Question: My house is on the market with a broker and the listing agreement expires at the end if the month. I will put the property back on the market in the following weeks with a new broker. Will the number of days on the market showing on the MLS include the time listed with the first broker?

Answer: There are hundreds of MLS systems and policies vary. In the descriptions seen by brokers you will find the number of days on the market under the current listing broker. Many systems also include the total number of days on the market with all brokers. Thus with some systems you will see an MLS DOM (current days on market) of 140 and a property DOM for 220 days (all days on the market).

Question: I'm in the process of selling my home and getting a little scared that it won't sell. It's three years old with four bedrooms, 2.5 baths and a great neighborhood. We've had it on the market for about three months now and not even one bid. How can we move this albatross?

Answer: Before panicking, ask your broker how long it takes to sell like homes in your community. If the home seems to have been on the market for an overly-long period of time, then look at the broker's marketing plan. Is the property being marketed as promised? Should the plan be changed?

Next consider revamping your offer with a lower price, help for buyers at closing, etc. Speak with your broker for details.

Question: I own a property which consists of two city lots on which a small house sits. The house is in need of repair and is worth $75,000 as is and vacant. There are currently $60,000 in loans against the property. I would like to tear down the house and build a four-plex on the lot.

How do I make this happen? I've had offers to buy from developers. I'd like to try my hand at developing the property myself.

Answer: What you have is a mortgaged property that now produces no income. You would be better off fixing up the property and renting it out, looking at the sale value of the property, trading it or developing the property further.

Each of these options has benefits and risks. If you fix up the property you need to be sure that the local rental market will produce a satisfactory return. If you sell you need to see what the property would yield after all costs and taxes have been paid. A 1031-exchange -- if the property qualifies -- might give you a better property and you could defer income taxes on any profit. See a tax professional for details.

As to developing the property, inexperienced owners are not well-served doing it by themselves. In many jurisdictions development is a complex process with big costs up front to obtain zoning, permits, etc.

An idea to consider would be to enter into a joint venture with a developer -- you'll provide the property in return for a share of the gross sale or rental dollars. For details, speak with an attorney.

Question: What percentage of the time does a signed contract for a home sale not go through to closing? How long does it usually take between contract and closing. Also, isn't the contract price more current and more descriptive of the market than the closing price?

Answer: Virtually all purchase offers today are contingent on such requirements as financing with a certain rate and terms, a home inspection and the ability to get good, marketable and insurable title.

Some offers plainly fail, but the percentage is unknown. The percentage of contracts which do not close likely varies from market to market.

Closings can be scheduled with great speed because of computerized credit, mortgage and title services. However, it's usually not in the interest of either party to have an instant closing because sellers often need time to find a replacement property and both buyers and sellers need time to pack and move.

As to contract prices versus closing prices, a contract reflects a starting point in the closing process. Closing expenses such as taxes, title insurance and per-diem interest relate to contract size and the closing date.

I'm not sure that the contract price is "more current" than the closing price because closing is simply a reflection of the contract. They both are what they are -- and no more.

Question: We have a dilemma. We purchased a home for our son and his new wife three years ago as we could get a better interest rate. They lived in the home until recently, when his wife had a back injury and could not climb up the stairs. They made all payments and deducted the interest on their taxes -- we claimed no write-offs. Now they need to move out-of-state and are planning to purchase another home.

Can we quit claim the house over to their names and then can they use the $500,000 capital gains exclusion?

Do we need do complete a 1031 exchange in our name (as it appears currently on the title) and then at a later time quit claim title to their names?

Answer: Plans to quit claim anything to anyone should never be undertaken without proper legal and accounting advice, otherwise such efforts can produce unintended and costly results.

With regard to your questions, if your son and daughter-in-law gain title to the property you would have to pay taxes on the profits from your sale and they would have to live in the property for two years before being able to sell and shelter profits.

I doubt the property can be sold in a 1031 exchange that would allow you to defer taxes on any sale profits. Why? Because the property has not been used in trade or commerce, it has not been depreciated and you are not claiming mortgage interest or property taxes as business deductions. For specifics, please see a tax attorney, CPA or enrolled agent.

Question: What percentage is paid to a real estate salesperson from the sale of a house?

Answer: The answer depends on whether or not the salesperson listed and sold the home, just listed the property, just sold the property, the agreement in place with his or her broker and -- most importantly -- the total fee to which an owner or buyer has agreed. There is no standard, required fee set by law and all fees are negotiable.

Question: I have owned a coop in NYC since 1999 -- before I got married in 2002 -- so my wife is not on the lease. My wife and I bought a home in Florida in 2004; we will be selling both homes next year to buy another house in Florida.

Can we claim a capital gains exemption on both places? The NYC coop is my primary residence, but the Florida residence is my wife's primary residence (I go back and forth). I know we will satisfy the 24 month requirement but I'm not sure about the residency requirement -- do both of us need to live in the FL place in order for us to claim capital gains exemption? Is there a minimum number of days that I have to stay in the FL residence in order to qualify for the exemption or is this moot since I can't have two "primary residences"? Can my wife claim the sale of the FL home as her own in order for us to get the exemption?

Answer: You may only claim one residential write-off every two years. Since your wife is not on the coop title, since she does not "own" a stake in the property and thus she likely has no ability to take a write-off.

"To exclude gain," says the IRS, "a taxpayer must both own and use the home as a principal residence for two of the five years before the sale. The ownership and use periods need not be concurrent. The two years may consist of 24 full months or 730 days. Short absences, such as for a summer vacation, count as periods of use, but longer breaks, such as a one-year sabbatical, do not. The taxpayer also must not have excluded gain on another home sold during the two years before the current sale."

It may be that you can sell the coop and you can get a write-off and your wife can sell and qualify for a write-off from the sale of the Florida property. For details speak with a tax professional.

Question: I owned a home prior to my marriage. Now I am going through a divorce. Will I be able to find a title insurance company that will sign off on the sale of my house while I am still in the middle of the divorce. The house is deeded only in my name.

Answer: Your wife may well have an equitable interest in the property through a claim to any increased value that occurred during the period of your marriage; your wife may have additional rights in a community property state and it may be in your interest not to sell the property until the divorce is finalized.

Divorce situations are difficult for all parties, rules vary by jurisdiction and you should not do anything until discussing the matter with your attorney.

Question: We're in the process of buying a new home. The house was not finished before the date we were supposed to close and I had to send more papers relating to what I earn, etc. Now they say that I can only get interest rate at 10.5 percent and it's a refinance loan. Can they do this as we haven't even closed on the house?

Answer: What was your original rate? Have you checked with other lenders regarding a loan?

In today's environment, a 10.5 percent rate suggests woeful credit or a loan for far more than the value of the property.

Builder contracts, being written for and by builders, typically absolve them of any responsibility for a delayed home completion.

You would be well-served contacting the consumer affairs office with your state attorney general and a community housing group or local attorney.

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