Buying Process

This coming weekend, June 4th and 5th, open houses are scheduled across the nation, and here in Milwaukee, it’s your opportunity to visit a variety of housing options and to meet Realtors who are open to your questions about the relative merits of home ownership now.

Paul is participating in this event on Saturday, June 4, from noon until 2 p.m. at 413 N. 3rd ( at St. Paul) in the Soapworks. The parking meters are free on weekends! So stop by, and meet one of the most experienced Realtors in the downtown area. You can hook up with him there and then, if you want to know more, schedule a private tour, at your own convenience, of other buildings and developments that are of potential interest to you.

Follow this link for details on the unit for sale in the Soapworks where you can meet Paul this Saturday afternoon.

http://www.condomilwaukee.com/resources/good-deal/3711-spacious-downtown-condo-for-sale-just-over-the-river-to-the-third-ward/

In Wisconsin, the seller of the property pays! Buyers, listen up!

The costs of selling a listed property, including title update, transfer tax, and commission, are paid for by the seller.

The asking price is based on recently sold prices of similar properties in the area. The contractual commission that only the seller pays is factored into the selling price and is divided between the brokers of the real estate companies and the Realtors® involved in the transaction. The buyer pays no commission.
The buyer does pay the costs of obtaining a mortgage from a lender, or for any optional inspections or testing at the property.

In the different case of a “Buyer Agency” agreement, a buyer opts to sign a contract with an agent who is required to act in the buyer’s interest.

This weekend is the ninth annual Downtown Milwaukee Open House— now expanded to a two day event. It’s fun and it’s free!

On both Saturday and Sunday, from 11 – 3, take the free tour bus from the Milwaukee  Public Market at 400 N. Water that will tour over 20 downtown condo developments, either projected, under construction, or recently completed. You can get off the bus, visit any or all of the Open Houses at those and nearby developments, and catch the shuttle back whenever you like. See how the condo half lives! Imagine yourself doing the same!

On Saturday only, from 10 – 3, a Housing Expo will be held on the second floor of the Public Market, featuring a talk on downtown housing trends, and information booths sponsored by local merchants, developers, sports and entertainment venues, Realtors and lenders.

It’s not just about paying less. Unless you have the time and resources to spend on fixing up a property, buying a poor quality property, or in a condo building with issues, is not a good deal at all. Over time, you will likely end up spending more. The goal should be on finding a place you want to live in.

When I find a good deal on a condo I will highlight it in Best Condo Buys. This will be a unit, sometimes more than one, that I consider to offer special value based on a price change, added amenities, or anything else that makes the unit stand out from the rest. This isn’t the same thing as the featured listings you see on other websites or marketed in ads. I make these recommendations based on my working knowledge of the market.

There is some uncertainty about the market but there are also incentives for buying now. Interest rates are still at historic lows.
There is a good initial selection of units across all price ranges, plus motivated sellers.
The $8,000 first time buyer tax credit can now also be used as part of a down payment. To qualify for the tax credit, closing must occur before July1 of this year. Plan ahead, keeping  in mind that a dedicated search for the most appropriate condo can take time and that financial institutions take months to finalize some deals, after an accepted offer and before closing.

It’s likely the biggest purchase you will ever make, so why should you be surprised that it’s complicated! Read on, and save yourself some aggravation…

An agent who lists a condo is not necessarily an expert in the condo market.

Three basic reasons for finding and sticking with one condo expert?

• finding the right unit

• making an offer to purchase

• and most importantly, closing the deal.

Make sure that your agent is upfront about doing the following work, either for you or with you!

Finding the right unit:

• provides immediate access to the latest information about all the available listings in the buyers preferred neighborhood and pre-approved price range
• focuses search on desired amenities
• sets up, manages, and is present at all property showings
• informs buyer of condo association details relevant to any offer to purchase
• offers specific answers to any of your questions

Making an offer:

(First, be aware that to make an offer on a listed property, either a Realtor® or an attorney must complete state approved forms. In a for sale by owner transaction, whatever two consenting parties agree to is a legally binding agreement.)

• explains the condo association’s Executive Summary, the buyers’ five day right to rescind, and factors in any relevant market conditions
• competently explains the language of, and writes the offer to purchase contract
• presents the offer to the listing agent, and then handles all subsequent negotiations, counter-offers, or required amendments, consistent with professional real estate practice

Closing the deal

• keeps the buyer informed, after the offer is accepted, of dates and obligations to the contract, including loan commitment and earnest money
• recommends inspectors, is present with the buyer for inspections, and answers any questions about the inspection report
• assists buyers with details of closing, date and place to be determined by buyer and lender
• is present at closing