Monthly Archives: March 2012

We’re being told that there’s an accepted offer on a short-sale property that we love, but I don’t believe that this is accurate information. How do we proceed?

Q: I found a short sale that we love, but the real estate office keeps telling us that there is an accepted offer on the property. If there was an accepted offer, then why would they drop the price on the property today? Is there any way around this real estate company? They aren’t being honest and I believe that someone in the office wants the property. Read More.

I inherited a Bridgehampton property and sold it. How do I find out what the 2003 assessed value was?

Q: I inherited a property at 59 Sunshine Ave., Bridgehampton, NY. and have since sold it. I would like to know if you could help me find out what the assessed value of that property would have been in the year 2003. Or would you be able to tell me how to find out that information? Thank you for your help. Read More.

Is it best to pay a collection account on my credit right away?

Q: I found a collection account on my credit report and wasn’t sure what to do. I was going to pay it immediately but after listening to the radio show, I wasn’t sure if it was the right thing to do.  Please let me know. Read More.

Do you have properties where the owner pays your service fee?

Q: Do you have properties where the owner pays your service fee? Read More.

When I was going through my divorce, the house wasn’t settled. We tried to do a modification, but did not get approved, so the house is on the market as a short sale. My credit has suffered as a result–should I put a note on my credit report to explain the circumstances?

Q: Hello, I live in NJ and recently went through a divorce. At the time of the divorce, the house wasn’t settled.  Now, after trying to do a modification and not getting it, the house is on the market as a short sale. My credit has suffered and I was wondering, if I add a letter to my credit report explaining the divorce and such, will that help me get some credit? Prior to all of this happening, my credit was decent–I had a score of 720. Now it is much lower–in the low 600s. My ex-husband did nothing to help me and won’t even cooperate with the short sale, but my saving grace is that my divorce decree says the house is to be sold. Read More.

As a new real estate agent in NYC, am I expected to drive my clients to property showings?

Q: Are NYC real estate agents expected to drive their clients to property showings? I am a transplant from Solana Beach, CA, and new to the NYC real estate market practices and secrets. I will be obtaining my license within the month. Read More.

I recently refinanced my home at an interest rate of 5.25%. Is it better for me to pay the entire amount owed, continue making small payments at the refinanced rate, or refinance again at 4% interest?

Q: I am retired and re-financed from 15 to 30 year fixed in order to lower my monthly payments. The  interest rate was at 5.25 %. Is it worth to pay off the entire amount owed, which is $160,000, from my savings, or should I continue paying the lower monthly rate for the rest of my life? Or, a third option I am considering would be to refinance again at 4 %. My income is approximately $5,000/month, and comes from Social Security and pension. Financial advisors usually say to keep the mortgage and invest the money. What do you think? I tried to downsize and sell the house, but had it on the market for a year with no luck. Read More.

I purchased my home in 2008 and received a substantial federal home buyer tax credit, but want out of my house. Do I have to pay the money back?

Q: We live in Tennessee and hate it. We experienced a bad tornado last year, and now there have been tornado warnings issued again. We paid more for our house than it was worth, and have a very high mortgage, but both my husband and I are retired. All in all, it’s a big mess, and we want out of our house; however, we purchased in 2008 and received an $8,000 tax credit. and have read that we’re obligated to repay it if we move out of the house before 3 years are up. We spoke to the IRS, and they said that if we walk away from the home and it goes into a short sale, it might take a while and likely take us past that 3-year mark. How can we get out of this property? We are … Read More.

I want to break my lease early–is there a minimum notice standard in NYC?

Q: I want to break my lease with a shoddy landlord. Is there a minimum notice standard in New York City by law? If so, what is it? Read More.

If I pre-pay several months in advance, will a landlord allow me to sign a lease without having a job?

Q:  If I pre-pay several months in advance, will a landlord allow me to sign a lease without having a job? Read More.