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Lewes, Delaware
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April 6, 2012     Cape Gazette
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April 6, 2012

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S4 FRIDAY. APRIL6-MONDAY, APRIL9. 2012 BUSINESS & REAl. ESTATE Cape Gazette Dear Edith: My husband and I spent two years preparing to buy our first house, researching the market and reading your col= umn every week. Your words helped guide us as we navigated the ups and downs that come with any real estate purchase. Now. as I read the questions, I like to try to predict your an- swers: "You need a lawyer," "No, cosigning a loan for your child with terrible credit is not a good idea," "SomeWhere between $2 and what you're asking is a price that will attract buyers," "Sure, you can sell without a re- altor if you have 70-plas hours to spend studying," etc. I'm amused by the folks who contin- ue to write to you, complaining that their house won't sell. - L. Answer: Sounds as if you could write the column your- selves by now. Yes, as you've noticed, a great deal of my mail calls for the advice to contact an attor- ney. Some weeks, I struggle to keep "See a lawyer" down to once per column. And every _ time I start with "If you offered your property for $2 it would sell in five minutes." I do won- der how many readers remem ber the last time I wrote that. But it's still the best advice. Anything will sell if the price is right. You will notice I cut out most of the kind words in your note. Most questions include some- thing polite along the lines of "Thank you for your time," or "We never miss the column," expect a mortgage company to qualify, him and grant a mort= gage to him in his name only (for purchase of a single-family home?) - R.V. Answer: .Certainly, ifhe's fi- nancially qualified on his own. Really want that house Edith: My wife and I had a contract to purchase a home be- ing sold as a short sale. After six months of waiting, the other party filed for,bankruptcy nine days before settlement. We are still interested in following it through the bankruptcy process and buying it. How do I make contact with the right people who might give us the first chance at purchasing? I've heard that banks will sometimes see a contract was written and con- tact the other party to see if they are still interested, and I would like to maximize our chances of that.happening before it gets to the point where we will be com- peting with investors - a game I'm sure we would lose. -D.I. Answer: Between the short sale and a bankruptcy, you're in for some lengthy complica- tions: At the moment, the bank may not have any say in the matter, and the owners may not want to sell. A real estate lawyer could investigate. My- self, I'd give up and look else- where. Interest is just rent on borrowed money Hi Edith: Say you have a tradi- tional 30-year mortgage, you put and I delete those. There's no down20 percent, and then you a first-time homebuyer. - A. point in taking up limited space decide to sell your home before Answer Think of interest as when I'm trying to get as much the 30 years are up. On the day rent you're paying for the use information in as possible. At of the sale, would you be respon- of someone else's money. any rate, you're great students; sible to just pay the remaining When someone lets you occu- you take excellent notes and principal balance and that py his or her apartment, you I'm sure you'll ace the final, month's interest, or would the pay rent in return for the use of entire remaining unpaid 30 it. After you move out, you In his own name years of interest also be your re- don't owe any more rent be- Ms. Lank: Can a married man sponsibility to cover?cause you're no longer borrow- Sorry if this sounds naive; I'm ing the apartment. When some- THE 21 ST ANNUAL April 25, 2012 Beachcombing, Bicycling, Birdwatching... Bay Crossing Picture yourself in a private enclave of prestigious homes designed with low-maintenance features specifically for adults 55 and better, Convenient to the beach, beautiful ;)arks and historic Lewes, Bay Crossing offers a full array of amenities to complement a truly active adult lifestyle: 5,000 sq. ft. clubhouse Tennis and bocce ball courts Walking/biking trail State-of-the-art fitness center and swimming pool Bay Crossing models start from $299,900 and offer exceptional floor plans that provide numerous possibilities to accomodate any lifestyle. Home designs feature first floor master suites, spacious kitchens with breakfast areas, ~asements and two-car garages. one lets you use money, you pay interest in return for the use of it. After you've paid back the debt, you don't owe any more interest because you're no longer borrowing the mon- ey. You may be thinking about the tenant's liability on a lease. A lease does bind the tenant to pay rent for a certain length of time, whether the apartment is occupied or not. Mortgage doc- uments, however, don't contain Continued on page 55