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Welcome-to-Wisconsin-300x225.jpg?width=300The Wisconsin housing statistics are in for September of 2014. Here is an excerpt from what the Wisconsin Realtors® Association (WRA) had to say:

Wisconsin’s home sales in September were nearly identical to one year ago, but prices were higher, according to the most recent analysis of the state housing market released by the Wisconsin REALTORS® Association (WRA). Existing home sales in September were just 0.2 percent lower than September 2013, and median prices were 3.1 percent higher to $148,700.

Although our home sales are slightly lower than last year, it’s important to recognize how far we’ve come since emerging from the Great Recession,” said Dan Kruse, the newly installed chairman of WRA board of directors. “Sales this quarter may be 2.1 percent below a very strong third quarter last year, but they are 20.7 percent higher than they were just after the recession ended in the third quarter of 2009,” Kruse said. Kruse noted that other housing indicators also paint a picture of a stabilizing housing market in the state. Seasonally adjusted housing inventories have ranged from about 49,000 homes to nearly 53,000 homes since December 2012, which is a far cry from the nearly 72,000 homes on the market in March 2010.

Below are the number of Home Sales and Median House Prices for the state of Wisconsin, Dane County, and Rock County. These stats include Janesville and Madison. Feel free to contact me if you have any questions pertaining to these figures. This month both Dane and Rock Counties showed increases in year over year home prices, approximately 3.3% in Dane County and over 11% in Rock County!


Thinking of purchasing a home before prices or rates rise any further? I'd be happy to show you any homes currently listed for sale. Feel free to visit either site below:

Real Estate Listings in Janesville, WI 

Real Estate Listings in Madison, WI.

With the recent home price increases, now might be the right time to sell your Wisconsin home. Take advantage of your increased equity! Feel free to take a look at our cutting edge Rock Realty Marketing Plan! If you would like some insight into how much your home is currently worth, I would be happy to provide you with a report that gives a close estimate to what your home might sell for in your current local Wisconsin real estate market. Click below:

What's My Wisconsin Home Worth?

Has your home value fallen below what you currently owe? Have you experienced a hardship like divorce or job loss? A short sale may be right for your situation. Visit our distressed property page for more information.

Wisconsin Short Sales


Housing Statistics for the State of Wisconsin:

September 2014
Home Sales: 6,163
Median Home Price: $148,700

September 2013
Home Sales: 6,144

Median Home Price: $143,000

Housing Statistics for Dane County, WI:

September 2014
Home Sales: 578

Median Home Price: $222,000

September 2013
Home Sales: 576

Median Home Price: $215,000

Housing Statistics for Rock County, WI:

September 2014
Home Sales: 171

Median Home Price: $127,000

September 2013
Home Sales: 179

Median Home Price: $114,000

View my report from last month. Wisconsin August 2014 Housing Statistics

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It's like winning the lottery...well maybe, it's like climbing a mountain...small exaggeration, OK, it is most like the 20 ft putt that drops in to win a masters...you know, leg kick with fist high up in the air...Yep, it's most like that...the feeling of Bank Approval...because the road to get there has been down right dirty...

No homeowner should need to go through what Short Sale Clients go through but each one of them are troopers, I feel we share a bond at closing most clients and agents will never know...Battling a bank to forgive a loss, these clients have true hardships and need to be cut a break...que up "Wonder Woman" Theme, kidding...

And so this Short Sale goes..."The Huntersville, NC House Client"...along with the general packet, and package, we had 1 Bank change, FHA variances, Prelim-Hud-1's, bank statements, hardship letters, tax returns, cash flow statements, offer and ONE very patient Buyer...

Oh yea, and... 300 emails, 48 calls, Including US Bank's CEO & President on correspondence, complaining on bank's twitter site, and on almost any site I could in hopes of getting the coveted prize...approval...2 days ago...a direct call from the US Bank Executive Office..."I have been getting all your emails for a month, and I will be looking into this directly" and  guess what ...150 days into this short sale I had the following arrive at my email

XXXXXXXX@usbank.com

"Attached is our Approval Letter for XXXXXXXXX, your HUD closing worksheet, Arms Length Affidavit, and Offer Review Form. Please have all appropriate parties sign and return with the payoff and other required documents per the letter. Please note that all signatures must be notarized on the Arms Length Affidavit. This includes the agents' signatures as well. Please send in for document review 48 hours prior to close. Thank you for working with US Bank."

So, Thank You ma'am...who called me direct by name at the Executive Bank Level, Dept. Of HUD who got involved simply because I just decided to also cc them...and every Bank Employee that I  also included just to annoy enough people to get my clients approval...and every other person I could be an annoyance to on my clients behalf...Nice doing business with you...Until Next Time-

Melissa Polce, (THAT pain in the butt agent who just would not give up. :) )

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Simple Things to Get Your Home Ready to Sell

Getting ready to sell a home involves a lot more than just the home. There are also emotions, schedules and other things to consider. Here are some tips to help you in getting ready for the day you hand over the keys to the new owners.

Remove Old Items

Over the course of time most people accumulate lots of things that are no longer needed. It is fairly common for folks to have clothes that they no longer wear, old books and magazines and other items. Go through the closets, cupboards and other storage areas to get ride of all the unnecessary items. Make sure to get things off the kitchen and bathroom counters too.

Separate Yourself from The Home Emotionally

Now is the time to make the decision to say goodbye to the home. It is important to realize that the memories and emotions you have from living in the home will always be a part of you. Moving away from the home is merely separating yourself away from the structure. Imagine how the new owners will enjoy the home and be able to make their own happy memories.

Get Things Organized

Organize-House-300x168.jpg?width=300Since potential buyers will be coming through the home and inspecting every possible area it is a good idea to get everything as organized as possible. If you need some ideas, here are a few suggestions:

* Put spices in alphabetical order

* Arrange all coffee cups to face the same direction

* Put shoes in order

* Place dishes in nice stacks

Remove Personal Decor

Remove the photographs and items that may have your surname or initials. People who will potentially buy the house want to be able to imagine their own belongings and decorations in the new home. By having generic items in the house it will be easier for people to see themselves enjoying their new abode.

Take Care of the Little Repairs

Give potential buyers a great first impression by making sure all of the little items are handled. This includes

* Replacing light bulbs

* Applying oil on door hinges

* Add new filters to the air conditioner

* Tighten or repair any water leaks

* Fix any holes that may be present in windows, doors or walls

Add More Storage Space

It can be a good idea to find a nearby storage rental agency and get a contract on a small unit. The extra space can help you remove some of your belongings to make the home seem larger. Removing empty bookcases, taking out extra leaves in dining tables and extra chairs can free up space throughout the entire home. It can also be handy for storing seasonal items that you may not need when you are ready to move.

Once you have cleaned up the home and organized everything it will be much easier to sell and start your new life in a fresh new home.

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 Longwood Florida Short Sale Superstar Bryant Tutas and Tutas Towne Realty, Inc   just had another successful Longwood Florida Short Sale closing with Select Portfolio Servicing.

The property:

Primary Residence vacated almost 6 years ago. 2 bedroom 1 bath condo located in WINDSOR AT SABAL WALK in Longwood Florida. This Longwood Florida Short Sale has 959 sq ft of living area and was built in 1991. It was purchased in 2006 for $194,500. It Sold 09/19/2014 for $58,000! That's a decrease in value of 70% in 8 years

Liens:

  • 1st Mortgage with SPS for $160,000
  • 2nd Mortgage with Wells Fargo for $40,000
  • HOA Arrears $28,000

Hardship:

  • Excessive debt and loss of income.

Summary:

The property was placed on the market March 3, 2013 for $73,000. We sold the property several times but could never get the HOA and the 2nd to cooperate. After many months and several buyers the 2nd charged off the loan so we no longer had to deal with them.

The buyer's agent had a connection with the HOA and was able to get them to take $5,000 as payment in full. The buyer agreed to pay this at closing.

The transaction closed on 19 September 2014 for $58,000. 

Greentree accepted $53,000 or roughly .33 cents on the dollar for the 1st mortgage. 

***The Seller received FULL WAIVER OF DEFICIENCY on this Select Portfolio Services Short Sale..

Do you need help with your Londwood Florida Short Sale?

Seller Testimonials for Bryant Tutas 

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Can we add you to our list of successful Short Sales?

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Orlando Florida Short Sale Specialist Bryant Tutas and Tutas Towne Realty, Inc   just had another successful Orlando Florida Short Sale closing with Citi Mortgage and Bank of America.

The property:

Investment Condo near Universal Studios Orlando. 4 bedroom 3 bath condo located at The Townhouses of Rosemont Green in Orlando Florida. This Orlando Florida Short Sale has 1634 sq ft of living area and was built in 1979. It was purchased in August 2003 for $114,000. It Sold 10/3/2014 for $69,000! That's a decrease in value of 40% in 11 years

Liens:

  • 1st Mortgage with Citi Mortgage for $103,000
  • 2nd Mortgage with Bank of America for $30,500

Hardship:

  • Loss of income

Summary:

The property was placed on the market on July 15, 2014. We placed it under contract on July 18, 2014.

The short sale was submitted to both lenders and was approved in less than 60 days. There were zero issues with either lender.

The transaction closed on 3 October 2014 for $69,000. Total days from listing to closing..... 77!

Citi Mortgage accepted $58,000 or roughly .33 cents on the dollar for the 1st mortgage. 

Bank of America accepted $3,000 or .10 cents on the dollar for the 2nd mortgage.

***The Seller received FULL WAIVER OF DEFICIENCY  from both lenders on this Orlando Florida Short Sale..

Do you need help with your Orlando Florida Short Sale?

Seller Testimonials for Bryant Tutas 

Tutas Towne Realty has already successfully negotiated Short Sales with the following Lenders and Investors.

Can we add you to our list of successful Short Sales?

 

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The Power of a Comparative Market Analysis When Selling Your Home

Most of the general public has access to various price lists when trying to sell an object. Online automobile databases offer average prices for used cars, auction sites can list recent sale of various electronics and even boats have a value listing guide. However, when selling a home it is better to get a comparative market analysis (CMA) from a local real estate agent or Realtor®. Here are some of the ways a CMA can help you.

Dollar-House-300x300.jpg?width=300
photo credit: nikcname via photopin cc

Price Trends

The most obvious benefit is the ability to see current price trends. The CMA report will list out homes that have sold in the past 12 months in your immediate area. By organizing the transactions by date it is possible to see if home prices are on the rise or falling.

Value Placed on Square Footage

Since the homes will be listed with the square footage of each home sold, potential sellers can find out how much their home is worth based on the usable square feet in the property. In addition, if any of the sold properties had a basement or attic that was finished then sellers can also determine how the market values additional square footage. While it is common for basements to have a slightly lower price per square foot some areas may place it higher than others due to demand.

Value of Accessory Items

Most people usually feel that particular features of their home will bring more value to their home than the market will warrant. For example, expensive hardwood floors, custom paint finishes and high end bathroom fixtures may be quite expensive when purchased but their overall impact on the price of a home is not as high. Instead, things that improve usable square footage, more lighting or outdoor items like pools and decks will do more to bring up the price of a home.

Expected Time of Sale

A comparative market analysis will also show when a home was listed for sale and when an offer was made on the property. This gives prospective sellers a realistic expectation for how long it will take before receiving an offer and how long it takes for the home to actually sell once the offer is accepted.

Avoiding Unrealistic Prices

Along with homes that have sold your real estate agent can also provide a list of homes that either withdrew from the market or the listing simply expired. If the home did not sell within a time period that multiple other properties sold then there are a couple of explanations. Obviously, the most common issue is the price was too high for that particular market. Another common problem is the presence of a major repair issue with the home that the seller is unwilling to fix prior to sale. Having this information should help you do a better job of picking a price for your home.

Getting a detailed CMA report from your real estate agent will provide you with the best source of realistic information to help you decide if your can sell your home for your anticipated price and if it might sell in the amount of time you had hoped for.

Original Blog Post: What's a CMA? Comparative Market Analysis

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Banks grant short sales for two reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.

The seller will need to prepare a financial package for submission to the short sale bank. Each bank has its own guidelines, but the basic procedure is similar from bank to bank.

A few examples of a hardship are:
Unemployment / reduced income
Divorce
Medical emergency
Job transfer out of town
Bankruptcy
Death

The seller’s short sale package will most likely consist of:
Letter of authorization, which lets your agent speak to the bank.
HUD-1 or preliminary net sheet
Completed financial statement
Seller’s hardship letter
2 years of tax returns
2 years of W-2s
Recent payroll stubs
Last 2 months of bank statements
Comparative market analysis or list of recent comparable sales

Writing the Short Sale Offer and Submitting to the Bank

Before a buyer writes a short sale offer, a buyer should ask his or her agent for a list of comparable sales.

Banks are not in the business of giving away a home at rock-bottom pricing. The bank will want to receive somewhat close to market value.

The short sale price may have little bearing on market value and may, in fact, be priced below the comparable sales to encourage multiple offers.

After the seller accepts the offer, the listing agent will send the following items to the bank:
Listing agreement
Executed purchase offer
Buyer’s pre-approval or proof of funds letter and copy of earnest money check
Seller’s short sale package.

The Short Sale Process at the Bank

Buyers may wait a very long time to get a response from the bank. It is imperative for the listing agent to regularly call the bank and keep careful notes of the short sale process.

Buyers may get so tired of waiting for short sale approval that they may feel the need to threaten to cancel if they don’t get an answer within a specified time period.

That type of attitude is self-defeating and will not speed up the short sale process. If buyers are the type with little patience, perhaps a short sale is not for them.

Following is a typical short sale process at the bank:
Bank acknowledges receipt of the file.
A negotiator is assigned.
The bank orders a valuation of the property.
The file is sent for review or to the investor.
The bank may then request that all parties sign an Arms-Length Affidavit.
The bank issues a short sale approval letter.

Some short sales get approval in 3 weeks. Others can take as long as 12 months. A typical Short Sale transaction takes 4-6 months to complete.

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