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 »
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 »
