Question: We purchased a timeshare in 1989 and have been trying to sell it for 6 years. It is listed at 25% of purchase price with no takers. We asked the company we bought it from if we could give it back to them for nothing and they refused! Can we just donate the property to a charity?

Answer: Is there an annual cost of ownership whether the unit is used or not? If yes, the receiving charity would be responsible for such costs and that could be a barrier to accepting a donation.

The charity idea might work best if you could find a group near the property, a local organization. Perhaps contact the nearest United Way for advice and a list of their members. Offer to pay the annual fee for the next year or two. Speak to a tax pro to see what is deductible.

Or, is it possible to get a list of current owners? Maybe someone would like an additional interval.

Question: I signed a contract on July 8th to sell a condo. The agreement stated that the buyer had until July 24th to show proof of a mortgage commitment or either party could void the contract. On August 8th, 2 weeks after not hearing anything, I gave a written notice to the buyer that I was voiding our contract. At this time the buyer's attorney told me that I had to give his client a "Time of Essence" of at least 10 days to close. Is this TRUE????

Answer: Notice that the buyer has an attorney -- how about you?

It appears that you do not have a real estate broker assisting in the sale. In that case, you need a lawyer to explain if your reading of the agreement is correct. For instance, by not seeking an end to the agreement immediately on July 24th did you effectively allow the buyer more time to obtain financing? Or, was the agreement automatically void on July 24th. The exact writing of the paragraph can make a huge difference.

From your perspective, you may have a good situation. In 10 days you'll either have a buyer or an agreement which can be voided. For details, have an attorney review the specific terms of your agreement.

Question: Where can I get a graph which reflects how interest rates and real estate prices correlate with each other?

Answer: You can find historic interest rates for the past 20 years at www.hsh.com, a leading financial publisher. Past sale prices going back to 1990 are available from Freddie Mac (See "housing statistics").

However, I'm not sure that interest rates and average price changes nationwide necessarily relate to one another. Real estate is localized and factors other than national interest levels may impact value -- population changes, housing preferences, local job growth, etc. In effect, the same interest levels nationwide cannot explain price differences in Peoria and Pomona.

Question: My name is Sam and I am from Coolum High School, Queensland, Australia. For a math assignment we require information regarding home buyers' terms. I would like to know what is meant by "Owner Occupied Rates" and how they differ from "Non-owner occupied rates".

Thank you very much for your time.

Sincerely,

Sam
(Year 12 student)

Answer: Depending on the context there may be one of several answers.

In mortgage lending, investors represent more risk and in turn pay somewhat higher rates under many loan programs. In this sense, "Owner Occupied Rates" might refer to the interest levels for mortgages used to finance properties owned by investors -- rates which may be higher and require stronger qualification standards than financing for owner-occupied homes.

Another possible use of your terms concerns demographic patterns. It may be that in a given ZIP code some residents own their homes while others rent. Here -- as an example -- the "Owner Occupied Rate" might be 60 percent and the "Non-owner occupied rate" would be 40 percent.

Question: A friend of mine recently listed her property with an agent who placed it on the local MLS. Since then, the agent does not return phone calls. The info in the MLS for her property is totally wrong and people coming to see the property are suspicious because the facts do not match what it says in the MLS. There are five weeks left on the listing, what is your advice?

Answer: The listing agreement is a contract between the property owner and the broker, not the property owner and the agent. Contact the agent's office manager or broker and explain what factual changes are required. That should be it -- the broker has an obligation to correctly describe the property to the public.

Keep dated records of the calls and contacts you've made, the people with whom you have spoken, and the changes you have sought. If you do receive a purchase offer, be certain to confirm in writing that the buyers have the correct listing information.

Have a real estate question? Send your inquiry to . Because of the volume of mail received, Mr. Miller cannot respond to questions individually or privately. Published letters may be edited for space and style. For comments regarding other Realty Times articles, please contact individual authors by pressing here.

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Published: August 29, 2003

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