Q: I am selling my home in the Northeast and moving out of the city. The only problem is I need to sell it for a certain amount to be able to do it. I had it appraised in 2010 and I thought I could get what it appraised for, but my real estate agent is telling me no. How can I get the most out of it and move?  Should I try to sell it now or wait until the market turns around?

A: Over the past few years I’ve watched the value of homes in the Northeast decrease. Though the pace of the decrease has been slow, it’s a decrease in value all the same. As a resident of the Northeast myself, I never would have thought I’d see any homes in my neighborhood listed for as low as I’ve seen lately. continue reading »

 Q: I am getting divorced. I want to move on and need to sell my house. My husband has moved out and I listed it for sale already with a real estate broker. I found out my husband is not on the mortgage, but he is on the deed. Do I need his permission to sell the house? I don’t even want to talk to him. I will make no money on the sale. In fact, I may need to bring money.

A: In the state of Pennsylvania, even if you’re not making any money on the sale, your husband will have to sign off on the sale of the house. When you’re married, you can’t sell your home without your spouse knowing. Even if he were not on the deed, his signature would still be required. continue reading »

Q: I have been renting for a couple months in Northeast Philadelphia and now I want to buy a home here, but I’m from Baltimore and I need to know the area as much as I can before I actually settle down here. I’m thinking I probably don’t want to spend more than $100,000 for a home. What neighborhood do you think I should start in? 

A: Since your target price is under $100,000, you’ll need to get to know the neighborhoods in your price range.

Start checking out the lower Northeast’s 19135, 19136, or 19149 zip codes in Mayfair, Tacony, Holmesburg, Wissinoming and Castor Gardens. While there are deals to be had all over Northeast Philadelphia, these neighborhoods fall in the price category you’re looking. continue reading »

 Q: I am looking for an investment property in Northeast Philadelphia that I can fix and flip. If I buy a cheap single in Academy Gardens, how much money do you think I can make?

A: Academy Gardens is a neighborhood made up of single cape cods, row homes and twins. Many of the singles are rarely alike in their offerings. They range from two bedrooms to five and from one bathroom to three. Some for sale need much work, but others have undergone a complete makeover. continue reading »

Q: I was supposed to make settlement tomorrow on a home I wanted in Lawncrest. We did the last-minute walk-through this morning and all of the seller’s furniture is still there! I have no idea why, but the seller never called movers and never had his stuff moved out. He now says he can’t get it all out by settlement tomorrow! I still want to buy the house, so I am planning to attend settlement tomorrow, but how long should I give the seller to get his stuff out of MY house?

A: Some of the craziest things can happen in a real estate transaction, and this is no exception. It is unfortunate this seller lacked what is considered obvious forethought and didn’t remove his possessions before settlement. continue reading »

Q: I bought my home in Somerton and – at the time – I had a home inspection and a termite inspection, but never thought of getting a radon inspection. Now I am worried because what if I have radon? Should I get a radon inspection now?

A: The Surgeon General has warned that radon is the second leading cause of lung cancer in the United States today. If you smoke and your home has high radon levels, your risk of lung cancer is especially high. The problem is, you cannot see, smell or taste radon to know if you have too much radon in your home. continue reading »

Q: I have a house for rent in Rhawnhurst for $,1200. I have had a few people fill out applications, but nobody has been able to provide me with a credit score of 650 or above. Is this an unreasonable request? Should I lower my standards?

A: As you may know, some people are forced to rent – although they would prefer to own – because they do not meet the minimum credit score required to buy. With your qualification of a 650 credit score, you’ve actually made it harder to rent your property than to buy a home. Many mortgage lenders only require a minimum score of 620. continue reading »

Columnist Stacey McCarthy has the week off. Today, we’re running her post from this time last year.

Q: I am so excited! I make settlement on my first home in Holme Circle on Friday and I don’t know how to get the bills in my name. I want to make sure I have all my bases covered, so I want to call the utility companies asap. Who do I need to call? And will the seller’s bills already be paid off?

A: Congratulations! Owning your first home is very exciting. One thing you shouldn’t have to worry about is the seller’s utility pay-offs. The title company you use to make settlement will make sure the seller’s utility bills are paid up. continue reading »

Q: I just bought a house in Rhawnhurst on Horrocks Street for more than $150,000 and I just found out another house listed on Horrocks Street just sold for $40,000! Is my house worth less now?

A: The average sold price in Rhawnhurst is $155,000 right now. Of the 43 homes sold in the last four months, the lowest priced home was a two-bedroom bank-owned property for $85,000, so $40,000 would be a steal in Rhawnhurst. continue reading »

Q: I made an offer on a short sale in Morrell Park. I backed out of the deal because the sellers were using a short sale negotiator who wanted to charge me extra money just for negotiating their short sale. Shouldn’t it be the sellers’ responsibility to pay this person? After all, they are the ones who are benefitting.

A: The seller is not the only party who benefits from a short sale. Short sales are considered “bargains” in the real estate world because these homes can be acquired for up to 20 to 30 percent less, or more, than the average price of a regular, non-distressed home. continue reading »