Apartments for Cheap

Questions and Answers

Your Questions About Houses For Sale

July 15, 2013

George asks…

What happens when solicitor fails to tell you about mine entry in garden until after house sale is complete?

Our solicitor only requested the mining survey 3 days after the house sale went through, it has revealed a mine shaft in our front garden. Any advice would be greatly appreciated. We are obviously rather angry at our predicament.

Administrator answers:

This is a search that should have been done before exchange of contracts. You would then have had a choice of whether to pull out of the sale or to negotiate a lower selling price. It is especially relevant to mining searches because if compensation has already been paid by the Coal Board for subsidence a further claim can not be made.

As your solicitor was late with this search you have an obvious case against him for professional negligence. You will be entitled to compensation for any loss you have suffered, eg for the costs of any remedial work required or for any loss in value now this fact is known.

The solicitor will have indemnity insurance and he should accept his mistake and work with you to resolve the issue. But if he does not you can complain to the Solicitors Regulation Authority ( www.sra.org.uk ) or even sue him, but it shouldn’t come to that.

William asks…

If parent has bad health what happens to house sale money?

My mom just turned 77 years old and said she has Alzheimer’s 16 months ago. My mom has been in same house over 30 years. My cousin is close to my mom and she told me we may have to sell her house in about a year. I don’t know if my mom would go to an apartment or some type of care home. If my mom receives house sale money and goes to a care home would they get the money or would it be wiser to distribute the money at this point among siblings?

Administrator answers:

It’s your mom’s money. Totally up to her what happens to it.

Ken asks…

Should I cancel my contract for a new townhome being constructed based on the present economy and house sales?

LIVE IN L.A., CA I put a $15K deposit on a new townhome presently under construction! I went to see the home recently and it is NOTHING as I pictured it to be! The economy is seriously slowing down and house sales are slumping. Would like to know what to look for and/or what are the consequences if I decide to walk away. Rather put the rest of my money into a single family home. But, it was a rush to get in the project without really planning it.

Administrator answers:

Yes !

Joseph asks…

How to deal with proceeds from a house sale?

My father just sold his home and moved into a retirement home.
He needs about $3,500 per month. He receives $900 in social security so he would need to draw out $2,600 per month.
He just received a small 6 figure amount from the house sale. His only asset and hopes to live at least 5 years at the care home (he is 85).
What do I do with that money? just put it into CD’s or buy an annuity?
I’m being told by one company that I should put it all in an annuity that will pay him the $2,600 but would not earn any interest.
The benefit would be that if his health declined and he was placed in a nursing home, that money would be protected for his heirs and he would use medi-cal for the nursing home.

I just want to stick it in the bank, earn him some interest and hope he stays healthy until it runs out.

What to do?

Thanks

Administrator answers:

Very good details, but you did not provide the actual sum of money available.
Just for reference, in order for you to have 3.5k per month for five years under the flat rate of 5.25%, you must have at least $184,346.52

The best way to protect the assets of ageing family members is to put it in a joint account. You avoid estate tax also.

Due to the short investment horizon, most non-principle guaranteed products will not help you. The best thing for you to do now is to analyze how to build a CD latter with the rates available (bankrates.com) and the assets you have. You can then compare it with the annuity products available.

If you don’t know how, any banker can show you how to do it if you let them think that you are parking your money with them.

Or, you can edit you question and let us know how much money is available so we can do our analysis.

James asks…

what did the house sale for at 469 kottinger dr pleasanton ca?

what did the house sale for at 469 Kottinger drive pleasanton calif ? they where asking 1,099.000 it sold but i want to know what is sold for etc.

Administrator answers:

Try zillow.com or the real estate section of your local paper – or ask the question in the real estae section; this is dining out.

Paul asks…

How does a house sale work???

I am going to be selling my house soon (UK) to clear my debts and pay off the mortgage for the first time ever. How does a house sale work. Is everything handled by the solicitors? Help, I am very confused and anxious.

Administrator answers:

Get a good real estate agent to represent you. He or she will look out for your best interest. Interview and find one that understands your goals and what you want to accomplish.

Powered by Yahoo! Answers