Every year since 1976, Edith Lank has sent thousands of readers individual answers to their real estate questions -- "mostly via e-mail these days." "I write," she says, "not about the big picture but about the small -- whatever concerns the individual home buyer, seller, small investor, tenant or landlord. I answer every letter, and I always treat names or email addresses I receive with complete privacy." Her nationally-syndicated real estate column has won awards for journalistic excellence and consumer education from the National Association of Real Estate Editors, the Real Estate Educators Association, the Mortgage Bankers Association, various Bar Associations and the National Association of Realtors. She has appeared on CNN. http://www.townhall.com/columnists/EdithLank http://media.townhall.com/TownHall/icons/TH-feed-icon-128x128.gif http://www.townhall.com/columnists/EdithLank TownHall.com, Where your opinion counts. 128 Copyright (c) 2013 Townhall.com, A Salem Communications Web. ALL RIGHTS RESERVED jim.dearras@townhall.com (Jim De Arras) Sun, 16 Jun 2013 04:00:00 GMT Sun, 16 Jun 2013 04:00:00 GMT http://blogs.law.harvard.edu/tech/rss RSS.NET: http://www.rssdotnet.com/ Dear Ms. Lank: I don't want a for sale sign on my front lawn. Is it a requirement? What if I don't use a broker? -- J. S.Answer: A real estate broker needs permission to place a sign in your yard. If you don't want one,... http://www.townhall.com/columnists/EdithLank/2013/06/16/is-a-for-sale-sign-necessary-n1612269 8f42168f-8939-4e07-91de-4c548593a3d4 Sun, 16 Jun 2013 04:00:00 GMT Dear Edith: We moved out of our home because we could not afford to pay our two home equity loans and the upkeep of the house. We moved to a one-bedroom apartment. The bank has been informed. We have mailed to the bank... http://www.townhall.com/columnists/EdithLank/2013/06/09/contact-a-nonprofit-housing-counselor-n1606072 55e832bf-9313-40be-9568-faf58f133ec6 Sun, 09 Jun 2013 04:00:00 GMT Dear Ms. Lank: When my 96-year-old dad dies, will we heirs have to pay on his mortgage until the property sells? What happens if we don't make payments? -- M. L. via askedith.com Answer: Your dad's estate... http://www.townhall.com/columnists/EdithLank/2013/04/27/96yearold-with-mortgage-n1575279 b88b6d38-4363-4f8f-be3e-d755dd0684d1 Sat, 27 Apr 2013 04:01:00 GMT Dear Ms. Lank: I am 22, got my dream job and am now relocating. My parents think, since rent may be high, I should try to buy and have something to show. How do I go about getting pre-qualified, should I use a local ban http://www.townhall.com/columnists/EdithLank/2013/02/03/buying-first-home-n1492724 12ec4c45-99b3-4e1a-a328-9ec5b85aa4a3 Sun, 03 Feb 2013 05:00:00 GMT Dear Ms. Lank: Why did you tell that man to make out a will to add his companion's name to the title on their house? Everyone knows that goes to probate. Why not tell the people the truth? Just go get a quitclaim deed,... http://www.townhall.com/columnists/EdithLank/2013/01/29/they-dont-like-my-advice-n1499697 b866634a-d24a-43e2-bd84-9d8c9ae5544f Tue, 29 Jan 2013 05:01:00 GMT Dear Ms. Lank: Did you know that there will be a 3.8. percent tax on homes sold in the year 2013 to finance the Obamacare program? -- Email Answer: No, there won't. You'd have to make more than half a million dollars http://www.townhall.com/columnists/EdithLank/2012/11/04/no_federal_sales_tax_on_home_sales 0190a2e0-eeeb-4972-8b7d-0ff622ecbe76 Sun, 04 Nov 2012 04:01:00 GMT Ms. Lank: I own some land with four cousins. They camp there, but I live thousands of miles away. If I stop paying my share of the taxes, will it hurt my credit record? -- M.V. Answer: The bad news is that each owner... http://www.townhall.com/columnists/EdithLank/2011/07/24/stop_paying_taxes a25d4647-db74-40a9-ab72-3ddb3e0c4598 Sun, 24 Jul 2011 04:01:00 GMT Recently, a reader asked if he replaced his bathtub with a walk-in shower, would that make his house harder to sell someday? I passed that on with the question: "Would you buy a house with no tub?" And the e-mails... http://www.townhall.com/columnists/EdithLank/2011/03/28/would_you_buy_a_house_with_no_bathtub bb309088-3dd0-4f84-bf99-62bdfba7d9b8 Mon, 28 Mar 2011 04:01:00 GMT Dear Edith: My husband and I are 78 and 75, and we would like to buy a second home in Florida. We would like to know if mortgage companies will refuse us for a 15- or 30-year mortgage because of our age. Can you please... http://www.townhall.com/columnists/EdithLank/2011/03/17/not_too_old_for_mortgage 2696d754-d380-4620-ae45-6a64b31f6d39 Thu, 17 Mar 2011 04:01:00 GMT Dear Edith: Four brothers inherited a 54-year-old home, a "fixer-upper." A state-certified appraiser says it's worth $170,000 or a bit more. The gang is upset and wants to list at $219,000 and hoping for $200,000. If a... http://www.townhall.com/columnists/EdithLank/2011/02/27/if_it_doesnt_appraise 8a75ed28-7d4a-4b0e-a40b-583ca9561233 Sun, 27 Feb 2011 05:01:00 GMT Dear Edith: My husband and I are close to paying off a vacation property that we purchased 15 years ago with a private mortgage. Our names are already on the deed, and we have been paying the taxes since we took... http://www.townhall.com/columnists/EdithLank/2011/02/13/paying_off_a_private_loan 19e73d09-db23-4bf7-9563-83e05b5435e2 Sun, 13 Feb 2011 05:01:00 GMT Dear Edith: Back in 2008, we received a first-time homebuyer credit of $7,500 on our income taxes. My husband says we need to repay that amount. I say it was a gift from the government to stimulate our buying. --... http://www.townhall.com/columnists/EdithLank/2011/02/06/repaying_tax_credit df5c910d-75cc-44c2-bcb2-143c90dedc8c Sun, 06 Feb 2011 05:01:00 GMT Hello, Edith: My dad just passed away in October, so my mom is trying to get everything in order for when she passes or has to move into a nursing home. Without involving a lawyer, she is looking for the best way to... http://www.townhall.com/columnists/EdithLank/2011/01/30/same_old_advice d1a9ffc7-01c6-4321-9ac4-4f357d79c23c Sun, 30 Jan 2011 05:01:00 GMT Dear Edith: As executor of an estate, I am trying to sell a duplex. The upper unit is currently occupied, but the lower one is not. Would having a tenant in the lower unit make the house more or less attractive to... http://www.townhall.com/columnists/EdithLank/2011/01/23/vacant_unit 235e8f13-5c0b-4397-aa65-abc6e5d063ca Sun, 23 Jan 2011 05:01:00 GMT Dear Mrs. Lank: I have made three attempts at refinancing my current mortgage. My credit score is good (around 773-800). I am retired with a pension, Social Security and a 401(k).One lending company wanted me to escrow... http://www.townhall.com/columnists/EdithLank/2011/01/16/why_refinancing_is_difficult_for_reader 0996e6a1-b00c-47ec-b612-718d40d88202 Sun, 16 Jan 2011 05:01:00 GMT Dear Ms. Lank: We are working with a broker to find a new home. Then we plan to list our current home with her.At a recent social event, we mentioned that we plan to sell. One neighbor told us they have friends who have... http://www.townhall.com/columnists/EdithLank/2011/01/13/friends_might_buy 1575d465-6738-4fcd-aa8f-e5ef5fba95aa Thu, 13 Jan 2011 05:01:00 GMT Dear Edith: We moved into our house some years ago. It is a 1,056-square-foot ranch house, with a partially finished half of the basement. The other half is just a washer, dryer, workbench, etc.We are wondering if we... http://www.townhall.com/columnists/EdithLank/2011/01/02/about_the_basement 83d6b2c0-7407-4137-9f42-9c4bfb8e0f3b Sun, 02 Jan 2011 05:01:00 GMT Ms. Lank: I disagree with your statement "the definition of market value boils down to what someone will pay." Market value's true definition includes: equally motivated buyer and seller, the highest price a reasonable... http://www.townhall.com/columnists/EdithLank/2010/12/26/whats_market_value 7088e037-8503-44f0-bf9e-38ffe7f1596f Sun, 26 Dec 2010 05:01:00 GMT Dear Edith: My mother passed away last month. She purchased her house for $18,500 in 1963. My sister and I inherited it, and we have it on the market for $435,900.I have spoken with two different CPAs about the tax... http://www.townhall.com/columnists/EdithLank/2010/12/19/cost_basis_is_sure_confusing_right_now d4940c94-79f0-4a8b-b3bc-1124c500ecae Sun, 19 Dec 2010 05:01:00 GMT Hi, Edith: Our home has been on the market for almost a year. We listed at $20,000 less than what our real estate agent suggested because we live in a small town with limited buyers. Our list price was $215,000. We have... http://www.townhall.com/columnists/EdithLank/2010/12/12/bonus_or_price_drop f32d8bfe-9e76-40a5-921d-38462c1be79b Sun, 12 Dec 2010 05:01:00 GMT Edith: We are moving to a rural area in another state. Last summer, we looked at houses there with a Realtor. She spent time with us and was very helpful and obliging, even with our uncertain timeline and limited... http://www.townhall.com/columnists/EdithLank/2010/12/05/agent_was_great 10df7260-0a62-46e2-8c26-67ef5fef5471 Sun, 05 Dec 2010 05:01:00 GMT Mrs. Lank: I disagreed with your answer to T.Y. regarding the reason for their house not selling. In a buyer's market, when people fail to show at openings or fail to answer an ad to see the home, the market is just not... http://www.townhall.com/columnists/EdithLank/2010/11/28/doesnt_like_the_advice ed3b1c93-7ae3-4aa6-a9b5-f9241aa74a05 Sun, 28 Nov 2010 05:01:00 GMT Dear Edith: I am buying my first house and looking to keep total costs as low as possible over time. I have a very low income, but I have a lot of savings. I could make a down payment of up to $80,000 on a $160,000... http://www.townhall.com/columnists/EdithLank/2010/11/21/large_down_payment 0582e6eb-7a16-402e-ad59-a2b72bfd11aa Sun, 21 Nov 2010 05:01:00 GMT Ms. Lank: I am planning to retire in seven years. I found a bank-owned house in a retirement community for $230,000. All other like models are asking $265,000 to $299,000. If I buy it, I would put 40 percent down and... http://www.townhall.com/columnists/EdithLank/2010/11/14/buying_for_retirement fa2a5110-fd21-4ad8-bb2d-a3984db56050 Sun, 14 Nov 2010 05:01:00 GMT Dear Edith: My husband and I have decided to sell our home. We are trying to sell on our own, at least giving it a try. We will most likely end up listing with a broker. Unfortunately, we are between a rock and a hard... http://www.townhall.com/columnists/EdithLank/2010/11/07/too_many_friends 963ed187-e8b8-4774-95dc-99afbfea8111 Sun, 07 Nov 2010 04:01:00 GMT Dear Edith: Six years ago, we purchased at the height of the market and refinanced a year later with a 5/1 adjustable-rate mortgage. We now have negative equity of around $200,000 and cannot refinance. We probably won't... http://www.townhall.com/columnists/EdithLank/2010/10/31/afraid_of_adjustment ff19ef01-c105-4ce3-a903-9799d063f65f Sun, 31 Oct 2010 04:01:00 GMT Ms. Lank: We currently live in a big house and also have a rented cabin. We have owned both over 25 years. Our plan was to sell the house and obtain the $500,000 tax-free profit. Then move to the cabin and live there... http://www.townhall.com/columnists/EdithLank/2010/10/24/change_in_the_rules 5b98a1e5-80a8-4f22-a330-5306b520467f Sun, 24 Oct 2010 04:01:00 GMT Dear Edith: We recently sold our house and took the ceiling fans that we had bought. But now the new owner wants them back. These did not come with the house. We bought them. Is this right? Because it seems absurd to... http://www.townhall.com/columnists/EdithLank/2010/10/17/took_the_fans 76fb0e8e-0208-437e-b349-d43c04f0b4d0 Sun, 17 Oct 2010 04:01:00 GMT Hi, Edith: I thought you might be able to steer us in the right direction. My grandfather lives in a nice home on a lake, boat dock, etc. My sister lives nearby and has expressed an interest in buying the house when... http://www.townhall.com/columnists/EdithLank/2010/10/10/average_the_appraisals 05e860f7-b9bd-45de-a12a-ec6331c8d0ce Sun, 10 Oct 2010 04:01:00 GMT Dear Edith: I own a home that has been on the market since February. I have invested $175,000 to improve this home, but I bought it for $600,000 six years ago. I originally went out at $699,000, reduced the price to... http://www.townhall.com/columnists/EdithLank/2010/10/03/need_innovative_ideas d144644c-2281-46ae-a3d8-145b00bcd247 Sun, 03 Oct 2010 04:01:00 GMT Dear Ms. Lank: We've been told by our financial adviser to either buy a second home or change our asset allocation. We wanted to buy a second home, but we are not sure of the right area. He's telling us to buy or rent... http://www.townhall.com/columnists/EdithLank/2010/09/26/advisers_advice 2557e1fc-a662-4235-a1f3-e7273f481ca2 Sun, 26 Sep 2010 04:01:00 GMT Dear Edith: We are looking to buy in a certain neighborhood. If we find a house prior to it going on the market, is there any downside to forgoing an agent? Could we ask the sellers to do the same to make the offer... http://www.townhall.com/columnists/EdithLank/2010/09/19/without_a_broker 9d41e390-b661-4095-8178-529c63c9bd27 Sun, 19 Sep 2010 04:01:00 GMT Dear Edith: My husband and I are about to make an offer on a house priced at $232,500. It has been on the market for 83 days, and they are willing to negotiate and/or pay closing costs. We are first-time homebuyers. I... http://www.townhall.com/columnists/EdithLank/2010/09/12/what_to_offer 04c79318-3843-4f6b-87ce-b14c590715ad Sun, 12 Sep 2010 04:01:00 GMT What do Agents ChargeDear Ms. Lank: How much do Realtors charge for listing and selling a home? -- e-mailAnswer: Agents usually work for a percentage of the eventual sale price. Although, it's perfectly possible to... http://www.townhall.com/columnists/EdithLank/2010/09/05/what_do_agents_charge 7a7a61a5-65ba-4576-9169-f18d5e81a502 Sun, 05 Sep 2010 04:01:00 GMT Dear Edith: Recently, I had two different friends who sold their houses. One bought a higher priced home, so capital gains taxes are not required. However, the other friend sold a second home (one he had bought for his... http://www.townhall.com/columnists/EdithLank/2010/09/05/how_would_uncle_sam_know e984b0e8-4b8c-4ef0-9966-9613de29acbf Sun, 05 Sep 2010 04:01:00 GMT Dear Edith: Is it better if I drop the listing price or offer buyer assistance? Either way, this is assuming I get the same amount of money at settlement. -- J.Answer: I always advise dropping your price until it... http://www.townhall.com/columnists/EdithLank/2010/08/29/seller_concessions c91f743e-1a08-4cd0-b67f-fe0148f707f2 Sun, 29 Aug 2010 04:01:00 GMT Hi: My mother has $30,000 left to pay on her house. She is 70, and my wife and I want her to retire (her health is declining). We have about $30,000 in our savings. My idea is to pay off the house so she can spend her... http://www.townhall.com/columnists/EdithLank/2010/08/15/good_third_option 694c0a93-5102-4ffa-9eea-7d4cee590bad Sun, 15 Aug 2010 04:01:00 GMT Dear Edith: I have been wondering what we should have done differently. We closed on the house we were buying, but we didn't take possession until three weeks later. The sellers needed the money from the sale before... http://www.townhall.com/columnists/EdithLank/2010/08/11/seller_stayed_on 22c8b466-6b9e-470c-a6c2-645d2305f983 Wed, 11 Aug 2010 04:01:00 GMT Dear Ms. Lank: My house was built in the late 1890s. I am planning to paint the interior. It does not appear that paint was ever used inside. There is a great deal of stained woodwork, which will not be painted.Since... http://www.townhall.com/columnists/EdithLank/2010/08/08/lead_paint_question 3793ac3c-a470-43f4-b225-314670e717ee Sun, 08 Aug 2010 04:01:00 GMT Ms. Lank: What happens when you go to sell your house and find out your neighbor's fence is on your property? I've known for some time, but I have let it go to keep the peace. But now I'm looking to sell. -- A.N.Answer:... http://www.townhall.com/columnists/EdithLank/2010/08/01/fence_is_over f1366061-ff64-4443-a585-1fe220cd6d22 Sun, 01 Aug 2010 04:01:00 GMT Edith: When it comes to deeds of conveyance, is the property officially transferred on the date when the deed is signed or when the deed is filed? I have always been confused about which is the official date of... http://www.townhall.com/columnists/EdithLank/2010/07/18/when_does_ownership_transfer d64b5c86-f43e-4717-987c-70f6620263c3 Sun, 18 Jul 2010 04:01:00 GMT Ms. Lank: In layman's terms, can someone explain the repercussions of walking away from my present mortgage? It is higher than my home is worth and the banks don't help. Therefore, since the government keeps on bailing... http://www.townhall.com/columnists/EdithLank/2010/07/11/just_walking_away f6328744-119a-4412-9845-21552790846d Sun, 11 Jul 2010 04:01:00 GMT