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GREETINGS FROM VERNA ACKER
TABLE OF CONTENTS
PAST DUE CHILD SUPPORT MAY HINDER HOME SALES according to the
August, 2000, edition of the Wisconsin REALTOR Magazine. Written by Bob
Bonderant, Bureau of Child Support, Department of Workforce Development.
Home sellers who owe past-due child support may encounter delays in selling their
homes this fall once child support liens are established.
Federal law requires Wisconsin to create automatic liens against property for unpaid
child support. However, these liens cannot be enforced until they are docketed.
The Department of Workforce Development (DWD) plans to have a child support
lien docket operational by September.
Child support liens can be satisfied by paying child support and spousal support arrears
in full. Like mortgage liens or other liens against real property, child support liens must
be satisfied or released when property is sold. The docket itself will be an electronic
registry accessible through the internet. Access will be restricted to authorized government
officials such as registers of deeds and closing agent representatives.
DWD is working to prepare local support workers and other people involved with the
child support system for implementation of the docket. One month prior to its implementation,
DWD will send all Wisconsin support payers a brochure describing child support liens and
other new ways to collect past-due support. DWD has worked closely with representatives
of title search companies in developing plans for the docket.
Child support debts of $500 or more will be included on the lien docket. However, when
the docket first becomes operational in September, payers with very high child support debt
will be added first. Those owing lesser amounts will be added over the months following.
This approach will spread out the initial lien-related questions or disputes.
If the seller does not resolve outstanding child support debts prior to the closing date,
delays may ensue which could conceivably jeopardize the sale of the property. DWD
encourages REALTORS to inform prospective sellers that if the sellers owe past-due s
upport, it would be in their best interest to resolve the issue before closing on the sale.
RESTORATION WORKER INJURED FROM LBP EXPOSURE
GREETINGS FROM VERNA ACKER
TABLE OF CONTENTS:
DON'T FORGET ABOUT THE “NoloBriefs” SITE. Note: It's a
free site. There is a great deal of information on the site and access to
free legal forms. The site address is http://www.nolo.com.
HERE'S A FEW THINGS YOU CAN DO WITH ALKA-SELTZER
THE INMAN NEWSLETTER HAS A COUPLE OF INTERESTING
ITEMS THIS TIME:
RELIGIOUS LANDLORDS LOSE IN Anchorage Alaska in a
federal appeals court ruling. The Ninth Circuit Court of Appeals in
Francisco threw out a lawsuit filed by religious landlords who refused
to rent to unmarried couples and considered such couples “sinners.” More: http://www.inman.comhstory.asp?ID=20293&CatType=R
AMERICANS ARE ONLINE MOST. Americans are still the Web-
craziest people in the world. Media Metrix, Inc. a Web statistics firm shows
Americans spend on average of 13 hours a month online from home. Includes
statistics from Milwaukee, WI. http://www.inman.com/hstory.asp?ID=20295&CatType=R
HOPE FROM HUD. They have awarded $564 million in public
housing renovation or replacement grants to be used in 28 cities and the
U.S. Virgin Islands. Milwaukee is listed as one of the cities. http://www.inman.com/hstory.asp?ID=20295&CatType=R.
GREETINGS FROM VERNA ACKER
TABLE OF CONTENTS
SHOULD YOU ADD-ON OR MOVE?
Houses are usually designed to be the size they are originally
built. When you start putting additional rooms on a home, a
conventional floor plan becomes unacceptable. Having to walk
through one room to get to another is an example of functional
obsolescence.
Homes that experience this usually diminish in value. Even though
actual expenditures have been made, it may lower the resale of the home.
If a person intends to stay in the home for a long enough time to
recapture the expense, it may justify the addition.
Another problem that might occur when an addition is made is over-
building the neighborhood. There is a principal in real estate appraisal
called conformity. All homes in an area should be of similar size and
price. By overbuilding a neighborhood, the value of that home is
actually lowered by the average value.
There are always exceptions to any general rule. If the value of the
lot is exceptional because of its location like being on the water, or a golf
course fairway, or even in an exceptional neighborhood, the normal rules
about making additions to a home might not apply. However, in most
cases, it may be better to sell a home and re-invest in a home designed to
be the size that you need surrounded by homes of similar size and value.
This will protect the resale value and give the homeowner what they need.
NOTE: If you are considering adding on, be sure that you consult with
a professional architect to design the addition so that it blends with
original home as well as possible and so that the exterior lines blend well
with the old. Be careful about designing an interior with rooms that must be
walked through to reach another. Consult with a professional real estate
broker to determine the average value of the neighborhood and to discuss the
future value of the remodeled home. Over-improvement of the interior
and/or the exterior can cost you thousands of dollars if it is not compatible
with the existing structure and the neighborhood.
THINGS A MOTHER CAN TEACH:
THINGS ONLY MARTHA STEWART WOULD KNOW:
AOL users! We've wanted this newsletter to be AOL friendly without
changing the appearance for everyone else. We've finally accomplished
that. AOL users will have a direct link to a page on my web site where you
can then directly click on the links that will give you the property information
sheet on the new listings. This page will be accessible for one week, and will
change with each new newsletter. Your new link is
Property Information Links
GREETINGS FROM VERNA ACKER
THINKING OF MOVING TO WATERFORD?
Here are just a few things that will be happening:
Friday - Street Days all day. Beer , brats and corn at Whitford Park,
3K-walk/run, Line Dancing Lessons, DJ Dance at Whitford Park.
Saturday – Street Days all day. Sunrise Golf and Breakfast, Nature
Walk at Wadewitz, Volleyball, Barbershop Quartet singing down town,
The Return of “The Great Bed Races,” BBQ chicken dinner, cookies by
the BPW, Children's activities, Touch a Race Car and the driver, Talk
with the Animals, Bingo, Music & Play at Ten Club Park, Karaoke at
Whitford Park, Dance at Whitford and Midnight bowling.
A SCHEDULE OF ACTIVITIES WILL BE IN THE HI-LITER, ON
THE CHAMBER WEB SITE AND AT LOCAL AREA BUSINESSES.
At least 38 businesses will have sidewalk sales, special deals, and fun
stuff at their places of business. At REALTY EXECUTIVES, Lake &
Country, we are hosting a Produce Sale/Flea Market on Saturday at the
lot next to our office on Milwaukee St. Plan to come to Waterford and
have some fun this weekend.
TWO REAL ESTATE QUESTIONS of interest:
QUESTIONS: An agent has a seller that has a home and wants to sell it with
all the contents in it, can agent list it and sell it as is with the contents or does
something else have to be done for all the contents because of the amount?
Answer: The contents may be listed and sold with the property. Personal
property sold should be transferred by a separate bill of sale. Lenders may
want an allocation of value of the personal property and a valuation of the real
property sold will be required to prepare the transfer return. It is not the agent's
responsibility to allocate the value of the real and personal property. When the
agent knows that the value of personal property is substantial, it would be a
violation of license law to indicate in the offer that the personal property has
no value. Agent may indicate in the offer that the personal property will be
transferred by bill of sale for one dollar and other good and valuable consideration.
Agent may also say the parties will allocate the value of personal property prior to closing.
MY NOTE: When personal property has substantial value, such as with a boat or
other large items, the appraiser is likely to compute the value of the personal and
subtract that figure from the Purchase Price of the property. That could create an
appraisal that does not match the purchase price and subsequently cause problems
with the ratios of loan to value in the lending end of the transactions.
AOL users! We've wanted this newsletter to be AOL friendly without
changing the appearance for everyone else. We've finally accomplished
that. AOL users will have a direct link to a page on my web site where you
can then directly click on the links that will give you the property information
sheet on the new listings. This page will be accessible for one week, and will
change with each new newsletter. Your new link is
Property Information Links
GREETINGS FROM VERNA ACKER
TABLE OF CONTENTS
HOME SALE MAXIMIZER
This nationwide study “Prepare to Sell”, real estate agents told
HomeGain that small repairs can add thousands of dollars to your sale price.
These Top Ten Improvements can boost your yield with minimal investment.
MY NOTE: My experience has shown that a shabby front door can cost you
between $500-$1,000. The first impression is extremely important. Remember:
Any repair or improvement that a buyer sees is perceived by the buyer to cost
a great deal more than the actual cost will be. A buyer's arithmetic includes
their own time, effort, and “what else might we find when we get going?” It is
not uncommon for a buyer to estimate 2 and 3 times what the improvement
would actually cost when they do their mental calculations to determine the
price they are willing to pay for a property.
INCREASE IN AREA PROPERTY VALUE |
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