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Don't wait until selling to make repairs
Home maintenance ranks low on many homeowners' priority lists. When the washing machine breaks, you might fix it to keep from having to go to the Laundromat. But, if there's no pressing need, home maintenance chores are often put off.
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Homeowners, be careful signing divorce papers
DEAR BENNY: I am recently divorced. We had two houses. In the divorce, I got one and he got one. We both signed quitclaim deeds to each other. However, I needed to refinance mine to pay off the bills I accumulated just to get my house back into livable shape. (It was a rental while we were married.) Both houses have mortgage loans: Mine carries a rate of 6 percent and his is at 5.75 percent interest. Needless to say, there is no incentive for him to refinance that favorable loan rate.
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Facing foreclosure: When must I move out?
DEAR BENNY: I am one of the unfortunate who has to deal with eventual foreclosure. Can you tell me how long I can remain in my home until legally having to vacate? –Constance
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Will shopping multiple lenders hurt credit?
It's not uncommon for home buyers to talk with several mortgage brokers or lenders to compare loan products and interest rates. One buyer who shopped around was scolded by a mortgage broker when he found out she was talking to more than one broker. He told her that she was ruining her credit score by allowing multiple credit inquiries.
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Pest repairs are turnoff for buyers
In a perfect world, houses wouldn't deteriorate over time. In reality, the wear begins as soon as a house is built. Older houses tend to have more maintenance issues. But even new homes can develop problems within a few years if they were poorly constructed.
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Sellers use disclosure to their advantage
Forty years ago, seller disclosures weren't part of the home-buying process. The rule of the game was buyer beware. Now most states have seller disclosure requirements, although they vary from one state to the next. Consult with a Realtor, the Department of Real Estate, or a real estate attorney in the area where you're buying or selling if you have questions about what a seller is required to disclose.
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