Travis Egan - Lender, Lake Geneva Real Estate

This client and I were talking the other day when he asks this question. Now I've been doing home mortgages for nearly 15 years and I thought I did a good job explaining this, but sometimes reality hits you right in the face.

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FHA mortgages for first time buyers.

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For all your Lake Geneva Real Estate needs, contact Walworth State Bank today @ 262.728.4203 or visit us on our website at www.walworthbank.com! If you are in need of a Wisconsin FHA mortgage or any other lending questions visit us at www.TravisEgan.com.

I wanted to take a moment and reflect about a wonderful experience that occured just last week. There are times in this business when we are reminded of why we sacrifice the way we do. I also want to make sure and express my appreciation for a particular real estate agent for her exceptional customer service and compassion.

It all started last Tuesday evening when I received a call from a client who was distraught. Let me give you a little back story here. I recently switched to a new bank. This client originally started with me at my previous employer. I informed the clients before we began the process that I may accept an offer from another competing institution and I wanted them to feel comfortable that I may not be there with them to the end. We discussed it and they decided to proceed anyway. So back to the call. Apparently, the lender who took over this file failed to live up to her commitments. She assured them that no matter what, no matter what, they would get this loan done. Now 12 hours before closing the clients were informed that they had no financing and none would be available to them. To be fair here, she was handed the file about 70% complete. She was in a difficult position from the start, but she made promises that ultimately would cause great strain and discomfort for the clients. A lender not delivering on a promise they communicated, does this sound familiar my real estate brethren?

To say the clients were distraught is an understatement. This was the first of three transactions. All parties would be left in the lurch. The client's Realtor went above and beyond the call of duty. She performed in a manner that would make any Realtor in our business proud. She advocated, she informed, she fought, she did it all with a passion and desire that made me proud to be in this business. Her name is Shari Rauland Mohr of The Rauland Agency in Walworth, Wisconsin. I have had the pleasure to work with her in the past, but now I saw what a true real estate professional looks like. I won't carry on here, but suffice it to say through her diligent efforts we were able to get these clients in their dream home that day. Many people deserve kudos for their efforts that day, but Shari deserves a hearty "congratulations." I hope you'll join me in thanking her for keeping what we do in perspective. Whether we're a Realtor, a lender, a title company, an inspector, or appraiser we perform a vital and necessary role in helping people achieve their piece of the "American Dream" and I for one appreciate being reminded of that from time to time.

These clients spent their first married Valentine's Day together in their new home and I for one am glad I had a chance to be a part of it.

Travis Egan

Lender, Lake Geneva Real Estate

Walworth State Bank

(262) 728-4203 - Office

(262) 745-5055 - Cell

I read an article today in the Washington Post that suggested the Treasury Department was working on a plan that would allow lenders to give mortgages at 4.5%. Now in fairness it sounds like they're still working on the details of the plan, but are interest rates the reason people aren't buying homes?

It's my belief the reason people aren't buying homes is a simple matter of jobs. Like will they have one in the coming months? None of my clients ever went into a home, hoping they would lose it in a foreclosure. Most clients think long and hard before buying a home. My realtor brethren will attest to this. They scrutinize everything. This is a good thing. The thing that will stop buyers dead in their tracks is the fear of losing their jobs. The last thing they want is to move in to their new home and in a short period of time have to move again because one or all of them lost their job.

Rates could go to zero percent on Wisconsin FHA mortgages. Home prices could be half of their tax value and people will not budge if they fear they will lose their jobs. When I talk with my clients their number one fear is losing their job. Interest rates and property values are much smaller concerns for them. They would rather rent until they know they weather the current financial storm ripping through this country.

I fear Secretary Paulson and his teams are once again looking for a simple answer to the current economic problems and I'm not sure this is it.

Travis Egan

Lender, Lake Geneva Real Estate

I am hearing this very familiar catchphrase repeatedly. In fact, I recently read an article in Business Week where the author suggests just that. There are many problems with this analogy. As a lender who has spent the better part of my 14 years helping homebuyers obtain FHA loans in Wisconsin I assure you there are some enormous differences. FHA mortgages have helped people buy homes in Lake Geneva, Delavan, Elkhorn, and all of Walworth County for many decades.

Here are a few for you to consider Wisconsin FHA Loans.

Travis Egan Asst Vice President Walworth State Bank 1221 South Shore Dr Delavan, Wisconsin, 53115 US	Work: 262-728-4203 Mobile: 262-745-5055 tegan@walworthbank.com www.TravisEgan.com
Lender, Lake Geneva Real Estate, Delavan Real Estate
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I was visiting the website of one of Lake Geneva's top Realtors, Bob Webster of Keefe Real Estate, when I stumbled upon his podcast. I was impressed with the insights he shared. I think you will be impressed when you take the couple of minutes to listen to it. He knows his stuff.

One of the things he talks about is what an amazing time it is to purchase a home in this market. Prices have fallen and rates are at levels we haven't seen in years. It's worth the few minutes.

Here it is: Lake Geneva Real Estate Podcast

Travis Egan Assistant Vice President Walworth State Bank 1221 South Shore Dr Delavan, Wisconsin, 53115 US	Work: 262-728-4203 Mobile: 262-745-5055 tegan@walworthbank.com www.TravisEgan.com
Lender, Lake Geneva Real Estate