RIGHT DIRECTION"

Choosing a Real Estate Agent? Let RE/MAX Help

Preparing Your Seller to Prepare the Home to be Prepared for Showings - Wisconsin REALTORS® Association

Preparing Your Seller to Prepare the Home to be Prepared for Showings - Wisconsin REALTORS® Association

Preparing Your Seller to Prepare the Home to be Prepared for Showings

Part 1: Pets

By: Cori Lamont

This article was born because of a Facebook posting. A Louisiana friend just reunited with her yellow Labrador Retriever, Emma. Apparently, Emma was let out of the house by an agent conducting a showing, and after a few days, she was returned unharmed and happy. However, Emma’s tale — pun intended — made me begin to wonder: what conversations are agents having with sellers when it comes to preparing their homes for showings?

This conversation has many layers and requires a couple of magazine installments. The first: owners of properties for sale with pets, and the second installment in the July magazine will highlight other concerns, such as protecting the seller’s personal property and the safety of the agent.

The family pet conversation can be a tricky one. For some sellers, the most important quality they look for in any person, including their listing agent, is how they treat the owner’s pet or pets. The appropriate way to address the family pet’s presence in the home during showings and open houses can be a bit like trying to navigate a boat through rock-infested waters at night — a slow, painful process that can leave holes and irreparable damage.

Often agents are equipped to go into a seller’s home and provide direction as to room décor and color, suggesting removal of personal pictures and memorabilia, and packing away extra clutter. There is no quicker barometer to determine the love for the family pet until the agent begins to discuss options regarding the presence of the pet in the home during showings and open houses. Such options during showings and open houses may include: removing the pet from the property, kenneling the pet, placing the pet in a closed-off space, or placing the pet in the enclosed backyard. It is at this time that the agent will fully comprehend what that pet means to that seller and the agent’s appropriate approach.

Per lines 174-182 of the 2008 WB-1 Residential Listing Contract:
OPEN HOUSE AND SHOWING RESPONSIBILITIES: Seller is aware that there is a potential risk of injury, damage and/or theft involving persons attending an “individual showing” or an “open house.” Seller accepts responsibility for preparing the Property to minimize the likelihood of injury, damage and/or loss of personal property. Seller agrees to hold Broker harmless for any losses or liability resulting from personal injury, property damage, or theft occurring during “individual showings” or “open houses” other than those caused by Broker’s negligence or intentional wrongdoing. Seller acknowledges that individual showings and open houses may be conducted by licensees other than Broker …

Listing brokers should review this language with all sellers. According to the terms and conditions of the listing contract, the seller agrees to prepare the property for showings. This obligation would appear to include securing any pets. The listing also states that the seller agrees to hold the broker harmless for any loss or liability resulting from personal injury occurring during individual showings or open houses unless the broker was negligent or there was intentional wrongdoing. Good communication between the listing and showing brokers would indicate if pets are present at the property and if any precautions need to be taken.
Illustrating a positive exchange, the listing agent called the cooperating agent to tell them, “the hamster got loose this morning and the family could not find where Lightning was before they left for work. So I wanted to let you know that the property is not infested with rodents; it’s just a family member on the lam.” In the event the buyers encountered Lightning, they were prepared.

In contrast, while in the kitchen admiring the space, one of the buyers opened the pantry door and out flew Leopold, the seller’s ferret. Luckily, Leopold scampered off without injury; although the buyers did not fare so well. I am told that any time that a buyer opens an unfamiliar cabinet or door, they do so with great caution. The listing agent did not inform the cooperating agent of Leopold’s presence in the home, let alone a penchant for hanging out in the pantry.

The listing agent should clearly express to the seller that the suggestion of removing the pet from the property or placing the pet in a limited space is as much for the pet’s safety as it is for the prospective buyer’s and agent’s. While a seller assures you that their pet is nice and wouldn’t hurt a fly, you should politely remind the seller that not everyone is comfortable around animals and you want to make sure that their pet is safely secured, allowing buyers to focus on the home and not the pet or the buyers’ personal level of discomfort. Also, remind the seller that the buyers may have children, which could add another layer to the safety concerns for the pet.

Tell the seller that this is as much about protecting your dog, cat, ferret, rabbit, snake, hamster, bird or pot-bellied pig as it is the buyer and cooperating agent. The ability of an open house host to monitor the activities of all guests is limited, especially if the agent is attempting to contain a pet throughout the home. I can personally recall watching a listing agent hosting an open house struggle with holding back the dog while watching the cat to ensure that neither of them made a break for the open door. The listing agent may even be able to persuade the seller to remove the pet all together from the home, and if possible, make sure all the pet’s toys, beds and the like are also put away. If a buyer is not a pet person, they may not be open to seeing a litter box right next to the kitchen island.

There is, however, a movement to promote the pet with the home. One staging blogger recently suggested staging the dog with the home. In her personal experience, she wanted to keep the dogs in the home and not locked up for hours in a small kennel. She dressed the dogs in matching sweaters and contained them in the laundry room with a gate. On the gate, she posted s sign with photographs where the dogs communicated their excitement for the prospective buyers to see the home and apologize if they were a little noisy due to the excitement. For more on this go to http://styledstagedsold.blogs.realtor.org/2012/03/26/not-sure-what-to-do-with-the-household-pet-stage-the-dog/.

However the listing agent and seller decide to work the pet into or out of the home during showings, it is important to be candid and genuine about the concern for the safety of the pet, prospective buyer and cooperating agent.

Cori Lamont is Director of Brokerage Regulation and Licensing for the WRA.

Published: June 06, 2012

Some Points About Points

 

Some Points About Points

by Dean Hartman on July 5, 2012 · 0 comments

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One of the more frequent topics discussed between loan officers and borrowers center around discount points.
“What are points?”
“Should I pay points?”
“What about NO points?”
And so on…
So today, I decided to give you some information and some things to consider:

• First, a definition- Discount Points are pre-paid interest that allows a borrower to lower their interest rate on monies borrowed. Because points are prepaid interest and mortgage interest is tax deductible, points are tax deductible in full in the year you pay them when you use the proceeds of the loan to purchase a home. (Consult your accountant for rules concerning points on refinances.)
• As an example, paying a point (one point is equal to one percent of the loan amount) may lower the rate on your 30 year mortgage .25%. To give some practical numbers to it:

• On $100,000 loan, one point would be $1000.00.
• The difference in your monthly payment from a 4% rate to a 3.75% rate on a 30 year fixed rate loan would be $14 ($478 vs $464).
• Are you better off spending $1000 today to save $14 a month? It will take you nearly 6 years to make your money back. For most, it’s easier to find $14 a month than to save $1000. On the other hand, if you expect to have this loan for 30 years, your $1000 expense will wind up saving you over $5000.

• Next, talk to your loan officer about ACTUAL prices. The old guideline of 1 point for .25% in rate doesn’t hold true every day or at every price point or at different times of the month or year. Mortgages are bundled together and sold in packages called MBSs (Mortgage Backed Securities). These MBSs often are bought and sold before there are loans to fill them up. A given company may have projected (and committed to deliver) a certain volume of loans at a particular rate. To attract these loans as their deadlines approach, they may offer a “deal”. There are times when a lender can make more money selling a 3.75% Note than a 3.875% Note because of other commitments. Ask your LO the different costs (in points) you would have with different rates. Then, calculate the time needed to recoup the monies.
• Often, I have advised clients closing toward the end of the year to pay points because they can “get back” a good portion of the cost quickly if they file their tax returns early. The theory is you can spend $1000 and get the benefit of it but, after your refund, maybe you really only spent $750.
• Many deals today are structured with seller’s concessions wherein the seller (as an inducement to get you to buy their home) offers to pay all or some of your closing costs. At time of contract signing, there is an estimation of what that will be. Whether your contract says a flat dollar amount or a percentage, there is often a few extra dollars available at time of closing. A few days before closing, you should ask your LO for a more accurate number because you may have a few bucks the seller can pay to secure you a lower rate.  If you don’t do it, the seller just walks away with more money than they agreed to.
• Also, you can pay non-round numbers in points to achieve your objectives.  It is not unusual to see loans today with 1.045 points or.781 points. For the lender, it’s about the yield that arises from the combination of rate and points.
• Lastly, points can work in reverse. Rather than paying them, you can “create” them for your own use. That is really what a lender-paid closing costs loan is. You pay a higher rate so the lender can then sell that loan for more money. The lender then makes the additional money available to you to spend on closing costs.

Pricing on your mortgage is complicated yet understandable. Take the time to look at it from multiple angles. Use your LO as a resource/advisor. That is where the good ones can add tremendous value. Most people only ask about rate and closing costs. Go deeper to get the real answers.