September 25, 2009

Should I consider homes that are listed as Short Sales?

Posted to Mike Pfammatter

What is a short sale?

It’s a fact of life these days that a number of homeowners can’t afford to pay off their mortgages with the proceeds of a home sale. This prevents them from being able to give a clear title to the buyer, unless… the seller’s lender agrees to release their claim to the home without being paid off in full.

Many times when this happens the seller is referred to as being “upside down” or “underwater” on the loan.

Banks realize that taking less than a full payoff of a home loan can be in their own best interest, if the amount they stand to loose is less than what it will cost them if the home goes to a sheriff’s sale and foreclosure. (See my blog post about foreclosures).

Are short sales good deals?

They can be, but it’s no more likely than getting a good deal on other similarly priced properties. The market drives the price, not the financial situation of the seller.

What are the downsides of a short sale?

In addition to negotiating an agreed upon price with the seller, there must also be negotiation with the seller’s bank to accept a reduced loan payoff. Herein lies the problem. The bank is not obligated to give an answer within a time frame that most buyers find reasonable. They are not obligated to answer at all! If you, as a buyer, need to know in a timely manner about when and if you’ll be committed to purchase the home, you are best off not dealing with short sales.

There are cases where it can all come together, and having a realtor who is knowledgeable and will work hard for you is critical to a successful short sale purchase. Please feel free to contact me for more details and a list of homes that will be of interest to you.

Posted by:Mike Pfammatter



September 23, 2009

Look up! - Wordless Wednesday

Posted to Geneva Lake Area , Mike Pfammatter, Wordless Wednesday


Photo by Mike Pfammatter


Posted by:Mike Pfammatter



September 18, 2009

There is no better value - Cobblestone Courts

Posted to Geneva Lake Area , Geneva National, Mike Pfammatter

The best values in the area for new construction are in Geneva National at Cobblestone Courts. Starting at $239,000 for 2 bedroom, 2 bath, and a 2 car garage, these maintenance free condominiums are finished out with hardwood floors, designer cabinets, granite counters and GE Profile stainless appliances. Wait until you see the open floor plan, large closets, and private porches. Visit www.CobblestoneCourts.com for all the details, or call me at 847-373-3336 to arrange a visit.



Posted by:Mike Pfammatter



September 16, 2009

The fishing is great in Lake Geneva

Posted to Geneva Lake Area , Mike Pfammatter

This is a fish my next door neighbor Rick caught in Lake Geneva. He was on the north shore, just east of Cedar Point. The fishing is always great in this lake. If you want to get the low down on where they are biting, get in touch with Brian Gates from Geneva Bait & Tackle in Williams Bay (262) 245-6150. He’s an expert and is one of the local characters that make this area so special. He is always willing to let people know “where they’re biting”.

Posted by:Mike Pfammatter