Dear Mrs. Lank: Our Realtor listed our house two weeks ago and now she is planning to have an open house next weekend. She has asked us to leave the house and go somewhere for those three hours. She says it will work better. We're not sure, is this usual? -- F. I.
Answer: Of course you're curious to see who comes to see your home, but the agent...Read more
Ms. Lank: If you could answer me today that would be helpful. We are selling our home ourselves, and we got an offer this morning that is $8,000 less than we are asking. It's only good for 48 hours. My wife isn't sure about it. Can you discuss our options? We need advice right away. -- K. R.
Answer: First of all, we'll assume that this is a ...Read more
Ms. Lank: I recently read one of your columns in the paper. R and M.T. wrote that they inherited a property in a different state and wanted to sell it. They were being bothered with correspondences from people they thought wanted to buy the property. I think they would be amazed at how good the Realtors are there. We're from Maryland, and our ...Read more
Dear Edith: What do you think of an older person buying a house or a condo? I'll be 70 this year. I am single, and I have excellent credit. I've been looking for an apartment, and landlords seem to really jack up the prices, at lease this time of year. I pay $1,100 a month, so I think I can afford a mortgage. Thanks for your thoughts. -- M.
Ms. Lank: I have a family member who would like to buy my senior parents' home in a closed sale (without a real estate agent) to avoid commissions. What are the pros and cons of such an arrangement? I'm a little weary of not including an experienced professional. Thank you. -- W.
Answer: Both parties can take appropriate precautions, and there'...Read more
Ms. Lank: Once we have paid off our mortgage, how long should we wait to get a clear deed? -- K. F.
Answer: In a few states, you're looking for a reconveyance deed, but in most places, what you want is a certificate of satisfaction. Either way, it will prove your loan has been paid off in full (satisfied).
If the lender has put this new ...Read more
Dear Edith: I have applied for a mortgage loan to buy a house. I have been told by the loan counselor that I qualified for the loan. Should I ask for a written commitment, or do you think that an oral commitment suffices? -- G. H.
Answer: What you have is the counselor's personal opinion, based on the information you furnished when you applied ...Read more
Dear Edith: When we applied for a mortgage, the bank charged us for an appraisal. They said it was so they'd know how much it was safe to lend us. As the new owners of the house, we would like to see that appraisal. They say we can't. But we paid for it. Do we have the right to see it? -- L.R.
Answer: When you apply for a loan, you pay for an ...Read more
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