Question: I have an acquaintance who has listed a house for sale where her son was living. The son subsequently died unexpectedly. She has listed the property with a local broker and now has second thoughts about selling at this time. She believes she perhaps acted in haste in her grief. What is the procedure for withdrawing the property from the market at this time?

Answer: Speak with the broker or office manager. A listing agreement is a contract, so both parties must agree if it is to be ended prematurely. Most brokers will instantly end listing agreements as a matter of good public relations, though some may ask for the repayment of their cash costs.

Question: My boyfriend and I have an eviction on our record. We can't find any housing, apartments or anything that will take us in. We both make good money, however we don't really have any credit. How get we get credit?

Answer: What you need is a landlord who "saves" time and money by not checking credit or rental histories. This is not a savvy approach to real estate ownership, but it's what you need.

I'm not sure how you define "good money," but a solid income should result in spending and certain spending should be reflected on your credit report. You can and should check your credit at no cost by going to AnnualCreditReport.com .

Question: My sister sold her house a few months ago and the buyer is saying now that he may not be able to make settlement this Friday. His excuse is that he is so busy at work, he can't take the time off. My sister has already rented another home that is two hours away from her current location. She has signed a one year lease with the renter. Is there anything she can do about this?

Answer: The buyer has an obligation to go through with closing otherwise his deposit may be at risk. However, there may be good news here: It routinely happens that settlements are conducted by overnight delivery when it is inconvenient to physically attend closing. For details, speak with the settlement agent, the party conducting the closing. If the buyer still refuses to go through with the closing, then speak with an attorney to determine your rights and remedies.

Question: What are the dangers of buying a home before you have the money from the sale of your first home?

Answer: You might not be able to settle on the second property and thus forfeit your deposit and possibly face a lawsuit.

Before buying a replacement property, you need sufficient funds or credit to assure that the transaction can be completed. If, for example, you need funds from the first house to settle on the second and so not have enough cash, it would make sense to use cash from a line of credit on the first property or to get a bridge loan. Brokers and lenders can tell you more.

Question: I'm interested in buying a house that's being sold directly by an owner. He has asked me to fax him an offer. I don't understand what he wants. Is he requesting a residential purchase agreement or a dollar amount?

Answer: Just stop. A real estate offer is a complex document which reflects many considerations. For instance, do you have the right to a home inspection satisfactory to you? What kind of title are you getting? Who will hold your deposit? When is closing? Who will pay the transfer taxes? Who gets the washer and dryer? Etc.

Protect your interests. Get a buyer broker or a real estate attorney before sending anything on paper to anyone.

Question: I would like to know if it's worthwhile to refinance my house right now. Right now, I have a variable rate and the reason I want to refinance is to get a fixed rate. Some people tell me I should wait until I have a year on the house (September) What would be your best suggestion?

Answer: What happens if rates are higher in September? Will your friends pay the difference -- for 30 years?

If you feel that now is an appropriate time to switch to fixed-rate financing, and if your payments have been on time and in full, then speak with lenders and see who has the best deal.

Question: We recently signed a contract to purchase an existing home for $236,000. We were all set to sign but the appraisal came in at $226,000. We have already paid the $100 offer fee, the $300 appraisal fee, the $75 pest inspection fee, the $200 home inspection fee. If we now back out of the contract because of the low appraisal what are our liabilities? Will the seller have the right to sue/demand damages? If so, what will be the amount?

Answer: You need to see what the sale agreement says. It may say, for example, that the deal is off and your deposit must be returned if the appraisal is less than the selling price -- unless the sellers are willing to take a price cut. Why? Because a lender will only provide financing on the basis of the sale price or the appraised value, whichever is less. Speak with your broker for specifics.

Question: I would like to know if real estate is going to go up or down in the months to come.

Answer: Which real estate? In what community? In an area with a growing population and an expanding job base? At a time when interest rates are rising?

One would hope that your goal is not to buy now and sell in the next few months. The odds of being successful are extremely small, especially after acquisition and selling costs are considered. Given that real estate tends to be a long-term investment, what happens in the next few months will be irrelevant to most owners. To find out more about trends in your community, speak with local brokers .

Question: Is there a penalty for purchasing a home, financing it as "owner occupied," and then renting it out?

Answer: When you apply for a mortgage you will be asked if you intend to occupy the property as a prime residence within 30 days after closing. If you say yes, lenders will treat the loan as a request for owner-occupant financing. If you say no, your application will be regarded as an effort to finance investment real estate -- a form of financing which may result in a somewhat higher rate and tougher qualification standards.

If you say you expect to be an owner-occupant but immediately use the property as a rental and the lender finds, the loan might be called depending on the facts and circumstances involved. In addition, the lender might do something else, claim mortgage fraud, a problem you do not want to have.

How would the lender find out if someone else is living at the property? Virtually any public database would show who lives at the property -- and who doesn't.

Question: We recently placed a contract on a new home and put up a $12,000 deposit. After speaking with several brokers, we have learned that our current house will not sell for the price we expected.

We were expecting to sell our home for $750,000, but all three of the brokers we spoke with have priced our home at $700,000. The new home is $1,000,000 and we will not have a 20 percent down payment. If we pursue this transaction, we feel as if we're stretching ourselves financially and both my wife and I are not comfortable with this. We would have to use all of our emergency funds to cover the $50,000 difference. My question is: Since we already went into contract with the home builder, is there any chance we will get our $12,000 deposit back?

Answer: Imagine if you were the builder. You have an order to build a house with certain features. If the buyer backs out, you have to re-sell the house -- and maybe it will delay closing for weeks or months, even as you pay interest on construction loans and such.

It's not the builder's fault that the value of your current home is less than expected. However, it may be that the builder would prefer to re-sell the home if he can get a higher price. In that case, it should be possible to negotiate a release and get back your deposit. Speak with the builder -- maybe something can be worked out.

Question: I just sold my house. I was told I have seven years to re-invest that money without penalty. If I buy a mobile home without land does that count or how does this work?

Answer: If you have sold a prime residence at a profit you are welcome to use the money as you wish from the moment you walk away from the settlement table. You may well have no tax if you lived in the property for two of the past five years and your profit was $500,000 or less if married and $250,000 or less if single. For details, please see a tax professional.

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