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 »

For the most part, I get by as a New Jersey resident without Northeast nostalgia making me too homesick. However, that all changes once baseball season starts going.

I’m a big Phillies fan, and living up in Mets/Yankees region isn’t simple. I get dirty looks whenever I wear my Roy Halladay shirt or when co-workers pass my cubicle and see my Phillies posters hanging up.

Making it worse, I have to pay extra money to watch or listen to a Phillies game up there (via an MLB TV package or something similar) and feel like I can barely appreciate the team for which I profess to be a “die-hard fan.” That doesn’t seem very die-hard to me.

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 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 »

This is college commencement season, with thousands of new graduates starting their lives.

Many will be facing some significant challenges, such as trying to find a job in a very difficult market, renting an apartment or buying a home and maybe purchasing a new car. If there is a graduate in your life, you may want to pass along some of the following suggestions. 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 »

A report was released last week by the OASDI Trustees Report that showed that the Social Security trust fund would be exhausted by 2033, which is four years earlier than the original projections.

This news did not receive much attention with the primary elections being held last week. This is yet another wake-up call to all of us that we cannot continue to kick the Social Security and Medicare cans down the road any farther.

Failing to address these issues will make the eventual corrective action much more dramatic and painful. As the report outlines, failure to address the Social Security underfunding problem will result in automatic benefits cuts and possible permanent restructuring of the system as we know it today. Baby boomers will not experience benefits reductions, but the generations to follow probably will. 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 »

Mother’s Day is fast approaching and what do you plan to do for your wife or mother? Can I suggest something unconventional? Put a plan in place to help fund your retirement, educate your kids and take care of your family in the event of your premature death.

“Failure to plan is planning to fail,” as coined by Benjamin Franklin, is a phrase that we all need to take to heart.

Time passes quickly, and unfortunately, too many people are not taking the steps they should to provide for their future. It is never too late to plan and is certainly better the longer lead time you have. You can even help your parents plan too, especially to protect your mother, in the event of your father’s death (assuming he was the breadwinner, as is the case among most in that generation). There are a few basic steps that we will review below. continue reading »