Relocate to Wisconsin

  First time buyers are out peaking around the bushes to wisely take advantage of the $8,000 first timer tax credit. We have had several this week...who have chosen homes that are priced very modestly....and there is a reason for that.  To their minds, as first timers, the reason is because as they believe, we all know...(oh not) everything is "on sale" and homes are selling for 75% off the "original retail price."  Wellllll...the Price may be right...but it is right because...

• the roof needs replacing
• the basement needs bracing
• the electrical needs updating
• the hot water leaks...just a little
• the furnace is 50% efficient
• No garage...but someday....

  The price MAY be right given the lengthy list of repairs which is which is far different that the proverbial...Honey Do list of let's put a tile backsplash in the kitchen...

Agents....BEFORE you even take a first timer on a parade of homes that includes "fixer uppers"....know what you don't know and find out what the lender has to say about mega repairs on home for your Buyers.

Buyers....We know that "sweat equity" sounds like a good thing...and it IS...no matter what house you make your home, you will do things that truly make it "your own."  But....the things you cannot do "as you can afford to...or a little at a time" are structural issues..Not likely just part of a roof can be replaced...half of a furnace...a little bit of a foundation.   The lender is out to protect their interest in the home...they will own more of it than you do...AND yours as well...a home that needs serious repair and has deferred maintenance...is a lot of out of pocket "do it now" kind of money you may not be prepared to spend...While it may sound like a disappointment, in the end, it is a safeguard for your financial and "residential future."