Maintaining and inspecting your home are the best ways to protect one of your most precious investments. Regardless if you can tackle only a few tasks or more at a time, it is important to make it a habit. Create a maintenance routine for your home and discover that the work is easier and not very time-consuming. Creating a regular schedule of yearly or seasonal maintenance could prevent the most common and costly problems before they occur.

1.Check out the sludge and scum level in the septic tank and have it serviced if needed.

2.Have the lateral sewer inspected and cleared or you could use a root killer.

3.Test the ground-fault circuit interrupters if you are cannot do this monthly.

4.Make surer to inspect all wires and electrical cords for wear signs.

5.Inspect the outdoor and indoor hoses and dryer vent systems.

6.Check out the level of pressure on your fire extinguishers.

Posted in: Home Ownership
Tags: maintenance routine, seasonal maintenance, summer maintenance

Maintaining and inspecting your home are the best ways to protect one of your most precious investments. Regardless if you can tackle only a few tasks or more at a time, it is important to make it a habit. Create a maintenance routine for your home and discover that the work is easier and not very time-consuming. Creating a regular schedule of yearly or seasonal maintenance could prevent the most common and costly problems before they occur.

1.Clear the leaves and other debris around and outside your air conditioning unit and remove the cover when used.

2.Clean debris out of window wells, storm drains, downspouts, downspout extenders and gutters.

3.Check out gutters for signs of sagging or damage and fix them if necessary.

4.Trim back overhanging tree limbs and trim down overgrown shrubs around your home.

5.Determine if the door and windows stripping are in good condition and do necessary repairs to them.

6.Clean the screens, louvers and roof vents.

7.Have the chimney checked, cleaned and remove insulation from the outdoor pipes in crawl spaces, outdoor pipes and many more.

8.Inspect and clean all door screens and windows and make repairs or replacements if necessary.

9.Inspect the smoke alarms and replace weak batteries.

10.Remove hair from showers, sinks and tubs and use a drain cleaner for the plumbing systems.

Posted in: Home Ownership
Tags: maintenance routine, seasonal maintenance, spring maintenance

Do buyers pay a commission to real estate agents who represent them?

In general, real estate agents are paid out of the seller’s proceeds whether they are the listing agent, the selling agent or a buyers agent so, their services are essentially free to buyers.

Some agents may write buyer agency contracts with a minimum commission stipulated. If this is the case and a listing offers a commission lower than what was stipulated then any shortfall is paid for by the buyer. Some other agents write in a service fee which is paid for by the buyer. Either of these extra charges can be written into an offer requesting the seller to pay these fees, but this reduces the likelihood of the offer being accepted.

I have made it my rule to not have any money come out of the buyers’ pockets and into mine.

Is there any recourse for selling agents that refuse to respond to an offer?

I think what the questioner is referring to here is the listing agent, so I will premise my answer on that.

The listing agent is obligated to present all offers to the sellers. Since the agent is (usually) not the seller of the property, he or she cannot make a decision for the sellers and by withholding an offer from the sellers he or she is essentially making that decision. If you think that the listing agent is doing this, you can direct the agent who wrote the offer for you to present it to the sellers directly. It usually doesn’t go that far, but it can.

If you suspect that your offer has not been presented to the sellers, you can request that the rejected offer be returned to you. On the last lines of the Wisconsin offer to purchase, there is a spot where the sellers can initial to signify they are rejecting the offer. This is your proof that the offer has been presented.

If you make this request and it is still not fulfilled, then your recourse is to either call the listing agent’s company or direct your agent to make that call to request their manager to direct the listing agent to provide this. Further recourse would require an attorney.

How long is the inspection period exactly – and does it include weekend days?

Second part of the answer first: There is no such thing as a “business day” in a real estate transaction. So, if your inspection timeframe is 10 days and your offer is accepted on the 15th of the month, then the contingency runs out on the 25th, even if it is December. This can be changed via amendment if both sides agree.

Now the first part: The inspection period is set within the offer to purchase and any succeeding counter-offers and/or amendments. This timeframe is generally between 10 and 14 days and is 100% negotiable within the transaction. You may request 14 days, but the seller wants it done in 10. You go back and forth from there until you both come to an agreement.

The most common mistake buyers make with regards to the home inspection contingency is getting the inspector in too late. As that section of the offer reads, you have “X” days to get the inspector in, then any follow up inspections (foundation, for instance) and to negotiate with the seller the remedies for any defects found. If the final day comes and goes without any action by the buyer, the contingency is considered satisfied. The sellers or their agent has no obligation to remind you that the contingency is about to end.

The process would usually go like this (assuming the seller does not have right to cure defects*):

• The offer is accepted
• Buyer contacts home inspector and gets him or her in as soon as possible
• If the home inspection discloses defects the buyer may want the seller to fix, then buyer submits an amendment to the seller outlining what needs to be done in order for the buyer to move forward with the purchase.
• The sellers may want to get quotes on the work that needs to be done.
• The sellers may want to negotiate the request of the buyer.
• If an agreement has not been made in writing between the buyer and seller on the last day of the contingency period, then the buyers need to decide what to do next: move forward with the home as is or walk away.
• If the buyer decides to walk away, they need to submit to the seller a Notice of Defects by midnight of the last day of the contingency period.

There is a little more to it than that, but this should serve to give a good idea of the process.

At any time during the contingency time period the buyers and sellers may agree, in writing, to extend the time period to accommodate additional inspections or for the seller to gather quotes for work that may need to be done.

*If the seller does have the right to cure, then they have another 10 days after the buyers hand them the Notice of Defects. If they have the right to cure, then the Notice should be delivered earlier than the last day of the contingency if possible.

How long should it take for the seller to counter your first offer?

Again, this is something stipulated in the offer to purchase. It is called “Binding Acceptance” and during that period, if the seller accepts the offer then the buyers making the offer are bound by the contract to move forward. Usually, sellers will want to respond within this timeframe to keep the buyers “in the deal” but, if they are going to counter the buyers’ offer then they could do that at any time.

If you are in a situation where you have submitted an offer and have not yet heard back from the sellers then once that binding acceptance date passes, you are free to make offers on other properties. You can also continue to press the seller for a counter offer or even re-write your offer if the house is that nice.

One reason sellers may withhold a counter-offer past the binding acceptance date is there are a number of showings coming up on the property and they want to see what happens with those before working with yours.

If I’m interested in a FSBO, does my buyers agent help me with this or am I on my own?

If you have a Buyer Representation contract with an agent, then that agent is due a commission should you purchase a home during the period covered by the contract – whether or not that agent writes the contract. When you signed the Agency contract, your agent should have explained this to you.

I usually include a contingency in my contracts saying that the buyers agree to allow me first contact with any FSBO they may identify. I would call the sellers, tell them a little about my buyers then ask if they would pay my commission. Most will say yes. When they do, everything proceeds as normal.

If they do not agree to pay my commission, then it falls to the buyers to pay it. This is a very rare situation.

Does Real Estate agent have to write up an offer for me or can I do that myself?

Technically, anyone can write an offer on a house. You can use anything from a cocktail napkin (VERY dumb idea) to the actual contract. Some buyers will hire an attorney to draft the offer for them.

Any buyer’s best bet is to have someone familiar with real estate contracts draft and present the offers. If you are under a Buyers Agency agreement with an agent, then you pretty much have to have the agent draft the offer unless that duty was removed via the Buyers Agency contract.

Is it customary for our real-estate agent to ask for our FICO scores?

Absolutely not! At least not here in Wisconsin. The only people who would need your credit scores are the ones who are giving you the loan. A pre-approval from a bank or other mortgage lender should suffice for any agent.

Is there a set amount required for earnest money?

The amount of the earnest money is determined within the offer to purchase and any succeeding counter-offers. Earnest money is not required for a real estate transaction, legally, but most sellers will insist on having a buyer “put their money where their mouth is”.

The amount of the earnest money can vary from as little as $1. I usually suggest about 1% rounded to the nearest $100.

Will MLS show any previous offers on the house that didn’t go through?

No, all offers are confidential between the buyers, sellers and their agents. The only offer that is made public is the one that was accepted and closed. This is not made public until after closing and even then, only the price and any monetary concessions would be known.

Is there a grace period after closing to back out of buying a home?

No. In many cases, it will take anywhere from 30-60 days (or more!) between the time your offer is accepted and the closing date. During this time you have had at least one home inspection and maybe even have done some testing – not to mention a whole lot of thinking. You have had plenty of time to back out without causing financial harm to the sellers. However, even during this time, if you back out for reasons not enumerated in the contract as being valid, you can expect the seller to at least keep your earnest money and at worst sue you to force you to purchase the house (this is called Specific Performance and is a whole post in itself).

You also have to remember that the seller of the house you just bought is probably moving into another home and so on. All those deals would have to be unwound as well.

If you make an offer on a house and the owner comes back with a counter offer and you agree to it can the owner still change his mind and sell to someone else?

What is critical to this question is delivery of the accepted counter offer.

One party in a transaction can withdraw an offer or counter-offer at any time prior to the accepted offer being delivered back to the originating party. So, if you get a counter offer from the seller and tell them verbally that you agree to it the deal is not done until the seller has a copy of the counter-offer with your signature on it. If there is a delay between your “telling” them yes and you actually delivering the document to them (as laid out in the offer to purchase) and during that time period the seller gets a better offer, the seller can withdraw the counter to you and accept the new offer.

Your best bet is to always move quickly in a real estate transaction.

Posted in: Home Buying
Tags: buyer agency, buyer's agent, general real estate, Home Buying, home inspection, minimum commission, offer to purchase, real estate agents

2945 N 81st St, Milwaukee

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MLS# 1189439

4 bedrooms, 1.5 baths

$164,900

This fantastic four bedroom Cape Cod is move-in ready! There is nothing for the new owners to do except place their furniture and enjoy. This home features newer windows, roof, mechanicals, eat-in kitchen and a great fenced-in yard. The main floor boasts two bedrooms and recently refinished hardwood floors. Upstairs you will find two large bedrooms and a nice loft area. The lower level has been professionally finished to provide an extra several hundred square feet of cozy living space and features a convenient half-bath. Don’t let this one get away!

Jeff Gramins

Cell: (262)206-7290

Direct: (262)754-6680

View My Website

Equal Housing Opportunity

Living Room	Kitchen
Rec Room	Rec Room
Back Yard	Living Room

Posted in: Home Buying, Sell Your Home
Tags: back yard, baths, bedrooms, cape cod, cozy living, hardwood floors, living room, living space, loft area, milwaukee, rec room

Open Sunday, February 27   12-1:30

920 Apple Tree Lane, Brookfield

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MLS# 1182677

4 bedrooms, 2.5 baths

$224,900

Lovely Cape Cod with cathedral arched door openings, high-end custom pella windows with cathedral accents, charming spaces yet room to spread out can all be yours. The gracious formal living room is warmed by a natural fireplace. The updated kitchen is topped in Corian counters and boasts new flooring and most appliances. Main floor bedroom and den plus 3 additional bedrooms up, along with an expansive office area, provide multiple family living options. Cheerful lower level includes newer powder room. All nestled on a mature lot with sturdy maples and colorful perennial gardens!

Jeff Gramins

Cell: (262)206-7290

Direct: (262)754-6680

View My Website

Equal Housing Opportunity

Living Room	Living Room 3
Kitchen	Kitchen 2
Dining Room	Living Room 2

Open Sunday, February 27   2-3:30

775 Michael Dr, Brookfield

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MLS# 1175162

3 bedrooms, 1.5 baths

$199,900

A great lot compliments this brick 3BR/1.5BA traditional Brookfield ranch. Open Living Room and Dining Room combo off the entrance foyer. Large Kitchen with Dinette and access to 2.5 car garage. Walk-through Master Bedroom with Oak hardwood floors and half bath. Adjacent two bedrooms w/plenty of closet space. Private backyard with patio and mature landscaping. Location is convenient to all services and main streets. Sold “as is”. This home begs for your personal touch!

Jeff Gramins

Cell: (262)206-7290

Direct: (262)754-6680

View My Website

Equal Housing Opportunity

Living Room	Living Room
Dining Room	Family Room w/nat. fireplace
Family Room	Kitchen

Posted in: Open House
Tags: appliances, bedrooms, brookfield, cape cod, cape code, corian counters, dining room, formal living room, natural fireplace, ranch

There are rumblings in the news today that the Obama Administration wants to force banks to modify mortgages of homeowners. The banks would be expected to drop the principle (amount you owe) and/or the interest rate, thereby eating massive losses.

What is being left out of this equation, is that this money doesn’t belong to these banks. This money doesn’t just materialize out of this air nor does it belong to the bank or the “fat cat” bank executives. It belongs to the people who have deposits held by that bank. When the banks lose money, you lose money. When they are forced to cut interest rates for people, they’re also cutting the return on your savings account so you will earn less on your money.

There is no better explanation of this than from the great Christmas classic “It’s A Wonderful Life”:

In other words, the banks are being forced to lose your money.

How’s that Hope and Change workin’ for ya now?

Posted in: Housing Market
Tags: bank executives, banks, christmas classic, fat cat, interest rate, Mortgages, principle, wonderful life

What happens to a sales contract overall, if I (the seller) dont agree with the addendum of sale?

I think you are talking about an Amendment to the contract, not an Addendum. Addenda are usually included with the offer to purchase. Once the offer is accepted, the contract is changed via Amendment.

If a buyer submits to you an Amendment to the Offer to Purchase and you do not accept it, then the buyer has a couple choices. First, they can move on with the purchase as if the Amendment never existed. Second, they can submit to you another Amendment with terms you may find more favorable (you can also offer them a Counter-Amendment of your own). Lastly, they can send you a Cancellation and Mutual Release to back out of the deal.

As a Seller, you do not have to sign the Cancellation if you think that their reason for backing out is not provided for in the Offer. The discussion on this is a whole other blog post!

How often should our listing agent be in touch with us?

At MINIMUM an agent should contact you to set up showings (or let you know when one is scheduled if you have already moved out) and then to provide you feedback from the showings. If you are not getting many showings, the agent should at least touch base with you weekly, either a quick call or an email.

Your agent should also be watching your market and let you know about new listings, what other homes are getting offers and what homes have closed to help you price and market your home more effectively.

How do I know when my listing agent isn’t doing a good job for me?

There is no way to give a quantifiable answer to this question. My best answer is “you will know”. In fact, if you have to ask another agent this question, then you already know the answer!

When you first meet an agent, they should lay out what they do to market your home, to encourage buyers and their agents to bring an offer and also how they will stay in communication with you. This is also a good time to lay out your expectations of the agent.

How often should a listing agent follow up with showing agents?

Your listing agent should definitely follow up with every agent after every showing. If the showing agent doesn’t reply, your agent should hound them until they get feedback or a restraining order.

If a showing agent indicates their buyer has some interest, then your listing agent should keep in touch with that showing agent to try and prompt an offer. They shouldn’t hound them, but just stay in touch.

If you change your price or decide to offer incentives to either buyers, their agents or both then your listing agent should contact every agent who showed your property.

Lastly, if you decide to expire your listing with that agent and list with another, your old listing agent would be wise to stay in contact with the agents who showed your home while he had it listed. More on that in another blog post in the future.

Can a seller back out of a purchase agreement if the appraisal higher then selling price?

Buyers and sellers can do whatever they want in a transaction. It is just a matter of your return on the decision.

As a seller, it can be very frustrating to find out that your home appraised for more than the agreed upon selling price and I sure couldn’t blame you for wanting to back out of the offer. However, the contract is on the buyer’s side on this one.

Assuming that all other contingencies have cleared and the buyer has performed as expected per the contract, if the seller tries to back out because of a high appraisal, the buyer does not have to let you out of the deal and can sue you for what is called “Specific Performance” which is the legal way of saying they can force you, in court, to follow through with the offer and close. If the seller manages to prevail in the suit, they will definitely be out the attorney fees.

My question back would be if you do manage to break the contract, what next? Will you re-list at a higher price to reflect the appraisal? Know that the higher price will cause you to be on the market longer and could possibly wind up with you right back where you started – or even lower!

My advice to you is to be happy you sold your home in a tough market and enjoy your new home.

Our agent told us to not counter and accept the offer…why?

Because your agent is overstepping his or her bounds and likely putting their interests ahead of yours.

An agent’s job is not to tell you whether or not to accept an offer. An agents job is to give information and advice so that you, as the seller, can make the best decision possible for you and your family.

As a seller, do you think a home inspection done prior to the listing is a good idea?

Absolutely!

Doing an inspection prior to listing can give you a heads up to potential sticking points you may not find out about until you have a Notice of Defects in your hands and see your buyers off to the next house. Having a pre-listing inspection also shows you care about providing a good home to your buyers.

The downside of having the pre-listing inspection is that it may bring up defects that require disclosure on the condition report. If you choose to fix these issues, then you should have no problems.

Do incentives offered by sellers such as closing costs or gift certificates actual attract buyers?

As far as I know, no real estate sites offer an option to search by incentives offered, but they all do offer an option to search by price.

Buyers generally search for homes by location, number of bedrooms and baths and by price – some will get more specific, but the majority will use at least these criteria. When they input their range it is usually by multiples of $10,000 or $25,000. If your home is listed over their search range, you may never get on their radar, even if your incentives net your price within their parameters.

A home priced at $274,900 with no incentives will get more views and a quicker offer than a home priced at even $276,000 with $5,000 in incentives.

My advice to a seller would be to first get to or even under your markets closest $25,000 mark then think about incentives.

I have two CMA’s from different agent that are drastically different prices. Which agent is right?

“CMA’s” go by a couple different names, one being a “BPO” or “Broker’s Price Opinion”. The prices you get from different brokers are going to be as different as the brokers themselves.

You can pretty much separate brokers into two camps – listing buyers and listing sellers.

A listing buyer may give you a very inflated estimated listing price in hopes that you will think that he is a wonder agent and will get you a ton of money for your house. Sometimes they do while other times they will start campaigning for price reductions almost immediately.

A listing seller, on the other hand, will give you a lower price because his focus is to get your home sold quickly and the best way to do that is price it low. Your house will likely sell quicker than if you had listed with the listing buyer, but you may wind up selling your house for less than you could have otherwise.

Neither one is better than the other (however, I would argue that the guy giving you the low number is more brave than the guy giving you the high number). Both have the same motivation – to sell your house and get paid – they just have different ways of going about it.

Both agents should have provided you market data and should have also walked you through that data to justify their listing price. As the seller, your job is to look carefully at this data with the agent and ask questions. Look at the listings the agents present you and compare them objectively with yours – put yourself in a buyer’s shoes. Would you pay more or less for these other homes than you would for yours? A good agent will have shown you enough data that you can also come to an opinion.

My advice to you is to choose your agent based on everything BUT their list price since the list price is not their decision, it is yours. Some agents will walk away if your desired list price is too high, some will further counsel you as to why a lower price is better and may then either sign you up or pass on your listing and others will just sign you up and start campaigning for price reductions afterwards. It is up to you to make the decision on which scenario is best for you.

Can I cancel a residential purchase agreement if buyers do not remove the contingencies in a certain time frame?

The answer depends on which contingencies the buyers aren’t removing. When some contingencies aren’t met by the buyer, they just expire and things move on as if they never existed. Others require action and can cause a seller to cancel the purchase.

Contingencies that expire without consequence to the seller are the Home Inspection, Testing and Appraisal. They are worded to say that if the buyer does not act upon these contingencies by the given end date then things just move forward.

Contingencies whose expiration without action by the buyer can cause problems include the Deposit of Earnest Money, Loan Commitment and the Closing. If any of these pass unfulfilled by the buyer, the seller can cancel the offer at their discretion.

Other contingencies that may be added by the buyer and their agent are usually the second type. For example: “Buyer to provide loan commitment within 3 days of acceptance”. While this isn’t really the proper form for this contingency, it is assumed that if the buyer does not provide you the loan commitment you can cancel the deal.

Whether to cancel the deal or to try to keep moving forward with a buyer who missed their contingencies depends on the situation in your local market. If you have other buyers lining up for the house (or at least a bunch of good showings) then it may be wise to let the current buyer go. But, if the action on your house has not been so hot, then your best bet is to try and continue working with the bird in your hand.

Posted in: Sell Your Home
Tags: addenda, addendum, advice, amendment, cancellation, contingencies, follow up, home selling, listing agent, pre-listing home inspection, purchase agreement, Real estate, realtor, sales contract

Open Sunday, February 20th from 12:00pm to 1:30pm

1500 Lone Oak Ln, Brookfield

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MLS# 1166930

3 bedrooms, 1.0 baths

$218,500

Location, Location, Location! Original owners offer this cool contemporary in the heart of Brookfield on a gorgeous, elevated, mature acre lot. Open living/dining rooms are warmed by the natural fireplace and brightened by enormous windows spilling in lots of natural light. Kitchen with white laminate cabinetry has a large open cutout to the rustic family room with vaulted, beamed ceiling and cream colored wood walls. Incredible views abound of the expansive lot. Lower level offers a playroom/office/exercise area plus commode and roughed in plumbing for shower.

Jeff Gramins

Cell: (262)206-7290

Direct: (262)754-6680

View My Website

Equal Housing Opportunity

Living Room	Kitchen
Family Room	Dining Room
Deck & Yard	Family Room

Open from 2:00pm to 3:30pm

775 Michael Dr, Brookfield

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MLS# 1175162

3 bedrooms, 1.5 baths

$214,900

A great lot compliments this brick 3BR/1.5BA traditional Brookfield ranch. Open Living Room and Dining Room combo off the entrance foyer. Large Kitchen with Dinette and access to 2.5 car garage. Walk-through Master Bedroom with Oak hardwood floors and half bath. Adjacent two bedrooms w/plenty of closet space. Private backyard with patio and mature landscaping. Location is convenient to all services and main streets. Sold “as is”. This home begs for your personal touch!

Jeff Gramins

Cell: (262)206-7290

Direct: (262)754-6680

View My Website

Equal Housing Opportunity

Living Room	Living Room
Dining Room	Family Room w/natural fireplac
Family Room	Kitchen

Posted in: Open House
Tags: brookfield, first time buyer, first weber group, motivated seller, natural fireplace, open house, real estate agent, starter home