Viroqua Wisconsin: March 2008

Some days it's just hard to get it all done! Yesterday, my schedule was crammed full of realty action. There were the two price opinions I had promised to complete by 4 pm. This necessitated getting out of my home at promptly 7am to get it all finished. With a round trip drive of over 40 miles to snap a few photos prior to meeting the first buyer appointment at 10 I had to get an early start. Meanwhile the 10 o'clock appointment arrives early, at 9:30 am. As I rush into my office, I greet him with a pleasant hello. But, secretly my thoughts were... gee whiz you're here already... so much for a few minutes to organize. We have planned out a Real Estate Marathon for today. He was seeing 7 rural properties and wants to relocate for retirement. Now in any other market 7 properties is most likely no big deal, here it is about 5 hours of driving and perhaps 125 miles of travel. Everything is 20 miles in the opposite direction.

I have learned by to be organized, always group the listing by area, plan the route in a large circle and have all the paperwork, lock-box codes, supra key, car gassed up and whatever I need ready to grab and go. I was actually double booked at 11 am, which cause me major stress. This buyer "of the day" was so very understanding and actually waited in the car as I in fact did something that I have never done before. That is showed a home to buyers while already on a showing with another buyer; it was just crazy! While out I was faxed two offers, and got a call for a new listing. Another past client also called me on my cell phone about a friend who wants to buy 200 acres. He said do your remember me? Surprised, I drew a blank, from exhaustion. He goes on about...I am with my plumber friend right now, what you have that is 200 acres or more....

I guess what I am posting about is could you all just take a number and I will get with you shortly? What happened here, why did you all just wake up simulations? Maybe it has something to do with the nice weather that just arrive and all the snow melting?

Gita Bantwal inspired this post, by her quest for answers about what to do with a listing where the seller wishes to exclude a buyer. I had once had this experience. I listed a farm where the owner, prior to me, had this property listed with another broker. The property consisted of 160 acres and a farmhouse. The prior broker was able to sell the farmhouse with part of the land, approximately 50 acres. Try as the other broker did, the balance of the land did not sell before the expiration of their listing. For whatever reason, the seller didn't want to continue with the former broker and did what many sellers sometimes do, found another broker. It had been approximately 5 months since the first listing expired. This seller wanted his past purchaser to be named in my new listing agreement as an exception. The seller explained in great detail that he has a recorded first right of refusal on the remaining land and he did not want to pay me a commission if this buyer buys.

I found this all sort of amusing and I was able to explain back in great detail that he not only was an exception, he was actually a double exception! Since the last listing only expired 5 months ago, his name would be a protected name for 7 more months with the past broker. Since he had given this buyer a first right of refusal, I could also not sell to another party without a release being signed that could be recorded to fully terminate this prior buyer's rights. What the seller was offering was a listing agreement that had very little potential for any income at all. I explained that he would have to guarantee my fee no matter who purchased the property if I was to take this listing.  Furthermore, if his prior buyer with the first right buys within the next 7 months under my listing agreement this seller would sadly have to pay a double commission!  

There was a happy ending... the seller understood, he sign the listing, and the property sold to a buyer I found. The prior buyer signed off of the first rights, I got paid and the seller rode off into the sunset happily paying only a single commission.

Small Towns in Wisconsin, like Readstown population 395, Chaseburg population 309 or La Farge, which has a slightly larger population of 775, are probably places you have never heard of or visited of before. I know places like these are definitely not relocation destinations for most folks.  However, they do offer an alternative for spending big bucks on housing. For those lucky enough to live anywhere and want to live extra extra cheap many small town communities across the country have lots of very low priced listings to choose from.  If you are retired, work by telecommute or just want to tread lightly on the earth in a clean and save environment, then buying a cheap-o home in a small-town Anywhereville, USA can usually be found for under $50,000 or less.  You can find fixer uppers for less than $20,000 and homes in excellent condition priced slightly above $50,000.

              Here are a few of the extra cheap houses around the Vernon County, Wisconsin area.  

Every once in awhile as Realtors, we get a sale that just falls into place. The scenario may go like this; couple is buying their first home and is very diligent and listens to all your advice. You are able to guide them along every step of the way and a good working relationship develops. You have spent a only few weeks looking at just about every home in the buyer's price range and the very last home they see is just perfect! Hurrah, they decide to make an offer; it gets countered only one time. The price and terms are agreed upon and things progress, just flawlessly!!  Sounds good and easy, well it is about time, as 2007 had been a royal pain and there are renewed hopes with this sale that maybe 2008 will be a little calmer as to realty drama.

The title work is ordered and all goes smoothly.  Clear title no issues, the HUD is being prepared and then...it is learned at the last minute there is one little problem. Of course, little problems are always discovered on the day of closing and little problems sometimes turn into big problems.  It turns out that the mortgage, this couple was obtaining for their home purchase will only be funded, if the closing is at a title company that is already an Approved Closer of the lender.  Don't you think the mortgage broker should have advised their client or shared this little detail? This last minute information, unknown to all, except the mortgage broker, means we either move the closing to an approved closing agent, the nearest in the state was 75 miles away or get the company to fill out an application, sign it, return it and wait to be approved.  It all sounds simple; OK send the paperwork to the title company to get them approved.  Not...this particular title company's attorney reviews the agreement, and objects to the language in the agreement. Taking most of the day, no agreements to amend the agreements were reached.  Next, then try out a second choice title company, guess what, they declined to sign this agreement too. Oh no, seems neither local title company cares to be an approved closing agent! The otherwise perfect sale is now not so perfect as the morning became the afternoon.  It goes to show you there's nothing simple in real estate; this was a totally unexpected. This is a contingency of which I have never seen before in loan funding.  As they say it ani't over until the F#* lady sings.

The Friday 10:30 am closing time had long passed; it was now 5 pm.  Word is, maybe Monday. Since nobody is available to work out details for the buyer and seller, there is no choice other than to give it a rest until Monday.  Skipping all the details, this simple and easy sale finally closed Tuesday. It did take place 75 miles away from here, 5 days later with a lender's approved closing agent.

What is the lesson here? Well, we learned a new question to ask any mortgage broker. Does this mortgage have any special requirements of the closing agent?

If you are planning to build a new home, look no further! Here is a scenic 3.42 acre building site that is extremely well priced and available for the springtime building season. This lot is located approximately 5 miles west of Viroqua on a peaceful end of the lane location. It features a level panorama background and has an ideal gentle slope for a walkout style home. The property is situated along a paved road with power at the lot lines.

There are addtional lots available: a 4.43 acre lot, and a 2.15 acre lot for a total of 10 acres if more land is desired.

       Lots 2 or 3 $19,900 each or Lot 4 $16,900

      Contact Mary Strang at the R team 608-606-2999