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New Lending Rule Update!

by Connie Erickson
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NEW LENDING RULE UPDATE!

As we promised in our last video BLOG about the January 10th changes effecting mortgage loans Laura Seefeldt, AVP Sr. Mortgage Loan Officer with JOHNSON BANK has provided me with the following update:

The Consumer Finance Protection Bureau (CFPB) is the regulatory arm that is requiring changes to the way lenders underwrite, price and service mortgage loans.  Many of these changes will be invisible to the average mortgage consumer, as reputable lenders have always followed these guidelines as a general business practice.

The new requirements are referred to as ATR (Ability to Repay) and QM (Qualified Mortgage).  ATR means that lenders must document the consumer’s ability to pay back the loan.  REALLY!?  Again, reputable lenders have always done this.  Lenders can no longer originate low-doc or no-doc loans, nor can “teaser rates” be offered. 

Qualified Mortgages must meet the standard of income, assets and credit, established by the secondary market (Freddie Mac, Fannie Mae and FHA/VA).   Another change, but less impactful is that the fees to obtain the mortgage are capped at 3%.  (Laura Seefeldt has never done a loan with that many fees!!)  This rule will prevent mortgage brokers from padding their bottom line with excessive fees charged to borrowers.  Additionally, consumers must be provided with a copy of the property appraisal at least 3 days prior to closing.  Lastly, the appraiser must make notation if the subject property is suspicious of being flipped.  If so, there is a limitation on using “phantom value”.

For the most part, it’s business as usual at Johnson Bank and the new rules/regs will mostly impact the less than reputable lenders out there.  

WISCONSIN DNR ENACTS NEW SHORELAND REGULATIONS!

by Connie Erickson
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ATTENTION:

 

...To my Buyers who bought Lakefront

...To my Sellers are selling or thinking about selling Lakefront

...Lakefront/Shorefront Owners who are thinking about adding on or improving their properties

...Those who have purchased on the Lake, and believe they are somewhat prohibited by the Zoning rules

 

Some of you may recall, back in April 2012 I informed you the Wisconsin Legislature changed how State law regulates non-conforming structures and substandard lots in shoreland areas.  This new law, Act 170, will probably be effective sometime in 2015.  There are several…and I mean, SEVERAL changes in the works for the future.  READ CHANGES HERE…..

Ice Fishing Derby

by Connie Erickson
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DAVE PAGELS MEMORIAL ICE FISHING DERBY
Location: Wave Pointe Marina in Little Sturgeon
Dates: Feb 22 2014 
7am-2pm

Door County Walleye‚Äčs for Tomorrow - Dave Pagels Memorial Ice Fishing Derby. Fun-filled day highlighted by our fishing tournament. Raffles, kid’s activities and live music. All proceed used for fish stocking, habitat improvement projects and the kids fishing program. 920-621-7439. DETAILS!

Candellight Ski at Whitefish Dunes State Park

by Connie Erickson
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CANDLELIGHT SKI
Location: Whitefish Dunes State Park in Jacksonport
Dates: Feb 15 2014 
5-8 pm

Ski, hike or snowshoe the groomed trails by candlelight. Ski among the forested dunes for 1.5 miles. Hike or snowshoe a 1.5 mile loop. Warm up in the shelter building. Sip hot cocoa and roast marshmallows. Enjoy fresh popcorn and bakery. The Nature Center will be open. Free, but state park vehicle sticker required. 920-823-2400. DETAILS!

Fire & Ice Fesitval in Sturgeon Bay

by Connie Erickson
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FIRE & ICE 2014
Location: Citywide in Sturgeon Bay
Dates: 
Feb 14 2014 - Feb 16 2014 
 

The day is filled with novice and professional carvers turning massive blocks of snow and ice into works of art. The evening is filled with hot music and a dinner dance at Stone Harbor Resort. 800-301-6695. Details!

MARKING TO OTHER AGENTS AS IMPORTANT AS MARKETING TO THE PUBLIC!

by Connie Erickson
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MARKETING TO OTHER AGENTS AS IMPORTANT AS MARKETING TO THE PUBLIC!

As the listing agent, I may not always be the one who brings the buyer to the table, but I will be the reason the property sells!  When marketing property, I always see the importance of marketing to other real estate agents as it is to market to the consumer or purchaser.

During the listing appointment, I ask copious amounts of questions of the seller about the property.  It is important that I do my homework and become the most educated person on the seller's property, so I can share all the information with the cooperating REALTOR.

For every property I represent, I create a special file that I call the property's "fact file".  I share this with the other real estate agents prior to them viewing the property.  By sharing this copious amount of information, the REALTOR has the information they need to position my listing against the other properties they may be showing.  This often times ensures my listing sells over the competition!

Pond Hockey on Kangaroo Lake

by Connie Erickson
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POND HOCKEY TOURNAMENT
Location: Kangaroo Lake in Baileys Harbor
Dates: Feb 8 2014 
8am-4pm

4 on 4 hockey tournament on Kangaroo Lake featuring 3 divisions - Open A (pro, college, or junior level players), Open B (high school, organized, or recreational players) and Classic (40 and over). Two game guarantee. Beer and food tent on the ice with live music in the evening at Max Supper Club. Registration fee: $250 per team, due Feb. 3. DETAILS!

Carnivale - A Party in Baileys Harbor

by Connie Erickson
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CARNIVALE - A PARTY IN THE HARBOR
Location: Throughout the Town in Baileys Harbor
Dates: 
Feb 6 2014 - Feb 9 2014 
 

Enjoy winter in Door County’s quaint Lake Michigan town of Baileys Harbor!  A family event with a bonfire, live music, winter golf, farmer’s market and more. Events on each day. 920-839-2366. DETAILS!

Are You "In" The Market or "ON" The Market?

by Connie Erickson
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ARE YOU "IN" THE MARKET

OR

"ON" THE MARKET?

Sellers want to be "in" the market, not "on" the market.    Since the time on market or days to sell is severe in Door County's second home market, sellers who do not enter the market at market value will find themselves "on" the market for a long time.  For instance, in northern Door County last year, a waterfront home took on average 398 days to sell.  I've seen properties in the Door County market stay on the market for 5 or more years before they actually arrive at a price which will place in the market!

I liken this to a football game.  There are 11 players in the field playing the game at one time.  The rest of the players are on the bench.  They want to be in the game, but they haven't done the necessary things which would allow them to be selected by the coach to be in the game! 

Great Waffle Breakfast

by Connie Erickson
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GREAT WAFFLE BREAKFAST
Location: Baileys Harbor Town Hall in Baileys Harbor
Dates: Feb 1 2014 
9-11am

Join the staff and volunteers of The Ridges Sanctuary for the 5th Annual Great Waffle Breakfast. Enjoy waffles in all shapes and sizes, topped with Door County maple syrup, homemade cherry topping and whipped cream. Donations of $6 for adults and $3 for children under 12 will be accepted at the door. 920-839-2802.  DETAILS!

Displaying blog entries 1-10 of 10

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Photo of Connie Erickson Real Estate
Connie Erickson
Door County Realty, Inc.
Po Box 340 - 4027 Main Street
Fish Creek WI 54212
Office: 920-868-2075
Toll Free: 888-678-3949
Fax: 920-868-2425

Integrity...Trust...Service...Excellence
These Are Connie Erickson's Core Values

RESULTS WITH INTEGRITY
and
The Best In Personal Service