Q: I found a house I want to buy in Morrell Park, but the listing says it is a “bank-owned property.” It’s not a great house, but it’s pretty cheap. I am pre-approved from my bank for the exact amount they are asking. Is there a special way to make an offer on this house? What do I need to do to buy it?

A: Your first step is to contact either the real estate agency that listed the property or a real estate agent you know and trust to show you the property and help you make the offer. It is always an important decision whether to contact the listing agent of any property or pick a buyer’s agent of your own. continue reading »

Q: I was all ready to buy my first home this Friday in East Torresdale but, even after being pre-approved a few months ago and after giving the mortgage company everything they needed, my loan request was denied because my credit score went down while I was waiting to make settlement. My loan officer said it will be another month or two to get my credit score up and buy this house. Do you think the seller will wait for me?

A: When buying a home, it is prudent to make sure all your bills are paid on time and you don’t make any major purchases, or run up any credit cards before settlement day occurs. The mortgage lender will usually run your credit score again just before settlement to see if you are still “mortgage-worthy.” continue reading »

Realtor Stacey McCarthy will return with new Real NEastate installments after the Labor Day holiday week. This post was originally published in September 2011.

Q: I bought my house in Bustleton only two months ago and now the roof is leaking. The home inspector said I had another two to three years before I had to do anything about the roof. My real estate agent said it’s my problem now. I feel like it’s only been two months so the seller should have known! Can I sue the seller?

A: There are too many unknowns, so the answer may vary. Whether you can sue anyone is a legal question for an attorney to answer. Contact a lawyer that specializes in real estate and he/she can explore your options, if there are any. 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 just signed an agreement for my home in Millbrook. It is a short sale now. Will it go to settlement? I am so worried I will end up in foreclosure. I don’t know what to do.  

A: Prepare yourself for a long road ahead between signing this agreement and going to settlement, if it happens. Your mortgage lender will need to give you approval to sell your home since you will not be paying back the entire loan. Lenders are not quick to agree many times and this could take a while.   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: My mother is selling her house in Rhawnhurst and her real estate agent told her that she didn’t need to do any repairs and could sell it “as-is.” She signed a contract with a buyer who agreed not to request any repairs. But now the buyer’s mortgage company says she needs to do repairs. It’s just a couple minor things, but that wasn’t the deal she agreed to! Can she get out of this contract?

A: If the home buyer’s mortgage lender is asking for repairs it’s more than likely because they are getting an FHA mortgage. FHA loans are low interest rate loans necessary for buyers who have less than 5 percent to put down on a house. If this home buyer is getting an FHA mortgage then there is a place in the Agreement of Sale that will indicate so. You will also see language that says the mortgage lender may require repairs, so unless that language was crossed out, your mother probably did agree to this deal. continue reading »

Q: I bought my house in Bustleton only two months ago and now the roof is leaking. The home inspector said I had another two to three years before I had to do anything about the roof. My real estate agent said it’s my problem now. I feel like it’s only been two months so the seller should have known! Can I sue the seller?

A: There are too many unknowns, so the answer may vary. Whether you can sue anyone is a legal question for an attorney to answer. Contact a lawyer that specializes in real estate and he/she can explore your options, if there are any. continue reading »

Q: My house is being sold and settlement is in two days. During the process of moving out of my home this weekend, the movers accidentally put a giant hole in the wall with my armoire. I really don’t have the time or money to fix it. What should I do, if anything, before settlement?

A: According to Paragraph 17 of the Standard Agreement of Sale: “Seller will maintain the property, grounds, fixtures and personal property specially listed in the agreement in its present condition, normal wear and tear excepted.” continue reading »

Q: I lost my job and can no longer afford my home in Wissinoming. I don’t have any money to bring to settlement, so selling it for less would be problematic. My agent listed my house for sale in January for $94,900, because I owe $83,000 and I needed to make sure the sale covers my closing costs. No one is even coming to see it. My agent tells me the average sale price for the same house in my neighborhood is about $78,000. Can I try for a short sale?

A:  Short sales are not easy, and, despite their name, they are anything but short in process. There have been many homes that didn’t make it through the short sale process and have ended up in foreclosure.   Contact the Loss Mitigation department of your mortgage company to find out what documentation is required to apply for a short sale. Usually you will need the following items, among others: continue reading »