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 »

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 »

Real NEastate writer Stacey McCarthy is on vacation this week, so we’re running her column that appeared on this date last year. She’ll be back next week with all new real estate advice.

Q: I am trying to refinance my Somerton split-level home, and the bank appraised my home for much lower than I think it is worth. They are telling me it’s only worth $260,000, when I know for a fact there are houses like mine in the neighborhood selling for way higher. What exactly is the market value of my house?

A: The current average sold price for Somerton split-levels over the last four months is $265,000. That may seem shocking since there are homes, like yours, that are for sale for more than $300,000. In fact, the average “for-sale” price for a Somerton split-level is about $320,000 right now. continue reading »

Q: My house is up for sale in Millbrook. It’s been several months with many appointments but no bites. I know you tell everybody about offering the right price all the time, but I think it’s priced right at $170,000. It’s a really nice house but it is across the street from duplexes so I thought I was doing the right thing by pricing low. Should I hang in there or just rent it out? I’m not sure about being a landlord, either.

A: It’s smart that you’ve taken into account that there are some things about the location of your home that may not be as desirable as others in your market. That said, it’s still hard to predict when the right buyer will come along. Who knows? Maybe the price, location or condition is even less desirable than you thought. Or maybe there will be an offer next week. You obviously don’t have a crystal ball. continue reading »

Q: My house was up for sale for a year in Bells Corner and my listing contract with my agent just expired. He wants me to sign up with him for another year, but I’m not so sure he did his job since he never sold it, even after all that time. Should I sign up for another year-long contract with this guy and give him a second chance or find another agent? I want to move.

A:  Nearly 25 percent of all home listings do not sell. The market rejects them. Homebuyers in this market either did not accept the marketing effort, the price, the condition or the location, or maybe even a combination of these crucial components to selling a home. continue reading »

Q: I have an investment house in Tacony that I am selling. The tenants have moved out and now it is empty. I don’t want to try to get another tenant, but I am worried about someone breaking in and ripping out the plumbing or something. How can this be avoided?

A: It is so easy for someone to illegally enter a vacant house. They can break down the door or break a window and, since no one is there, thieves and vandals are free to wreck havoc by having parties, stealing anything and everything worth value, or leaving the water on to do even more damage when they leave. continue reading »