“If a house is advertised ‘as is’, does that mean that the house has problems? And can you still inspect it and ask for something to be fixed?” ***ANSWER: Great questions. Homes are typically advertised “As Is” for three different but related reasons: First, indeed the home may have problems, ranging from ugly cosmetics to

“I heard that mortgage insurance is now tax deductible. Is that true?” ***ANSWER: Yes and no. (Quick background: If you buy with less than 20% down, some loans require you to pay mortgage insurance monthly or at closing. This “MI” insures the lender against loss in case you default.) As part of the “Tax Relief

“What should I fix before I sell my home?” ***ANSWER: Great question. My advice is to fix the obvious, disclose the rest, and expect to fix or credit funds for a few items as part of negotiations. FIX Expanding on that, if you’ve go the time and desire, fix the visible things that will help

“Hi Gary. When I buy a home, I’ll take your advice and definitely have it inspected. A few questions: When should I do it? How much does one cost? How long does it take?” ***ANSWER: You should do your home inspection asap after your offer is accepted. You typically have 7 to 17 days to

“Question: What repairs do you have to make when you sell your home?” ***ANSWER: Less than you may think. The only legal requirements are having your water heater correctly strapped, and working smoke detectors up in all “sleeping areas.” That’s it. Here are some other items you’re NOT legally required to do, though most homebuyers

“My wife and I rent and there’s been a house for sale down the street. After driving by it for 4 months, we decided to make an offer. When we did, suddenly the seller’s agent said he had another offer. It seems all too coincidental. How often do agents lie and say there’s a second

“I just talked to a lender about refinancing my condo and he told me my FICO scores. They’re 719, 729, and 744. How come there’s 3 different scores?” ***ANSWER: There are three nationwide credit bureaus, each with their very own FICO score name: – Experian has “”Experian, Fair Isaac Risk Model” – TransUnion has “FICO

“Hi Gary. I need every dollar I can get when I sell my condo next month. I interviewed a discount broker and he says he does just what a regular broker does. But I didn’t get a good feeling talking with him. Something made me uneasy and I don’t totally believe him. Do you think

“Hi Gary. We see your signs and your face everywhere. My wife and I have never bought a home before. I heard that legally the home has to be of a certain condition to sell. Specifically that the plumbing, heating, electrical, and appliances must work, and that the roof is watertight. Is this correct?” ***ANSWER:

“Is it really true that with a no-documentation loans that you can just claim any income and obtain any size loan? That must be why there are lots of foreclosures now.” ***ANSWER: No and yes. No doc loans have to make some sense to the loan underwriter (decision maker). I once received an offer on