Dear Edith: Please give me an idea of how to coordinate the sale of my present home with the move-in date for my new home. We have a tentative date of August 2019 for the new house's completion. -- M. H.
Answer: Real estate brokers can help dovetail the two transactions. If you don't already know which firm you'll use to market your present ...Read more
Dear Edith: In a recent column, you discussed the topic of neighbors who attend open houses with no intent to buy and whether Realtors encourage it.
My wife and I were like that. On many weekends, just out of curiosity, we attended several open houses in our neighborhood.
Finally, we had to sell our house. And what agent did we select to sell ...Read more
Dear Ms. Lank: I've had a one-bedroom condo on the market with a Realtor for six weeks. There was a lot of interest at first and almost an offer, except the individual wants two bedrooms in the same building. The building, by the way, is in an extremely desirable location across the street from a popular shopping district that has everything a ...Read more
Ms. Lank: Does the existence of a mortgage on the property cause the bank or other mortgage holder to limit one's ability to include another person on the deed?
My wife and I are currently joint owners of our home with right of survival. We have a remaining mortgage balance of about 30% of estimated market value.
I would like to include my ...Read more
Dear Ms. Lank: Hope you can help us.
We have been trying to sell our house for three months now -- with not a single offer. From our agent's market analysis, we are at the low end of the price range for similar houses. We have even dropped the price with no effect.
Our house is relatively new (a little over two years). I think lots of buyers ...Read more
Dear Ms. Lank: I plan to sell my home in the near future.
There are already some minority families living in my neighborhood. Can I specify to my real estate agent that minority buyers be given priority during the sale of my home? -- F. Q.
It is illegal for you or your agent to express any preference or avoidance for buyers based...Read more
We are looking to purchase a new primary residence and would like to sell our current home to our son. Does either of us need a Realtor for this transaction? Also, can one lawyer manage this, or do we need separate representation? -- No Name
Answer: As you already know who the next owner of your present home will be, you'd have no use for a ...Read more
Dear Edith: My in-laws are going to a nursing home. My wife and I will be selling their house to fund the move to the nursing home. According to several Realtors, the house and property are worth approximately $40,000 less than what they originally paid for it. Is there any tax benefit to selling the property at a loss? -- D. B. M.
Answer: Nope...Read more
Ms. Lank: I have an empty lot in another state and pay the yearly taxes for the lot, but I stopped paying the assessment charges for sewers, etc., because I doubt, now that I'm 83, that I will ever get to use them. Will nonpayment on the assessments cause me a problem?
I've received a letter from a lawyer but so far not responded. -- G.L.
Dear Edith: My husband died last June. When I asked my lawyer about removing his name from the deed, which is in both our names, he said that isn't necessary. Is there any downside to leaving the deed as it is when I sell the house or my son sells it? -- E. B.
Answer: No problem at all. When the house is sold, someone will do a legal search of ...Read more
Dear Edith: We are selling a house that belonged to my sister who died. She lived there for more than 40 years, and there's probably going to be a large profit. Can we get an income-tax break because it was her main residence? -- L. G.
Answer: You can't use the home seller's tax break on the profit, but you won't need it anyhow. Whoever ...Read more
Dear Edith: My brother and sister and I inherited our paid-up family home. The deed lists us as "tenants in common." Now our sister lives in the property while our brother receives no benefit.
Can we force a sale? If our sister doesn't want to move or show the property, what can be done?
If one of us were to die, who would own our share? Will ...Read more
Edith: My 83-year-old aunt pays $3,000 a year in house taxes. Her house is paid off. She lives in it. She wants to defer payments of the taxes.
Let's say she passes away in five years. When the house gets sold, will the $15,000 she will then owe get taken right off of the sale? Someone told her she would lose the house. Also, if she decides to ...Read more