Question: We have rented from our landlord for more than four years -- and rented another property from him for two previous years. Our rent is usually on time, but when it has been late there has not been a problem with the landlord.

Now we are really in a bad way. I have no more work, I told landlord my situation and he says we have to move at the end of the month. We are searching for another place to reside. How long will it take for landlord to have us evicted?

Answer: This is an awful situation -- both for you and the landlord.

The landlord does not want to evict you -- but the landlord also has obligations which must be met: taxes, a mortgage, repairs, etc. The fact that the landlord has allowed late payments in the past suggests that he is being forced to protect his interests.

How long does an eviction take? Depends on local laws and customs. Alternatively, try this approach: Ask if the landlord would give you a "moving allowance" to vacate the property early. It might be in everyone's best interest to have such a strategy.

Question: I just signed a contract to buy a duplex home for $425,000 with a $300,000 mortgage. However, the property appraised for only $390,000. I do have a mortgage contingency clause but not an appraisal contingency. If the property is valued at $390,000, will I still qualify for the mortgage? My attorney also put in a clause, that if I am not happy with the inspection I can back out of the deal. The inspection has not revealed any major problems.

Answer: The lender will make a loan based in part on the sale price of the property or the appraised value, whichever is less. In this case, the loan-to-value ratio is 77 percent -- enough to please virtually all lenders.

If you must be "satisfied" with the home inspection, then the test is whether you are pleased or not pleased with the inspection report, not whether the report shows damage. Indeed, the inspection report could show a perfect house and it still might not be "satisfactory" to someone desiring a home to fix up.

Would the inspection report look better if the price were lower? Speak with your attorney for details.

Question: We engaged a home inspector by phone. We called him, and he agreed to do the inspection. He came out, inspected, presented a written report and a bill. That was it.

Now there are problems. What recourse do we have for his errors/omissions when there was no contract with him?

Answer: There was a contract. By agreeing to perform a professional service in exchange for a fee the inspector inherently agreed to a given level of performance. However, if you signed the bill or report they each likely contained language limiting the inspector's liability.

Home inspectors are not responsible for uncovering all possible defects within a dwelling -- they can't look into a sealed wall, for example, to spot a pinhole leak in a pipe. Moreover, no home is perfect.

If the "problem" is substantial and the sort of thing that an inspector should reasonably be expected to catch, then call the inspector. If he or she is unresponsive, then speak with an attorney or legal clinic.

Question: I am considering the purchase of a home using a hybrid ARM -- a loan which has a low fixed rate for the first several years then becomes a one-year ARM. If I sell after five to seven years, why not get such financing since it will have a lower monthly cost than a fixed-rate loan for several years?

Answer: Real estate financing always involves risk. You could get a fixed-rate loan and then rates might fall substantially -- not a terrible ordeal at a time when refinancing can be done at a somewhat higher rate than the best-available interest levels without paying cash to close. Or you could get an ARM and rates could soar.

No one knows what will happen in the future. You have to consider your risk tolerance; whether your finances would be stretched (and broken) if monthly mortgage costs reached a certain level; general real estate trends in the community; tax benefits; if you stay more than five or seven years, etc. In the end, it's a personal decision. At least speak with several lenders and brokers to get a sense of the local market.

Question: We have a home in the Denver metro area which we would like to put on the market. Is Fall a good time of year to sell a home?

Answer: Most homes tend to be sold between May and August, in part because of school schedules. However, homes sell year-round. It may be that at other times of year there are fewer sales, but there may also be fewer buyers, so the market has some balance.

There are some areas of the country when homes show especially well because of local conditions. In my area, April is especially good because of the weather and flowering plants and trees.

Also, markets may improve independently of the calendar as a result of economic changes -- the announcement of a new business, the closing of a major facility.

Thus, if you want to sell, sell now if you like. If nothing happens you can take your home off the market and try again in the Fall.

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.

This column is designed to provide accurate and authoritative information in regard to the subject matter covered. It is made available with the understanding that neither the author nor the publisher is engaged in rendering legal, accounting, or other professional services. If legal services or other expert assistance is required, the services of a competent professional person should be sought.

Published: July 23, 2004

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