Thursday, October 7, 2010

New Listings
No new listings today.


New Accepted Offers
210 Lowville Rd, Rio - Lynn Holley
544 Waterloo, Marshall - TJ Vitense


Be Careful - From Darren
Hi everyone. I received this from one of our agents today and felt it important to share with everyone. We really need to pay close attention to safety. Please take a moment and read the message below.


“I received and Internet lead off Trulia Pro last week. The buyer (Christian Perillo) met with me this past Sunday at Keller Williams around 5pm to discuss purchasing a home - he was relocating to Madison from Beloit for job purposes and had already sold his home and had another 30 days before he had to be out. So basically a cash offer with a relatively quick close. He wanted a little more privacy, land $250,000 to $500,000 - willing to do some fixing - said he had tools and understood quality craftsmanship in a home. We discussed details (likes and wants) and then I showed him a vacant home near Odana golf course - he did not like so much. I scheduled 9 homes for this past Tuesday's showings. At about home 3 I was starting to get an odd feeling about this buyer. He seemed to like all the homes and was not really looking at them for purposes of purchasing and just seemed to be going through them quickly....not even really looking at the bathrooms? The conversation in the car was just getting more odd ...... he claimed to be a freelance journalist. Finally I asked him what his children's names were, and he strangely enough his children's names did not match his last name - very odd. When he asked me if I ever felt uncomfortable showing homes to people. Very Odd Question so I said I had 4 years of Karate and would be testing for my black belt in April....... I am very capable of killing someone with my hands and feet.....He smiled and glanced out the window. I did not show him the last home ...... basically turned around and got him back to his car.


When I returned to my office I googled his first name with the last name of child (Christian Piccolo)...........Felony charges, foreclosure, drugs, etc. The name he gave me was a fake and a lovely mug shot of him in an orange jumper and hand cuffs popped up on the internet. I am in the process of calling all the other agents to make them aware of the situation. If fear he was casing homes for valuables and or looking for someone to take advantage of.


I am asking you to please remind all the Keller Williams agents to be careful.....sometimes running CCAP on a name will not tell you all the details (as in this case). Not everyone in this world has good intentions and people do stupid things when you least expect it.


Thanks


Darren Kittleson


WRA Legal Hot Tip
Q. The DFI has now indicated it will analyze all seller financing transactions using the following basic tests:

• If the property is the seller’s residence, then it is an exempt transaction and neither the parties nor the brokers need a mortgage loan originator or other mortgage license.
• If the property is not the seller’s residence and the buyer is not purchasing the property for the buyer’s residence, then neither the parties nor the brokers need a mortgage loan originator or other mortgage license.
• If the property is not the seller’s residence and the buyer is purchasing the property to be used as the buyer’s residence, then the seller and the broker need to have a mortgage loan originator or some other mortgage license.


Would these exemptions apply to the purchase of vacant land where the buyer is purchasing the property with the intent of constructing his residence there, but the seller financing (a land contract) would be fully paid and satisfied before construction of the home actually begins, i.e., it will not be the buyer's residence at the time of purchase and the seller financing will no longer be in effect when it does become the buyer's residence?


A. The following definitions appear in the Wisconsin loan originator statutes.
• A “residential mortgage loan” is defined in Wis. Stat. § 224.71(14) as “any loan primarily for personal, family, or household use that is secured by a lien, mortgage, or equivalent security interest, on a dwelling or residential real property located in this state.” This has been interpreted by the DFI to include land contracts.
• “Residential real property" is now defined in Wis. Stat. § 224.71(15) as “real property on which a dwelling is constructed or intended to be constructed.”


Even though it is vacant land, because the buyer intends to use the property for personal use, this transaction is one in which a licensee would not be able to advertise or draft offers involving a land contract. In this scenario the seller residence exception could not apply because the vacant land is not the residence of the seller.