Questions and Answers

Q: if you put a bid in on a house and the seller accepts it, but you don’t have the money can anything legally be done to you? A: 1st of all – why did you even make an offer if you thought you couldn’t afford it?? 2nd, If you made an offer & it was on a ‘recognized form’ – which most agents have it contained a ‘contingency clause’ subject to getting mortgage approval … [Read more...] about Bidding On House I Can’t Afford

Q: My son and his girlfriend, both age 23, are looking to purchase a house together. Is that allowed? He has little to no credit – hers is good, can he even qualify? Are there any 1st time home buyer incentives/rebates for them? A: Yes, 2 people, married or not, can buy a property together. Yes, if it a 1st home & they enter into a purchase agreement before 4/30, there could … [Read more...] about Boyfriend and Girlfriend To Buy Home

Q: We are selling a home in MN. Deed to the property is listed in the name of my father and uncle. This is actually my grandfathers home. My grandfather is living with my parents. We have an offer on the house, but have just been advised that my father and uncle will have to pay capital gains tax. This is really my grandfathers money. What can we do? Who should we talk to? A … [Read more...] about Capital Gains Tax Owed To Non Owners

Q: My in-laws are selling a shore home and had a contract. Monday would have been the closing and the buyer has backed out. Who is responsible for any fees incurred during the transactions to this point? A: Your answer is contained in the purchase agreement which you all signed. Lack of such language would mean that you would have to seek a remedy outside the contract … [Read more...] about Buyer Backed Out At Closing

Q: what is the law between agent and tenant to show a house to potential buyers but to be courteous to tenant? A: Not really a ‘law’, but in most rental or lease agreements, there should be specific language covering this. If not, then I suggest working something out with that tenant & putting that agreement in writing. You might have to give the tenant ‘an incentive’ to … [Read more...] about Landlord showing home while occupied