1. Consider how easy it would be to sell the home

The last thing on a first-time buyer’s mind is the sale of the home they are about to buy; however, this is a crucial consideration if you ever want to step up in the home-buying game. It is likely that the proceeds from the sale of your first home will be used to purchase your second home, and that your second home may contain a few more bedrooms, an extra bathroom, or other features that were not in the budget at the time of your first home purchase.

To ensure that you can reap enough of a profit to make the step up to a bigger and better second home, you should be paying attention to the market and considering whether your home will eventually sell for more than you purchased it for. To help keep your home value up, you should make sure that you allocate money from your yearly budget to keep up with the maintenance of the home. Part of this allocation should be for an emergency fund in the event that an expensive and unexpected repair arises. Other things to consider are the desirability of the location, its related school district, distance to shopping, how well the surrounding homes are maintained, etc.

2. Ask for a home inspection contingency

A great way to reduce your risk of inheriting an expensive repair with a home is to make your offer contingent on an inspection. If possible, try to attend your home inspection and ask the inspector questions – if the inspector notices something that needs to be repaired, they may be able to give you a rough fee estimate and other insightful information.

Know how this contingency works. To ensure you know your rights when it comes to a home inspection, you should hire a lawyer. A lawyer can advocate for your interests if the inspection report either makes you no longer want to purchase the property or makes you only want to purchase subject to certain conditions and repairs. A lawyer can also help you understand the type of inspections you may have, how many, when, and other deadlines that need to be met to preserve your rights under an inspection contingency.

3. Shop around for your mortgage

If you are financing your home with a mortgage, you should shop around or consider using a mortgage broker, who can shop around for you. Lenders will offer different interest rates, and the best way to ensure you are receiving the lowest rate is to call around or use a broker. You do not have to begin the underwriting process with each lender to obtain a rate estimate, rather you can call around and ask hypothetical questions such as what your rate would be with your current credit score, the amount you anticipate putting down, and by providing your debt-to-income ratio.

4. Understand your title insurance policy

A title insurance policy not only protects you against some issues that may later arise with ownership of the home, but also provides insight into any judgements, liens, mortgages, restrictions, and/or covenants that may encumber the property. Understanding these documents is important for a variety of reasons, but especially if you plan on building an addition, constructing a pool, a shed, or making any other significant property modification that requires a permit or understanding association rules if the property is in a subdivision.

It is not uncommon for unexpected things to show up on a title policy, which is why hiring an attorney to explain the title policy and review other title work, including your final closing statement, is a good idea.

5. Consider what each party has to gain from a transaction

Nearly every party you encounter who assists with the purchase of your home has an interest in ensuring that the sale goes through – your loan officer only receives their cut if the loan is approved, an agent only receives their commission if the home closes, and even the title company only makes out on their title fees if the sale is successful. The only party who does not have an interest in the sale going through is an attorney, as attorneys are not paid based on a successful closing, and an attorney’s only focus is to help you, whether that is to help you buy the property or help you in getting out of the purchase.

The excitement of purchasing a home can be overwhelming and emotional, which is why it is crucial to approach the process with a clear head. A disinterested party, such as a real estate attorney, can help you navigate the legal aspects of the home-buying process, avoid potential pitfalls, negotiate effectively, and ensure a smooth closing. Contact our attorneys at Wynn at Law, LLC for assistance with the purchase of your home – we can help you navigate the entire process from start to finish, whether you are represented by an agent or not.

Schedule a consultation with Wynn at Law, LLC today to discuss the home buying process

Contact Wynn at Law, LLC today for a consultation at 262-725-0175 or visit our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has offices conveniently located in Salem, Delavan, and Lake Geneva, Wisconsin.

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In 2019, a class action lawsuit was filed against the National Association of Realtors (NAR) and other national brokerage firms alleging that NAR’s rule (which required brokers to advertise on the Multiple Listing Service (MLS) that a seller would compensate the buyer’s agent) was a violation of antitrust laws and had artificially inflated agent commissions. A settlement in this case has been reached and went into effect on August 17, 2024. The settlement requires NAR and other brokerages to pay $418 million to eligible class members and prohibits advertisements on MLS of agent compensation. Now, MLS participants (buyer’s agents) must enter into a written agreement with the buyer/ potential buyer regarding agent compensation before touring the home.

How do I know if I am entitled to payment under the settlement?

The settlement website states that you an eligible class member who can file a claim for compensation if:

• You sold a home on MLS in Wisconsin between October 31, 2017 – July 23, 2024[1], and
• Paid a commission to a real estate agent/broker in connection with the sale.

Claims must be filed by May 9, 2025, by visiting the settlement website, www.realestatecommissionlitigation.com.

How does the NAR Settlement Affect Wisconsin?

The historical practice of sellers compensating buyer’s agents has been called into question in the wake of the media headlines associated with the lawsuit, which claim, among other things, that buyers may end up paying more. How buyer’s agency agreements will affect the real estate market is uncertain, but it may be comforting to know a few things:

• The standardized offer forms (WB forms) Wisconsin uses for real estate transactions have been recently updated to include a provision for seller compensation to the buyer’s agent.
• Buyers’ agency agreements can be flexible – the term of the agreement may be for just a few days, just for the showing, a flat fee, etc. Buyers should make sure to read the agency agreements, as they are likely to differ.
• The rules do not affect the rights of both buyers and sellers to negotiate. Rather, the new rules will likely make negotiations clearer and more transparent.

[1]  (realestatecommissionlitigation.com)

Contact us today for a consultation at 262-725-0175 or our website’s contact page. Wynn at Law, LLC is based in Southern Wisconsin and has three office locations: Lake Geneva, Delavan, and Salem.

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An easement on a property allows a landowner to grant access to a part of his or her property. You grant access without giving up ownership of that part of the property. It’s a binding agreement. Where we see this commonly throughout southeast Wisconsin is allowing access to a walking path, a driveway, a community pier, or a utility line crossing the property. Without an easement in place for access to such things, anyone attempting to access the path, pier, driveway or utility pole would be trespassing on the property. You can see the legal ramifications.

That means: Talk to your real estate attorney anytime the word comes up. Here are a few spots in which the topic may come up.

If you are buying a property

Two easement issues Wynn at Law, LLC sees frequently are easements for driveways and for lake rights or lake access. When there are disputes over the area of the easement, or the size or the situations for which the property can be used, it can sour a neighborhood. Nobody wants to be ‘that neighbor,’ especially when you’re new to the neighborhood. By the way, if a lender is involved, the lender may take issues with driveway easements. Driveway easements require you to have legal access to your property. Imagine the difficulty clearing up the easement specifics after the closing.

If you are selling a property

When you know of an easement exists, you should disclose that to potential buyers on the real estate condition report. If you do not have a written easement in place or it is not recorded with the Register of Deeds Office, Wynn at Law, LLC can assist you in drafting and recording the easement.

Your relationship with your neighbors is the important aspect of easements. It is important to have a lawyer review easements on your property because it is your property.

Image by Anna Koldunova, used with permission.

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Title insurance protects the buyer and the mortgage lender in the event a future problem is found with the title. Having an experienced Wisconsin real estate attorney on board early reduces the possibility that a problem will be found later. An experienced Wisconsin real estate attorney explains the title commitment to you. Most importantly, the attorney makes sure you understand liens, easements, and deed restrictions which remain on your property after purchasing.

Forgery, Fraud, and Heirs, oh my

Title insurance insures the piece of property with regard to claims, rights, and liens against the home or property being purchased. These claims sometimes include fraudulent titles, forged signatures, undisclosed heirs to the property, or spousal claims from ex’s. When a home is in a subdivision or is a condominium, the title insurance lists all the restrictions and covenants (rules) of the subdivision or condominium.

When Wynn at Law, LLC reviews the title, we will consult with our clients so they are aware of any title issues. The insurance, by the way, is optional if the buyer isn’t financing the purchase. A policy covering the mortgager is required by every lender when a home or second home is mortgaged or refinanced.

Three take-homes from this article:

First, from a buyer’s perspective, a buyer’s or owner’s title insurance policy is recommended even if there’s no lender involved. It is worth the relatively low cost in our experience and, customarily, the seller pays for the policy. It’s peace of mind.

Second, as the first article pointed out, when Wynn at Law, LLC is involved, our title review with the client is thorough. That doesn’t eliminate the need (or requirement) for title insurance. A mortgage company is going to protect itself. More importantly, the owner’s title insurance is like the shell on an egg – many people consider the purchase of their primary home and a vacation property as the nest egg worth protecting.

Third, the real estate attorney is not the insurer and has no role in issuing the policy or recommending a carrier. The title company or the mortgager does that. Wynn at Law, LLC does review the insurer’s title commitment with you.

Image by Aleksandar Stojanov, used with permission

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Simple Measures to Save Money Throughout Fall and Winter from Elkhorn Bankruptcy Attorney, Shannon Wynn

1. Use the Sun. During the summer months, we close our blinds and curtains during the day to keep the sun out and then open up our windows at night. This keeps our homes cool. During the fall and winter months, we can do just the opposite. Open your curtains and blinds during the day to allow the sunlight into your home. This is free, natural heat. Then, close your curtains and blinds at sundown to keep the cold out.

2. Plastic Your Windows. Most of us know about this one already, but it is definitely worth sharing. You can buy plastic window kits at any department store, such as Wal-Mart or Home Depot. Plastic window kits come in all sizes, including patio door size. The plastic is tightly fixed to the inside of your window frame, either with a sticky tape or with a blow dryer. Our Elkhorn bankruptcy attorney, Shannon Wynn, adds that you can buy thermal, insulated, energy-efficient curtains to hang over your windows for an additional savings on your heating costs.

3. Adjust Your Thermostat. You can manually adjust your thermostat or purchase a programmable thermostat. Bundle up while at home by wearing more layers and covering with blankets. Turn your thermostat down to as low as possible while still being warm and comfortable under your layer of clothes and blankets. Turn your thermostat down anywhere from 10-15 degrees while sleeping and while away, such as during the week while at work. You’ll save anywhere from 10-30% on your heating costs, depending on how much time you spend away from the home and sleeping.

4. Caulk. Caulk around your windows and doors to seal air leaks. Replace your weatherstripping where needed.

5. Use a Draft Stopper. Purchase draft stoppers to stop air leaks underneath your doors. If on a tight budget, Attorney Shannon Wynn suggests pushing a blanket up against the bottom of your door to help stop the cold air from getting inside your home. This tactic will work just as well.

6. Make Use of Used Heat. If you have already baked dinner in the oven, leave the oven door open as it cools down to keep all the additional heat produced by the oven inside your home. This holds true for toaster ovens, rotisseries, etc.

7. Clean Your Furnace. Have your furnace serviced and cleaned. Our Elkhorn bankruptcy attorney, Shannon Wynn, also adds to remember to replace your furnace filters.

8. Maintain Your Fireplace and/or Wood Burning Stove. If you have a fireplace or wood burning stove, be sure to have it cleaned prior to winter. This will make the system more efficient and avoid a terrifying house fire. Turn your thermostat down while using your fireplace or wood burning stove. Tip from Elkhorn bankruptcy attorney, Shannon Wynn: Remember to keep your fireplace damper closed when you aren’t burning wood. Leaving the damper open is like throwing money out an open window.

9. Close Off Rooms. If there are parts of your home that you do not use much, seal them off from the rest of the home during fall and winter months. This could be unused bedrooms, porches, lower levels, etc. Close doors and/or turn off 2nd furnaces that would be used for those portions of the home.

10. Reduce Water Heating Costs. Some tips include: Turn down your water heater thermostat. Insulate your tank and pipes. Wash your clothes in cold water. Buy energy star appliances. Install slow flowing faucets and shower heads.

11. Use LED Holiday Lighting. You can reduce holiday decorating costs by purchasing LED lights instead of using the older string sets.

Almost every tip included in this money saving list by Elkhorn bankruptcy attorney, Shannon Wynn, is low-cost or free. Implement the suggestions on this list and you are sure to free up some much needed cash this fall and winter season. If you have any questions regarding debt relief, contact Wynn at Law’s Elkhorn bankruptcy attorney, Shannon Wynn, at 262-725-0175 or visit a Wynn at Law office in Delavan, Lake Geneva, Salem, or Muskego, Wisconsin.

Find out if you qualify for bankruptcy.

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*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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Creative Ways to Save for a Delavan Real Estate Down Payment

1. Take money from your savings account. You save money for a reason, right? Why not use the money you have saved toward your new Delavan real estate investment?

2. Find ways to earn more money. You could find a 2nd job, whether permanent, seasonal, or temporary, to help you earn money toward your Delavan real estate down payment. Consider side work projects, such as mowing lawns, painting, tiling a floor, or weeding a flower bed. You would be surprised how many people need help with simple projects, such as these. Do you have a talent or hobby, such as crocheting or furniture making? Use your skills to sell items in order to earn extra cash.

3. Use government loan programs. There are many programs available to help home buyers lower their costs. Ask our Delavan real estate attorney how government loan programs could help you.

4. Cut your expenses. What expenses do you pay monthly that you could use toward your Delavan real estate down payment? Consider cutting your cable or cell phone. Forego eating lunch out at work and bring a sack lunch instead. Skip your Starbucks coffee or Friday night pizza routine. Cut back on groceries, eating simpler.

5. Borrow money from friends and family. Ask your friends, parents, aunts, uncles, cousins, or siblings to lend you money with the promise to pay it back. You may get the money interest free.

6. Pull from your investments. If you must, pulling the needed money from a 401K, CD, Federal Bond, or Stock may give you just the amount of cash you need. Depending on which type you pull from, you may pay an early withdrawal penalty, but it may be worth it to put you into your new home.

7. Have a relative gift you the money. If a friend or family member gifts you money, you don’t need to pay it back. If it is under a certain dollar mount, no one pays taxes on it. Ask our Delavan real estate attorney about gifts and taxes.

8. Use existing equity. If you are fortunate enough to have existing equity in another property, use the equity to come up with the down payment on your current investment.

Contact Our Delavan Real Estate Attorney

Whether you are purchasing your first home, second home, or vacant land, it is always smart to have an experienced Delavan real estate attorney on your side. The earlier you contact a Delavan real estate attorney during the real estate process, the more effective an attorney will be in guiding you through complicated real estate transactions. Do not delay. Contact our Delavan real estate attorney today. You can reach our Delavan real estate attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has real estate offices located in Delavan, Lake Geneva, Salem, and Muskego.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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Reduce Your Walworth County Real Estate Taxes

1. Obtain a copy of your property tax information from the local assessor’s office. Review the property information for errors. Our Walworth County real estate attorney suggests you discuss the discrepancies with the tax assessor. The township and tax assessor are obligated to correct any mistakes and possibly perform another assessment. This is a very simple task that can help reduce your Walworth County real estate tax burden.

2. During open book (when you are able to talk with the assessor), review comparable homes in your neighborhood. You may find errors that can reduce your tax bill. For instance, you may find that your neighbor’s home is assessed at a value far below the assessed value of your home and your neighbor’s home has more square footage, a bigger garage, and a swimming pool. This is something you surely want to bring to the tax assessor’s attention.

3. Keep the outside appearance of your home ugly. It doesn’t get any easier than that. The more pleasing your home is to the eye, the higher your assessed value may be. The higher your assessed value, the higher your Walworth County real estate taxes. Your home will be compared to other homes in the general vicinity, so reject the urge to spruce up your yard or make any physical improvements until after your home assessment. Our Walworth County real estate attorney wants you to realize that even though assessors follow guidelines, curb appeal will play an important role.

4. In order to keep Walworth County real estate taxes down, don’t build on your property. This includes: additions, decks, garages, sheds, pools, or any other permanent fixture. If you need a deck, consider a floating deck or evaluate how much your property taxes will increase prior to construction.

5. Give your assessor the full guided tour of your home. Our Walworth County real estate attorney suggests that you don’t allow the assessor to walk around your home unguided as he or she may only notice the valuable and good aspects of your home. If you walk your home with the assessor, you can not only point out the good aspects, but also all the flaws, such as: leaky roof, warped walls and ceilings, broken tiles, non-functioning fireplace, etc.

6. If you do not allow access to the inside of your home, you could end up with a bigger property tax obligation. Some cities and towns will assess your home at the highest possible value because you did not grant full access to the inside of your home. If this happens to you, you’ll end up disputing the assessment and ultimately allowing the assessor inside. Therefore, you might as well allow the assessor inside your home the first time.

Contact Our Walworth County Real Estate Attorney

Finding the right balance between curb appeal, home improvements, and reduced tax obligations can be tricky. However, remember these little things that can be done to help reduce your Walworth County real estate tax obligation. If you have questions regarding your Walworth County real estate taxes or other real estate issues, contact our Walworth County real estate attorney. Our Walworth County real estate attorney can assist you with a variety of real estate matters, such as: landlord/tenant issues, document drafting, document review, real estate agent assistance, real estate sales, new home construction, deed preparation, and zoning issues. You can reach our Walworth County real estate attorney by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has real estate law offices located in Lake Geneva, Delavan and Salem, Wisconsin.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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What is a Walworth County Short Sale?

A short sale means exactly what it sounds like, your home is being sold for less than the amount owed. If you are unable to pay your mortgage payments, your mortgage lender can approve a short sale. Your home will be listed for sale at an amount less than what is owed to your mortgage lender. Since your mortgage lender will be receiving less than the amount owed on the mortgage, the lender must approve a short sale before it can take place. Your lender will decide if a short sale is a better option than foreclosing on your property.

Is a Walworth County Short Sale a Good Option?

If you are facing the loss of your home to public auction this year due to three years of nonpayment of real estate taxes, a short sale is most likely a better option for all parties involved. A short sale benefits a homeowner by avoiding foreclosure, and public auction. A homebuyer will benefit from a short sale because they will purchase a home at a lower cost and avoid the risks associated with foreclosed properties. A Walworth County short sale is a good option for your mortgage lender since they will save time, hassle, and money involved with foreclosure, the legal process, and the resale of your property. Other parties associated with the short sale of your home will earn a profit from the sale, such as real estate agents, mortgage brokers, homeowners insurance companies, title companies, inspectors, and appraisers.

Please remember, if your home is sold by way of a short sale before the home is seized by the county for nonpayment of real estate taxes, you still owe the county real estate tax money. You may not have a seized home on your record because the home is no longer in your name for the county to seize, but you are still liable for the tax monies due. If the tax monies due are in an amount you are unable to pay, other options may be better for you based upon these circumstances, such as bankruptcy. You should consult with an experienced Walworth County real estate attorney to discuss your best options and all possible scenarios. For example – What if your home doesn’t sell in time?

Contact Our Walworth County Real Estate Law Office

If you are in danger of losing your home this year, please contact our Walworth County real estate law office. A Walworth County short sale may be a good option; however, it is only one option. Contact our Walworth County real estate attorney to discuss all options available to you based upon your particular situation. We can provide answers to all of your questions and ease your concerns. Contact our Walworth County real estate office by phone at 262-725-0175 or by email via our website’s contact page. Wynn at Law, LLC has real estate law offices located in Delavan, Lake Geneva, Muskego, and Salem, Wisconsin.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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How a Walworth County Bankruptcy, Foreclosure, and Short Sale Affect Credit Score

If you go through with a short sale, deed-in-lieu of foreclosure, or a foreclosure, your credit score will drop 85 to 160 points (per FICO). If you file a Walworth County bankruptcy, your credit score will drop 130 to 240 points. However, don’t judge a book by its cover. A Walworth County bankruptcy is not necessarily the worst thing to do in these situations. Many other factors must be taken into consideration before making a final decision on what action is best for you.

Critical Criteria Important When Considering a Walworth County Bankruptcy, Foreclosure, or Short Sale

If you decide to go through with a foreclosure, you run the risk of the lender coming after you for more money. You may owe the lender the difference between the price your home sold for at public sale and what you still owe on your mortgage. Let’s say your home has a fair market value of $200,000 and it sold at public auction, after foreclosure, for $75,000. The financial lender can seek a judgment against you for the difference, which would be $125,000. That’s a lot of money, and another judgment on your credit report. However, if you decide to file a Walworth County bankruptcy instead, the $125,000 you would have owed the bank could be discharged in the bankruptcy proceeding and you would owe nothing. You do not even have to pay taxes on the forgiven debt. In this situation, a Walworth County bankruptcy looks like a much better option.

How a Walworth County Bankruptcy, Foreclosure, and a Short Sale Effect a Future Home Purchase

Do you plan on buying another home in the future? If so, then allowing a foreclosure to go through is not your best option. If you decide upon a bankruptcy, short sale, or deed-in-lieu of foreclosure, you will qualify for a home mortgage much sooner. Most banks follow Fannie Mae and Freddy Mac guidelines. Under these guidelines, if you place 20% down on your next home, you should qualify for a mortgage two years after performing a short sale or deed-in-lieu of foreclosure. If you have 10% to put down on a new home, you should be able to qualify for a new mortgage in four years. If you file bankruptcy, you will qualify for a mortgage two to four years from the date of your bankruptcy discharge, assuming you have been making all of your payments on time. If you let the foreclosure takes its course, you would not qualify for a new mortgage until seven years from the date of the foreclosure judgment. In addition, if the lender pursued a deficiency judgment against you for the difference between the price the home sold for at auction and how much you owed on the mortgage that deficiency judgment would have to be paid in full before you could close on a new home. In summary, if you are planning to purchase another home in the future, foreclosure may not be your best option.

Which Provides the Best Fresh Start Option: A Walworth County Bankruptcy, Foreclosure, or a Short Sale?

Although a Walworth County bankruptcy filing may initially drop your credit score, bankruptcy is the best option for a fresh start. During the time you are waiting to purchase another home, you can be rebuilding your credit and improving your credit score. Each person’s situation is different. If you are facing foreclosure, please seek advice from our real estate and bankruptcy attorneys. Please contact Wynn at Law, LLC for a free, initial bankruptcy consultation. Our experienced Walworth County bankruptcy attorneys can answer your questions and help you decide what the best option is for your specific situation. You can contact our Walworth County bankruptcy attorneys by phone at 262.725.0175 or by email via our website’s contact page. Wynn at Law, LLC has bankruptcy and real estate law office locations in Salem, Muskego, Delavan, and Lake Geneva.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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Frequent Questions from Home Owners Regarding a Walworth County Tax Sale

What is a tax sale? A home is sold during a Walworth County tax sale when delinquent taxes are due and owing for a period of three years. If you don’t pay your taxes for three years, then your home can be sold to the public for the amount of the delinquent taxes due, plus any other involved fees.

Who is notified that my home is being sold at a Walworth County tax sale? The person responsible for making the tax payments is notified. This person is usually, you, the homeowner. The tax sale is also announced to the public. You can usually find a list of properties being sold on the county website.

How can I prevent my property from being sold at a Walworth County tax sale? There are three ways to prevent your home from being sold. 1. Pay your back taxes or enter into a payment plan with the County. 2. If you are on military leave, you must notify the tax treasurer of your active military status. 3. File for bankruptcy. Learn more about your bankruptcy options by scheduling a free, initial consultation with our Walworth County real estate lawyer.

What if I own multiple lots? Can I designate a particular parcel to be sold in order to satisfy the delinquent taxes due and owing? Yes, you can. Notify the Walworth County tax treasurer to do so.

If my home was sold at a Walworth County tax sale, how can I get it back? You must pay the tax sale purchase price, plus penalties and interest, to the county treasurer. The treasurer will then pay the tax purchaser. Visit the office of the county treasurer right away.

Can my family or friends redeem my property for me? Of course, they can. Anyone can pay the total amount due and owing in order to redeem your property. They will not own your property if paying on your behalf. The redemption will be in the name of the tax debtor.

Contact our Walworth County Real Estate Lawyer

If you have other questions regarding the sale of your home during a Walworth County tax sale, please feel free to contact our Walworth County real estate lawyer. You can reach Wynn at Law, LLC by phone at 262-725-0175 or by eMail via our website’s contact page. Schedule an appointment with our Walworth County real estate lawyer at any of our convenient office locations: Lake Geneva, Delavan, and Mukwonago, Wisconsin.

*The content and material on this web page is for informational purposes only and does not constitute legal advice.

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