Rock Realty Blog

Dane County WI Shoreland Zoning Changes

RockREI — Wed, 30 Dec 2009 15:21:14 +0000

Some of you may have heard that Dane County is attempting to extend its reach with regards to shoreland zoning. This will increase the number of households in this ‘zone’ and will ultimately allow them to ‘regulate’ those home owners improvements and landscaping. Here are some more details:

According to the county, not every property would be treated in the same manner. A few things may be noted:

* The County already has the ability to impose regulations on a shoreland zone 1000’ from a lake or 300’ from a river or stream. However, they are not currently subject to the regulations proposed in the new plan.

* The County proposes to extend that same 300’/1000’ zones into the incorporated villages and cities. Most villages and cities only regulate a 75’ wide zone. This way 57,000 properties would (according to the County) now be in the shoreland zone.

* While some properties would be regulated more harshly than others, all those selling properties in the new shoreland zone would have to disclose that they are now in a special regulatory zone.

* The plan proposes:

1) regulation, or potential regulation of all properties within the 300’/1000’ zone

2) regulation of all types of properties – commercial and residential

3) no grandfathering of properties with existing structures.

Due to the way a piece of state legislation was written, the Lakes and Watershed Commission and the County Board can extend its authority into the villages and cities in only one county – Dane.

8,000 and 6,500 tax credit changes explained - NAR

RockREI — Fri, 06 Nov 2009 14:28:06 +0000

NAR Frequently Asked Questions

Homebuyer Tax Credit Changes

National Association of REALTORS

Government Affairs Division

500 New Jersey Avenue, NW, Washington DC, 20001

Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit

Question: Existing homeowner credit: Must the new house cost more than the old house?

Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who

meet all eligibility requirements will qualify for the $6500 credit.

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a

new home. I have lived in my current home for more than 5 consecutive years and

am within the new income limits. I will go to settlement on November 20. If

President Obama has signed the bill by the time I go to settlement, will I qualify for

the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment

(when the bill is signed). There is no reference to the date of contract for the new credit. The

provision looks solely to the date of purchase, which is generally the date of settlement.

Question: I am a firsttime

homebuyer but was not within the prior income limits at the time I

entered into my contract to purchase on October 30, 2009. I will be covered,

however, by the new income limits. If the new rules have been signed into law by the

time I go to settlement, will I be eligible for a credit?

Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill.

The income limit and other eligibility rules will look to your status as of the date of purchase,

which is the settlement date. So if the new rules have been signed when you go to settlement,

you should be eligible for the credit (or a portion of the credit if you’re within the phaseout

range).

Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I

have found a home with a nonnegotiable

price of $825,000. Will I be able to use any

of the $6500 tax credit?

Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount

above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an

absolute ceiling.

Question: I owned my home for 10 years, but sold it two years ago year and have been renting

since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the

other eligibility tests?

Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you

will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000

and lived there until 2008 when he got a divorce. Whether John has been renting or bought in

the interim, he WOULD INDEED be eligible for the credit because he owned a home and

occupied it as his principal residence for 5 consecutive years out of the last 8 years. The

keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he

did since 3 years doesn’t impact eligibility.

Question: I am an eligible firsttime

homebuyer. I entered into a contract to purchase on

November 1, 2009. Do I have to go to closing before December 1? How does the

extension date affect me?

Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as

if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30

(or July 1, worst case), the purchaser will be eligible for the credit.

Investors Needed

RockREI — Wed, 04 Nov 2009 20:03:12 +0000

Lately, we have been contacted quite often by a certain type of buyer. These are people who are looking to purchase a home, but currently don’t quite have the credit they need to get a mortgage.

Many of these clients have two sources of income for their household and a good down payment saved up.

Are you an INVESTOR looking to do a Rent-To-Own agreement with a good buyer client? Most of our clients have a down payment saved and a house picked out already.

Newer Ranch on 1.26 Acres! - Short Sale

RockREI — Mon, 19 Oct 2009 02:46:32 +0000

Beautiful ranch on tranquil setting only 6 miles from the beltline! Cornfields in the backyard and 1.26 acres of land. This 6 yr old home boasts a man-cave of a garage that you have to see to believe, vaulted large kitchen and a walk out basement. Bay window in Master Bath boasts a view of beautiful country landscape. —->Offers may be subject to bank short sale approval.

8000 tax credit video

RockREI — Fri, 02 Oct 2009 01:30:43 +0000

Wisconsin home buyer - first time credit

RockREI — Fri, 02 Oct 2009 01:29:07 +0000

First time home buyer credit video

RockREI — Fri, 02 Oct 2009 01:27:24 +0000

Side by side duplex - Stoughton

RockREI — Mon, 06 Jul 2009 15:56:02 +0000

Stoughton, Wisconsin. Updated side by side duplex on quiet tree lined street next to parks. Only duplex on single family home street. Some of the numerous updates include newer roof, water heaters, carpet, birch cabinets, granite countertops & stainless appliances! Each side has 3 bedrooms and attached garages. Possibility of future zero lot line.