March 30, 2010

Lake Geneva Wisconsin Rentals - Moving Fast!

Posted to Geneva Lake Area , Rentals, Stacey Schultz

Spring has sprung in the Southeastern part of our state, and the rental market is really heating up. Rental properties that have been vacant for months are now occupied, and the demand is only increasing.

I am not talking about your average two bedroom, two bath property either. There are inquiries for upscale three to four bedroom homes for one to two year leases that are willing to pay a premium.

Why is someone willing to pay as much for a mortgage as for a rental? There are a variety of reasons. For example, I just found a rental property for some folks that are relocating from another part of the country, and they have not chosen a favorite area to make a major decision. They have literally bought themselves a year to get to know the options and make an informed choice. Another family I have been working with sold their home in another part of the state, and they are relocating to Walworth County. They are going to take advantage of some really great construction prices, and they will be breaking ground in about a month for their new home. There are other folks that just need a place for their family to regroup from tremendous financial stress. This candidate may be interested in talking about a lease with option or rent to own if you are a seller!

Remember the spring market is here, there are folks looking to move, and you can put yourself in a minority category if you are willing to be creative.

Posted by: Stacey Schultz



March 15, 2010

Help - I want to buy in Walworth County!

Posted to Stacey Schultz

Time is ticking on the tax credit, and you are feeling panicked about missing out on a great opportunity. Take a deep breath because there is still time to take action. You have until April 30th to have a binding contract for your new home, and another 60 days to close.

How do I start? First, you really need to connect with a real estate agent that is going to coach you through the process from start to finish. Look for an experienced party with some patience. Chances are you have not been a homeowner before, and you will and should have lots of questions about the buying process!

Now that you have found your agent, make sure that person is hearing your criteria (number of bedrooms, location, schools). In the meantime, you need to confirm that you qualify for the mortgage. Ask your agent for a couple of lenders they recommend. You will find the home search less frustrating if you are only looking at homes you can afford, and your agent will be able to zero in on price range to work within.

What if I do not have much of a down payment? Good news! There are still programs out there that will allow as little as 3% down. You can also ask the seller to provide some closing cost assistance in your offer to purchase.

What if I found out from the lender that I am 1 to 2 years away from qualifying for a mortgage? There are a couple of ways you can head. The most logical is to do a rent to own or lease with option. The other avenue is a land contract. The land contract will enable you to take advantage of the tax credit today. There are sellers willing to hold a mortgage for a year or two to be a seller today!

Homeownership is a big step, and it does require a commitment of time and effort from you. In my book help is not just a four letter word – it is what I do!

Posted by: Stacey Schultz