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 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 »

Q: I am searching for a single-family home for $120,000 somewhere near Bustleton Avenue so I can be near the bus to work. It can be a row home but I need it to have two kitchens – something like an in-law suite. I am having a hard time finding something to fill my needs. Do you have any suggestions?

A: No doubt you are having a hard time finding something. Either two kitchens or an in-law suite, especially in a row home in Northeast Philadelphia, are a rare find. I am not sure if a single-family* row home could even satisfy your needs. continue reading »

Q: I am supposed to make settlement on Friday for a house that may or may not have been flooded in the hurricane. My mortgage lender said we might need to have a mortgage inspection before settlement. My walk-through is scheduled right before settlement. Should I be worried that the bank won’t give me the money for the house if it got flooded? And will it cost me anything for the inspection?

A: Prior to Hurricane Irene’s arrival, mortgage lenders were notified by the Department of Housing and Urban Development and Fannie Mae that they may require an inspection of the property — before disbursement — to determine if there was any damage to the property. This would be done for your best interest. continue reading »

Q: I wanted to buy this house in Morrell Park that was “For Sale by Owner.” I was all ready to do it, but the guy said that I couldn’t have an agent or he would charge me $10,000 more for the house because he says he doesn’t want to pay an agent. My agent can’t do it for free, but said her commission is less than half of the extra the guy is charging me. So ultimately I’d be paying double just to have representation. Do you think this guy is trying to hide something by refusing my request to use my agent?

A: This “For Sale By Owner” seller is not exactly refusing your request to use a buyer’s agent, just making it more expensive than it has to be. Usually a person who is selling their home themselves is just trying to save money but it sounds like there’s more than meets the eye at play here.

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Q: I am making settlement on my first home in Wissinoming next week and I am worried about a few things. What if the sellers didn’t do the repairs we asked them to do? And what if they did them wrong? Does that mean we won’t settle?

A: If the sellers agreed to repairs in writing, they are responsible for doing those repairs in a workmanship-like manner prior to settlement. Your agent should ask for receipts of the work in advance of settlement to make sure the work was done. You will also be given an opportunity before settlement to inspect the home and make sure repairs were done. continue reading »

Q: Finding the right home in the Far Northeast has been very nerve wracking. I started looking in March and have found at least three homes I wanted to buy. But each time I wanted to make an offer on one, it was already under contract. My agent says I need to be quicker making decisions. Exactly how long after you see a home do you have to make the offer?

A: Nobody knows exactly. It’s a mystery how much time you have from the moment you walk out of a house for sale to the moment it receives an offer from someone else. You could see a house on Wednesday morning that could be sold on Wednesday night. Or you could see a house in November that doesn’t sell until June. continue reading »