You just might be able to make a positive out of declining values.

We all may be able to make a positive out of properties losing their value. We can't change the fact that people are having a hard time making mortgage payments and some going to foreclosure, the obvious reason for property values going down, but there may be a silver lining for some of us. I know many of you are fed up with having to take on the burden of the worlds financial crisis so consider taking advantage of this opportunity to keep some money from the hands of the government.

A few of us were sitting around the kitchen table last night trying to solve world problems. As usual, the topic rolled around to current affairs and buying distressed properties. Eventually the question was asked; what do you think it's worth now? They all looked at me, they all know of my past experience as a Wisconsin State Certified Appraiser, so I volunteered my thoughts.

During our conversation it dawned on me, some of us can benefit from today's declining market. The benefits will vary but as I have said before, a penny saved is a penny earned.

If you feel your property may have declined in value I suggest going to the yellow pages, "appraiser" section. Call your appraiser of choice and place an order to have your home appraised. The appraisal fee ranges from $325 to $400. Next call your town office and ask when the town assessor is holding the "open book" real estate tax hearing.

What to do: compare your assessed value to your appraised value. If your appraised value is lower you can save money. Next make an appointment to be heard at the "open book" hearing with the town assessor to present your case. This is the one and only time you will want to show your appraisal to an assessor. Present the appraisal and with a smile demand  - no just ask,  your real estate taxes be lowered!

Both Minocqua and Woodruff have been reassessed over the past 1-2 years. State law requires each township to re-evaluate or "equalize valuations" every five years. During the remaining three years the assessor usually leaves assessed values alone. This is a good thing for the tax payer when property values are going up. However, now it is a good thing for the taxing authority as property values decline.

It has been S.O.P. in my mortgage business to not put the cart before the horse - not spend a clients money until it becomes necessary. I always used to order the appraisal (delaying the fee) after the client was approved by the Automated Underwriting system. But these days it has become necessary to order appraisals prior to AU approval due to declining values.

Everybody thinks there property is still worth more. Just last week a very knowledgeable client told me his last appraised value came in at $310,K and as he lived in a desiresable section of town thought the value should hold. Well the appraisers estimate of value was $293,K and that changed the whole parameter of the refinance loan. And this is not an isolated incident. So, if his tax assessed value is higher than $293,K then he has an opportunity to, yup my favorite thing, Save Money!

As always, we look forward to your questions and comments. You can contact us by going to www.minocquamortgage.com or marcia@minocquamortgage.com. Have a wonderful Easter!