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Ask Our Broker


Give Your Home a Grand Entrance
QandA WITH PETER G. MILLER
BY KIT DAVEY
CTW Features

T
he entryway is the first
I Co-Signed on My Father’s impression potential buyers
receive as they enter your
Mortgage. He Passed Away. home. Most of us overlook the
possibilities of this small yet
What Happens Now? important space.With attention to
detail and a little creativity, your
foyer can be a gracious introduc-
Q: I am a co-signer for the mort- tion to the rest of your home.
gage on my dad’s house. He passed
away and I was told that I have to GETTING STARTED
pay for the house. I lived with my Start by putting yourself in the
dad, so that is not a big deal. I want shoes of the buyer – ring your
to keep the house, but now one my doorbell and step over the
threshold of your home. Is the
two brothers is saying he wants the doorbell easy to find? Does it
house. Will I lose the house or is there nothing make a pleasant sound, or does it
he can do since I was a co-signer? grate on the nerves? Consider
installing a new bell, if necessary.
A: Did your father leave a will? If so, that will deter- Once inside, give your home
mine who gets what.As to the mortgage ,i t ’s not clear the “sniff test.” If you detect any-
thing offensive such as pet smells
that you have to immediately pay it off. First, if your or cooking odors, make a note to
father left the property to someone else, the estate air out your home, have the car-
would need to settle the debt represented by the mort- pets, bedding and drapes
gage.Second,unlike other situations where there is a cleaned.
title change, the Garn-St.Germain Act provides that a Lighting
lender cannot require the immediate repayment of a
Most front halls are poorly lit.
mortgage when there has been “a transfer to a relative If your hall feels gloomy, lighten
resulting from the death of a borrower.”Third, if there is it up by:
no will then a court will determine what happens with • Cleaning the overhead fix-
the property. For details, see an attorney who special- ture and putting in the highest
izes in probate matters. wattage bulb(s) permitted.
Replace the fixture if it is dated
or tired-looking and invest in one A vibrant front door and bright illumination can create an impressive foyer that sets the tone for the rest of your home.
Q: What’s a “blanket” loan? with a higher wattage. Install a
dimmer switch so you can con- the back of the front door) in two people. Ensure that your hall the illusion of more space, don’t
A: The traditional answer is that a “blanket”mort- trol the mood and quantity of white or a light color that match- has enough standing space for use an area rug.
gage is a single loan that is secured by two properties. light in the space. es or blends with the adjoining four people and leave open a If your foyer is spacious
Recently, however, the term sometimes has been used • Adding an interesting spaces. clear pathway for traffic (Two enough to accommodate furni-
in situations where a new home has been purchased, antique or hand-painted mirror • Using a light-colored area people should be able to pass ture, try using a piece that can
to reflect available light. rug, or replacing dark flooring each other, shoulder to shoulder, double as a storage unit, such as
but the current residence has yet to be sold, what • Replacing opaque or col- with lighter-colored material. without bumping into furniture an armoire, a tansu, a tall dresser,
lenders have usually called “bridge” financing.When the ored glass side panels with clear or accumulated clutter.) If you or a hutch. If you don’t need
first property is sold, the money from the sale is used glass. Dry clean or replace door CREATE SPACE don’t have enough standing additional storage, place a sofa
to reduce the blanket loan debt, and the blanket loan and side panel curtains with Unfortunately, many entry- space or a free traffic channel, table with an antique chest, a
becomes just a simple mortgage on the remaining sheer fabric. ways are too narrow and barely don’t even think of putting any
See ENTRYWAY Page 2
property. • Painting the area (including can accommodate more than furniture in this area! To create
Example:You have a home worth $400,000 with a
$250,000 loan balance.The new home is priced
$600,000.A lender then offers you a “blanket”mort-
gage.You can borrow up to 85 percent on your exist-
Buying a Home Means Buying the Location
ing home (more or less, depending on the lender), so BY CHARLES SCUTT why – whether you’re smitten president/CEO of Homekeys.net, and frustration, Eric A. Jacobs,
CTW Features with a particular picket-fenced an online real estate company in owner of E2 Properties, LLC, a
you would be able to raise $90,000 ($400,000 x 85 per-
abode for sale or have yet to dis- Miami.“One of the most impor- boutique real estate brokerage
cent = $340,000. $340,000 less $250,000 = $90,000). “Don’t buy the house; buy the cover your dream home – it’s tant components of your firm in Hollywood, Fla., recom-
You would then buy the second home for $600,000, neighborhood.” essential to investigate the vicini- research should be understand- mends recruiting the services of
but the mortgage would be $510,000 ($600,000 less –An old Russian proverb ty carefully before buying a prop- ing the value of your home, a licensed realtor in the area you
$90,000). erty. which is determined in part by are interested in purchasing.This
When the first home is sold, another $60,000 less Sure, it’s easy to fall for that “Buying a home is the most the value of the surrounding expert “will likely already know
closing costs would be available to reduce the debt on love-at-first-sight residence. But important financial decision community,” including nearby about the schools, activities and
it’s just as easy to suffer a broken most people will make in their comparable homes, schools, other characteristics of the
the second property ($400,000 less $340,000 = heart when you learn too late lives, so you should take the time municipal services, and more. neighborhood that may be
See ASK OUR BROKER, Page 2 that the surrounding community to educate yourself as best as And that’s where a real estate important to you.”
is less than desirable.Which is possible,” says Manuel Iraola, specialist can help.To save time See LOCATION Page 2

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LOCATION broken into, robberies, burglaries
and all the other events that may
overpriced and/or overbuilt,”
Iraola says.“If you purchase an
Ask Our Broker
cause you to reconsider your overbuilt home, it may not fare CONTINUED FROM PAGE 1
CONTINUED FROM PAGE 1
choice, says Jacobs, who adds as well holding its property
If you have children, the quali- that it’s also a good idea to con- value, as the properties compet- $60,000). Most lenders have such programs; speak to
ty of your local school district is duct a search for registered sex ing with it for buyers may be
several regarding costs, rates,etc.
of paramount importance.Ask offenders online (www.sexualof- located in different neighbor-
the school district for test fenders.com is a good place to hoods than the one you pur-
scores, graduation rates, budget start). chased in.” Q: Is mortgage insurance required with a
and salary figures, and student When it comes to crime con- On the other hand,“If you buy Federal Housing Administration loan? What’s the
and parent demographic infor- cerns, keep in mind that areas a house priced lower than many difference in the long run if we get lender-paid
mation that can give you an indi- where homes are in greater dis- of the others, you can more easi- mortgage insurance versus purchasing our own
cation as to what kind of educa- repair tend to have higher crime, ly increase its worth with a little
mortgage insurance?
tion your child may receive. says Jacobs.“If you notice several hard work,” Iraola says.
The first step in researching a vacant houses on a street, you If your homework uncovers
neighborhood is to “conduct a may want to find out if there are flaws in the neighborhood, you A: Private mortgage insurance is not required with
thorough self-examination and a lot of absentee owners,” he may be able to use these points FHA financing. FHA loans, by their nature ,a re insured
find out exactly what it is that says. as leverage to lower the seller’s by the federal government.Borrowers pay an up-front
you and your family want,” “Another thing to research is asking price, says Jacobs. mortgage insurance premium charge at closing equal
Jacobs says.“I recommend that the actual commute time from Working with your real estate
to 1.5 percent of the loan amount plus a month MIP
people make a list of what they the home you’re planning on professional, present the infor-
absolutely do and don’t want. buying,” says Alex Aguilar of mation you’ve gathered to the fee equal to .5 percent of the outstanding loan balance.
For example, if you want a back RE/MAX in Granada Hills, Calif. seller.Tell them it’s better to You cannot purchase your own private mortgage
yard and tree-lined streets, then Try to test the length and diffi- negotiate with a buyer who insurance.Lenders obtain such coverage when borrow-
searching the concrete canyons culty of the commute “around already knows the neighbor- ers purchase with less than 20 percent down and then
of Miami’s urban jungle is a the time you would normally hood’s information. Indicate that borrowers pay the premiums.
waste of time.” leave the house.” the alternative is to risk a legal
There are loans with “lender-paid mortgage insur-
Once you’ve identified one or Additionally, check for any problem with a different buyer
more areas that pique your inter- future proposed zoning changes who may pay full price, but who ance.”With such financing the lender charges a some-
est, take the time to walk its or variances with the municipali- would legally have a case against what higher rate of interest and pays the mortgage
streets. ty, says Aguilar.This could signal the seller for not earlier disclos- insurance directly. Since interest is deductible, the theo-
“Several trips at different the coming of commercial prop- ing all the negative neighbor- ry is that the borrower gets a bigger write-off.
times should give you a pretty erties or low-rent housing com- hood information they now However, legislation is being discussed that would
good idea of what you’re in for ing to the area. know.
allow borrowers to write-off MI charges.Also, while MI
in terms of traffic patterns, activi- While red flags like a sub-par
ty patterns and the general vibe,” school district, boarded-up store- © CTW Features and FHA premium charges can end once the loan bal-
Jacobs says.“You have to peek at fronts and clogged roads are ance has been reduced to 78 percent of its original
the dark underbelly.” obvious indicators of a poor value, a higher interest level will stay with the loan for-
That means making a visit to location, some warning signs are ever.
the local police station to review trickier to identify.
the area crime grid from its “If you are considering a
records department.The crime home that is the most expensive
Q: I live in a small town. I rent, but I’m buying
grid will give you a good idea of one in the neighborhood, there a house. My broker has told my ex-landlord that
where and when cars have been is a good chance that it may be I’m buying, what I’m paying and when the trans-
action will close. I think this is private informa-
tion and should not be revealed. To whom do I
complain?

A: This is a question to take up with state or provin-


cial real estate regulators.They will ask for evidence of
the claims you allege.They also will ask if the broker is
your agent (a buyer broker), the agent of the seller (a
listing broker) or both (a disclosed dual agent).The sta-
tus of the broker may impact the duties that are owed
to you because there is a difference between being a
“client” (and being represented by an agent) and being
a “customer” (and relying on someone else’s agent).A
list of regulators can be found at ARELLO.com.
© CTW Features

Peter G. Miller is a veteran real estate columnist and the


author of “The Common-Sense Mortgage.” Have a question?
Please write to peter@ctwfeaturess.com.

• Display your grandfather


ENTRYWAY clock or an antique hall tree.
• Install one or two narrow,
CONTINUED FROM PAGE 1 wall-mounted shelves and rest
framed art on the ledges.
bushy plant or a sculpture piece • Hang your collection of
underneath it. Or, put an out- straw hats, beaded purses or
door garden bench, a church masks on the wall.
pew or a shapely chair against • Add texture by hanging a
the wall. soft piece of art, such as a
If you use a dresser or table kimono on a bamboo rod, a tap-
in your entry, don’t clutter it up estry or a rug.
with keys, purses and mail! • In a corner, place an
Adorn it with a flower arrange- umbrella stand with your
ment, a pair of candlesticks or a antique walking stick collection,
decorative bowl. a tall sculpture piece or a grace-
ful plant.
DISPLAY YOUR ART
If you have sufficient space, © CTW Features
you can add a little flare:

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