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

CONTRACT MATTERS
When you are writing an offer to purchase, be sure to list any and all items that you wish to be included in the sale. Just because the company information sheet says it is included doesn't mean that the items will stay. The offer to purchase specifically requires that you list anything that you want to remain after the closing. BE SURE TO ADDRESS satellite dishes, swings, piers, fountains, etc.

If you are writing an offer on the revised Offer to Purchase form, be sure to read the inspection clause carefully. The clause gives you the right to inspect property. It clearly, however, does not give you the right to test without the permission of the seller. Home inspectors often placed radon tests, routinely, when they have done the inspection. That is NOT allowed under the new offer to purchase. This offer is being used, as of April 1, 1999. The mandatory use of this contract is November 1, 1999. You will find BOTH versions of the Offer to Purchase being used by Wisconsin Realtors, at this time.

Last time on the loan commitment matter: If a loan commitment is delivered to the seller's agent/seller, the buyer has waived the financing contingency…. even if that commitment is conditional on items, i.e. your home must sell or the appraisal has to equal the offered price, etc. A loan commitment delivered to the seller or the seller's agent with open contingencies puts the responsibility for the contingencies in the buyer's corner. If the stated condition cannot be met, the buyer may be forced to perform per the contract. Be sure your commitment is not delivered without permission.

LOOKING FOR A FIXER-UPPER?
There are 10 basic fixer-upper house criteria. They are listed and discussed in an attachment from one of my on-line newsletters, Inman News. Go to http://www.inman.com/InmanStories.asp?ID=13718.

INTERNET MARKETING
A recent analyses of responses from 2,546 consumers asking for buying and selling information has revealed that 75% of prospects were not working with agents and 65% had not yet been pre-qualified for a loan. 70% do not expect to make their move in less than four months. With that statistic, may I suggest that you put a statement telling about your time frame and your intentions if you are serious about getting assistance from a professional real estate agent. Since statistics show that most Internet prospects are unattached and uncommitted, if you want to insure quality assistance, be sure to let the broker know that you are serious. My system is to respond to each and every inquiry I receive on the Internet. Each time I get a response back I reply, too. As long as you keep up your end of the conversation, I will give you "every inch" of assistance that you need from me. Happy Hunting!

ARE YOU WATCHING FOR THE NEW LISTINGS?
Back to Monday, May 24, 1999, here are all of the listings that have been added to MLS in the Western Racine County area. If you want a search like this for another area, let us know. Be sure to let us know if our format does not work with your system. E to me if you want a complete print out of any of the properties shown here. NOTE: Attachments have not been archived.

WHAT HAS SOLD SINCE THE LAST NEWSLETTER?
Since 5/24/99, these properties have closed. Let us know if you want a complete print out so that you can compare the statistics to the property that you may be thinking of buying or selling. NOTE: Attachments have not been archived.

WOULD YOU LIKE A SEARCH THAT WE HAVEN'T DONE LATELY?
Give me the criteria that you would like searched and we will send it back to you by return e-mail.

DO YOU HAVE A TOPIC THAT YOU WOULD LIKE TO HAVE ME COVER?
Let me know what it is and I will do my best to get the information.

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

I JUST HEARD ON THE MORNING SHOW that 90% of the adults on-line are IN line to buy a home/other real estate or to obtain a mortgage loan. ….thought that was interesting. I believe that validates the time and money investment that I have in the internet and the on-line services that we are providing to buyers and sellers of real estate. PLEASE, if you know someone who is in the process of buying, selling or planning, direct them to my website. Even if they are not working through me, there is a great deal of information that can help during the process. There are 57 especially prepared reports (along with links beyond) for buyers and sellers. That is besides all of the other "stuff" that is available. We do hope that our efforts to provide information will become a valuable service for a lot of people. We continue to receive referrals from you to add more people to this on-line newsletter. Keep the addresses coming. We are well over 400 recipients so far. Hope the information we provide is helpful. If there is something that you would like to have me address, let me know. I will do the best that I can to get the information you need.

DO YOU KNOW SOMEONE WHO IS LOOKING FOR A RETIREMENT LOCATION?
Time and again over the years that I have been in this business, I have seen senior citizens call me to sell their home so that they can move to a retirement spot. And, time and again, I have seen them come back to where they came from because they discovered that they didn't like where they went. Warm weather became too hot in the summer, the kids were here and they missed them, friends were here and not there, golf wasn't as exciting as they thought it would be…. I urge retirees to:

A. INVENTORY YOUR NEEDS.
Do you like urban areas? Do you want the small town atmosphere, but close to urban areas for culture and entertainment, or do you prefer a rural area with few neighbors and gardening as your major entertainment? Do you like golf? Are you sure that you want to play golf every day? Do you like fine restaurants? Do you want them to be near to you or a 20 mile drive?

B. CREATE A LIST.
Each person should make a list of the goals that they are reaching for and the criteria for their happiness in the contemplated move. Make your lists separately, without the input of the other. Then compare your lists and create your criteria from the combined lists.

C. VISIT AREAS OFF SEASON.
Be sure that you like the area in all seasons. Tourists can change an area appreciably. Or, perhaps, town becomes a ghost town when the tourists aren't there. Be sure you like the area during the seasons that you plan to be there.

D. TALK TO LOCALS.
Go to the neighborhood restaurants and strike up conversations. What do the locals like about the area and what do they dislike?

E. READ THE PAPERS.
Subscribe to the local newspapers and keep in touch with what happens in the area for a period of time before you make lasting decisions.

F. READ THE YELLOW PAGES.
Go through the yellow pages of the local phone book. Be sure that the entries in the phone book represent goods and services that fit your life style. Nothing is sadder than seeing someone come back home when they discovered they weren't happy where they went. It can be difficult to return if the home you want to buy "now" is no longer within the budget. Prices have a habit of going up. New taxes will likely be computed on the purchase price and will be a lot higher than they were on the home you lived in for years. If you, or someone you love, are thinking of retiring to another location, be sure to research the move before it is made and visit the area often before you make any commitments. I can help, if you wish. If you want info regarding other areas, I may be able to help. Or, use the internet and do your own research. To enjoy your senior years, surround yourself with that which is important and those who are important to you. Remember, "The joy is in the journey, not in the destination."

DO YOU HAVE A TOPIC THAT YOU WOULD LIKE TO HAVE ME COVER? Let me know what it is and I will do my best to get information.

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

FHA IS REQUIRING MORE DOCUMENTATION
Appraisers will be asked to provide much more detailed descriptions of defects in prospective homes purchased by families with government insured loans, says an article from the Associated Press that was published in the Milwaukee Journal Sentinel 6/20/99. Under the plan, appraisers will be asked to fully disclose any structural problems the homes may have. The three-page form required appraisers to describe the defects in a wide range of areas such as plumbing, electrical systems, foundations and the presence of wood-destroying insects. FHA will not insure the mortgage on the home until sellers fix the defects, according to the article. Under the new plan, all new appraisers must pass a mandatory test to ensure they are qualified to perform FHA appraisals. Current appraisers have until next February to pass the test. The department came up with the plan after receiving complaints from home buyers, who were faced with thousands of dollars in repair costs after purchasing homes with defects. MY NOTE: This strengthens my theory that ALL homes that are purchased should have a professional inspection done. The Wisconsin Offer to Purchase form gives a detailed contingency that allows a time period for a buyer to bring in a professional inspector. At our office, we feel so strongly about this that we have a form you are asked to sign if you chose NOT to have a professional inspection. Not only does it save the buyer from unhappy surprises after the closing, it goes a long way in helping a seller if a problem is discovered after the closing or in the process of getting to the closing. I continue to suggest that sellers obtain pre-sale inspections, especially if the home is older or if there are signs of potential problems. A problem brought to the forefront BEFORE an offer is written, negotiated, and accepted is a problem that can be solved with much more ease. If "the full nature and extent" of a situation are known in the beginning of the transaction, a solution is reached much easier. Offering to give "a credit to repair" is a Band-Aid solution that many lenders reject.

CREDIT SCORING
According to Jeannette Eay of the National Association of Realtors, "Consumers need to be educated about what is going to impact their credit scores before they get a mortgage." A credit score is a statistical way of predicting the likelihood that a borrower will repay a loan. On a possible total of 900 points, a score below 620 will likely mean higher rates and closing costs. Fannie Mae recommends that lenders conduct "comprehensive reviews" of mortgage applicants scoring between 620 and 660. In addition to factors commonly taken into consideration when applying for credit, including records of repaying loans and credit card bills, public records like tax liens and bankruptcies, credit scoring also looks at how often loans and credit are applied for, the number of credit cards held and how much is actually owed. MY NOTE: If you are thinking of purchasing real estate and will be needing a mortgage, it is a good idea to contact a lender and begin the loan process. By getting your credit report and going through the prequalification process you can find out early if there are items on your credit charts that may need your attention. All too often you may discover mistakes that will need to be corrected. With the use of Credit Scoring it becomes even more important to know your records before you are in the middle of the closing process. In the event of a marginal credit score, work closely with a good loan officer. Remedies are possible if you are working with a professional that is committed to helping you.

ARE YOU WATCHING FOR THE NEW LISTINGS?
Back to Monday, June 21, 1999, here are all of the new listings that have been added to MLS in Western Racine County and the northeastern part of Walworth County. If you would like a search like this one for another area, let us know. Be sure to let us know if the format for the attachment does not work for you and we will get it to you in a different form. Let us know if you want more details on anything that is shown on the Quick-Print. NOTE: The attachments are not archived on my web site.

WHAT HAS SOLD SINCE THE LAST NEWSLETTER?
Since 6/21/99, these properties have closed. Let us know if you want more detailed information on any of the solds that are shown.

DO YOU HAVE A TOPIC THAT YOU WOULD LIKE TO HAVE ME COVER IN THE NEWSLETTER?
Let me know. I will do the best to answer any questions that you may have. Be sure to try my web site at www.vernacker.com. There are 57 different reports on the Buyer's Guide and the Seller's guide to help you as you are buying or selling real estate.

DID YOU KNOW?
Currently, only 25% of U.S. households are on line. According to Yankee Group (Boston, MA), research indicates that by the end of 1999, a full one third of U.S. households will be so, and nearly two-thirds will be on line by the end of 2003.

THOUGHT FOR THE DAY
The only courage that matters is the kind that gets you from one moment to the next. Mignon McLaughlin.