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E-mail us with a question
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We are not allowed to answer legal questions, but general real estate questions we can answer. e Mail the question to:Norm Terapak
Click the subject matter below for common questions
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Can my brother do my inspection?
It would be acceptable to have him look the place over when you make your final determination before writing up an offer. A Wisconsin licensed home inspector would be a far better choice. A contractor may be an expert in certain areas, but doesn't have the more extensive knowledge that a home inspector does. Check out our references page for names of qualified home inspectors.
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Prequalified or Preapproved? Look first?
You are wasting your time and the Realtor's time. You need to speak to a mortgage broker or banker before you start looking. If you start looking at $100,000.00 houses and find out you can only afford $60,000.00 you will be very disappointed. PREQUALIFICATION is the process of giving a lender information on your source of income, debt load, often with a credit report being run. If the information you gave is accurate, then you should have a pretty good idea of where you should be. A buyer having been PRE-APPROVED has had all verifications of bank accounts, installment obligations, a mortgage credit report, and everything on the mortgage application verified. All you need is a house and an appraisal. When competitive offers come in you might be left in the dust if these aforementioned steps have not been taken. Sellers are more likely to accept offers from those buyers who are PRE-APPROVED because it'sd the next best thing to a cash offer. In this competitive market a buyer who is not pre-approved can end up paying more, or simply wasting everyone's time.
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Why work with one Realtor?
Work with one Realtor. When a Realtor finds out you are also working with someone else, you are placed on the back burner. You might get a call after we've exposed the property to our loyal pre-approved customers, and they've not shown an interest in the home. A Realtor belonging to the Multiple Listing Service can show other company's listings too. So work with one agent that you have developed rapport with. Don't even think about just driving by and looking for a sign. The finer, right priced properties often sell before the sign goes into the ground or shortly thereafter.
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Everything we look at needs work!
There is an aging housing stock in urban areas of this country. The average home we sell at Terapak Realty is probably 80 years old. Many of these homes are more structurally sound and have more charm than the newer suburban houses (which are being built with materials that are inferior to those with which some of the older houses were built). The structure is often very good in the old buildings. Many buildings can use $10,000. to $20,000. of work. You should expect most houses you purchase to need work, you can't do it all at once. A home inspection can help you prioritize.
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What about no money down loans
Because of the low interest rates it is now feasible for a lender to place a first and second mortgage on a property. The combined payment is at a level that makes both mortgage holders comfortable. The combined payment may be less than if you had a small down payment with private mortgage insurance. You must have excellent credit, owner occupy the building, and it should not be more than two units. Often times the interest rate is higher by a couple percent.
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Do properties sell over assessment?
They certainly can. Sometimes they sell for less. We have seen properties sell for 20-50 % more than what the assessor has on the tax bill. In some locations this is more common than others. Before writing an offer have your Realtor run a list of recently solds and compare the tax amounts. You can usually spot a trend, but in areas where prices are moving upwards you may just find them all over the map.
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