March 30, 2009

What's The Buzz

Posted to Marcy Hammett

Hear that BUZZ?   That’s everyone talking about Foreclosures & Short Sales.   Here’s help that will either encourage or discourage your curiosity.  I am currently involved in helping a client purchase a home that is subject to a "Short Sale" (the sellers proceeds won’t cover their mortgage & their lender must agree to forgive their balance due/short fall*).  We’re in the early stages; the offer has been accepted by the seller, next the listing agent contacts the seller’s lender, while we wait & wait & perhaps wait some more.  You never know how long the process will take.  You play the game by the bank’s rules at their pace.  If you need a home within a specific time frame these transactions are probably not for you.  However, if you have the time & patience, they are tremendous values.

Good & Bad News - There aren’t many distressed sales in the Lake Geneva area, compared to other parts of the country.  And they’re hard to find.  Our Multiple Listing Service doesn’t offer real estate agents (or the public) an efficient way to Search by Foreclosure or Pending Foreclosure (data entry fields for this don’t exist).  What can you do?  1) Be on alert for property descriptions that use terms like "bank-owned, special addendums required, subject to short sale, lender approval needed.  Or 2) Use a Foreclosure Search Site such as Search Foreclosures Here. These sites provide basic information & then offer a 7 day trial period to see specifics.  Yes, at some point there will be a fee, but you can get a feel for things for free.

One last point for today, a Short Sale happens BEFORE the bank owns the property. A true Foreclosure is ALREADY bank-owned - the lending instuituion has completed the legal foreclosure process & now holds title to the property.  That process can be time consuming & costly for the bank, which is why many lenders are willing to agree to Short Sales.  Clear as mud?  Most important to you is BOTH are buying opportunities.

Read a great FAQ article on this topic by clicking here.

**I’ll keep you posted on our progress.  My real but anonymous buyer is a past customer & a great guy, I know him well, but he moves fast.  I warned him upfront that this would be a different experience, but with patience we should get it done.

If you have questions, or need help buying or selling in the Lake Area please call or email me at MHammett@KeefeRealEstate.com or 262-949-6910.

Posted By: Marcy Hammett



March 27, 2009

Teens & Taxes

Posted to Marcy Hammett

I have been doing my own taxes since I was 16 years old*. My father was an attorney & could have prepared them for my brother and me but no, he insisted we do them ourselves. It was a great learning experience. It was simple in the early years, starting with the 1040 EZ Form & gradually becoming more complicated as I became self-employed as a realtor. Does anyone remember the big, thick yellow J. K. Lasser Income Tax Guide? That's what I used, reading the directions line by line, until Turbo Tax came into my life in 2001. What a wonderful thing it was. First you are interviewed to get your basic information, then it leads you step by step through the process.

I am not recommending you give up your accountant, it IS time consuming & I question myself every year (who enjoys doing their taxes). What I do suggest is having your children try Turbo Tax On-Line (or any other good program); in fact I think there is a FREE version available. They could do it by hand with a pencil & a calculator but I doubt that would be as appealing to this generation. It will introduce them to the basics of paying taxes & if they continue on their own until life gets more complicated, they will have a framework for "what the heck their accountant is talking about" as an adult. Did I do my daughters taxes last year? I am ashamed to say yes. Do as I say not as I do!

*excluding the few years I was married

Posted By: Marcy Hammett



March 12, 2009

Caring For Your Pets on a Budget

Posted to Geneva Lake Area , Marcy Hammett

These days we are all looking for ways to cut costs. If you’re a pet owner, keeping their tummies full is part of your food budget. The good news is this is an area you can cut some fat. Expensive pet food is wonderful; quality food makes healthy pets and lower vet bills. My kids ate great food, but with 5 mouths to feed (3 dogs & 2 cats) in this economy I had to reevaluate*. After talking with my vet & researching on-line I discovered alternatives.

  1. There is decent dog/cat food to be purchased at reasonable prices at discount stores. Check your labels as advised in this article.


  2. Supplement with people food. Some think this is a no-no. I’ve always done it, but never thought of it as additional nutrition. My dogs love their fruits & vegetables. They think baby carrots are dog treats & fight over who gets my apple core. Think of it as recycling. Of course you need to watch their calories & some things dogs should never have such as chocolate & grapes. Consult your vet, they are there to help.

In these trying times we return to the simple things in life for comfort & enjoyment. You may have to postpone that trip you planned but you can always go home, hug your 4-legged family, head to the park with a Frisbee or simply take a walk – Good for All.

*I switched from $40/bag to $20/bag & everyone is fine.

Besides being an animal lover I am an active, full-time real estate agent in Lake Geneva & would love to help you in any way I can. You can reach me at 262-949-6910 or mhammett@keeferealestate.com.

Posted By: Marcy Hammett