Cindy Leiterman Green Bay, WI

The up to $8,000 tax credit for first time home buyers and/or those who haven't owned a home in three years has proven to be a great success. Time, however, is running out. The tax credit is only available to those who close by November 30, 2009.

In order to take advantage of the tax credit, a buyer wanting FHA financing will need to have their accepted offer to purchase into their lender by mid to late September to be assured that their financing will be in place in time. Currently, FHA financing is taking up to six weeks. In the fall, with the probable increase in volume, FHA financing could take up to eight weeks or more. Those using conventional financing, however, will probably have a little more time.

Finding the right home for you may take some time. It may be a buyer's market in some areas but remember, there are many other buyers looking for homes too. Once you find a home, there may also be a delay if you encounters inspection issues that need to be resolved. It can be difficult to get a good contractor this time of year.

If you are thinking of buying a home in 2009 and you are eligible for the tax credit, don't wait. The process can take longer than you think!

Good luck and take care.

Quite often, when I'm showing a property, I am asked to get the amount of the average utility bills. In our area, that is a combination of natural gas and electric. I, of course, happily comply.

I do, however, explain that the current owner's utility charges are in no way indicative of what the buyer's utility charges would be if he or she purchases the home. Maybe the current owners spend three months out of the year in Florida or Arizona and they leave their thermostat set at 50 degrees. Maybe they set the temperature at 80 degrees and sit around their house in T-shirts and shorts all winter long. (my grandfather used to do this).

It could be as simple as mild winter verses our current, nasty winter. There is also the rise in the price of natural gas and electricity in general that contribute to increases in utility bills. So many variables affect utility costs that it is difficult to project them with any accuracy. Here are, however, a few ways to minimize them:

1. Make sure the home is properly insulated. Get a home inspection.

2. Check the windows and doors and insure that they seal properly and there are no drafts. Add weather stripping as necessary.

3. Have all the wall/pipe penetrations caulked and sealed.

4. Have the furnace clean and checked at least once a year and replace the filters as necessary even during the summer.

Don't let average utility bills influence whether or not you look at a property. Evaluate it for yourself and if you purchase the property take the steps necessary to minimize the affect of utility costs on your monthly budget.

Take care and stay warm.

Today it was almost 50 degrees and the sun was shining. It tasted a lot like spring. Sunday we are expecting a winter storm and I'm very annoyed. It's almost mid March and I'm sick of shoveling snow. I know I can't fight mother nature. While I can't fight it, I can ignore it! I have a truck with four wheel drive and I'm not afraid to use it!

Yesterday I received an offer on a property listed in the mid $200,000 range. The offer was significantly, ridiculously low. My seller was, of course, annoyed. This is the second low ball offer we've received.

Now I know what you're thinking. This property must be priced too high or there is something wrong with it. Trust me. It's not priced too high and there is nothing wrong with it. In fact, it is only a little over a year old, was hardly lived in by the owner and is in a very desirable area.

Fortunately, my seller is on the same page as I am. He's ready to take a stand. He's not going to fight the low ball offers by countering. He's going to take a lesson from my attitude about the weather and ignore it! Low ball all you want, we're not shoveling. If you can't come to the party with a fair offer, don't come at all.

Take care.

With the passing of the stimulus credit and the implementation of the first time home buyer's tax credit, we as real estate professionals are hoping the buyer's will be seeking our help and expertise in purchasing a home. Since first time home buyers have limited or no experience in this area, it is important that they fully understand the purchasing process.

Here are a few buyer myths that I have come across that can cause buyers to misunderstand agency relationships:

Myth 1 - If an agent is showing me properties, that agent is working for me!

Fact - This is a common misconception. Unless you have entered into a buyer's agency contract with that agent, that agent is ultimately working for the seller.

Myth 2 - If I want to see a listed property, I have to call the agent on the yard sign!

Fact - The truth is any real estate agent who holds a valid license in the state can show you any listed property. It is critical that the agent know the market, however.

Myth 3 - If I want a real estate agent to help me write my offer on a property, I need a buyer's agency contract.

Fact - You do not have to enter into a buyer agency contract to have a real estate agent write an offer for you. Even though the agent writing the offer does not represent you, he or she must adhere to the code of ethics which specifically requires him or her to be honest and fair with you.

These are just a few of the misunderstandings that may occur. When beginning your search for a new home, work with an experienced agent that you like and trust. He or she will be more than happy to answer any agency questions you may have.

Happy house hunting!

Take care.

I was invited a few days ago to attend a home buyer's seminar as a the real estate expert. It was sponsored by a local credit union. It was perfect timing for obvious reasons and the attendance was great for a cold Thursday night. It was scheduled from 6:30PM until 8:00PM.

As the first speaker began to give her presentations, I quickly realized that for someone who has never purchased a home before, this could be a very confusing topic. What is the percentage of the asking price are the seller's getting? How much earnest money do we need? Do I need a home inspection and how much will it cost?

These are some of the questions the potential buyers asked. They are great questions that have somewhat difficult answers. More than once I had to respond with a "it depends". I would then, due to time constraints, proceed to give an abbreviated answer. The days of the pat answer are gone. Everything is very situational. Needless to say, that hour and a half went by very quickly.

The presenters did a great job of presenting the material and left the audience with two main points. The first one is to meet with a lender and get pre-approved. The second point, which they stressed over and over again, was to work with a Realtor. I certainly appreciated their endorsement and applaud their understanding of the critical role a Realtor plays in the home buying process. I thought it was a great seminar.

Take care.