Question: I plan to sell my home for an estimated $1.5 million. I don't know when last it was painted, but both the exterior and interior paint jobs are in good shape, though with some flaws here and there. I am told that the flaws can't be touched up since they will show, so if I paint I would have to paint the entire house.

Since currently the paint is respectable, should I just sell "as is" and plan to knock the price down by up to $10,000 since that's what the paint job would cost, or is it imperative that I spend the $10,000 and give the house a really fresh new look and hope that I can ask even more for the home?

Answer: You can leave the paint alone and give the buyers a credit which would allow them to pick colors and painting contractors. But in the context of a home selling for $1.5 million you are competing against other sellers with exclusive properties.

There is only a relatively-small pool of buyers in your price range so you want every possible edge. If a home in this price category has so-so paint it may cause would-be buyers to wonder what else has not been maintained. For this reason, you're better off having a home in pristine condition when searching for the elusive buyer in the upper brackets.

Question: Is there a good website where I can find info on my rights when being foreclosed? What can I do?

Answer: In some jurisdictions it's possible to foreclose a home within a matter of days. Maryland, as one example, passed a law earlier this year to give homeowners from four to eight week's notice once a foreclosure proceeding has started -- a much better arrangement than the ten days that was often available to owners in the past.

Do NOT delay, contact a local attorney or legal clinic immediately.

Question: Is there a problem with buying a home on leased land as opposed to owning your own land?

Answer: If you buy a home on leased land the acquisition cost should be lower because you are not paying for the underlying property. However, you may be required to pay a rent (usually an annual rental) and that rent may go up. Also, at the end of the land lease -- just like at the end of an apartment lease -- use of the property reverts back to the owners. Seen another way, if you fix up the property such leasehold improvements may revert to the property owner at the end of the lease term.

You need to look carefully at the remaining lease term. Longer is better. As land lease terms become shorter there is less reason to maintain the property and lenders may not want to provide mortgages.

Is there a right to buy back the land? If so, under what conditions? If property taxes are not paid on the underlying land -- could your home be seized? For details, speak with a local attorney.

Question: My landlord told me about the new thing for renters to report making rental property payments on time. She asked me to locate the form she would fill out each month and she would start filing it for me, that way I can purchase a home in the near future and have some credit for renting all these years.

Can you direct me to the form number or how to go about getting it. Or registering for it, so I can start getting credit or good reports on my bureau reports.

Answer: There is one step to take -- and one step to consider.

If you have a good record with your landlord you should obtain a signed and dated letter showing when your tenancy began and when it ended. It should state -- if true -- that all payments have been full and on time (or at least that they have been "satisfactory" or "timely" to the landlord). This letter will have value in the future whether you rent or buy.

Second, take a look at the PRBC bill payment program. This is a program for renters that parallels credit scoring for homeowners and tells creditors about your bill paying history.

Question: My son and his wife signed a sale agreement to buy a house. They had an inspection and found some problems that they want the seller to fix. The owner came back to say that he would give them a small credit, but it is the heating system that needs fixing. Their agent told them that they will lose their deposit if they don't except the credit. Is that true? Can they ask for him to fix the furnace or get a larger credit?

Answer: You have to ask how the inspection clause was written. Did it say the buyers had a right to an inspection? That would tell them something about the condition of the property. Did the inspection require repairs? If not, why should the seller give a credit or fix anything? Did the inspection clause limit the seller's liability to a given amount, say $1,000? Or, did the inspection clause require that it must be "satisfactory" to the purchasers -- and if not satisfactory they have the right to withdraw their offer and get back their deposit?

The buyers' rights -- and those of the sellers -- depend very much on the precise wording of the agreement. For specifics, please have an attorney review the agreement.

Question: We just moved into a rental about a month ago, and really like this house. We're trying to sell our house, but having a hard time bringing in a buyer. We feel the "bubble has burst" and that we might have to lose a lot of equity to sell the house.

Our new neighbors have informed us that the owner of our rental is an elderly woman living in another state, and the property management has mentioned she's been considering selling her house because it's too expensive to fix up. Homes in this area have sold for close to a $1,000,000, but now there are several that have been on the market over 100 days, even with reduced prices.

If the house is offered to us for sale, is there any way we can agree to a price that we would feel comfortable paying? How can we contact her to see if she would agree to a rent-to-own payment where everyone would be happy? I'm afraid she would have an agent put a high price on it to trap us, since we're not likely to move again soon. How do we convince her to accept a lower purchase price because of the changes we're experiencing in this area?

Answer: Why consider a replacement home until the first property is sold? After all, if there is a "bubble," is your home not impacted? The value received from the first home will greatly influence your ability to buy a second house.

As to the current house, do you have a lease? If yes, it must be honored by the current owner and any new owner.

If the owner has an interest in selling the property will be placed on the market with a given price and terms. You may accept, reject or counter the owner's listing terms.

Most likely the lease and the management agreement provide that the broker will receive a fee should you buy the property. Thus it would be in everyone's interest to have a transaction which involves the owner and the most-likely buyer -- you.

Question: I'm a 19-year-old college student (full time) and I've lately becoming very interested in the real estate market, namely the buy-and-hold market. I want to get a head start on my financial future and maybe dabble in investing while in school. I've researched different mortgage institutions, and I couldn't find anyone that would consider giving a loan to full-time college students. Do you know of any reputable companies that would consider lending to us, or even just certain ways that someone in my situation can get started in real estate?

Answer: The problem is not your status as a full-time college student or your age. Instead, the lender will ask about your finances, savings, income and credit history and whether you meet the requirements for a mortgage.

If you're interested in real estate, take the required class needed to obtain a real estate sales license in your jurisdiction -- this will give you a broad range of information as well as the potential to obtain a sales license and work with a broker. Speak to lenders and find out how they finance duplex, triplex and four-unit properties. By purchasing such a property a large portion of your mortgage -- and maybe all of it -- can be covered by rental income.

Also, ask lenders how you can get credit by renting rooms to other students. Income from boarders is accepted under some loan programs.

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