Question: I filled in an online loan application and a page came up asking this question:
"For your security and to prevent credit card fraud, please answer the following questions, In which of the following cities does 'Jane Doe' currently live or own property?" It then listed four towns and states or "none of the above" or "I am not familiar with this person." They also wanted to know her age she.
The name that was filled in the place of "Jane Doe" was the name of my divorced husband's mistress. Where in the world did they get this name connected with mine, especially in a private loan application.?
So far no one can answer this question.
Answer: By any chance, at some point was the lady's name somehow used in an account which involved your personal data?
There may be more to this. Please review credit reports from the three major consumer reporting agencies and see if anything unusual shows up. With errors, mistakes and more than 10 million cases of identity theft every year it can pay to check records when odd things occur.
Question: My husband and I recently returned to the U.S. after living oversees where I worked for a development agency and made close to nothing. We have been saving what we can since returning while living with family. It is time to move out on our own. We have about $7,500 saved up. With the market possibly going down in the next few months or early next year, should we wait to buy until then and rent for the time being, or go ahead and buy? We would like to start a family and therefore need more space.
Answer: No one knows what will happen to the market nationwide, much less in any particular community or on any given street. There is no way to avoid inherent risk in the market -- you could buy and values could fall or you could wait and values could rise.
What you can do -- for as long as tolerable -- is keep living with family and saving. You should also speak with local lenders to see what's affordable and with local brokers to see what's available in your price range.
Question: Our home has been on the market for a year and we have only had about 20 showings in that time, none of them leading anywhere. Our house is in excellent condition, in a nice area, but it is very large and rather unusual. It has some very unique features that make it hard to find comps. The company that has our listing is very well known and they priced the house using all the available tools. During this period, we have added improvements and upgraded fixtures and appliances. To add to the mix, we have water views and water access.
We have had a number of sessions with our agent and with the office manager about our dissatisfaction with the inactivity. We do not feel that they have been pro-active in marketing this house. Their answer is that we need to lower our price (the price they came up with) even though home values in our area are still rising. We are not in the position to judge the soundness of their advice and wonder about trying to get another opinion from a different broker. Do you have any advice?
Answer: It can be enormously-difficult to sell a "large and rather unusual" property and it may be that no one can do a better job than your current broker. That said, you are the owner. If the property is not sold by the end of the listing term then you have the right to speak with other local brokers. See what alternatives are proposed -- and ask for examples of "large and rather unusual" properties that they have sold.
You have effectively tested the market at one level and it may be that buyers are not there at that price. Testing the market is an appropriate starting strategy -- but if it does not work then there comes a point when a new and lower price may be in order.
Question: My assessment before purchase differs from the square footage on the new assessment. What can I do? Originally 4,000 sq. ft., now the actual measurement is 3,400 sq. ft.. Who can I hold liable?
Answer: How do you know that one number is the "actual" measure and another is not? There could be a clerical error in the records.
Or, it may be that both measures are correct. The reason is that there is no standard way to measure square footage inside a home. Protocol Z765-2003 of the American National Standards Institute (ANSI) calculates square footage one way -- and then says that the standard is voluntary.
The real question you might want to ask is this: Why did the number change? Has the property been modified? Is there any benefit (say lower taxes) to the revised assessment? Speak with the assessment office for details.
Question: We have signed the papers to sell our home, however, we have changed our minds about selling our house. What can we do?
Answer: Speak with the broker, the sooner the better. Many brokers as a matter of good public relations will release you from the listing agreement -- especially if it's just started. If the listing effort has been in place for some time, then the broker may reasonably want compensation for expenses.
Question: I'm looking for information about the loss of value to real estate property due to environmental issues outside of the property. Is there a word for this problem like ... apsolence or something like that ?
Answer: Your word is wonderfully creative. In real estate, the term you want is "external obsolescence." This means that the value of a property is reduced because of events nearby and not because of anything particular to the property. For instance, a nuclear dump is started down the street....
Question: My son and daughter-in-law would now like to buy a house...with "our" financial help. We gave them $5,000 toward an "interest only" loan with $25,000 down. They are now looking at homes that are above $500,000, and require 10 percent down. Can my wife and I give them an additional $30,000? If we are included on the title, does that entitle us to any financial compensation when the house is sold?
Would it make better sense for us to buy a house for them and sell it to them later (maybe at original cost). They could pay us so much a month ... hopefully.
Answer: You and your wife can each give a gift of up to $11,000 to your son and $11,000 to your daughter-in-law each year without paying a gift tax. That would be 4 x $11,000 or $44,000.
As to the matter of title and such. you may be interested in an "equity sharing" arrangement. In this situation there would be resident owners and nonresidents owners -- you and your wife.
Why a $500,000 house? Is that reasonable within the context of your finances or is that a lot for a first home?
Lastly, it may make the most sense for you and your wife to buy a property. However, to get full tax benefits you must rent at fair-market value. You must also sell at fair market value otherwise there may be a gift tax.
Go no further with this until you have spoken with a tax professional and an attorney who specializes in elder law. All adults in this matter should have wills and living wills, and all arrangements relating to the property should be in writing.
Question: I just got an offer for my house for cash at the asking price but haven't signed the purchase offer yet because I have been thinking about selling next year instead. My broker wants me to sign. Do I have to accept?
Answer: There are several issues here.
First, you do not have to accept the offer. The logic is that when a home is put up for sale the asking price is merely an invitation to bid. However, not accepting an all-cash, full-price offer could raise difficult questions. For instance, was the purchase offer rejected for discriminatory reasons?
Second, you retained a broker to sell your home at a given price and terms. The broker did his job. Why shouldn't the broker be paid?
Third, how would you feel about selling next year and then find that sales have slowed in your area and prices have dropped.
There are times when the best choice is to take the deal in hand. You need to ask if this is one of those times.
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