House Calls from Creators Syndicate

Only One Salary for 06/22/2008

Sun, 22 Jun 2008 00:00:00 -0700

Dear Edith: I had a question about money when buying a house. My fiance and I are planning on buying a house next year at the earliest (after we're married and all). We will only have his salary. We were told it's not possible to buy a house on his salary alone. I am planning on being a homemaker/stay-at-home mom so me working is not going to happen. Does that mean we'll never own a home? I kno ...

Updated: Sun Jun 22, 2008

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Reverse Mortgages Again for 07/13/2008

Sun, 13 Jul 2008 00:00:00 -0700

Dear Edith: Awhile back you had someone ask you about reverse mortgages. I lost the article; therefore, would you please let me know how to attempt the process of getting a reverse mortgage. I will be 62 on December 26 of this year. Does your credit standing have to be excellent or will a person with fair credit be acceptable? Also, right now I have a payment agreement with my mortgage company ...

Updated: Sun Jul 13, 2008

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House Didn't Appraise for 07/20/2008

Sun, 20 Jul 2008 00:00:00 -0700

Dear Edith: If a house appraises lower than the loan amount what are the options? — D.W.

Answer: Let's assume the sales contract says the purchase is contingent upon (or depends on) the buyer's obtaining a certain amount of financing. Then, because of a low appraisal, the mortgage company won't make that big a loan. At that point it is sometimes helpful to request a re-appraisal.
Updated: Sun Jul 20, 2008

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Is Someone Playing Games? for 07/27/2008

Sun, 27 Jul 2008 00:00:00 -0700

Edith: I am curious if a game is being played with my daughter and son-in-law by Realtors. They have made offers on several houses (houses that have had no offers for some time), only to be told that, magically, a second offer is now on the table. They are not told how much it is, so they are left to decide if they should up their offer. I find it suspicious that suddenly offers appear on homes ...

Updated: Sun Jul 27, 2008

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Buying From An Estate for 08/03/2008

Sun, 03 Aug 2008 00:00:00 -0700

Dear Edith: My son is buying his first home. He found a nice house that is an estate sale. Is there anything different about bidding on an estate property? Anything he should watch out for? — J.S.

Answer: Buying from an estate can be a good way to find a bargain. Often the house is standing vacant, with someone under pressure to wind things up.

Heirs who did not actually liv ...

Updated: Sun Aug 03, 2008

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Buying The Lease for 08/10/2008

Sun, 10 Aug 2008 00:00:00 -0700

Dear Edith: In a recent column you replied to a question, "Can someone sell a house without the land? Do they have to mention they are also selling the land?" You said "When you buy real estate, what you buy is land. Anything permanently attached — like a house — comes with it. Deeds that transfer ownership seldom mention buildings anyhow."

Several months ...

Updated: Sun Aug 10, 2008

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Still Looking For Easy Money for 08/17/2008

Sun, 17 Aug 2008 00:00:00 -0700

Dear Mrs. Lank: Back in 2007 I was offered a great deal, to purchase a $1,500,000 house with only $10,000 down. One month after sending all my information (social security number, driver's license, etc.) I got a call from the person who was helping me, saying the mortgage did not go through, and my deposit was returned. So far so good.

Then this June I received an e-mail from that compan ...

Updated: Sun Aug 17, 2008

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Just Bite The Bullet for 08/24/2008

Sun, 24 Aug 2008 00:00:00 -0700

Dear Mrs. Lank: My grandmother fell ill and my husband and I had to get a house that had a floor plan that could accommodate her. Unfortunately, our other house wouldn't sell. We found a couple who was interested in doing a lease-purchase. They fell through on the deal and moved out last month. They aren't paying the contractual penalties either, but that's a whole other issue.

What I w ...

Updated: Sun Aug 24, 2008

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Case Of Seller's Remorse for 08/31/2008

Sun, 31 Aug 2008 00:00:00 -0700

Mrs. Lank: I have decided I don't want to sell my house. The problem is that I go to settlement tomorrow afternoon. What will happen? — Via e-mail

Answer: Whatever happens, it won't be pretty.

First thing: Don't even bother reading the rest of the e-mail I'm sending you. Get thee to a lawyer this instant. Take along all your documents.

If there's any loophole that wou ...

Updated: Sun Aug 31, 2008

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Making Extra Payments for 09/07/2008

Sun, 07 Sep 2008 00:00:00 -0700

Dear Ms. Lank: I have a mortgage with a balance of $54,000 with a rate of 6.5 percent. This is a 15-year fixed rate. Awhile back a friend said that if you have a 30-year mortgage, by making one extra payment per year, the loan would be reduced to 22 years. Two extra payments in the same year would reduce it to 15 years. Is there a way for me to reduce my mortgage balance using the same principl ...

Updated: Sun Sep 07, 2008

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Help Buying Foreclosure for 09/14/2008

Sun, 14 Sep 2008 00:00:00 -0700

Dear Ms. Lank: I have spoken to three different brokers about buying a foreclosure. Every one tried talking me out and didn't want to help with whatever questions I had about the process. A friend of mine then told me that agents don't make much by selling foreclosures. If that's true, then how can I find someone that wants to help? — J.

Answer: Property being foreclosed is sold at ...

Updated: Sun Sep 14, 2008

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Worried About Foreclosure for 09/21/2008

Sun, 21 Sep 2008 00:00:00 -0700

Edith Lank: How can a potential tenant be sure the owner of a Florida condo has not been foreclosed upon before we send substantial rent money, and then maybe not have a winter condo to move into? All we have is the owner's name and address. — D.M.

Answer: Usually it's landlords who want credit reports, but with so much Florida real estate in trouble, I can see prospective tenants ...

Updated: Sun Sep 21, 2008

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Where Was The Lawyer for 09/28/2008

Sun, 28 Sep 2008 00:00:00 -0700

Dear Edith: I recently purchased a four-unit building from a bank "contingent upon a parking problem being cleared up." There was a parking lot next door with an easement guaranteeing parking for this building. Now the new owner of the lot denies me access and the city says they cannot force him to comply with the easement.

At the closing the bank's representative assured me th ...

Updated: Sun Sep 28, 2008

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Agent Rejected Offer for 10/05/2008

Sun, 05 Oct 2008 00:00:00 -0700

Dear Edith: I recently made an offer on a foreclosed property that was rejected by the listing agent because I had preapproval from a correspondent lender instead of a direct lender such as Countrywide, BOA, etc. My cash deposit and earnest money were well over 20 percent of the price. The listing agent wouldn't even present the offer to the lender that currently owns the property. My credit i ...

Updated: Sun Oct 05, 2008

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Bank Not Answering for 10/12/2008

Sun, 12 Oct 2008 00:00:00 -0700

Dear Edith: Two months ago I found a property I wanted and signed an offer to buy it for what they were asking. The property had been foreclosed and the agent said it would probably take about three weeks for the bank to OK the sale. I wrote out an earnest money check that the agent's office has. I had an OK for the mortgage from my own bank so I was ready to buy.

After a month I called ...

Updated: Sun Oct 12, 2008

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Still Looking For Easy Money for 10/19/2008

Sun, 19 Oct 2008 00:00:00 -0700

Dear Mrs. Lank: Back in 2007 I was offered a great deal, to purchase a $1,500,000 house with only $10,000 down. One month after the buyer's agreement, and sending all my information (social security number, driver's license etc.) I got a call from the person who was helping me, informing me that the deal did not go through, and my deposit was returned. So far so good.

Then, last month I ...

Updated: Sun Oct 19, 2008

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What's Market Value for 10/26/2008

Sun, 26 Oct 2008 00:00:00 -0700

Dear Edith: I bought my condo 15 years ago, and installed oak hardwood floors, granite around the fireplace, nicer cabinets, etc. The upgrades were because I live here and not so much for the investment. The floors alone cost $20,000.

Now I feel our units are very underpriced. Someone sold way under market value a year ago and prices have fallen since. My question is: How can I get more ...

Updated: Sun Oct 26, 2008

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What's A Short Sale? for 11/02/2008

Sun, 02 Nov 2008 00:00:00 -0700

Dear Ms. Lank: What is a short sale? — K.

Answer: When you owe more on a mortgage than your property is worth, and you need to sell, sometimes a lender will accept whatever you can get on the open market, and forgive the rest. That's known as a short sale. It's better on your credit record than a foreclosure would have been. And the IRS no longer taxes you on the unpaid balance.

Updated: Sun Nov 02, 2008

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Assumable Mortgages for 11/09/2008

Sun, 09 Nov 2008 00:00:00 -0800

Dear Ms. Lank: Given the recent, less-than-desirable credit situation, are there any assumable mortgages — with or without bank approval — still available in the marketplace? — J.F.

Answer: All FHA and VA loans are assumable. They can be taken over by a buyer along with the property. Except with loans more than 20 years old, however, the new owner must prove financial q ...

Updated: Sun Nov 09, 2008

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Bimonthly Mortgage Payments for 11/16/2008

Sun, 16 Nov 2008 00:00:00 -0800

Ms. Lank: Making bimonthly mortgage payments — good idea, or bad? — Via e-mail

Answer: As with many financial plans, what might be good for one person could be bad for another.

First off, though, you haven't been offered a "bimonthly" plan. That would mean "every two months." More likely, what you're asking about is a chance to make biweekly paymen ...

Updated: Sun Nov 16, 2008

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