Dennis Herman

Property listings with a flexible commission scale. Property Sellers have different needs and expectations. Not one single commission schedule will appeal to every Seller nor suit their needs.

The property type dictates the marketing plan that you will need. Selling a home is very different than selling a duplex or a multi family unit. Selling a condominium will have a completely different set of challenges. Marketing a commercial or investment property is vastly different than marketing a single family home. Properties can be as diverse as the owners. Each must have it's own personal marketing plan targeting a specific group of qualified and eligible Buyers.

Location dictates the approach taken in developing a custom marketing plan to sell a home. Buyers looking for homes in Milwaukee may have shopping habits quite different than those in Menomonee Falls, Brookfield or Germantown. Some cities such as Brown Deer and Muskego have requirements that need to be fulfilled before a house is sold.

Market conditions vary. A home for sale in certain areas of Oak Creek and Franklin may face difficult challenges caused by economic situations beyond our control. These conditions vary from neighborhood to neighborhood. Some areas in Franklin are very stable and predictable. Sections of Oak Creek are very volatile with fluctuating prices. Areas such as Menomonee Falls, Brookfield and Muskego have seen a period of minor price increases while small sections of Milwaukee have experienced drastic price reductions. Viewing a report based on actual market conditions during the sale period of the home will tell you exactly what the market conditions are and what actions need to be taken.

Price and condition are other factors that need to be considered.

Before a commission can be agreed upon between a Seller and a Broker the parties need to schedule a meeting. The property and market conditions need to be reviewed by both parties and a marketing plan needs to be established. A number of options need to be discussed, considered. And agreed upon.

Information is power in the Real Estate market. It can save you time and money. Consider all of the options before making a decision.

Here is a list of the most common questions you will have to answer when filling in an Offer to Purchase for a property. Knowing the answers to these questions while in the process of looking for a home may halp you make the decision to buy.

Purchase Price
Closing Cost Credit
Down Payment
Earnest Money
Additional Items Incl
Items Not Incl
Closing Date
Interest Rate
Sale of Buyers Property
Inspection Contingency
Testing Contingency
Home Warranty
Gap Endorsement
Additional Provisions

This is a list of the basic questions you will need to answer.

Based on the property there may be more contingencies to add to the offer to purchase.

You can read the entire bill at the following site: Http://www.govtrack.us/congress/bill.xpd?bill=h110-3221

The term tax credit has been used with this bill. In the summary of the bill it state, "Provides first-time home buyers with a tax credit of up to $7,500 for residences purchased on or after April 9, 2008, which the home buyers will repay over fifteen years following their purchase (Sec. 3011)."

This tax credit is more of a loan to the first-time home buyer that requires repayment over a 15 year period. If you are eligible for the full $7500 you will need to pay back $500 a year.

A first-time home buyer is classified as someone who has not had an ownership interest in a property within the past 3 years.

Income restrictions on the tax credit, so if you make more than $75,000 filing single or $150,000 filing jointly.

The tax credit or loan is based upon the purchase price. 10% of the purchase price is eligible. Any purchase price over $75,000 is eligible for the full $7500 tax credit.

The purchase must be made between April 9, 2008 and July 1, 2009.

Other restrictions apply such as the tax credit being repaid at the sale of the home if the home is sold within the 15 year period.

Make sure you ask your lender, accountant and tax advisor questions about this tax credit to determine if you are eligible and if this may be right for you.

You can get more information from the National Association or Realtors Web site:

http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf

Following is a list of sources for grant money for home buyers. Many of these programs are for first time home buyers but it doesn't hurt to check to see if you qualify for grant money on the purchase of a home. These firms also provide important educational material for home buyers. Make sure you mention my name when contacting them.

Select Milwaukee
Http://www.selectmilwaukee.org/sitehome/home.aspx
Select Milwaukee offers grant information and buyer education programs to people interested in buying property in Milwaukee.
2209 N. Dr. Martin Luther King, Jr. Drive
Milwaukee, WI 53212
(On the corner of King Drive and Garfield Ave. one block south of North Ave.)
Office Hours: Monday - Friday 8:30 a.m. - 5 p.m.
Email: info@selectmilwaukee.org
Phone: 414.562.5070
Fax: 414.562.5072


Housing Resources Inc.
Http://hri-wi.org/
Housing Resources Inc. has many types of grant programs and a buyer education program in Milwaukee and surrounding areas.
Housing Resources, Inc.
8532 West Capitol Drive #201
Milwaukee, WI 53222
Phone: (414)461-6330
Fax: (414)461-6320
Home Buyer Education,
Counseling, Grant Assistance,
Reverse Mortgage Counseling

There are many types of loans and assistance programs available. Listed here is a short sample. Due to the frequent changes in the lending market you should check the links provided for the latest information and consult with a Wisconsin licensed lender.

The following list is a brief explanation of some of the programs offered. Check the web sites for more and current information.


WHEDA Loans
Http://www.wheda.com/
WHEDA Loans can offer you the following advantages.
Competitive interest rates
Loans with credit scores as low as 620
Home buyer education classes
Unemployment insurance
Major rehabilitation loans up to $10,000 above the purchase price
For single family homes, duplexes and condominiums
New construction loans with a 700 credit score
Reduced interest rates in targeted areas
Lender training
WHEDA Loans may have the following restrictions
Only for first time home owners or if you have not owned a home for three years
Income and purchase price limits
Recapture tax if you sell within the first 9 years
Condominiums may have restrictions
3%, 5% or 10% down payment required based on credit score and type of property



FHA Loans
http://www.fha.com/
FHA insurance is backed by the U.S. Government
FHA loans are assumable
No income limitations
Loan amounts to $271,000
Single family homes, duplexes, four family units and condominiums
All property must be owner occupied
Loans with additional money for improvements
Loans for manufactured homes
Additional loan amounts for energy efficiency updates
Disaster loans
No minimum credit score
Loans up to 31% of income for principle, interest, taxes and insurance
3% down payment that may include the closing costs