House Calls from Creators Syndicate

Must They Tell? for 07/12/2009

Sun, 12 Jul 2009 00:00:00 -0700

Ms. Lank: I do not have any contract with a broker who showed me a property, nor do I wish to use her anymore. I saw this house for the second time with the listing agent. Do I have to tell him I have seen the house with another agent two months ago? — S.A.

Answer: I don't think you have any legal obligation to reveal the earlier viewing, but you have an ethical and practical one. ...

Updated: Sun Jul 12, 2009

Co-Borrower for 07/19/2009

Sun, 19 Jul 2009 00:00:00 -0700

Mrs. Lank, I'm looking at going into a loan as the "co-borrower." What does this mean in terms of my legal claim to the property when we decide to sell? — G.S.

Answer: Not a thing.

Taking on personal responsibility for the whole debt doesn't give you any part of the ownership. All it gives you is risk. In most cases, you won't do anyone a favor by helping them get ...

Updated: Sun Jul 19, 2009

Fish On A Hook for 07/26/2009

Sun, 26 Jul 2009 00:00:00 -0700

Ms. Lank: After four months of our buyer trying to get financed the last hurdle for him is to wait another two months for clearance on his work visa. We don't want to lose this fish on our hook. He wants to rent until the lender will close. What terms should we impose to make sure the deal goes through? — Via e-mail

Answer: Letting the buyer move in before closing is seldom recomme ...

Updated: Sun Jul 26, 2009

Short Sale, Short Answer for 08/02/2009

Sun, 02 Aug 2009 00:00:00 -0700

Dear Ms. Lank: What exactly is a "short sale" and what are the pros and cons? — D.A.

Answer: When a homeowner is hard up and needs to sell but owes more than the place is worth, sometimes the lender will agree to a short sale. The lender will take whatever the property brings in the open market and record the mortgage as settled, so the sale can go through. For the lender ...

Updated: Sun Aug 02, 2009

They Buy For Cash for 08/09/2009

Sun, 09 Aug 2009 00:00:00 -0700

Ms. Lank: We are looking to sell our house, but want/need out quickly due to some problems. At this point, we don't care to make any money, just want our current mortgage to be paid off. What do you think about those companies that buy houses for cash without having to go through Realtors and long, drawn-out closing process? — J.A

Answer: Those companies buy at a wholesale price, h ...

Updated: Sun Aug 09, 2009

All About FHA for 08/16/2009

Sun, 16 Aug 2009 00:00:00 -0700

Dear Edith: Who can qualify for FHA home loans? What exactly is necessary, money-wise, closing costs, credit? How do I contact them? Do I consult a Realtor to do this? — J.H.

Answer: There's nothing complicated or difficult about FHA-insured mortgages. They come from regular lending institutions like banks, savings and loans, and credit unions. The only requirements are the usual o ...

Updated: Sun Aug 16, 2009

Looking For Credit for 08/23/2009

Sun, 23 Aug 2009 00:00:00 -0700

Dear Ms. Lank: I am getting married and moving to another town. I currently own a home but my future husband has never owned a home. If he has the loan in just his name can we still get the rebate? — C.R.

Answer: He cannot get the tax credit if at the time of the purchase he is married to anyone who owned a home in the preceding three years.

Anyone who plans to take advantag ...

Updated: Sun Aug 23, 2009

The Good And The Bad for 08/30/2009

Sun, 30 Aug 2009 00:00:00 -0700

Ms. Lank: Our daughter and her husband want her mother to co-sign their mortgage. What are the good and the bad sides of committing to co-signing their mortgage? They promise to refinance in 6 to twelve months to get her mother off the mortgage. Can that really happen? — R.C.

Answer: The mother who co-signs is taking personal responsibility for the whole of the loan. It will show u ...

Updated: Sun Aug 30, 2009

How Long with Agent for 09/06/2009

Sun, 06 Sep 2009 00:00:00 -0700

Ms. Lank: How long must I leave my house for sale with one real estate person? I have had it listed for three months and haven't had one person look at it. I would like to change to someone who would actively market my house. — R. S.

Answer: If your house has been entered in the local multiple listing system, and if there's been advertising in newspapers and on the Internet, then i ...

Updated: Sun Sep 06, 2009

Tax Credit with Down Payment for 09/13/2009

Sun, 13 Sep 2009 00:00:00 -0700

Ms. Lank: I am a first-time home buyer with very little money for a down payment. I am extremely interested in the column where you stated that the $8,000 tax credit can be used as a down payment. No one I have spoken to knows anything about it. Can you direct me to someone local or a website where I can get the most up-to-date information on how to do this? — D.

Answer: The regula ...

Updated: Sun Sep 13, 2009

Lending to Son for 09/20/2009

Sun, 20 Sep 2009 00:00:00 -0700

Dear Edith: Our son and his wife have never owned a home. If we give them an interest-free loan to buy a home and the house is put in their names, will they qualify as first-time home buyers? Also, what type of paperwork would we need to prove they owe us money on the home? — e-mail

Answer: If they buy the house as their main residence, it sounds as if they'd qualify for the $8,000 ...

Updated: Sun Sep 20, 2009

Financing and Tax Credit for 09/27/2009

Sun, 27 Sep 2009 00:00:00 -0700

Hello: My husband and I are buying our first home. The owner is financing it for us and is not a relative or friend. Will we still be able to take advantage of the first-time home owners tax credit when we file next year? — e-mail

Answer: How you finance the purchase, or even if you pay all cash, has nothing to do with the $8,000 tax credit. The requirements are that:

&mdash ...

Updated: Sun Sep 27, 2009

HARP Loan for 10/04/2009

Sun, 04 Oct 2009 00:00:00 -0700

Edith: What is a HARP loan? I have a town home that has depreciated since purchase price. I am current on all bills and mortgage payments, but I would like to find a way to get a lower rate. — e-mail

Answer: The acronym stands for the Home Affordable Refinance Program. It allows certain homeowners to refinance into a new low fixed-rate mortgage, even borrowing a bit more than their ...

Updated: Sun Oct 04, 2009

Using the Same Agent for 10/11/2009

Sun, 11 Oct 2009 00:00:00 -0700

Hello: We are planning to list our home for sale with a real estate agent who we have known for several years; she has shown us homes from time to time.

On my own time, I researched and found a home I would like to buy. Which real estate agent should get credit for that purchase? I think that the man who listed the home I want to buy should get full credit for it. My wife feels an " ...

Updated: Sun Oct 11, 2009

Legal Signatures for 10/18/2009

Sun, 18 Oct 2009 00:00:00 -0700

Ms. Lank: The buyer has agreed to my terms to a counter, but we only have talked via e-mail. I have not sent his Realtor the signed contract. Am I still obligated by law to go through with the sell? Are we bound by what we e-mailed? — L.G.

Answer: I don't know what would happen if you ended up in a dispute. The rule has always been that in the sale of real estate, nothing counts un ...

Updated: Sun Oct 18, 2009

Do Sellers Up the Price? for 10/25/2009

Sun, 25 Oct 2009 00:00:00 -0700

Dear Edith: I would like to purchase a home very soon. I am approved for a certain amount. I want a home and it is listed more than I want to pay. Is there a normal amount that the sellers up the price to negotiate, or is that what they actually want for the home? — K. O'M.

Answer: Some sellers up the price while some don't.

We can't tell what your particular owners were thi ...

Updated: Sun Oct 25, 2009

Do They Qualify? for 11/01/2009

Sun, 01 Nov 2009 00:00:00 -0700

Edith: Are we required to pay 28 percent capital gains taxes on a house we are selling?

The house was signed over to my wife and me in 2004 from my mother who is in a nursing home. The tax laws are so confusing that I am having trouble trying to decipher the answer. Please point me in the right direction. — D.P.W.

Answer: I'm assuming you don't live in the house. But did you ...

Updated: Sun Nov 01, 2009

Taking Over Payments for 11/08/2009

Sun, 08 Nov 2009 00:00:00 -0800

Dear Edith: We are looking to take over payments on a home. The owner just wants out from under. We will have the option to buy in one to three years. What do I need to do to make this legal for my protection as well as the owner? — J.

Answer: You're right to take precautions before you start paying off someone else's debt.

You want written assurance that the owner won't put ...

Updated: Sun Nov 08, 2009

Agent Still Showing for 11/15/2009

Sun, 15 Nov 2009 00:00:00 -0800

Ms. Lank: We have accepted an offer on our home, but our agent wants us to continue to show our house. So, does that mean we can accept another offer if a higher bid comes in? — T.C.

Answer: Your agent knows some deals fall through and is trying to protect you in that event.

Whether you'd accept a second offer is up to you. It would have to be from buyers who knew there was ...

Updated: Sun Nov 15, 2009

Buy and Bail for 11/22/2009

Sun, 22 Nov 2009 00:00:00 -0800

Dear Edith: I will try to make this short. I bought my condo in 2006. My mortgage rate becomes adjustable in 2011. I am upside down $85,000, originally bought for $435,000, worth $350,000 now. I have no problem with the payments now, but I fear when they adjust it will be too much.

I already applied for a loan modification to a fixed rate and was denied through my lender. I can't come up ...

Updated: Sun Nov 22, 2009