GREETINGS FROM VERNA ACKER
REALTY EXECUTIVES Elite
414.534.7400
FOR YOUR INFORMATION:
Real Estate Information from Western Racine County; Waterford, WI 53185
Vol IV, February 1, 1999

JUST LISTED through MLS:
*Burlington. 2 bedroom in Cedar Park for $112,500. #450835.
*Dover. 5 bedroom in Sherwood Forest for $194,900. #450968.
*Waterfront on Long Lake for $161,900. 4 bedrooms. #450609.
*Two bedroom in Honey Lake area for $82,900. #451006.
*New Construction in Camel Back/Rochester. 4 bedrooms. $299,900. #451030
*Ranch in Ivy Glen for $144,900. #450897.
*Contemporary on 3 acres in Sunburst Heights/Waterford. $229,900. #450611
*Waterfront on Elm Island Circle in Waterford. One acre. $335,000. #450776
*Remodeled brick ranch near Wind Lake. $129,900. #450549
*Wooded building site with right-of-way to river. North of Waterford. Sewer. $28,500. #450920
*New construction in Fox Mead Crossing. 3 bedroom, 2 bath ranch. $149,850. #451486

CLOSED SINCE January 20, 1999.
*1/22/99. GREENLEAF. Burlington. 3 bedroom in Cedar Park. $56,500.
*1/21/99. ECHO DRIVE. Burlington. 3 bedroom contemporary. $115,000.
*1/21/99. LAKESHORE. Access to Eagle Lake. 4 bedroom. $86,900.
*1/25/99. SCHNEIDER LANE. 4 bedroom new construction. Rochester. $250,000.
*1/25/99. RIVERMOOR PKWY. Waterford. 4 bedroom bi-level. $135,000.
*1/20/99. RIVERSIDE RD. Waterford waterfront with two garages. $138,000.
*1/20/99. MARION CT. Wind Lake/Norway. 3 bedroom tri-level. $148,000.
*1/25/99. HUNTERS GLEN. One acre lot in Camelback Mountain. $47,900.
*1/29/99. HWY K. A split ranch – New construction in Norway. $159,900.
'E' FOR DETAILS ON ANY OF THE 'JUST LISTED' OR CLOSED PROPERTIES

ATTENTION WISCONSIN VETERANS!
STATE VETERANS LOAN PROGRAM
As of 1/22/99, the interest rate was 6.5% for a 30 year fixed. Income limits have been eliminated. To qualify, you must meet these requirements:
*Enlisted from Wisconsin or have lived in Wisconsin for 5 consecutive years.
*Veterans who served 90 days during a wartime period or who participated in qualifying hostile actions.
*Veterans who served at least six months between 2/1/55 to 8/4/64.
*Veterans who served at least two years during other peace time periods.
*National Guard and reserve veterans may be eligible if they were called to active duty during certain qualifying periods.
*Veterans discharged early due to service-related injuries or for the convenience of the government may be eligible with shorter periods of service.
Maximum Mortgage Amount:
Loan may not exceed 2.5 times annual income of veteran and spouse.
Loan cap is $256,250.
Down Payment:
5% minimum required and all of the 5% can be a gift.
New Construction:
Funds are on a draw basis available at the same rate. Call to receive construction kit.
Origination fee or Application Fee:
One percent of the mortgage amount.
Adequate Housing:
The dwelling must be structurally sound, sufficient size to accommodate the veteran's family.
Call Dale Bernsteen at Universal Mortgage for more information: 414.271.9210 or 800.932.8085
Thank you to Dale for the above information.

WHEN YOU ARE WRITING AN OFFER
When writing an offer, be sure that all personal property that you wish to stay with the property is specifically listed in the appropriate space on the Offer to Purchase. Even if an item is shown on the property information sheet, it is NOT included unless it is listed on the offer. This can include everything from window treatments to electric garage door openers, ceiling fans or appliances. Water softeners are often missed this way! Conversely, if you DON"T want something – write that down, too. It can help your offer, especially if the seller could sell the item because you don't want it. Pool tables and freezers, especially if they are in the basement, are sometimes included with the purchase price. Do you want them to stay? Address the issue. Details in an offer to purchase can become important if there is a disagreement. The courts will often rule against the party that wrote the item in question if it is written ambiguously.

HOME INSPECTORS
Home Inspectors are now licensed by the State of Wisconsin. Each inspector must apply and take a test from the Department of Regulation and Licensing. After being approved, each inspector is given a certificate and card. Be sure you ask for these credentials when you hire an inspector. Don Melton of HouseMaster has a service that may be of interest to you. They have a heavy duty industrial Ozone machine that will help remove pet odors, basement smells, smoking odors, etc. You can rent the machine for $40 for the first day and $25 each additional day. Call Don at 800-767-3131.

Do you know why there is no organization called Chocoholics anonymous? Because no one wants to quit! Did you know? According to the American Kennel Club, on average, caring for a dog in an 11-year span costs between $12,000 - $13,000 and caring for a cat in a 15-year lifespan costs $5,600.

INTERESTING? One of my newsletter sources states that congress will be voting on the internet fee issue in about two weeks. CNN has stated that the new Congress is scheduled to decide whether to allow or not to allow your telephone company to levy a charge on your phone bill equal to a Long Distance call EACH time you access the internet. The address to contact is:
http://www.house.gov/writerep
Visit the address above if you wish to fill out a form to discuss this issue with your congressman.

THOUGHT FOR THE DAY
We live in an age where people would rather be envied than esteemed. And, when that happens, God help us. GARY TRUDEAU.

FOR THE FINEST IN REAL ESTATE SERVICE IN WESTERN RACINE COUNTY, Call VERNA ACKER, REALTY EXECUTIVES @ 414.534.6436
If you know of someone who would like to receive this newsletter, have them e- mail me: verna@vernacker.com

FOR YOUR INFORMATION:
Real Estate Information from Western Racine County; Waterford, WI 53185
Vol V, February, 1999

MY HOUSE FOREVER!
When you buy a home, resist the thought that it should be perfect at closing and that it will remain perfect. Every home, resales and even new homes, are going to need work now and in the future. According to Robert Sheehan in the Wall Street Journal's Home Front, Mr. Sheehan says "get ready to pay four times a home's purchase price for repair and renovations [over 30 years]." His study found that the cost of keeping a typical home up to current standards for 30 years is almost four times the purchase price. In fact, some experts say it may actually be cheaper to buy a new or fully remodeled home every 10 years than to deal with the mounting repair problems that occur as materials fail. Buying a newly constructed home will help, according to the experts, but only for a few years. Suprisingly, however, newer houses sometimes cost even more to maintain in the long run than resale ones because they are often built with inferior materials.

The bottom line seems to be to accept the fact that your home, like anything else, will deteriorate over time and you should enjoy upgrading your living quarters. And a well maintained home will inspect better and sell faster at a higher price. Taken from HouseMaster InfoFax newsletter.

IS THE MORTGAGE MARKET STACKED AGAINST THE SELF-EMPLOYED?
It does work but it is somewhat more complicated and onerous. E-mail to me if you would like a report that I got from one of my on-line newsletters.

TO FORGIVE IS DIVINE
Freddie Mac is loosening up their standards and will be more forgiving for foreclosures and bankruptcy. Historically, the two most egregious skeletons a potential home loan borrower could have in their credit closet are a bankruptcy or foreclosure. Generally, a seven year to ten year wait period was necessary before these black marks would be forgiven. But in the age of everyone gets a loan, even those standards may be loosening up. Freddie Mac, for example, has modified its single-family underwriting criteria for borrowers who have had a prior bankruptcy or foreclosure. Under very specific conditions, Freddie has said it will shorten the recovery period for borrowers who have a better handle on their financial affairs after a bankruptcy or foreclosure has occurred. Lenders say three years has become common practice if borrowers have truly cleaned up their act and if the bankruptcy was due to extenuating circumstances such as job loss or death in the family. These changes are effective for all loans originated on or after May 1, 1999, but may be used immediately, according to a bulletin from Allregs, which tracks Freddie Mac and Fannie Mae regulatory changes.

LEAD PAINT RULES
The EPA has initiated the first enforcement against a real estate broker for violation of the federal LBP disclosure rules. An Oklahoma broker leased a property to a woman with a young child without providing the tenant with an EPA-approved lead hazard information pamphlet. The EPA proposed a $11,000 penalty against the broker, the maximum daily civil penalty. For further discussion of the Federal LBP rules, contact me and I will send you some of the information we have. You may also go to the Lead Paint button on the Buyer/Seller guide.

RENOVATING AN OLD HOUSE?
Go to www.oldhouseweb.com for some ideas.

WHAT'S HAPPENING IN THE REAL ESTATE MARKET AROUND HERE?
31 NEW PROPERTIES WERE LISTED IN OUR AREA THROUGH THE MULTIPLE LISTING SYSTEM. Here are just a few:
A 2 bedroom home on State St. in Burlington for $89,900 MLS#454128
A 3 bedroom ranch on Chicory in Burlington for $104,900 MLS#453722
A 3 bedroom home with an association pool on Lynn Ln, Burlington for $139,900 MLS#452702
A 3 bedroom colonial on Bayridge in Burlington for $157,900 MLS#452310
A 3 bedroom ranch on 3.49 acres on Overson Rd for $259,900 MLS#453815
A 22 acre hobby farm on 3 Mile Rd in Raymond for $389,900 MLS#451832
A 2 bedroom bungalow in Waterford on Bayview for $85,000 MLS#454238
An extra nice 4 bedroom colonial in Bayside on Plateau Ct, Waterford. MLS#452260
I have an especially nice 10 acre parcel on 96th St in the township of Raymond for $69,900.
I also have a beautifully maintained 3 bedroom home on Barnes Lane in Waterford for $117,900.
CALL ME FOR FULL PRINT-OUTS AND INFORMATION ON ANY OF THESE.
If you don't see what you are looking for, e-mail to me. I will do an update from MLS for you.

10 HOMES HAVE SOLD SINCE FEBRUARY 1ST:
A small retirement/starter home on Short St in the Bohner's Lake area for $51,725.
A three bedroom on Woodlawn Dr in Cedar Park for $77,500.
A bungalow-style on an incredible lot on the river in Rochester closed at $129,900.
A small, one bedroom with a garage with 50 ft frontage on the Fox River, Waterford, for $114,200.
A 3500 s.f. multi-level on 4+ acres with outbuildings and a pool (needed work) closed at $235,000.
For more information on any of these, or for the full list, call for a full print-out.

The newsletters were sparse in February. My husband and I took a vacation. We went on a Royal Caribbean cruise to Aruba, Curacao, St. Maartens, and St. Thomas. What a wonderful break. I would highly recommend the trip!