QUESTIONS AND ANSWERS
gleaned from years of experience
Joan Trossen, Broker, Owner, Realtor®
Your Buyer's Agent
Got a question - I'll reply
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Q. What is a "Short Sale?" An "REO?"
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Q. My partner and I are splitting up. We bought a house several years ago and she does not want to sell nor can I qualify to "buy her out" - qualify to purchase it myself. What can/should I do?
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Q. What does APR (Annual Percentage Rate) mean?
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Q. I have a one bedroom condo; my neighbor has a three bedroom. We both pay the same dues and assessment fees. I believe that is not fair or legal; is it?
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Q. What are the most common types or ways to take title to real property? What are the differences between them; it is very confusing?
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Q. Does State Law (California Franchise Tax Board) say I, as a buyer, must keep some of the monies due the seller at the closing of my escrow? Are they kidding? How can I do this? As a seller, what are the total tax consequences? How much of the seller's proceeds are sent to the State coffers?
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Q. When dad died a couple of years ago, he left his property to my sister and I. I want to sell it, but can't find my "missing" sister. I need the money, can I sell it without her signature?
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Q. I received a Three-Day Notice to Pay or Quit on Thursday. When is the last day I can pay?
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Q. I have lived here for 10 years. I'd like some new paint and carpeting installed. How can I get the landlord to agree with me?
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Q. I am interested in a piece of property where I would have to participate in a 1031 exchange. Should I?
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Q. Why do you recommend having a home inspection by a professional on a periodic basis?
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Q. What is the difference between PMI and MIP?
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Q. I bought my house a year ago. The train noise is driving me crazy and I can't sleep. Can I sue the seller?
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Q. When my home has increased in value, I want to cancel the PMI. Will the lender forego this monthly collection?
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Q. What SoCA cities are under Rent Control?
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Q. We are/were in escrow. Immediately prior to the close, the property was badly damaged by fire and then vandalized. Can we legally cancel the contract?
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Q. This guy says he will replace my roof with the same materials for $1,000 less than the contractor next door. Should I believe him?
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Q. Credit inquiries drop your fico scores. Right?
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Q. Is it good to shop for a "good sounding" loan? What about "locking in" a rate? What should I do to get started?
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Q. I replied to an agent's property sign and was told "that property has been sold." What gives?
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Q. What is a "Good Faith Estimate" of closing costs and monthly payment? Inasmuch as costs will vary depending on the closing date, prorations, etc. how can an estimate be accurate?
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Q. A friend had to "beg, borrow and steal" the many hundreds of dollars (including hedge fund) necessary to fund his loan, but then got most of it back at the close of escrow? I don't want that to happen to me?
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Q. Our fire insurance covered the damage to the kitchen, roof and laundry room. Must this claim be disclosed to any prospective buyer?
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Q. Our doctor advised us to prevent any mold in our home due to an asthmatic child. How? Sounds like good advice in improving home's value, right?
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Q. What are "TDs" (Transfer Disclosure Statements? Are the sellers as well as the buyer's and seller's agents required in writing to disclose anything negative regarding the property?
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Q. What is a non-traditional credit report and what does it contain?
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Q. Is it a good idea to shop for hazard/homeowner's insurance prior to closing an escrow?
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Q. Documentation, Application Package, Complex Package - do these all mean the same thing?
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Q. Should I start a "Personal File" as well as anything else pertaining to my loan and house search?
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Q. What does "carry paper" mean? Is this sometimes called a second trust deed?
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Q. My 63 year old, healthy father wants to retire but has no savings or retirement. There is still a large balance on his mortgage. Is he eligible for a reverse mortgage?
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Q. My neighbors have a mature orchard in their small yard. The limbs hang over the fence and are attempting to eliminate our view and the branches hit our roof. The leaves make a steady job of cleanup each fall. What recourse do we have?
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Q. I entered "single" on my loan application and the vesting to my future home. The escrow officer said the title company wants it changed to read "unmarried." Why?
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Q. Mello-Roos payments are assessments which are not deductible. What is an assessment anyway? Who can impose these assessments?
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Q. What exactly does "Realtor®" mean and how many real estate agents are actually realtors®?
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Q. About the "Realtors® Code of Ethics;" what if I come across one who does not seem to adhere to any reasonable and honest rules?
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Q. Is Private Mortgage Insurance (PMI) absolutely necessary when purchasing my home? How often do I have to pay the PMI and how much? Is this additional fee necessary for the entire life of the loan? "
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Q. I understand you often vacation in the Ensenada area of Baja, MX. Can you assist me in making a decision to purchase/rent there?
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Q. Can I demand my tenant to pay in full when the judge at the eviction hearing renders Notice to Evict?
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