Reader input and dealing with scams

This first letter arrived in the front-door mailbox, in an envelope, with a canceled stamp. It was addressed in excellent Palmer-method cursive handwriting. What's more, the writer knew to enclose a SASE - a self-addressed stamped return envelope. So the first sentence wasn't a surprise:

Q. We are retirees. We keep receiving mail offers from professional investors to purchase our property. They say they'll purchase unconditionally, with cash, within a very short time frame.

Is this just another scam to bilk retirees, or are these legitimate business practices? Why are we being targeted?

Two of the most recent requests have been enclosed for your scrutinizing. We are not interested in selling at this time, but may be in the future. Should we be steering clear of these types of offers? They just don't feel right.

A. Those aren't scams, but they're probably not appropriate for you.

Why are you receiving the letters? These days, everyone seems to know everything about everybody. Someone is probably selling investors a list of older homeowners. Anyone could search the county's public records office to locate mortgage-free homes, most of them probably owned by seniors.

Investors who offer immediate cash are in the business of buying at wholesale in hopes of reselling at retail. Meanwhile, they have expenses for property taxes, insurance, utilities, lost interest on the money invested, possibly repairs and certainly doll-up costs. They may or may not end up paying broker commissions, but will certainly have legal costs of buying and selling. By the time they add in something for profit, they must buy at a steep discount from the market value of your home.

In some situations, an owner might need that kind of quick cash. However, you will probably have the luxury of a normal sale on the open market. Your home is worth more to someone who's going to live in it.

Q. In a recent column, your response simply telling a person that searching public documents is free was inadequate. A trained title searcher/examiner not only needs to know which indexes need to be searched, but the legal ramifications of what is found. Is there an estate in the chain? A bankruptcy? A judicial sale? Are there easements and rights-of-way? Restrictions? Unsatisfied mortgages? Liens?

You know the kind of things that can trip up a closing. Professionals have been trained long and hard to do title searches.

A. The column is, unfortunately, limited to 800 words, and there's almost always a great deal more that could be said on any topic. And perhaps, as you point out, more should be said on this.

For the most part, my column simply answers the specific questions asked. That reader wanted to know where a title search was made, whether he could do it himself and if there was a charge. He didn't say why he wanted it for.

Yes, I told him, he could search his county's public records, and for free. You're right, though. It wouldn't have taken much space to add "But a professional search is required if you're selling property, applying for a mortgage loan or buying title insurance."

Q. One of your readers was concerned about the high cost of flood insurance for prospective buyers of his home. It is not necessarily the flood zone that determines the premium, but also the Elevation Certificate. He can obtain one from a local surveyor, at minimal cost.

If the home is at a higher elevation than what FEMA estimates for the flood plain, the certificate will indicate it. The insurance agent sends the certificate to FEMA and they adjust the premium accordingly. Sometimes a person can save more than 50 percent on the flood insurance. Hope you can pass this on.

A. Thanks for the information.

A letter came in last week with a three-page complicated problem that received the all-too-frequent advice: See a lawyer. Actually, as the writer said, they couldn't afford legal help - so the advice was "Contact your county's bar association." But it had a great closing paragraph:

"Dear Edith: We don't want to keep the property, however we do need to regain access to the house for another two weeks until we can move in to our new house … We can't stay in this hotel. Last night we turned on the TV, come to find out that there's no cable and no Internet for my son to do his homework! We're living a nightmare!"

Great comments regarding the tub vs. shower debate: "I can't figure out why anyone would want an enormous shower, with tile seating, no less. Are people having large parties in there? Am I missing something?"

• Edith Lank will respond personally to any question sent to edithlank@aol.com or to 240 Hemingway Drive, Rochester NY, 14620.

© 2015, Creators Syndicate