Creativity. Click for - Wisconsin REALTORS® Association

Transcription

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NORTH
CENTRAL
table of contents
august
features
6
vol.
26, no. 11
articles
Developing Your Next Generation of Clients
Learn what sets younger generations apart and how
to make these tech-savvy buyers your clients.
10
Caution: Slippery Slope Ahead
15
Let’s Make a Deal: Purchasing Properties at
Auctions and Sheriff’s Sales
12
24
As texting gains in popularity, real estate licensees
should be aware of possible legal consequences.
26
Auctions and sheriff’s sales can be intimidating and
there are dangers lurking for the uninformed.
22
2010 |
28
Focusing on the Big Stuff
Best of the Legal Hotline
This month, the hotline addresses questions about
piers, waterfront property, wells and more.
Legal Briefs
A profile of three recent court cases that directly
impact the real estate industry.
Feingold-Johnson: Insider vs. Outsider
This 2010 U.S. Senate race could easily become the
most interesting contest in Wisconsin politics this year.
Product Showcase
WI Real Estate Magazine is now available as a digital
edition! Find out more...
It’s time for candidates to discuss key issues, such as
the pending state budget deficit and property taxes.
ANDTHE
WINNER IS...
September26
-28,20
news.wra.org
10
REGISTRANT ONE
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on Fee:
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• Icebreaker Party
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Education – Four of
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Six
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courses included in
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RealEstateContinu
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- MUST
register in advance
ingEducation
- first come, first served!
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CE - Attend All 6 (4
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FREE – You pay for
• Access to Indoor
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2)
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(You may select up
$15 per
to FOUR courses for
$20 per $25 per
Chairman’s Dinner
free included in a
 Elective B – 1031
- 9/27
$45 per
Full Convention Pass;
Exchanges & Exchange
each additional course
 Elective E – Financing
Opp. 8:30 – 12:00
pricing above.
(9/26)  Course
the Sale – 1:00 –
1 – Listing Contracts
4:30 (9/26)
Event Fee – Per
– 8:30 – 12:00 (9/27)
Person:
 Course 2 – Offer
to Purchase – 1:00
– 4:30 (9/27)
Golf (9/26) ....................
 Course 3 – New
Developments – 8:30
........................................
DesignationClasses
Wild Rock Golf Club
– 12:00 (9/28)
 Course 4 – Buyer
...$98
Wisconsin
Agency
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Dells
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 Intro to CCIM 9/26-9/27
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w/conv
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 ABR Elective –
$ 330
Short Sales & Forecl.
g
Chairman of the Board’s
$ 340 $ 350
9/26 w/conv
 CRS 111 – Short
Dinner (9/27) ....................
$ 370
$ 169
 2nd WRA Member*
Sales & Foreclosures
 Member One
.$49
$ 179 $ 189
.....$ 276
 Member Two
9/27 w/conv
 ABR & CRS – Short
$ 209
$ 169
 2nd WRA Member*
Sales & Forcl. 9/26-9/27
$ 179 $ 189
.....$ 115
After Party Bowling
 Ninja – Part 1 –
$ 209
w/conv
$ 229
Tournament (9/27)
 2nd WRA Member*
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$ 239 $ 249
.................. FREE
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$ 195 $ 205
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 Spouse/Sig. Other
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$ 225
$ 185
– 9/26-9/27 w/conv
$ 195 $ 205
$ 225
$ 330
AppraisalCECourse
$ 340 $ 350
 8:00 - 9:00 pm
s-9/28
$ 370
 2nd WRA Member*
 8:00 - 9:00 pm
Thru7-31
WRA Appraisal Section
.....$ 276
 9:00 - 10:00 pm
Thru8-23After8-23
Member
 9:00 - 10:00 pm
ATDTwo-FerPricin
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 10:00 - 11:00 pm
g
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CRS Luncheon (9/28)
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........................................
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WRA REALTOR® Member
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 Member One
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$ 184
 Member T
 2nd W
C
AND THE
WINNER IS...
WRA 2010 CONVENTION
Tear off the back page to register for convention! See page 29
1
News
inside the wra
with bill malkasian
Top News Stories in and Around the Industry
United Way
Stark Family
to Community
A
increase Joe
funding for rental assistance,
legal to politics,
ugust is a the
month of transitions:
vacations
are winding
Honors
Wisconsin
Receives
Millions toJumping
Ease fromsubstantially
Murray bringsparticularly
us the help
latestforon
the families.
down,Service
kids and their parents
are gearing
up for school,
working
for
Foreclosure
Crisis
Business
Journal
Feingold-Johnson senate race. Mike Theo
football season is justMilwaukee
around the
corner,
and(WI)
the(09/30/08)
state
brings$39
his focus
to Releases
property taxes
for fall elections.
at the WRA,
NAR
Freeand
FHAtheToolkit
The state Here
of Wisconsin
is duewe’re
to receive nearly
state
budget
deficit
as
he
continues
his
series
exception.
no
Wisconsin REALTORS® Association
(10/30/08)
million in federal funds to stabilize neighborhoods
United Way of Dane County recognized the Stark
on the opportunities gained by voters during an
and stave off a spate of abandoned homes. According
Family with the 2008 Tocqueville Society Award for
Speaking of the football season, the to
WRA
will be launching a statewide
NAR and the WRA are eager to help you meet the
HUD and Gov. Jim Doyle, the funds areelection.
separate
outstanding service to the Dane County community
public
awareness
campaign
Packers
Radio network,
starting
current challenges of the troubled economy. We
approximately
$9.2 million
the government is
and United Way. The
Tocqueville
Society
Awardon thefrom
These opportunities
are you
especially
important
in August and
running
through theawarding
end of October.
goal of where
this the foreclosure
the city ofThe
Milwaukee,
celebrates and acknowledges
people
or families,
know that
need resources
thatwhen
can help you
you consider
that September 14 is the day of the state
campaign
is to afurther
on the complexity
real is awarding
rate is currently
9.9 percent.ofHUD
the
such as the Starks, who
have made
major educate
impact consumers
close
transactions,
and
you
need
them
at little or no
primary,
that teaming
up via
withitsa Neighborhood
REALTOR® canStabilization
help
funds
Program,offering citizens—including YOU—many options
on the quality of estate
life in transactions
Dane Countyand
through
cost.
NAR
has
just
released
an
all-new
FHA Toolkit
underthe
which
almost
billion
is being allocated
to
their exceptional service
and commitment
to the simplify
on the election
ballot. Make sure you circle September
14
the public
find the best values,
process
and$4help
prevent
online
FREE to help you get clients the financing
local and state
governments
for the redevelopment
Billcommunity.
Malkasian
on your calendar
andfor
vote.
costly errors and delays during a transaction.
Also,
despite national
of abandoned
they need in a credit-strapped environment. It is
WRA President
industry reports, the Wisconsin housing
market and
is inforeclosed
a leaguehouses.
of its
August is also one
an important
time for the WRA because we hit
City Housing Authority
Receives
own.
of the most comprehensive toolkits NAR has
Sites: Not Just for Personal the road to start interviewing candidates for the fall elections.®
100-Unit Grant
ever produced, and it’s available to all REALTORS
Milwaukee Journal Sentinel
(09/25/08)
Pabst,
Georgia
These interviews are a chance for staff and REALTORS® to
On July
30, the
board
of directorsConnections
met and workedAnymore
through a full
rightissues
now byand
visiting
linkvoices
below.heard.
They also
have
Minneapolis-St. Paul Business Journal (09/29/08)
Grayson,important
agenda
discussing
our fiscal
discuss
get the
their
Between
The city of Milwaukee’s
housing
authority
is duebudget and new products and services
Katharine
launched
a
new
page
called
“NAR
Helps
You
Navigate
for the
comingHope
year. VI
I would
like to take a moment to thank John Flor
now and October, we will visit every corner of the state to find the
to receive $6.7 million
in federal
money
®
St. Paul,
Minn.-based
Teresa Boardman
the Current
can find dozens of
for hisunits.
leadership
andunits
the will
entire board
of directors
for a REALTOR
tremendous
strongest candidates
who’llEconomy”
representwhere
youryou
interests.
to build 100 new housing
The 100
says Flickr, Facebook and other social networking
be constructed in a past
2.5-mile
and will include
year area
of service.
great products and resources, like the FHA Toolkit,
WRA and local boards will offer you lots of information on
Themight
sites make it easy to meet people who
29 public housing and affordable rental units;
free or at a steep discount. Visit www.Realtor.
Moving
forward,
the board approved
an aggressive
progressive
candidates andfortheir
relationships to the real estate industry in the
eventually
become and
clients.
While many professionals
nine affordable housing
units
for income-eligible
org/NARHelpsYou
links towill
these
great
are
using
these
sites
to
make
business
contacts
program budget
the new leadership of John Horning. The board
weeks and months to come. JoeforMurray
also
be programs
doing a voter
families; and 62 moderately
priced,under
open-market
and companies
use team
themintoplace,
conduct background
and issue
products.
condominiums. HUD
Secretary
Steven
C. Prestonchairmen.
also
approved
all committee
With this new
guide in a future
to help you navigate the process, so stay
checks or recruit new workers, many simply
want
comments, “Milwaukee’s
ready forauthority
our annualhas
fall convention.
we are housing
tuned.
United Way of Dane
County
is preparing
to connect with people who have similar interests.
demonstrated it has the leadership to lead and
Home Loans Going Strong, Albeit a
According
to than
Boardman,
“Thethink.
hard sell isMoving
dead. Itahead, many local boards will make changes to their local
revitalize neighborhoods
andof convention,
transform lives.
Speaking
it’s coming
up faster
you may
Tighter, in Area
doesn’t
door-to-door,
andWild
it doesn’tleadership,
work on andBit
Cities like MilwaukeeThere
change
grow and
needactivities
to
areand
a number
of fun
planned,work
including
golf at the
we are excited to be a part of this process, which
Wisconsin
State Journal (10/17/08) Balousek, Marv
social and
networks.”
On Flickr,
Boardman connected
revitalize housing toRock
makeGolf
sureClub,
many aaren’t
priced
bowling
tournament
our opening
ceremony
allows us to get back out and visit with everyone.
out.” Milwaukee is complete
one of a with
half-dozen
housing
with
a
fellow
photographer
who
eventually
used
her
karaoke.
Despite the ongoing national credit crisis, property
authorities nationwide to receive new Hope VI
services to purchase a home.
professionals say mortgage money remains available
grants.
We also have many chances for you to fulfill your CE requirements. If you
closing,
stay
in touch. I look
forwardWisconsin
to seeing to
youhome
at convention,
In
throughout
southern
buyers
Foreclosures
Push Rents Higher,
haven’t already done so, please visit
www.wra.org/2010convention
Housing Studyand
Delay
Squeezing
Income
Families
checkFrustrates
out the programming. You
can registerLow
right there
online.
Minnesota Public Radio (MN) (09/21/08) Olson, Dan
Advocates
Milwaukee Journal Sentinel
(10/07/08)
Scott this
Turning
to theWilliams,
magazine,
month’s
focus is on Twin
developing
In Minnesota’s
Cities, next
a wave Bill
of home
generation
clients.
More
than
ever,
as
industry
professionals
we people
need into the rental
Two years after promising the Milwaukee metro
foreclosures has pushed more
to consider
and technical
prowess
of young
area’s first major housing
studythe
in communication
three decades, styles
apartment
sector.
The result
is an intensifying
the Southeastern Wisconsin
Planning
buyers. BobRegional
Corcoran’s
feature article
someand
practical
demanddiscusses
on Minneapolis
St. Paul’s rental housing
Commission (SEWRPC)
struggling
get Cori
the Lamont’s
stock, so
muchalso
so that
the vacancy
waysis still
in which
to dotothis.
article
touches
on the rate is very low
effort launched. Proponents
hope the the
study
willimplications
and rents
on theBoth
rise. This,
in turn, means lowsubject, exploring
legal
of are
texting.
of these
serve as a catalyst for
improving
affordable
housing
working
familieswith
faceyoung
higher monthly rents
pieces
parallel
information
we heardincome
from our
discussions
opportunities throughout the ®city’s suburbs. But
even though their income hovers at unchanging
REALTORS across the state.
commissioners have yet to assemble an advisory
levels. Since 2005, the Twin Cities apartment
committee to oversee
the research
or set
a specific
ratewe
has bring
dippedyou
from
7 percent to closer to
Switching
to the
legal
side of thevacancy
business,
several
timetable for conducting
the fit
survey.
Philseason,
Evenson,including
4 percent.
Average
monthly
rents
articles
for the
the best
of legal
hotline,
in over that same
the commission’s executive director, said other issues
time about
span are
up more
thanDebbi
$25, rising to more
which Tracy Rucka answers questions
summer
cabins.
keep getting in the way. The delays have frustrated
than $850. The St. Paul-based Wilder Foundation
Conrad offers helpful advice on purchasing
properties at auctions and
housing advocates the most. Bethany Sanchez,
recently reviewed income data for several Twin Cities
sheriff’s
sales,
a
topic
we’ve
been
hearing
a lot about lately. And Tom
vice president of the Metropolitan Milwaukee Fair
counties. The organization’s research
found that the
Larson writes
about
threetime
key legalnumber
cases impacting
REALTORS®.
Housing Council, laments,
“It’s been
a long
of people in those markets paying too much
coming.” The Pewaukee-based commission has
for their rental housing will double from around
not conducted a comprehensive review of housing
70,000 currently to a whopping 140,000 by 2010.
patterns since the 1970s.
Some say a partial solution would be for the U.S.
government to reverse course on housing policy and
2
2
wisconsin real estate magazine
||
august 2010
october 2009
with solid credit. Ron Steinhofer, manager of
Marshall & Ilsley Bank’s regional home lending
group, states, “There’s plenty of money for home
loans out there. It is slightly more difficult to qualify
than two or three years ago, but if you have a good
credit score, a good job and a down payment, money
is available.” Steinhofer adds that banks still are
making loans via such programs as Fannie Mae
and Freddie Mac. Furthermore, credit standards
remain about the same as they were six months ago,
meaning that qualified home buyers can get loans
if they have the proper income verification. On the
downside, banks have been less willing to make
loans with higher loan-to-value ratios. In addition,
conventional financing without a down payment has
indeed disappeared. However, 100 percent financing
is still available with Veterans Administration and
Rural Development home loans.
news.wra.org
news.wra.org
Real Estate
Wisconsin Real Estate Magazine™ is published
by the WISCONSIN REALTORS® ASSOCIATION.
Trademark issued pursuant to Wisconsin state statute; federal
trademark is pending.
notes from the wra
John Flor, ABR, CRS, e-PRO, GRI, RRS, Chairman
[email protected]
Congratulations to the Following Award Recipients!
John Horning, Chairman-Elect
[email protected]
2010 Distinguished Service Award Winners
Robert Keefe, Treasurer
[email protected]
2010 Presidential Citation Award
William E. Malkasian, cae, President
[email protected]
Editorial Staff:
William E. Malkasian
Publisher
John Flor
ABR, CRS, e-Pro, GRI
Robert Uhrina
Lee Kessler
e-Pro
Peter Sveum
CRB, GRI
Managing Editor
WHEDA Advantage Helps Indecisive Buyers Off the Fence
Vanessa Merina
Publication Editor
You may be hearing a lot of “Get Off the fence” lately from the
National Association of REALTORS® about the advantages
of buying and selling a home in today’s market. The
Wisconsin Housing and Economic Development Authority
(WHEDA) has joined this effort and recently launched a
piggyback campaign to reach a wider audience. A series of
four “Get Off the Fence” themed radio ads will air in major
markets across Wisconsin through the end of August. The
campaign takes a lighthearted approach to home buying
and features potential homeowners who are on the fence
and looking for the right opportunity to purchase a home.
The right opportunity is the WHEDA Advantage, with less
cash-to-close, a 30-year fixed interest rate, job loss
mortgage payment protection, and homebuyer education.
Banner ads will run through the end of September on
REALTOR.com, Trulia.com, Zillow.com and Bankrate.com.
Only viewers entering these sites through a Wisconsin
portal will see the WHEDA banner ads.
Joe Leschisin
Senior Designer
Wisconsin Real Estate Magazine, USPS 597-850, ISSN 1548-0526, is
published monthly by the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest
Run Road, Ste. 201, Madison, WI 53704. Periodical postage paid in Madison,
WI and additional mailing offices. An annual subscription rate of $5 is included in
membership dues and a copy is mailed to every paid REALTOR® and affiliate member
of the association. Nonmember subscription rate: $60. POSTMASTER: please send
address changes to the WISCONSIN REALTORS® ASSOCIATION, 4801 Forest Run
Rd., Ste. 201, Madison WI 53704-7337.
Permission to reprint or quote any material from this issue is hereby granted,
provided the Wisconsin Real Estate Magazine is given proper credit in all
articles or commentaries, and the WISCONSIN REALTORS® ASSOCIATION is provided
with a copy of any reprint.
Advertising of third party products and services herein does not imply endorsement
by the WRA unless specifically stated. Furthermore, the WRA does not endorse,
approve, or otherwise warrant the accuracy or legality of any information or content
contained in advertisements. Any questions regarding advertising policies should be
directed toward the editor.
Nominate a Technology Leader by August 13
Contact Us:
The Center for REALTOR® Technology (CRT) introduces the annual REALTOR® Technology Spotlight Award. It
honors REALTOR® family members and their direct support staff who have shown excellence and visionary use
of technology. From you and your creative use of technology to the staff person who makes sure your website
stands out to the individual who keeps your servers running effectively so that the REALTOR® members shine
in their day-to-day business...this is an opportunity to celebrate them!
4801 Forest Run Rd., Suite 201
Madison, WI, 53704-7337
(608) 241-2047 • (800) 279-1972
legal hotline: (608) 242-2296 • (800) 799-4468
general fax: (608) 241-2901
products/education fax: (608) 241-5168
legal hotline fax: (608) 242-2279
The award goals are to:
facebook: www.facebook.com/wisconsinrealtors
twitter: www.twitter.com/wirealtors
linked-in: www.wra.org/linkedin
youtube: www.wra.org/youtube
3
1.
recognize those who have implemented, created or embraced technology in a way that shows
understanding of the medium and therefore puts them in a’ best in class’ category,
2.
disseminate innovative and effective strategies to accomplish this, and
3.
increase awareness within the real estate industry of technology trends & promote innovation.
These individuals set the technology benchmark for our industry, and provide one more reason why REALTORS®
are better prepared to serve the consumer.
For more information, go to http://www.crt.realtors.org/award.
|
august 2010
3
REALTOR benefits®
As a member of the Wisconsin REALTORS® Association, you have WRA-endorsed member benefits available to you. The WRA carefully selects
benefit programs that offer valuable services in health care, dental care, and errors and omissions insurance. Additional benefits include a
retirement fund, phone service plans, website design, and a new delivery plan for packages and envelopes. A detailed description of the member
benefits is available online at www.wra.org/membership_info/group_benefits.htm.
PRoFIT Retirement Program – An IRS-approved KEOGH Plan designed
for REALTORS® interested in long-term financial planning. Your
contributions to the program are tax deductible, and your earnings in
the PRoFIT program grow tax deferred. Call Debbie Thacker at (608)
241-2047 ext. 256 or (800) 279-1972 for an application.
Health, Dental & Life Insurance – Save on health insurance premiums
without compromising your coverage. REGIT, Inc.’s health program
provides access to insurance plans that can be customized to meet the
needs of the individual. Call today for a free, no-obligation quote at
(800) 537-9786 or visit www.regitinc.com.
Errors & Omissions Program – The WRA-endorsed carrier for errors and
omissions (E&O) insurance is Pearl Insurance. The REALTOR® E&O
Insurance program is designed specifically for the real estate industry
and the particular risks you face. It provides special coverage for
claims arising out of regulatory complaints, personal injury, lockbox
liability or allegations of discrimination. For more information and a
free quote, please contact Pearl Insurance at (800) 289-8170 or visit
www.pearlinsurance.com.
For More Information
Visit www.wra.org/membership_
info/group_benefits.htm to find
a detailed description of WRA
member benefits and find links to
individual programs.
4
|
august 2010
Website Development – Interested in creating your own website?
WRA members can design and maintain their own websites through
Real Estate Home Pages. Software templates and easy-to-use tools
for adding images and formatting text provide a professional look,
usually only attained by a graphic artist or Web designer. Visit www.
realestatehomepages.com for more information. You’ll be amazed at
how easy and inexpensive having a website can be.
Long-Distance Program – Save big money on your long-distance rates
by calling AMI Communications, Inc. The plan features low rates
with no monthly plan fee, no time-of-day restrictions and no term or
volume commitments. AMI also offers a variety of products, including
teleconferencing and toll-free service. Call them at (800) 254-3202
and mention that you are a WRA member or visit www.ami.net to
begin enjoying the quality of service and savings AMI provides.
The Wisconsin REALTORS Association has a **NEW** Member Benefit
Agreement with UPS!
Here is what you can save with UPS:
•
Save up to 30% on UPS Next Day Air® and Worldwide Expedited
services
•
Save up to 23% on UPS 2nd Day Air and Worldwide Expedited
services
•
Save up to 18% on UPS 3 Day Select® services
•
Save up to 16% on UPS Ground Commercial services
Please note: WRA Members currently enrolled in the UPS Savings
Program must re-enroll to take advantage of this new exclusive offer.
If you do not have a UPS account, UPS will set one up for you and
e-mail you all the information you need to start shipping. Just take a
few minutes to fill out the short application form available at www.
savewithups.com/enroll. To enroll, use promo code NCR308. If you
have any questions, call UPS at 1-800-325-7000.
news.wra.org
REALTOR NEWSWIRE
®
Mixing Business With Business: Are You
Sending Mixed Messages?
SEL-2010-09, addresses many concerns raised by the
National Association of Realtors (NAR) regarding
the Home Valuation Code of Conduct (HVCC) and
the appraisal policies of the government sponsored
enterprises (GSE), Fannie Mae and Freddie Mac.
Realty Times (07/19/10) Allan, Jennifer
With the economic landscape still unstable, real estate
practitioners may be tempted to supplement their income
with a side business. REALTORS® who decide to pursue
this approach, however, must be warned that crossmarketing products and services that do not complement
each other likely will prove to be an unsuccessful venture.
For example, a realty professional who decides to also
sell beauty products to the same client base could end
up losing credibility with both sets of customers. While
the optimal strategy may be for a REALTOR® to simply
devote 100 percent of his or her time and energy to the
primary business of real estate, those who do dabble
in other areas should at the very least choose to crosssell products and services that are compatible. If that
is not possible, another person should be brought in to
spearhead the secondary business. In cases where neither
of those options will work, agents should refrain from
promoting the two businesses simultaneously, meaning
that they should keep marketing for the two income
streams completely separate -- whether in written
marketing materials or in person, such as by wearing a
REALTOR® pin while hosting a Pampered Chef event.
The guidance states that Fannie Mae requires lenders use
appraisers with geographic competency. Although USPAP
allows an appraiser who does not have the appropriate
geographic knowledge to accept an appraisal assignment,
Fannie Mae does not allow this flexibility. Further, the
announcement states that appropriate communication
with the appraiser is permitted under HVCC and nothing
in the Code or in Fannie Mae appraisal policy requires
the use of third party appraisal management companies
(AMC).
Fannie Mae found that lenders are sometimes reducing
the opinion of market value in the appraisal report.
Appraisal policies for Fannie Mae have been updated
to provide information on steps lenders may take if an
appraisal is found to be deficient. The lender may request
a field or desk review of the report in accordance with the
Uniform Standards of Professional Appraisal Practice
(USPAP). The lender may forgo the review and obtain a
new appraisal.
Fannie Mae offers additional guidance for the use of short
sales and foreclosures as comparable sales. The appraiser
is responsible for determining which comparables are
appropriate for the appraisal report and must account for
all factors that affect value when completing the analysis.
According to the guidance, the appraiser may use a short
sale or foreclosure as a comparable but must identify
and consider differences from the subject property and
cannot assume the properties are equal.
Simple Truths About Selling Real Estate
– Getting Back to Basics
RISMedia (07/19/10) Fialk, David
Real estate agents need to remember the basics about
selling homes, especially in a tough market. They should
work to make a good first impression during the initial
buyer inquiry, showing that they are knowledgeable
and prepared so as to convert the inquiry into an
appointment. At the first appointment, REALTORS®
should have a list of goals, turn off their cell phones to
avoid interruptions, explain the MLS and the showing
process, show how they search for properties and review
the search results, present agency disclosures, and take
other steps to forge a relationship with the buyer. When
it comes to preparing and presenting offers, agents
should contact the listing agent for disclosures and
information about current offers; spell out the contract
presentation process to buyers; focus on the price, as
well as other terms and conditions; and emphasize the
importance of pre-approval letters. The contract should
be structured in such a way that the seller or listing
agent will not question it, which could delay the process.
6 Strategies for a Realistic Asking
Price
Inman News (07/15/10) Ross, Bernice
Listing agents must be prepared for sellers to insist that
their home is worth more than the recommended asking
price and be armed with information to show them that
a realistic pricing approach is best. REALTORS® should
calculate the absorption rate, which considers current
inventory and the owner’s likelihood of selling in a given
month, and detail the holding costs that will accumulate
if homes sit unsold at a time when prices are on the
decline. They also should inform sellers of the priceper-square-foot to get a more realistic number, remind
them that buyers need to qualify for a loan, and consider
nearby properties that have closed and their price-persquare-foot. Finally, REALTORS® can take sellers on a
virtual tour of comparable properties and use online,
third-party pricing tools to show how the asking price is
in line with the market.
Fannie Mae Addresses Appraisal
Concerns
NAR (07/10)
Fannie Mae’s Selling Guide Updates and Additional
Guidance on Appraisal-Related Policies, Announcement
Home Buyers Are Ready to Move From
the Sidelines: Survey
RISMedia (07/15/10)
Although home sales statistics for May reflected a
26.8 percent slump after the federal home buyer tax
credit program ended in April, new research hints at
a forthcoming surge in activity. According to a June
survey by Relocation.com, some families have decided
to rent while they look into opportunities for a new,
more desirable properties in their communities. Of the
60 percent of individuals moving into rental units, for
instance, nearly a quarter were previous homeowners
leasing on a temporary basis while hunting for a new
property to purchase. Moreover, for many of these
households, foreclosure was not the motivation for
moving. “While the housing market continues to flux
from month to month, we’re seeing strong, continued
interest as consumers looking to move start their
research with us,” said Relocation.com Chairman and
founder Sharon Asher. “These findings suggest that more
Americans may be poised to re-enter the housing market
this year.”
Coalition Envisions New Way for
Wisconsin
Kenosha News (WI) (07/14/10) Potente, Joe
The Wisconsin Way’s blueprint for the future envisions a
state with a strong middle class, a growing economy, and a
robust tax base. The coalition, which involves such diverse
interests as the Wisconsin REALTORS® Association
and the state’s biggest teachers union, recently
presented a plan that includes more than 100 specific
recommendations for changes to Wisconsin’s state and
local government systems. Jim Wood, a Madison-based
lobbying and communications consultant and a leader of
the Wisconsin Way, notes that a key strategic initiative
of the plan is building a more comprehensive and
aggressive statewide economic development program;
and it offers recommendations for the state to generate
roughly $480 million in venture capital funding over
10 years. These include such measures as the creation
of a mutual fund dedicated to investing in business
start-ups and expansions throughout Wisconsin and a 1
percent income tax checkoff for a state-managed capital
investment fund. According to Wood, the next step for
the Wisconsin Way is a series of three economic summits
next month and in October. The final one will be held in
Milwaukee and center around issuing concept papers and
recommendations for the governor and Legislature that
will take office after the first of the new year.
REALTOR® Newswire is a monthly news service prepared exclusively for the Wisconsin REALTORS® Association by Information, Inc. Reproduction, use, or inclusion of this material in other publications, products, services or Web sites is not
allowed without prior written permission from the Wisconsin REALTORS® Association.
|
august 2010
5
6
Developing Your
Next Generation
of Clients
The great actor and comedian George Burns once said, “I look to the future
because that’s where I’m going to spend the rest of my life.”
If that acting thing hadn’t worked out so well for him, I think Mr. Burns would
have made a fine businessman. To be successful in any industry (and real estate
is certainly no exception) you have to think carefully about – and act upon – the
future.
If you’re in real estate, it’s very likely the economy over the last couple of years
has caused you to contemplate your future more than usual. No doubt, times
have been a little tougher of late, and yes, that’s a fine reason to consider your
future—specifically, to think about who will be your next generation of clients.
By Bob Corcoran
F
or the last four decades
this has primarily been
baby boomers. Their
impact on society and the
economy has been massive. And
make no mistake; they continue
to wield their financial might
throughout all sectors of the
economy. (The tail end of the
baby boomers is still just 45
years old.)
But when it comes to your
future, you’d be remiss in not
seeking out who’s going to help
you pay your bills (because, as
Mr. Burns so aptly said, that’s
where you’re going to spend the
rest of your life).
So who are the folks who come
after baby boomers? I’m sure
you’ve heard. They’re called
generations x and y, the newest
wave of homebuyers (think
roughly 18 to 40 years old).
In Wisconsin, census figures
estimate that more than 40
percent of the population fall
into this younger age group. So
I say unless you’re in the market
for a dismal future, it’s high
time you began learning more
about these younger real estate
consumers.
Here are four key points I’d like
to share with you that can help
you build a brighter future for
your real estate business:
1. Know your future clients.
It’s rule number one in sales:
know your prospect. Though
younger consumers are, of
course, individuals, they do
share certain traits in common.
That’s something Charlie Wills
knows well. He is a younger
consumer – 31 years old. He’s
also a REALTOR® with First
Weber Group Inc., in Madison.
And he’s been targeting
generations x and y since he
first started in real estate six
years ago.
“What I’ve found is they’re big
picture buyers who are very
analytical in their approach to
real estate,” Wills says. “They
can find information easily and
so they’re much more informed;
sometimes it seems they have
too much information. I’d say
they often have the amount
of knowledge that’s equal to
someone who’s bought a home
before.”
Of course, many haven’t bought
before. And that’s why Peter
Geisheker, CEO of the Geisheker
Group Marketing Firm in Green
Bay, says REALTORS® should
target renters.
7
“They often rent until they get married, so
target people who are newly engaged and
newly married,” he says. “You also want to
really help them understand the mortgage
process, as many young people assume
buying a house is difficult, so they don’t
even try.”
Shakespeare, was that the downfall of a
generation, or did we progress with new and
improved ways to communicate?”
Despite all the new communications tools,
Wills says older REALTORS® can bond with
younger consumers. “My advice is to work
to relate with them. You don’t have to speak
their language, but just connect with them
in a way they like to be.”
Some other words and phrases that describe
younger consumers come from Packaged
Facts, a business that provides consumer
insights: “Scrappy, fiercely independent,
style-conscious, financially responsible,
question authority, prize individuality,
value leisure and family activities over fat
paychecks and are inherently suspicious of
marketing campaigns even as they embrace
products and services that answer their
iconoclastic, resolutely youthful tastes and
needs.”
And one tool he’s found extraordinarily
useful is the smart phone. Wills, who
conducts trainings on how to use technology
in real estate, says some REALTORS® he
knows initially opted against smart phones.
“But when they see they’re not getting
business, then they start using them and it
really helps.”
Another tidbit: communicate quickly.
Mike Zahrt of the Start with Zahrt Team
at First Weber Group in Wausau has been
targeting younger buyers for the past three
years and says younger buyers often have
a short attention span, and they’ll move to
the person who responds first to their calls.
“Remember, the newest buyers don’t really
know a world without the Internet. They’re
used to being able to get any information
that they want in a matter of seconds at any
time of the day.”
2. Adjust how you communicate. For
those of us who remember when phones
actually had dials, we also recall that when we
were growing up and perhaps first entering
real estate, phones were pretty much our
only form of talking with people (outside of
face-to-face and occasional smoke signals!).
Today, of course, we have smart phones,
e-mail, websites, iPods, and so on. And
younger folks aren’t shy about using any
and all of them. In short, they’re serious
communicators.
3. Embrace interactivity. As much as I
believe in the phone, younger buyers often
prefer the computer. Specifically, they
expect websites not only to be informative,
but also highly interactive and, dare I say,
fun. They want exotic virtual tours, eyepopping photos and tons of useful, pertinent
information on neighborhoods. And if your
site doesn’t provide these, they’ll go find one
that does.
And that’s a point Ben Rivard of Coldwell
Banker–Brenizer REALTORS® in Rice Lake
wants to drive home.
Rivard, who explains he’s always targeted
younger buyers, says older REALTORS®
feel younger generations can’t handle social
situations because they don’t spend as much
time communicating in person.
So reevaluate your site to see if it’s
interactive and entertaining enough. Ask
yourself: Does it have a form that lets users
request a wish list items? Do you have a
mortgage calculator? In short, does it have
interactivity and entertainment at every
turn?
“That’s bologna,” says Rivard. He believes
younger generations are communicating “at a
far higher level with more quantity” than any
previous generation in history. “Just because
the medium has evolved into something
unfamiliar or even uncomfortable for past
generations doesn’t mean it’s bad. Younger
buyers require minimal face-to-face, and
prefer to communicate electronically.”
Geisheker says the key with websites is that
they need to educate younger users “in an
interesting way” to keep their attention.
This difference between generations, Rivard
says, is a natural byproduct of progress.
“When people stopped jotting down
thoughts on cave walls or speaking like
8
Besides websites, though, Facebook, the
social networking tool, has proven to be
yet another interactive avenue for millions,
|
august 2010
though it’s certainly not the end-all be-all
for REALTORS®.
Zahrt, Rivard and Wills all say they have a
presence on Facebook, but they agree it’s
just one way among many to communicate.
“I use it more as a tool to stay in front of
potential buyers instead of trying to recruit
buyers,” Rivard says. “I believe if they’re
continually reminded that I’m a REALTOR®,
when the need arises, I hope the connection
will be etched in their minds.”
Zahrt says he’s had “some great results”
with Facebook, but adds, “the key is that
it, like any other tool, needs to be part of a
larger marketing plan. If I were to use only
Facebook, or any other tool for that matter,
I don’t believe I’d reach a very high level of
success.”
4. Reallocate your ad budget. There’s a
distinctive sound I bet some of you older
readers (like me!) remember fondly: the
sound of the newspaper landing in the
driveway. Many younger folks don’t know
that sound. That means eyeballs aren’t
where they used to be.
Geisheker agrees and says younger people
“are now using the Internet far more than
reading the newspaper or local real-estatefor-sale magazines. People in their 20-30s
live on the Internet and if you want their
attention, you need to go where they are.”
So now many agents and brokers are
spending money online; specifically, on
electronic billboards, banner ads, e-mail
marketing and the like. Another avenue
Geisheker and many other marketing
experts are touting are the pay-per-click
campaigns (you only pay when a user clicks
on your ad) such as Google Ad Words; and
they’re proving to be a cost-effective option
for those who lack larger ad budgets.
And consider putting money toward search
engine optimization (SEO). Your website
can be the best site in the world, but if no
one sees it, it might as well not even exist.
“You have to make yourself very easy to find
on the Internet,” Geisheker says. “Good SEO
can yield high rankings for the search phrase
you want to be found for, such as ‘Madison
Wisconsin real estate for sale.’”
How do you get found? Search engines.
news.wra.org
Google, Yahoo, MSN/Live and Ask.com are a few of the top
ones. Take time now to submit your website’s URL to them:
•
Google: http://www.google.com/addurl/
•
Yahoo!: http://www.search.yahoo.com/info/submit.html
•
MSN Live: http://search.msn.com/docs/submit.aspx
Consider putting money toward search engine optimization (SEO). Your website can be the best site in the world, but if no one sees it, it
might as well not even exist.
Wills says that while he does advertise on the Internet, his
communications with potential clients are geared more toward
“useful information versus just traditional ads that tout my
services.”
“I explain what’s going on in the market over the last quarter in
the different areas, financing news, anything relevant,” he says.
But Wills goes on to make a point I think is vital in working not
only with young people but with anyone.
“I truly believe it comes down to the little things. Everyone wants
to be thought of, so I work to remember the small stuff: birthday
and anniversary cards, handwritten notes, that kind of thing.
It’s the little touches of what I call ‘appreciation marketing.’”
Everyone latches on to that kind of attention.”
I couldn’t agree more.
And because I began with a quote, I’ll end with one as well. It
comes from the great business guru Peter Drucker who once
said, “The best way to predict the future is to create it.”
And that’s my parting note to you now: go out and create
your best future. And please feel free to e-mail me at Bob@
CorcoranCoaching.com (yes, that’s how this old guy is
communicating these days, too!) if you have any thoughts on
this article or if you would like a copy of our Buyer Information
Sheet.
Best of luck to you!
Bob Corcoran is a nationally recognized
speaker and author who is founder and
president of Corcoran Consulting Inc.
(CorcoranCoaching.com, 800-957-8353),
an international consulting and coaching
company that specializes in performance
coaching and the implementation of sound
business systems into the residential or
commercial broker or agent’s existing
practice.
Sign up for your complimentary business consultation at
www.CorcoranCoaching.com/bpw.php. We look forward to hearing
from you.
legal
Caution:
Slippery Slope Ahead
Legal Concerns Relating to Texting
By cori lamont
D
uring the recent statewide young REALTORS® focus
groups conducted by Chairman of the Board-Elect John
Horning, a majority of participants said they marketed
properties through the use of Facebook, LinkedIn and Twitter.
They also stated that text messaging was the most common method
of communication with the consumer. Some of the most popular
reasons cited for texting included confirming a meeting time or
scheduling and suggesting properties.
For most of us, technology plays a huge part in both our social and
business worlds. A concern for the real estate agent, however, is the
increased role technology has played in legal matters. Over the course
of the last few years, we have seen technology begin to play a bigger role
in the court room. Attorneys now utilize text messages and postings
on Facebook and other social networking sites as evidence in divorces,
criminal trials and employment matters.
While it was no surprise that the majority of communication by young
REALTORS® is accomplished by text message, it does raise the question:
what, if any, are the legal consequences of texting for real estate licensees?
The following discussion is an attempt to make you think before you
text the consumer.
10
|
august 2010
In April 2009, Michael Antoniak wrote an article for REALTOR®
Magazine that provided tips for the texting agent entitled, “Tech Watch:
Reach Out and Text Someone.” Below are some of those tips:
•
Texting is not just for the young – it is done by all ages.
•
DO NOT text without permission – Ask clients if you may send
them a text message.
•
Learn the lingo – See Webopedia www.webopedia for commonly
used terms.
•
Be considerate – Do not fall for the addictive qualities that texting
may produce. If you continuously respond immediately to clients,
they will always expect it.
•
Set limits – Establish a schedule of when you will be available.
The entire article is located at www.realtor.org/rmotechnology/
techwatch/columns/00904_techwatch_texting.
When dealing with the ever-evolving world of technology there are
always challenges. And while texting is easy, it does come with some
potential legal risk. One noteworthy item to consider: currently there is
no Wisconsin case law that addresses texting in a real estate transaction.
news.wra.org
Here are a few things to consider before texting a consumer.
4.
Be careful where you text
1. Wisconsin’s new ban on texting or e-mailing while driving is
effective December 2010. An individual caught sending an e-mail
or text message while driving could be fined anywhere from $20 to
$400. When Governor Doyle signed this into law in May, Wisconsin
became the 25th state to enact such a ban. This ban will be included in
Wis. Stat. §§ 346.89(3) and 346.95(11).
iv. State Anti-Spam Laws: The CAN-SPAM Act is intended
to preempt – or replace – state anti-spam laws, but states
are allowed to enforce the parts of the CAN-SPAM Act
restricting non-wireless SPAM. Also state laws prohibiting
fraudulent or deceptive acts and computer crimes remain
in effect.
Be careful what you text
1.
Keep it simple. Do not discuss confidential or transaction information.
E.g., do not negotiate with your consumer via text.
2.
Advertising rules apply.
a.
v.
Wis. Admin. Code § RL 24.04(1) Licensees shall not advertise in
a manner which is false, deceptive, or misleading.
b.
The Code of Ethics applies to text messaging.
c.
CAN-SPAM Laws
i.
ii.
Wireless Domain Name List: To help enforce its ban, the FCC
required all wireless service providers to provide all Internet
domain names used to transmit electronic messages to
wireless devices. The FCC published this list on its website
at www.fcc.gov/cgb/policy/DomainNameDownload.html.
Non-exempt senders of commercial e-mail messages are
prohibited from sending them to any Internet domain
name on this list without the recipient’s express prior
authorization. These senders have 30 days from the date
the domain name is posted on the FCC site to stop sending
unauthorized commercial e-mail to Internet addresses
containing the domain name. Wireless service providers
must add new domain names to the FCC’s list within 30
days of activating them.
FTC Rules/FCC Enforcement: The FCC can enforce the
FTC’s restrictions on any commercial e-mail message sent
to a non-wireless device, such as a desktop computer, if:
1.
The sender is a communications company (telephone,
radio, paging, cable, or television company), or;
2.
The message advertises or promotes a product or
service of a communications company.
3.
Identification – Unsolicited commercial e-mail sent to
non-wireless accounts must be clearly identified as a
solicitation or advertisement for products or services.
2.
Offering a Way to Reject Future Messages – Commercial
e-mail senders must provide easily-accessible,
legitimate ways for recipients to reject future messages
from that sender.
3.
Return Address – All commercial e-mail, and e-mail
considered transactional and relationship messages
(about existing transactions), must contain legitimate
return e-mail addresses, as well as the sender’s postal
address.
|
august 2010
Resources:
1.
The information above was provided by www.fcc.gov/
cgb/consumerfacts/canspam.html.
2.
August 2005 “Federal Laws Impacting REALTOR®
Practice,” Legal Update at www.wra.org/Legal/Legal_
Updates/pdf/2005/Aug2005LU.pdf.
Do not discriminate. Fair Housing laws, along with all other state and
federal laws, apply to text messages.
Record Retention
1.
Wis. Admin. Code § RL 15.05 requires, “A broker shall retain for at
least 3 years exact and complete copies of all listing contracts, offers
to purchase, leases, closing statements, deposit receipts, cancelled
checks, trust account records and other documents or correspondence
received or prepared by the broker in connection with any transaction.
The retention period shall run from the date of closing of the
transaction or, if the transaction has not been consummated, from
the date of listing. The broker shall make these records available for
inspection and copying by the department. If the records are retained
outside this state, the broker shall, upon request of the department,
promptly send exact and complete copies to the department.”
2.
The challenge with text messages is the ability to document the
conversation, which may create difficulty in producing them at a later
time. The following may be one of the ways to successfully print a text
message.
a.
Attempt to send it to your e-mail address by opening the
message, forwarding it and entering your e-mail address rather
than a phone number. The issue with this process may be proving
who sent the original text since you are forwarding the text from
your phone number.
b.
Try connecting a data cable to a computer that may permit
transfer of the messages to a computer, save them and print.
iii. The FTC’s rules require:
1.
Subject Lines – Commercial e-mail senders must
use subject lines that are accurate. Using misleading
or bogus subject lines to trick readers into opening
messages is prohibited.
3.
Cell phone providers should have a record. However, most will only
provide a detailed text message with a court order. It is also unclear
the length of time the provider will keep the detailed message.
4.
Check your company policy regarding text messaging the consumer
and retention of the communication.
Cori M. Lamont is Director of Brokerage Regulation and Licensing for the WRA.
11
legal
best of the legal hotline
with tracy rucka
The following questions were recently asked of the WRA Legal Hotline:
Piers as Fixtures
When the listing contract was signed, it stated that a pier was included.
When the offer was drafted, the pier was not mentioned as an inclusion. Is
it included with the property?
The newly revised WB-11 Residential Offer to Purchase informs buyers
and sellers that the offer, not the listing or marketing materials,
determines what is or is not included in the sale. The WB-11 definition
of “fixtures” includes docks and piers on permanent foundations and
so they are automatically included in the sale unless explicitly excluded.
Therefore, if the pier is on a permanent foundation it is included. If, on
the other hand, it is removable or portable, then it would need to be
specifically listed as an inclusion to be part of the sale.
Pier Registration
The buyer is looking at a waterfront property that has a huge pier. Does the
pier need to have a permit?
The Pier Protection Act signed into law in 2007 made changes to Chapter
30 of the Wisconsin Statutes regulating piers. Most piers don’t need a
permit. Some piers that exceed stated size limits can be grandfathered
if registered no later than April 1, 2011. The need for registration is
determined, in part, by length, width, platform size, number of boat
slips, location and date of first placement.
A pier eligible for registration (1) must have been placed before
February 6, 2004; (2) have a main stem that is no more than 8 feet wide;
(3) have a loading platform at the end of the pier that is no more than
200 square feet, or no more than 300 square feet if it’s no more than 10
feet wide; and (4) does not interfere with the rights of other riparian
owners. If the existing pier meets these criteria it can be registered with
the Department of Natural Resources (DNR) by the April 2011 deadline.
Another alternative is for the buyer to bring the pier into compliance
with Chapter 30 parameters for exempt piers. If the pier does not meet
12
|
august 2010
the standards for an exempt pier and is not registered by April 2011,
then the owner may need to apply to the DNR for a pier permit.
A complete list of these standards is contained in the pier grandfathering
article in the May 2010 Wisconsin Real Estate Magazine at http://
news.wra.org/story.asp?a=1316. In addition, the DNR publications
“Wisconsin’s Pier Regulations: Everything you need to know for 2010”
at http://dnr.wi.gov/waterways/factsheets/Piers2009.pdf and the “Pier
Planner” at http://dnr.wi.gov/waterways/factsheets/pierplanner2009.pdf
include permit and exemption information.
Buying Waterfront Property
The buyer is considering a waterfront parcel of land. What should the
buyer consider before purchasing if they want to improve the home, do
landscaping and make other changes?
There are both benefits and limitations to consider when purchasing
riparian or waterfront property. Projects will be subject to county and
local shoreland zoning ordinances. Ordinances may require the buyer to
obtain permits, limit uses or prohibit some types of development within
the shoreland zoning area. Shoreland zoning ordinances are designed
to balance the property owner’s interest in development with the need
to protect lakes, streams, water quality and wildlife habitat, and the
rights of the public to use public waterways. Although riparian rights
include the use of the shoreline, access to the water and reasonable use
of the water, any private use must coexist with the Wisconsin Public
Trust Doctrine that requires the state to protect the public right to
Wisconsin’s waterways.
Before beginning any project, the buyer may consult with the DNR
“Activity Atlas” which allows riparian owners to learn what may be
done and what permits or limitations there may be by project type.
The Activity Atlas may be found at http://dnr.wi.gov/waterways/help/
activity_index_text.html. In addition, the buyer must comply with
county and municipal zoning ordinances.
news.wra.org
Eurasian Milfoil
The broker has heard that there is Eurasian milfoil in a lake in the area. Is
this something that must be disclosed to a buyer?
Real estate licensees must disclose material adverse facts and information
suggesting material adverse facts promptly and in writing. Whether
the existence of Eurasian milfoil (see http://dnr.wi.gov/invasives/fact/
milfoil.htm) or any other aquatic invasive species is a material adverse
fact is a judgment the licensee makes after considering all of the facts
and circumstances in the situation.
If the agent, as a competent licensee, knows that the presence of
Eurasian milfoil in the lake: (1) has a significant adverse affect on the
value of the property, (2) significantly reduces the structural integrity
of the property, (3) presents a significant health risk to the occupants
of the property, or (4) is information that indicates that a party to the
transaction is not able to or does not intend to meet their obligations
under the contract, then it is an adverse fact. If a party to the transaction
indicates, or if a competent licensee would generally recognize, that the
presence of Eurasian milfoil is of such importance that it would affect a
reasonable party’s decision to enter into a contract, or would affect the
party’s decision about the terms of the contract, this fact is both adverse
and material. If that is the case, then Wis. Admin. Code § RL 24.07(2)
requires the licensee to disclose the fact in writing to all parties to the
transaction in a timely way, even if the client would direct the licensee
not to disclose.
If the licensee knows or is aware of information suggesting the
possibility of a material adverse fact, Wis. Admin. Code § RL 24.07(3)
states that the licensee will be practicing competently if the licensee
makes timely written disclosure of the information suggesting the
material adverse fact to all parties to the transaction, recommends the
parties obtain expert assistance to inspect or investigate for the possible
material adverse fact, and, if directed by the parties, drafts appropriate
inspection or investigation contingencies.
Information about invasive species is available from the DNR at
http://dnr.wi.gov/invasives/.
The DNR Resources for Waterfront Property Owners website
contains links to laws, regulations, shoreland management
practices and other DNR resources at http://www.dnr.wi.gov/
org/water/wm/dsfm/shore/property.htm.
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august 2010
Private Septic Systems and Wells
A buyer is considering purchasing a lakefront cabin and
wonders what additional inspections or tests should be done
given that the property is not on city sewer and water?
The WRA Addendum B has been designed to address many
well and septic requirements for a rural property sale.
Septics/POWTS
Brokers working with buyers on rural property must be
aware of any local requirements for POWTS (private onsite
wastewater treatment systems). Many municipalities
are beginning to enact their own rules and ordinances
regulating POWTS and other property features, so it is best
that the parties check with county and municipal zoning
authorities to see if there might be additional septic and well
requirements that may apply to the property. For instance,
in a few counties, POWTS inspections are required when a
property is sold and the inspector is required to submit a
copy of his or her report to the municipality. This is being
done in an effort to build an inventory of POWTS records.
Well Water and Wells
The Addendum B provides for safe water testing. The key
is for the real estate licensee to know what tests may be
appropriate given the presence of contaminants in the local
area. For example, higher levels of radium have been found
in wells in the sandstone aquifers that run from the Green
Bay, Wisconsin area to the Illinois state line.
Buyers with questions may be directed to the DNR website
at
http://dnr.wi.gov/org/water/dwg/priweltp.htm
for
information regarding other substances for which they may
wish to test. Additional resources discussing contaminants
in well water include pages 4-10 of Legal Update, February
2010, “Drinking Water and Wells,” online at www.wra.
org/02.10. The DNR brochure, “Tests for Drinking Water
from Private Wells,” online at http://dnr.wi.gov/org/water/
dwg/pubs/TestsForWell.pdf, is also loaded with useful
information for consumers and REALTORS®.
13
Shared Well Agreements
When the seller has a property with a shared well agreement, is it transferrable to
the next buyer? Do the parties have to re-write the agreement between the new
owner and the old neighbor?
Shared well agreements may be as informal as a verbal agreement between
neighbors or may be drafted by attorneys and recorded. In transactions with
shared wells, it is in the parties’ best interest to have a written agreement and
know the terms of the agreement and whether it is assignable. In many cases
when the buyer is seeking financing, a recorded shared well agreement may be a
condition of obtaining the loan.
Taking this into consideration, the WRA Addendum B includes a shared well
provision that requires the seller, at the seller’s expense, to provide the buyer with
a shared well agreement that provides standards for the operation, maintenance,
water testing, repair and use of the well for residential purposes, and the prorata
sharing of costs and responsibilities among all parcels served by the well. Other
issues that might be addressed include major improvements and the eventuality
of well closure if the parties want to include such terms and conditions as a
condition of the sale.
More information about wells, shared wells, POWTS and the WRA Addendum
B is available in the April/May 2008 Legal Update “Addendum B Revisions: Wells
and POWTS” at www.wra.org/LU0804.
Tracy Rucka is Director of Professional Standards and Practices for the WRA.
14
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august 2010
news.wra.org
legal
Let’s make a deal:
Purchasing Properties
at Auctions and
Sheriff’s Sales
By debbi conrad
|
august 2010
Ever been approached by a buyer who has been watching
infomercials on late night T.V. and has heard he can buy
a home “on the cheap” if he bids at a foreclosure sale?
The first thing to do in such as situation is to find out if this
prospect is talking about buying a property at an auction
conducted by an auction company, either in person or
online, or buying a property at a sheriff’s sale.
Both auctions and sheriff’s sales can be intimidating and
there are dangers lurking for the uninformed. Finding a
good buy is possible, but it requires thorough preparation
and homework. The key is to find out as much as possible
about the property, including title, extent of repairs needed
and value, before any bids are placed.
15
Auctions
Who is the Seller? Properties sold at auction may be REOs or real
estate-owned properties that lenders have acquired at sheriff’s sales
because there was no other bidder willing to pay more than the total
amount due on the lender’s mortgage. The seller at auction might also
be an investor trying to quickly resell properties purchased in bulk.
Other auction properties are not foreclosures or distressed properties
and even may be brand new. Sellers are attracted to auctions because
they are quick, efficient, public and generally set a valid market price.
“As-is.” Auction properties are almost always sold in “as-is, where-is”
condition. This means that prospects looking at REO properties have
to be extra cautious. The former owners of distressed properties were
in financial trouble and likely not focused on home repair. Some angry
homeowners may have damaged the home or ripped out appliances and
property components.
Open house previews. Fortunately, most auction companies hold
open houses before the auction. A prospect should inspect a property
before bidding on it, ideally bringing a home inspector or rehab
contractor along to find hard-to-spot damage and help estimate repair
costs. A property at a lower price is no longer a bargain if the repair and
renovation costs will be high.
Bidder’s package. Often the prospect will receive a bidder’s package
while at an open house. The bidder’s package normally includes
the contract that will be used by the winning bidder to purchase the
property. These contracts usually are “as-is” with no contingencies and
no attorney review provision. The buyer will have approximately 30-45
day after acceptance to secure funding (if not already done) and close.
Prospects can take the contract to their attorney for review before
the auction. The bidder’s package may also contain copies of a home
inspection report, a survey and floor plans and a title report. A home
warranty might be offered.
REO properties often have title issues, so a buyer should also have a title
search report prepared if there is no report in the bidder’s package or if
it is not current. A bargain price evaporates quickly if the buyer must
pour money into outstanding taxes, liens and encumbrances.
Neighborhood Comps. Find out the recent selling prices on
neighboring homes. Real estate agents can provide these “comps,” which
show what comparable homes in the neighborhood are selling for.
Auction Tips
1.
16
Observe first. Both real estate agents and prospective buyers
should first attend and watch a real estate auction before actually
going to bid.
2.
Registration and rules. Contact the auction company conducting
the auction to verify the requirements of the sale and get registered.
Advanced registration, sometimes at least 24 or 48 hours before
the auction, is often required.
3.
Types of bidding. The bidding for any given property may be
absolute, with reserve or a minimum bid format. In an absolute
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august 2010
auction, the property goes to the highest bidder, regardless of price.
In a reserve auction, the seller retains the right to accept or reject
the high bid after the auction has concluded. In a minimum bid
auction, the public is made aware that the seller has set a minimum
bid and is not obligated to sell to anyone bidding any less.
4.
Auction format. Traditional bidding starts with the auctioneer
asking for an opening bid and then the price increases until the
highest bid is reached. The most familiar auction is an open outcry
auction, but auctions can also be conducted using sealed bids,
online bids or a combination of these techniques.
5.
Bidder deposits. Bidders must bring a 5-10% earnest money
deposit—for instance, a certified check made payable to the bidder,
to show that they are serious. The successful bidder signs the check
over to the auction company. This nonrefundable earnest money
will be lost if the buyer cannot close.
6.
Buyer surcharge. The buyer’s fee or surcharge is an amount of
money, usually based on a percentage of the successful bid, charged
to the successful bidder and either added to the successful bid to
determine the final selling price or paid separately by the successful
bidder in addition to the successful bid.
7.
He who hesitates. When several bidders are competing for a
property, a wise buyer will wait until the bids start to die down
before bidding. Realize that the first few properties offered often
sell for less because most bidders are trying to get a feel for pricing
patterns before jumping into the fray.
8.
Dress like a banker. Some buyers like to dress like bankers and
arrive early to position themselves near the auctioneer so other
bidders will assume they’re representing the lender and possibly
shrink back from a bidding war.
Sheriff’s Sales
Sheriff’s sales mark the final stage of the foreclosure process. Sheriff’s
sales are open outcry sales with no sealed bids. The successful bidder,
upon full payment and judicial confirmation, will receive a sheriff’s
deed. The rule of Caveat Emptor (“let the buyer beware”) is in full force
at sheriff’s sales.
Notice published. Sheriff’s sales are advertised in the newspaper
once for each of the six weeks prior to the date of sale. Written notice
describing the properties to be sold are also posted in three public places
in the town or municipality (1) where the real estate is to be sold and (2)
where the real estate is situated at least three weeks prior to the sale.
Peeking through the window. The sheriff’s office does not know
whether or not the properties for sale are occupied and cannot give
permission for prospective bidders to enter and inspect the home. Some
people drive to the house and look in windows when no one is around
or talk with neighbors. This may help a buyer find out a bit more about
the home’s interior but it also might result in trespass charges. A drive
around the neighborhood, however, may be instructive because a home
in a neighborhood where there are a large number of foreclosures may
lose value as prices are probably still dropping.
news.wra.org
ATTENTION HOMEBUYERS . . .
“Both real estate agents and
prospective buyers should first
attend and watch a real estate
auction before actually
going to bid.”
100%, NO DOWN PAYMENT
Financing is Available
 No Down Payment.
 No Private Mortgage
Insurance.
 Closing costs and repairs
can be financed.
 Affordable 30 - 38 year
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Sheriff’s deed comes with no guarantees. The sheriff’s deed is a
quitclaim and may not give clear title to the property – each property is
sold subject to any restrictions not removed in the foreclosure action.
Consequently, a title search is recommended before a bid is made. If there
is a legal question, an attorney should be consulted. Some sheriff’s sale
buyers have found themselves obligated for past-due taxes, IRS liens or
construction liens, and some discovered they were responsible for evicting
property occupants.
Ten percent down. The highest bidder at the sale shall be the buyer, who
must pay 10% of the total bid in cash or with a certified check or money
order immediately after the sale. Upon judicial confirmation of the sale,
the highest bidder must pay the balance of the sale price. The court then
pays the parties entitled to the sale proceeds and delivers the sheriff’s
deed transferring ownership to the highest bidder. If the buyer fails to
pay the balance of the sale price within 10 days after the confirmation of
sale, the deposit is forfeited and a resale is held. The purchaser must pay
the recording fees and Real Estate Transfer Fees when the sheriff’s deed is
recorded.
Agent Best Practices
The agent will be wise to sign this infomercial-watching prospect to a buyer
agency agreement. Cooperating agents should attend pre-auction open
houses with buyers, help buyer-clients determine the market value of the
property prior to the auction, assist the buyer with auction registration
and strategy and attend the auction with the bidder. Many auction
companies pay cooperative commissions when the property closes. Be sure
to check with the auction company regarding commissions and pre-auction
registration requirements.
While many auctioneers will pay commission to agents working with
successful bidders, the same is not true at a sheriff’s sale. The buyer will
have to pay any fee due to the broker out-of-pocket.
•
For more information about auctions see the July 2007 Legal Update,
“Real Estate Auctions,” at www.wra.org/LU0707 and Legal Update
97.10, “Real Estate Auctions,” at www.wra.org/LU9710.
•
For more information about sheriff’s sales, read Legal Update 99.05,
“Mortgage Foreclosures,” at www.wra.org/LU9905 and pages 12-15
of the March 2009 Legal Update, “Working with Distressed Sales,” at
www.wra.org/LU0903.
Debbi Conrad is Senior Attorney and Director of Legal Affairs for the WRA.
|
august 2010
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17
education
Short Sales & Foreclosures:
What Real Estate Professionals Need to Know
September 26, 2010
Core course for SFR Certification and ABR Elective
WRA Convention - Wisconsin Dells
For many real estate professionals, short sales and foreclosures represent
the new “traditional” real estate transaction. Knowing how to navigate the
complexities of short sales as well as how to identify the distinct real estate
opportunities in foreclosure are not merely good skills to have in today’s
market; they are critical. This course will help you evaluate all available options
for distressed homeowners and identify the components of an effective
short-sale package. This course looks at how you can counsel buyer-clients
in the purchase of foreclosure properties. And as a practical resource, this
course shows you how consumers can avoid foreclosure in the future.
For more information, visit: www.wra.org/Convention2010
GREEN (2-Day) Course
August 18-19, 2010
WRA Headquarters - Madison
NAR’s GREEN designation gives you the
tools you need to guide clients through
buying, selling, or building in the sustainable
marketplace. You will learn how to explain
to your clients what makes a home, building
or property green; list and market green
properties; determine the energy efficiency of a property, and more. For
more information, visit: www.wra.org/Green
Ninja Selling
September 26, 2010
A powerful one-day seminar that teaches
you a system of selling based on building
relationships, listening to the customer
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satisfaction and improve the quality of your life. For more information, visit:
www.wra.org/Convention2010 One credit toward CRS Designation.
CI Intro to CCIM
September 26-27, 2010
This updated introductory course provides
an overview of the key aspects of commercial
investment real estate. In two days you will
be introduced to the many facets of the
dynamic commercial investment real estate
field. Course requires an HP10BII calculator.
Fulfills 9 credits of the 2009-2010 Continuing Education (Courses 1, 2 and 4).
For more information, visit: www.wra.org/Convention2010
18
|
august 2010
GREEN Residential Elective
August 20, 2010
WRA Headquarters - Madison
NAR’s GREEN Designation Residential
Elective Course gives you the knowledge and
awareness of green building principles applied
in residences so that you can guide buyerclients in purchasing and retrofitting green
homes as well as help sellers by listing and marketing green properties. For
more information, visit: www.wra.org/Green
Ninja Selling: Life Planning
September 27, 2010
Builds upon the career-and-life-changing ideas
from the number one real estate company
nationwide in average agent production. 1 credit
toward CRS Designation. For more information,
visit: www.wra.org/Convention2010
CRS 111: Short Sales &
Foreclosures
September 27, 2010
This program was created to provide
REALTORS® with sufficient information to
provide competent counsel and service
to homeowners in the challenging time of
foreclosures and short sales. It will in turn create another profit center
for you by increasing your potential to sell and list distressed properties
and better protect client’s interests.. For more information, visit:
www.wra.org/Convention2010
news.wra.org
Course Schedule
Visit wra.org/CourseSchedule for full schedule.
Sales & Marketing Management DateCourse
Location
*Fulfills
core education for NAR new Short Sales
and Foreclosure Resource (SFR) certification
August 18-19, 2010
** Early registration applies two weeks prior to
August 20, 2010
the start of the course.
***Includes
Convention Registration.
# Appraiser section members receive a discount.
September 26, 2010 September 27, 2010 GREEN (2-day)
Madison 285
1-day GREEN Residential Elective
Madison 130 Ninja Selling and Ninja Selling: Life Planning Wisconsin Dells ***340
CI Intro to CCIM
Wisconsin Dells ***340
*1-day ABR Elective: Short Sales & Foreclosures Wisconsin Dells ***179
*CRS 111: Short Sales & Foreclosures: Protecting Wisconsin Dells ***179
Your Clients Interests (CRS Core 1-day class )
Conference and Conventions
DateEvent
September 26-28, 2010 WRA Annual Convention
Real Estate Continuing Education Classroom offerings of the 2009-2010
Approved
for Minnesota Real Estate Credit.
295 315
140 160
350 370
350 370
189 209
189 209
Wisconsin Dells - Kalahari Resort
To register call 800-279-1972
Course
Location
August 6, 2010
August 12, 2010
August 13, 2010
August 18, 2010
August 19, 2010
August 25, 2010
August 26, 2010
September 1, 2010
September 1, 2010
September 8, 2010
September 8, 2010
September 9, 2010
September 15, 2010
September 15, 2010
September 16, 2010
September 16, 2010
September 22, 2010
September 22, 2010
September 23, 2010
September 23, 2010
September 26, 2010
September 27, 2010
September 27, 2010
2009-10 Courses 1 & 2
2009-10 Courses 1 & 2
2009-10 Courses 3 & 4
2009-10 Elective A & E
2009-10 Courses 3 & 4
2009-10 Courses 2 & 1
2009-10 Courses 1 & 2
2009-10 Courses 4 & 3
2009-10 Courses 3 & 4
2009-10 Courses 2 & 1
2009-10 Commercial 1 & 2
2009-10 Electives D & E
2009-10 Courses 4 & 3
2009-10 Course 1 & 2
2009-10 Commercial 3 & 4
2009-10 Electives A & C
2009-10 Electives D & E
2009-10 Course 3 & 4
2009-10 Electives B & E
2009-10 Course 1 &2
2009-10 Courses 3 & 4
Madison Brookfield Madison Stevens Point Brookfield Madison Brookfield Madison West Bend Madison West Bend Brookfield Brookfield Madison Brookfield Lake Geneva Brookfield West Bend Brookfield Lake Geneva Wisconsin Dells Wisconsin Dells Wisconsin Dells Date
ATD
$
Location
Date
Elective A: Risk Reduction
Elective B: 1031 Exchanges and Exchange Opportunities Elective C: Condominiums
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Elective D: Landlord/Tenant and Property Management
Elective E: Financing the Sale
Course
September 28, 2010 Foreclosures and Short Sales 8:30 – 4:30
Challenges and Solutions
(submitted for approval)
DateCourseLocation
August 9-12, 2010
Broker Pre-License Course 8:00 - 5:00 Madison
October 4-7;11-14, 2010 Sales Pre-License Course 8:00 - 5:00 Madison
Location
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$164 - Non Member
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|
august 2010
19
Realtor® sales tip
Our Duty to
Mother
Earth
With the recent gulf oil spill still profoundly impacting our shores, I can’t help but share my
thoughts concerning our role as REALTORS® when assisting with the purchase and sale of
property that may be impacted by the environment.
No matter what area of our nation we live in, we all have some
sort of environmental duty to our customers and clients when
it comes to assisting them with their due diligence when
By marcus a. wally
purchasing land, whether improved or unimproved. Remember
the saying: Ignorance is not bliss!
Many times I have heard agents tell a customer that a listing
on one acre is fully buildable. I cringe as I think to myself, how
does this agent know that the full lot is indeed buildable? Our
answer must always be, “Wetland delineation and other tests
can be run to determine whether wetlands are buildable.” If
we answer in any other manner, we are misleading and
performing a disservice to our customers/clients.
Generally speaking, the definition of land that holds water is
wetlands and the opposite is uplands. Uplands are the area of
land that are high and dry and what we would consider as the
buildable part of the parcel.
Because I practice in Florida, my standard line is, “Our entire
state is almost under water!” So it pays to do your homework
when purchasing any type of property.
Today it is possible for a real estate professional to walk a
piece of property with a prospect and not even notice wetlands.
Unless we are specifically trained to recognize certain ferns
and other plants that live in a wet environment, we may well
be in an area designated as “wetlands,” but walking in an area
that appears to be high and dry to us.
20
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august 2010
Hence the need for a well-trained environmental specialist to
be part of your team. I have a good buddy without whose
advice I don’t make a move. I offer his business card to all who
are considering buying a property and may need his expertise
and guidance. It’s much too risky today to try and sell a
property without the proper due diligence. There are just too
many unknowns…including endangered animals.
In a coastal area such as Florida, we of course have beach
erosion. Every so often, the ocean takes away the beach sand
and leaves our beaches much narrower.
Now we all know that the word “erosion” means loss of land,
so what about the gain of land? When I am selling a beachfront
property, it is my duty to bone up on the areas of my town that
have a history of severe beach erosion and alert my prospects
to this. In fact, in some of the parcels that lie east of the CCCL
(coastal construction control line), an owner must not only
have a written disclosure statement, but may be prevented
from rebuilding should a disaster occur.
In addition, the government may not offer to compensate the
property owner for their loss. Imagine losing your property to
Mother Nature and not being allow to rebuild and additionally,
not having any reimbursement money for your claim. Now
that’s scary!
Now here’s a concept to consider: ever heard of the opposite
of erosion? We call it “accretion.” One of the most fascinating
experiences I have run across in my 20-plus-year career was
news.wra.org
a large track of oceanfront land that was owned for
a number of years by one family. A few years ago,
the family decided to sell to a large developer who
would turn this grand track of land into a very
upscale seaside community. The family listed the
land based on the survey that was performed at
the time of purchase. You can only guess what’s
coming…
A buyer was found and a contract was negotiated.
During the due diligence phase, the buyer
discovered that the land had accreted dramatically.
At least 5 additional acres of land—OCEANFRONT
land—was now present (existing) when the final
survey was completed. Now, multiply the priceper-foot of oceanfront property by the additional
land that had accreted (grown). Now that’s some
big bonus bucks! That must have been a very
happy buyer.
Speaking of big bucks, anytime a parcel of land is
being purchased for development, significant
money should be invested to protect the buyer
from land that could possibly be contaminated.
Many states have lists of contaminated sites
available for review. Go to
http://dnr.wi.gov/org/aw/rr/gis/
Phase II environmental site assessment to pinpoint
the exact areas where contamination are present.
And we’re not just talking about former gas station
sites. Dry cleaners, food establishments, marinas,
city and federal buildings, strip malls, etc. all may
have some sort of contamination on-site. This
could keep the site from being developed until the
clean-up is complete. And clean-up is timeconsuming and costly.
It always amazes me that some buyers of real
property are not inclined to purchase governmentbacked (FEMA) flood insurance unless the lender
requires it. In my experience, when a storm strikes,
it does not seem to matter whether or not your
property is located within a flood zone or not. If it
strikes your area, chances are you may suffer
damage/loss/flooding.
Many families have sustained severe property
damage from a North Easter or extremely heavy
rains, but not a “named storm” or hurricane. So my
practice is to educate all my customers on the
value of purchasing flood insurance even if the
property they are buying is not located within a
designated flood zone. This type of insurance is
regulated and priced by the federal government, so
you don’t shop around for the costs as they are the
same no matter what agency sells you the policy.
One last element worth mentioning is our
endangered/threatened species. When we speak
of the environment, we must also consider our
animal friends that count on us to protect them
while we transact real estate. Each area has its
own unique species that need protection, whether
it is eagles, scrub jays, gophers, etc.
Recently, I listed a vacant lot for a local bank. Upon
my arrival at the lot to perform my CMA, I noticed a
tall pine tree with a large nest in the top. I could see
baby birds poking their heads out. Did this nest
belong to an endangered species? Would my new
listing be saleable?
Looking out for the interest of others is part of our
Code of Ethics and in the name of full disclosure,
be extremely careful when working with our
environment. You could make the difference!
Marcus A. Wally, MBA, is an active Florida
REALTOR® in St. Augustine, Florida. Marcus is the
founder and broker of New World Realty, which also
manages coaching and facilitation of education
classes around the world. Marcus earned his MBA
from the University of North Florida in Jacksonville.
He can be reached at (904) 669-1081 or by e-mail
at [email protected].
for a list of contaminated sites here in Wisconsin.
This is super information to have under your cap
for your customers/clients.
One of the first items to be tackled during the
homework phase of a raw land purchase is a
Phase I environmental site assessment. This initial
look will determine if any recognizable
environmental conditions (pollution, contamination)
exist or have existed in the past. This study also
includes title issues past and present.
If positive readings are found, the buyer usually
elects to complete further investigation by having a
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Serving Clients on Both Sides of the Mississippi
|
august 2010
21
By michael theo
Last month, I wrote about using the
elections of 2010 to debate the big
stuff – the hard public policy issues
that directly impact our quality of life
in Wisconsin, and therefore impact
REALTORS®. While many of us are
turned off by the electioneering
activities of campaigns, it’s critical
we use the opportunity campaigns
offer to ask candidates about real,
consequential issues. In recent
weeks, two such issues have made
headlines – the pending state budget
deficit and the substantial increase in
property taxes this year.
22
|
august 2010
news.wra.org
Focusing on the Big Stuff
Budgets, taxes, spending and campaigns
State Budget Imbalance
In early July, the respected Legislative Fiscal Bureau – the legislature’s
professional, non-partisan budget office – reported that the next
state biennial budget, which begins in July, 2011, faces a $2.5 billion
shortfall. A budget deficit of this magnitude is significant in and of
itself, but the fact that it’s released smack dab in the middle of an
election where there is no incumbent governor running (for the first
time since 1981) and where 117 of the 132 legislative seats are up
for election, makes the news a potential game-changer for would-be
lawmakers at all levels.
The $2.5 billion deficit is based on current law commitments, making
no changes in existing spending obligations or potential revenue
growth. For 2011-12, that translates to revenues of $13.32 billion
and expenditures of $14.55 billion and for 2012-13, revenues of
$13.30 billion and expenditures of $14.58 billion. After adding
required balances of $65 million in each year, that leaves a budget
deficit of $1.23 billion in the first year of the biennium and another
$1.27 billion in the second year.
While the state faced a larger beginning budget deficit last biennium,
there will likely be no massive federal stimulus funds flowing from
Washington this time. We’ve also likely exhausted all the budget
gimmicks and tricks available. The new governor and legislative
leaders, whether they’re from the same party or not, will have to find
a way to resolve this budget mess.
Bottom line: the state’s new leader and legislature will face deep
spending cuts, large tax and fee increases, or some combination
thereof when they lower their hand from taking the oath of office in
January. If the solution involves finding new revenues, what taxes or
fees are acceptable? If the solution involves cutting spending, then
what spending, how much and what are the impacts? Regardless of
the solutions you support, candidates should be asked to present
their plans for solving Wisconsin’s looming budget crisis so citizens
know what, not just who, they’re voting for this fall.
Property Tax Curse
The second major issue that has emerged in recent weeks involves the
most detested tax of all, the property tax. Maybe it’s because these
taxes are all paid at once or maybe it’s because Wisconsin has long
|
august 2010
over-relied on this one revenue source, but whatever the reason,
taxpayers have consistently cursed annual property tax increases.
And this year they have a lot to complain about.
A new report by the respected Wisconsin Taxpayers Alliance (WTA)
shows net property taxes totaled $9.4 billion in 2010, which is up
nearly 5% from last year – matching or exceeding increases in six
of the last 10 years. Worse yet, property taxes claimed 4.5% of all
personal income in Wisconsin, the highest share of personal income
in 14 years! According to the WTA analysis, school levies constituted
the largest increase, growing 6%, followed by technical colleges (up
3.9%), counties (up 3.2%), and municipalities (up 3.2%).
While everyone wants lower property taxes and it’s certainly true
that lower property taxes means increased housing affordability,
voters also value the services funded by this tax. The fact is, many
government services, including K-12 schools, technical colleges,
street and road maintenance, garbage collection, snow blowing and
police and fire protection, are all funded by the property tax. It’s true
we all want these services AND lower taxes, but candidates for office
this fall should tell us how they plan on balancing these inconsistent
public desires.
Whether or not this unusually big jump in property taxes will have
an impact on the outcome of the fall elections is unclear, but the
WTA report says that when property tax levies claimed around 5% or
more of personal income in the past, voters took note and pressured
candidates for state office, resulting in major political and/or policy
changes.
The Ball’s in Your Court
How candidates answer these tough questions is uncertain, but what
is certain is that they should be asked – and that’s where you come
in. The ball is in your court. Take the time to meet the candidates
and ask them about these and other pressing issues they’ll face once
in office. These issues will impact your family, your pocketbook, your
business, your schools, your real estate prices – in short, your quality
of life. Share your ideas about what constitutes the big issues of this
election by emailing me at [email protected]. Remember, campaigns
should focus on the big stuff, but they only will if you do.
Michael Theo is Vice President of Legal and Public Affairs for the WRA.
23
public affairs
Legal Briefs
Three Recent Court Cases Impact REALTORS®
Three cases recently decided by the Wisconsin Supreme Court and
Wisconsin Court of Appeals have a direct impact on the real estate
industry, providing useful information to REALTORS®. In each of these
cases, the WRA filed an amicus curiae (“friend of the court”) brief with the
court explaining the law and how the outcome of the case could impact
property owners and the real estate industry.
By tom larson
Konneker v. Romano (decided July 7, 2010)
In Konneker v. Romano, the Wisconsin Supreme Court
overturned a lower court ruling and held that language
in a deed conveying a 20-foot wide lakefront easement
to the Konnekers was ambiguous and it was “not
clear from the deed whether the parties intended the
easement holder to have riparian rights, including the
right to construct and maintain a pier.”
In this case, a developer created a subdivision
consisting of 8 backlots and giving each of these lots
an easement 20 feet wide along a lakefront lot. The
recorded purpose of the easement was to “gain access
to [the lake]” from a nearby road. However, no other
purpose was recorded, nor did the easement indicate
whether it was to include riparian rights.
24
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august 2010
For 23 years, no pier, boat lift or boat was located upon
the easement. During this span of time, at least two
easement holders obtained non-transferable leases
for the use of the neighboring property owners’ pier,
which was located adjacent to the easement.
In 2004, Konneker purchased one of the backlots,
along with easement rights to gain access to the lake.
In 2006, Konneker installed a pier along the shore of
the easement. The neighbors (Romanos) removed the
pier and a lawsuit followed.
The circuit court granted summary judgment in favor
of Konneker, finding that lake access easements, in the
absence of any indications to the contrary, implicitly
include riparian rights, which include the right to erect
and maintain a pier. (A court may award “summary
judgment” if it determines that no disputable facts
news.wra.org
exist.) However, the court of appeals overturned the circuit court’s
ruling and granted summary judgment in favor of the Romanos,
finding that the purpose and scope of the easement was to look to the
actions of the original parties, who made use of the easement for 23
years without constructing a pier.
In its review of the lower courts’ decisions, the Wisconsin Supreme
Court concluded that competing affidavits in the case raised a genuine
issue of material fact concerning the intent behind the easement and
therefore, summary judgment awarded by both lower courts was
inappropriate.
The supreme court also concluded that the Wisconsin Statutes
regulating riparian easements and pier placement (Wis. Stat. §§
30.133 and 31.131) did not apply to the easement in this case because
(a) the easement was granted prior to the effective date of Wis. Stat.
§30.133 (which prohibits the conveying of riparian rights (except
the crossing of land) after 1994) and (b) the issue before the court
is whether the easement grants riparian rights, including the right
to construct and maintain a pier, not whether a pier – if and once
constructed by the easement holder – constitutes a lawful structure
under Wis. Stat. § 30.131.
Why This Case Is Important to REALTORS®
In Wisconsin, thousands of lake-access easements exist and many
contain language that is equally ambiguous to the language used in
this case. Because the value of the easement depends upon the rights
conveyed, it is important to make sure that buyers and sellers of
property subject to easement understand the meaning of the easement
language. If a property is subject to an easement, REALTORS® should
continue to encourage parties to seek the advice of legal counsel to
help them better understand the meaning of the easement.
Saddle Ridge Corp. v. Board of Review for Town of Pacific
(decided June 18, 2010)
In Saddle Ridge Corp. v. Board of Review for the Town of Pacific,
the Wisconsin Supreme Court held that declared, but unbuilt,
condominium units can be assessed for property tax purposes.
Saddle Ridge (the project developer and owner of several unbuilt
units) objected to property tax assessments when the assessment on
the declared, but unbuilt, condominium units went from $5000 to
$32,000 per unit. Saddle Ridge maintained that condominium units
are to be assessed only after they are built. However, the Town argued
that condominium units are to be assessed after they are declared and
given a tax parcel ID, even if they are not built.
Both the circuit court and the court of appeals ruled in favor of Saddle
Ridge, concluding that declared, but unbuilt, condominium units
are not to be assessed under Wisconsin’s condominium law or the
condominium declaration in this case.
The Wisconsin Supreme Court reversed the court of appeals ruling
and held that declared, but unbuilt, condominium units are tax parcels
and can be assessed for property tax purposes. [Note: the Wisconsin
Supreme Court did not decide whether these condominium units
were assessed properly.]
Why This Case Is Important to REALTORS
®
From a practical standpoint, the outcome of this case was important
|
august 2010
because it decided who must pay the property taxes on the common
elements associated with a condominium – owners of all condominium
units (built and unbuilt) or just owners of built condominium units? If
owners of built condominium units would be required to pay the entire
tax burden associated with the common elements of a condominium
project, they could be responsible for a sizable tax bill until the other
units in the project were constructed. Moreover, buyers might be
reluctant to purchase newly constructed condominium units until all
the units in the project are built. Fortunately, the supreme court’s
ruling makes it clear that a condominium unit must share in this tax
burden as soon as it is declared, even if it not yet built.
St. Croix Valley Home Builders Association, Inc. v. Town of
Oak Grove (decided June 22, 2010)
In St. Croix Valley Home Builders Association, Inc. v. Town of Oak Grove,
the court of appeals held that the St. Croix Valley Home Builders
Association (SCVHBA) failed to exhaust all administrative remedies
before filing a lawsuit challenging the constitutionality of an impact
fee ordinance.
Between 2003 and 2007, the Town of Oak Grove collected over
$450,000 in impact fees from developers to fund such things as new
parks, road improvements and emergency service vehicles. However,
many of these fees were never spent on the improvements for which
the fees were imposed, including $110,000 for new parks (to date, the
Town has not created a single new park). Other fees were imposed
only on new development, even though they were being used to fund
improvements (new addition to town hall) that would benefit all
residents.
In 2007, the SCVHBA filed a lawsuit claiming that the impact fee
ordinance, among other things, is unconstitutional and that it violated
Wis. Stat. § 66.0617(6) because the needs assessment is erroneous.
The circuit court dismissed the action based upon SCVHBA’s failure
to exhaust all administrative remedies before filing the lawsuit.
Specifically, the court declared that SCVHBA is required to first go
through the administrative appeals process set forth in the Town’s
impact fee ordinance, which allows parties to challenge the amount,
collection or purpose of an impact fee. The court of appeals affirmed
the circuit court’s ruling. The case will likely be appealed to the
Wisconsin Supreme Court.
Why This Case Is Important to REALTORS®
This case is important because it emphasizes the need to follow the
proper process when challenging an ordinance. If a property owner
has a concern with an ordinance or the application of an ordinance to
a piece of property, the owner should first review the local ordinance
or relevant state statute to identify whether a process has been
established for challenging the ordinance. One point worth noting:
the court of appeals’ ruling is troubling from the standpoint that only
a court can decide whether an ordinance is constitutional. Therefore,
it seems unjust to require a property owner to exhaust administrative
remedies (in this case, appealing to the town board) when they are
making a constitutional challenge to an ordinance.
For more information on these cases, please contact Tom Larson
([email protected]) at (608) 240-8254.
Tom Larson is Director of Regulatory and Legislative Affairs for the WRA.
25
public affairs
By joe murray
Feingold – Johnson
Insider vs. Outsider
The 2010 U.S. Senate race between incumbent Democratic Senator Russ
Feingold and Republican challenger Ron Johnson could easily become the
most interesting and spirited contest in Wisconsin politics this year.
In one corner you have Feingold, a three-term,
election-savvy incumbent who has successfully
defeated three prior opponents in hard-fought
campaigns to maintain his seat.
In the other corner is Ron Johnson, a wealthy
manufacturing company owner and first-time
candidate who has never held political office.
26
|
august 2010
news.wra.org
A
Democrats perceive Rasmussen Reports
polling as slanted to the GOP; Public Policy
Polling is a Democratic polling firm. And both
firms have arrived at the same conclusion:
Feingold must convince undecided voters
in Wisconsin that he is not part of the D.C.
problem, or the “insider.” Johnson, the
“outsider,” must convince voters he can
forcefully represent their interests in a way
they believe isn’t happening today.
career politian vs. a political
newbie. The classic “insider” vs.
“outsider.”
The Feingold-Johnson race is taking
place in a year where voters are
extremely unhappy with the status quo
in Washington. Poll after poll shows
the economy and jobs are the top issues
on voters’ minds. Voters want problems
solved and an economy that creates jobs
without bankrupting the nation. What
they perceive is partisan gridlock and
finger-pointing. And, even worse for
incumbents, voters give a big thumbs
down to the major bills Congress has
passed this session such as health care
reform (“ObamaCare”) or the economic
stimulus package. This makes re-election
of all incumbents, including Russ
Feingold, far from a sure bet.
This conclusion was summed up neatly by
Dean Debnam, President of Public Policy
Polling. “Johnson should win the primary
and has a good chance of winning the
general,” Debnam said. “But he needs to
focus on spreading his name and message.
Feingold can’t depend on his popularity
alone; he has to win over undecided voters;
that is who is going to determine this
election.”
The Numbers
Dynamics of the Race
Two separate polling firms released polling
results in June and July that illustrated the
vulnerability of Senator Feingold. A July
13 Rasmussen Reports survey of 750 likely
voters and a June 26 Public Policy Polling
survey of 638 Wisconsin voters illustrate
how close this race is.
Russ Feingold’s campaign and allies will
spend a lot of time and money to convince
Wisconsin voters that Ron Johnson is not a
“mainstream” candidate. Johnson cavorts
with unseemly authors (Charles Murray,
author of The Bell Curve); can’t be trusted
to stand up to the oil companies (he owns
stock in BP); and generally holds positions
too conservative for Wisconsin voters on
taxes, abortion, etc. The Feingold camp will
label Johnson as the “extreme” as well as
inexperienced candidate every chance they
get.
Rasmussen Reports
Wisconsin Survey of 750 Likely Voters
July 13, 2010
Election 2010:
Wisconsin Senate
Russ Feingold (D)
47%
Ron Johnson (R)
46%
Not Sure
6%
Some Other Candidate
Ron Johnson’s campaign and his allies
will portray Feingold as a Washington
“insider” who supported the unpopular
health care reform bill (“ObamaCare”) and
economic stimulus legislation, along with
other unsustainable debt and spending that
threatens the future of our children (“intergenerational theft”). Feingold is incapable of
controlling his urge to spend and is taking
the country to the “brink of bankruptcy,”
according to Johnson.
2%
Public Policy Polling
Survey of 638 Wisconsin Voters
June 26-27, 2010
Russ Feingold (D)
45%
Ron Johnson (R)
43%
Undecided
12%
The back-and-forth that takes place in a highprofile U.S. Senate race is already underway,
but the issues that will likely dominate the
fall campaign will be Feingold’s support for
the health care reform bill and economic
|
august 2010
stimulus spending package. Feingold is the
incumbent and voted for both bills, and
it’s Johnson’s intent to focus the attention
of voters on the issues he believes makes
Feingold vulnerable this year.
Johnson’s personal wealth will allow him
to match or exceed Feingold’s significant
national fundraising ability, so the
fundraising advantage that usually goes
to the incumbent should not be a factor.
The biggest challenge for Johnson may be
the very issue that bedevils so many firsttime candidates, the “big gaffe.” It’s that
special moment where a candidate says
something really offensive or foolish that
convinces voters he or she is perhaps not
ready for prime time. Johnson is stepping
into a politically charged campaign where
everything he says will be dissected by the
opposition. As a rookie, the possibility of
saying something he regrets is very real.
Feingold’s biggest advantage will be his
experience on the campaign trail. Since
1982, Feingold has won all six of his
elections, three in the Wisconsin Senate and
three U.S. Senate races. He has never lost
an election in 28 years and he knows how
to win. This, more than any other factor,
may be his greatest strength in a year where
incumbents appear to be vulnerable.
So the frame for this election looks like
this: a middle-class, three-term Democratic
incumbent running against a wealthy
Republican opponent with no campaign
experience and no experience in public office.
The incumbent Washington “insider” vs. the
anti-Washington “outsider” intent on taking
advantage of a tea party backlash against
huge deficit spending and borrowing. Savvy
and politically experienced campaigner vs.
first-time newbie running in a high-profile
campaign with the national spotlight
focused squarely on it. Career politician vs.
businessman.
Regardless of which candidate you support,
this match-up will likely be the big show this
fall. Stay tuned!
Joe Murray is Director of Political and
Governmental Affairs for the WRA.
27
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coming soon).
To view the new digital edition of Wisconsin Real Estate Magazine, visit www.wra.org/wrem_digital_edition_july2010. Please let us know what you think.
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$45 per
(You may select up to FOUR courses for free included in a Full Convention Pass; each additional course pricing above.
 Elective B – 1031 Exchanges & Exchange Opp. 8:30 – 12:00 (9/26)  Course 1 – Listing Contracts – 8:30 – 12:00 (9/27)  Elective E – Financing the Sale – 1:00 – 4:30 (9/26)  Course 2 – Offer to Purchase – 1:00 – 4:30 (9/27)  Course 3 – New Developments – 8:30 – 12:00 (9/28)  Course 4 – Buyer Agency Agreements – 1:00 – 4:30 (9/28)
Designation Classes
Hotel information:
Two-Fer Pricing
CRS Luncheon (9/28)��$22
 Special Services: Check here if you require special
needs to attend. Attach written description of needs.
Cancellation Policy: The WRA reserves the right to cancel
courses if not filled. Cancellations must be made in writing
prior to September 26, 2010 and will be refunded, minus a $25
administration fee. Registrations cannot be transferred from
person to person.
PAYMENT:
Register by Mail:
Wisconsin Realtors® Association
4801 Forest Run Road, Suite 201
Madison, WI 53704-7337
Register by Phone:
800-279-1972 | 608-241-2047
Register by Fax:
608-241-5168
Total amount $__________________
 Enclosed is my check made payable to the WRA  Charge my VISA / MasterCard (circle one)
Card Number�� Exp. Date___________
We took advantage
of WHEDA® home
buyer education
to become
successful
homeowners.
W
HEDA has helped more than 100,000 renters become homeowners thanks to home
buyer education. Through our trusted network of non-profit partners, your buyers
can gain the knowledge and confidence to become responsible, long-standing
homeowners. That’s why home buyer education is built into every WHEDA Advantage loan.
Discover the WHEDA Advantage! Income and purchase price limits apply and home buyer
education is required. To learn more, go to wheda.com/Realtors/.
Wisconsin Housing AnD Economic DEvElopmEnt AutHority
201 West Washington Ave n Madison, WI 53703
800.334.6873 n www.wheda.com

Creativity. Click for - Wisconsin REALTORS® Association

Transcription

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