About Walworth County, WI

Why oh why oh why, can't a bank just due their own due diligence and make sure a property has been winterized before putting it on the market locking the door? How many times have you fellow Realtors walked into a home only to find catastrophic results. I really feel there needs to be another factor set in place in the foreclosure process that banks MUST ADHERE TO when they acquire a piece of property. I am sure they get to write off their losses also at tax time, but to ignore basic maintenance issues is preposterous. I know if I didn't winterize my 2nd home and damage was done, it would be my own darn fault and I could not report it as a loss.

The other day I walked up to a property I had shown many times before. The windows were full of humidity and we couldn't see in,...the door would not open ( because an ice dam had formed inside). When I finally got inside, I turned off the well pump and that stopped the eternal flow of water into the busted bathroom pipes upstairs. There was so much saturation in the walls that the paint had billowed away from the drywall in a balloon affect. I was speechless, not to mention the buyers who had been there once before and were seriously contemplating an offer. Well no more.

I just would like to hear of any feedback of how we could get banks to stop and think instead of just assuming this is numbers game. I know this is what they do for a living, but, kinda makes you think that there may be a need for another sector to step in and insist the procedure is done properly and preserve some great properties instead of destroying what could have been a great home.

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
Visit MyBlogLog and get a signature like this!

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

I know its Halloween, but have some of you lost your minds? Are you intentionally scaring your children about the doom of our economy?

I read an article by Liz Pulliam Weston where she makes it clear some of us are doing just that. It made me pause and ask myself if I'm in the same boat. I catch myself on occasion speaking frankly about what's going on in the world and she brings up some valid points. I know this; I will pay a lot better attention to it now.

Take a look and tell me what you think. Are you doing this?

Travis Egan

Mortgage Planner, Lake Geneva Real Estate