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 »
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: 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 sold my house in Castor Gardens and I’m moving to North Carolina for a job, but I will still be working here until January. I can’t afford to be saddled down with a year lease here and I have too much stuff to move into an apartment. Can I rent a house for five or six months? I have to be out of my home by the end of the month.
A: If it wasn’t such a good rental market it might be easier to find a short-term lease agreement for a house. Home rentals are in high demand right now and there are few available in the area. You might have to do some searching to find someone who will accept less-than-a-year lease but it’s not totally impossible. You should check with your realtor, newspaper listings or Craigslist for rentals and ask around. 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’m a beginner investor. Investing in stocks seems too scary for me right now so I’m ready to get into the real estate game. I have cash. Is there any special advice you have for someone who wants to make money investing in real estate? Is there still money to be made?
A: It can be financially beneficial to invest in real estate at any time. This market is no different. The right property in the right location at the right price can make an investor money in any market. Real estate is a unique, solid investment that, when done correctly, should yield a positive cash flow from capital appreciation, equity build up and tax shelters. continue reading »
Q: I’m renting a three-bedroom house in Tacony that my landlord just put up for sale. He told us we had to show it to potential buyers anytime he gives us 24 hours notice. That’s not a problem. But I have a month-to-month lease. Will the new owner have to let us stay or will we be forced to move? What are my rights?
A: Renters don’t enjoy many rights, especially when it comes to the sale of a home. A property can be sold with the lease transferred with it, or the new buyer could ask for a tenant-free property. And since you live in a three-bedroom house there’s a possibility that a buyer might want to live there. 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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Real NEastate writer Stacey McCarthy is on vacation this week, so we’re running her best-read column. (OK, second best. Her most-read is about snow-shoveling, which doesn’t really apply this time of year). She’ll return next week with a fresh post.
Q: My mother-in-law recently passed away and my husband has to sell her house in East Torresdale. She was a hoarder, and it will be costly to remove her things. Because of the hoarding, the house is a disaster and might need to be gutted and redone, which will be even more costly. Should we just sell as-is or spend our time and money fixing it up?
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