Category: Featured

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New Listing! 1727 Rustic Ridge

If you love to relax, then this is the right house for you. A massive screen porch lets you enjoy 3.5 seasons without the bugs! This open-concept home has fantastic work-space in the kitchen and vaulted ceilings. The exposed lower level includes a 4th bedroom and a full bathroom. Settle in to enjoy the corner fireplace or the wet bar. Large park nearby. You will see that the Sellers have lovingly maintained this home and it is ready to move in today! Enjoy living in the Sun Prairie community and Sun Prairie schools! MLS 1605138 Open house scheduled for 9/12/2010 from 1-3pm – please plan to stop by!

To schedule a private showing, email heidi@glassslipperhomes.com!

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Fannie Mae’s New Enforcement On Strategic Defaults

With more than 5 million home owners unable to make their monthly mortgage or currently in default, lending giant Fannie Mae has started to get tough on strategic default.

At the end of June, Fannie Mae announced that it would no longer look the other way from borrowers who walk on their mortgage. They also announced that the penalty would be a seven year ban from the GSE (Government Sponsored Enterprise) program. Additionally, Fannie plans to take legal action against borrowers who strategically default on their loans.

While Fannie Mae is standing tough on their decision, the reality is that with unemployment still at 9.5% or higher in some regions and a sluggish economy is having many home owners feel that they have no choice but to walk away from mortgages that they have no hope of catching up on.

 “We’re taking these steps to highlight the importance of working with your servicer,” said Terence Edwards, Fannie’s executive vice president for credit portfolio management. “Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting. On the flip side, borrowers facing hardship who make a good faith effort to resolve their situation with their servicer will preserve the option to be considered for a future Fannie Mae loan in a shorter period of time.”

Here’s how Fannie breaks it out:

  • Deed-in-Lieu of Foreclosure> — reduced from four years to two years with 20% down; four years with 10%.
  • Pre Foreclosure Sale — two years with 20% down; four years with 10%.
  • Short Sale— will be the same as pre-foreclosure sale
  • Strategic Default (Walk Away) — seven years.

Many experts are fearful that this move will contribute to the already dismally depressed home market by cutting out the government backed borrowers. Fannie Mae and Freddie Mac, fund more than 90% of new mortgages and so far, Freddie has not followed suit.

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ZOOM! WHIZ! WOW! A High-Speed History of Madison’s Soap Box Derby

Learn about the history and experience the thrill of the soap box derby’s heyday in Madison from the mid-1930s through the 1950s as well as the excitement of today’s derby-racing action.  Visit Madison’s Wisconsin Historical Museum for this unique exhibit.  See unique cars, mementos, souvenirs, photos, and film from the days when zooming down a hill in a home-built car was the most fun a kid could have.

This interesting exhibit will run from June 26, 2010 – September 11, 2010. Located on the Capitol Square in Madison, the Wisconsin Historical Museum is full of wonderful information about the State’s rich history. The museum is open from 9am-4pm daily and is located: 30 N Carroll St . Madison, Wisconsin 53703 and you can reach them by (608) 264-6555.  Suggested Donation is $2.00/person

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Architect Marshall Erdman

One of most famous and pivotal of the Madison area architects is Marshall Erdman. Mr. Erdman was the founder of Marshall Erdman and Associates, one of the nation’s leading designer and builder of medical outpatient facilities. Established in 1951, the firm has its headquarters and Midwest Division in Madison, Wisconsin.

Marshall Erdman was often called a visionary.  In the 1950’s he worked with Frank Lloyd Wright on the design and construction of housing and the landmark Madison First Unitarian Church. In the years that followed, Erdman served as a consultant to the Peace Corps and was involved in many community and state boards and commissions, while continuing to oversee operation of the firm. A few years later saw the production and sales of the “U-Form-It” House, using precut, pre-marked lumber and cabinetry. In 1953 LIFE Magazine featured the home with this comment: “…Neither the first nor the cheapest but probably the best designed manufactured house.”

 In 1980, Marshall Erdman introduced a line of high quality furniture and cabinetry known as Techline. Later that year, due to his efforts in Wisconsin the Company was awarded a contract to design-build the state office building, GEF III (General Executive Facility – 3). This project set many records for excellence of construction, energy efficiency, short construction time and cost savings. GEF III was the third office building built for the State of Wisconsin. The contract called for 50-50 sharing of savings from the contract price. When the building was completed, ME&A returned over $150,000 to the State. The first year it cost 0.15 cents/square foot to heat GEF III versus at 6.14 cents/square foot to heat GEF.

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Google Introduces Mortgage Search

Many potential homebuyers start their home search by doing research online. If you have been researching financing online, your email inbox may become inundated with mortgage offers and unsolicited messages. Now the search engine giant Google has a new mortgage search feature that can help.  Their new mortgage seach will eliminate the unwanted emails and calls by streamlining your search and making a mortgage match just for you – without the accompanying spam.

Google has recently introduced a similar process for refinance customers and they promise to extend that service to all  mortgage seekers.

Still in Beta mode, the service is only available in 38 states. However you can go to https://www.google.com/comparisonads/mortgages to see lists of lenders and their product portfolios. You can choose the package, along with rates and other costs, that works best for you.  Google also gives you the ability to calculate your monthly payment by inputting variables such as your down payment, credit status and the kind of loan you want.

One of the best features with this search tool is that you can choose to receive an offer from just one lender, and your direct contact info is not readily available. Google also promises that they will hold the lender to the offer made online – as long as basic criteria given in the search are correct and unchanged (such as the appraised value).

Google has not been able to attract major lenders, so the list of companies may be a little obscure to the average buyer. Even though, this new search tool is excellent for helping consumers shop for competitive mortgages online, without the hassles of overeager sales people and email overload.

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