Stacey McCarthy is off this week, and will return next week with an all new installment of Real NEastate. Today, we look back at one of her tips from Winter 2011.
Q: I decided to sell my home in Wissinoming but I don’t want the neighbors to know because they are so nosy. I do not want a “for sale” sign or any open houses or the home advertised in the paper. My realtor told me that wouldn’t be a problem, but said he still wants to advertise online. Will my neighbors find out I have my house for sale if I let him advertise on the Internet?
A: You might be able to sell your home without a “for sale” sign, holding open houses or advertising in the paper, but according to the National Association of Realtors, nine in 10 buyers used the Internet to search for their home in 2010. Don’t you want to capitalize on that and find a buyer? continue reading »
Q: The buyers of my home in Bustleton were supposed to make settlement today; however, their mortgage company says they cannot do it until Friday. I took off today and I can’t take another day off to do this. I am worried that it’s not going to happen at all. Is there a way to make them do it today?
A: The seller in every real estate transaction hopes to make it to settlement on the day promised, and that the mortgage company and the buyers have been submitting the paperwork necessary to close the loan on time. But sometimes, and with some buyers or lenders, it just doesn’t work out that way. continue reading »
Q: Someone told me that the house down the street from mine in Parkwood was foreclosed on and for sale by the bank. I am not happy about the foreclosure, but I would love for my son to buy it. There is no for sale sign on the property, but I can tell it’s vacant. How can I find out if it is for sale?
A: It’s unfortunate to have a foreclosure in a neighborhood. But while it’s a drag on home values, the flip side is that it could be a deal for some lucky homebuyer. Many times there is a lapse between the time a home is officially foreclosed on and the time the bank lists it for sale. It could be months or even years, depending on the bank. continue reading »
Q: I bought my house earlier this year. I’m putting my taxes together early and my accountant said he needs the HUD-1 from settlement. I don’t know what that is and can’t seem to find anything like that in my paperwork. Maybe they didn’t use one. Help!
A: The HUD-1 is the government form used by the title company or lawyer at settlement to document the transaction. It’s a standard form that spells out all the charges to the buyer and the seller, how much money a buyer needs to bring to the table, and how much money a seller will receive, if anything. continue reading »
Q: I own a few row homes in Castor Gardens that I rent out to tenants. I am aware there is currently a bill in City Council that would require certification that the property is lead free before a tenant moves in. I am hearing this will be costly, but I am a smart investor, so I will just pass this cost down to the new tenants. My question is will I have to certify the properties currently rented are lead free?
A: There is a public hearing on this bill today at 1 p.m. I believe the legislation that is currently proposed calls for lease renewals, as well. Check Lead Based Paint Ordinance #100011. The bill, as proposed, would also require home sellers to obtain a certification prior to selling a home built before 1978 in the City of Philadelphia. continue reading »
Q: I’m selling my deceased mother’s home in Mayfair and the title company is asking for an inheritance tax return. I’m happy to provide everything they are asking for, but why do they need the inheritance tax return?
A: When conveying the title of a home to a new owner, the title company needs to make sure the property is clear of any encumbrances, liens, unpaid utility bills and mortgages, etc. If you’re the executor or administrator of an estate, the title company will need proof that you’re legally able to sell the property and that you’ve paid inheritance taxes. If no inheritance taxes have been paid on the property, they will escrow money to pay the taxes due at sale. continue reading »
Q: I made an offer on a property in Holme Circle that is a “short sale.” It has been six months and still NO REPLY from the seller’s bank! The real estate agent told me it could take awhile, but now I feel like she is not doing enough. Is she giving us the run-around? How do I know if the bank ever really got my offer? How long is this really supposed to take?
A: Despite its name, a “short sale” is anything but short. The short part of short sale means the seller is not paying off the entire loan, and lenders don’t easily approve of that. For the buyer, it would be more accurate to call it a “Take-forever-and-even-then-you-might-not-get-it Sale.” That is the main reason why these homes are priced much less than others in the market. continue reading »
Q: How much of a window should I give myself before I start to look for a new home after my house is on the market? It’s been up a couple months and I don’t know when to start looking. I’m thinking now might be a good time.
A: If you had just put your home on the market, I would usually suggest you wait until your home is under contract since a home you fall in love with might not be available by the time yours is sold. But if your home has been up for sale for several months, you might want to start looking, and in your neighborhood as well, for reasons other than just finding a new home. continue reading »
Q: I went to see a home for sale in Somerton that didn’t have any pictures online. When we got there, I realized why. The place was a mess! There’s no way I would buy a home that is in major disarray because, to me, that means the owner doesn’t take good care of it. And I definitely don’t want a home that isn’t well maintained. Is there a way to figure out which homes for sale without pictures are worth seeing? Or are all the homes for sale without pictures a filthy mess?
A: It’s good that you even want to see the homes without pictures, because many homebuyers will skip right over the ones without a least a dozen pictures, and they might miss out on a really great home. I don’t know if there is a way to figure out which ones without pictures will be dirty but there might be a good explanation why there might not be any pictures. continue reading »
Q: I rent a three-bedroom home in Mayfair and my landlord said she’d sell it to me for $100,000. My bank said that my mortgage would be less than $600 a month. My rent is currently $800, so I’d definitely be saving money, but how do I know it’s even worth $100,000? Can you tell me what I should pay?
A: How much this property is worth depends on the address. There are 97 properties for sale in Mayfair from a low of $49,000 to a high of $199,900. The average sold price in Mayfair overall is $108,000. But how much your rental is really worth depends on your exact location in Mayfair. continue reading »
