First-time buyers dig deep and find old real estate book
Q. Is there a way for us to access your recent article on financing for first-time homeowners? We enjoy your column and thank you for any information you can provide.
A. More than 20 years ago, I wrote a book called "The Home Buyer's Kit." It went through several editions but is out of print now.
Recently, though, this couple wrote to say they bought it used on Amazon. I would have thought much of the information is out of date, but they wanted to say thank you; they found it really helpful.
Q. Actually, I do not have a question, although I've submitted a couple of times over the years. I was going through some old papers I'd put aside and saw you're in your 80s, I believe. As a 70-year-old guy, I wanted to say, "Way to go!" I hope my wits will be as sharp as yours at that point.
A. You've got two things wrong. I'm in my 90s now, not my 80s. And as for those sharp wits, the internet came along just in time for my old age. These days, whatever I've forgotten I can look up.
But anyhow, thanks for the kind words.
Q. I don't know if this is column worthy or something for you to pass along in another way, or maybe I'm just venting, but there is a trend in real estate advertising that has me steaming.
Many newspaper real estate ads no longer include an address. If there is an ad that catches my attention, I'm then required to go to the computer to find out where it's actually located. I'm more interested in the address than the listing agents' claims about it being a "must see" or having a "charming landscape."
In fact, I'll bet I've ignored dozens of otherwise interesting listings because they wouldn't tell me where it was!
A. That's because they want you to give them a call or go to their webpage.
I found myself smiling as I read your note because I remember many years ago, when you couldn't just "go to the computer" to find an address. Frankly, that doesn't seem like all that much work.
Nevertheless, I'll be happy to pass along your complaint. Good luck with your search.
Q. In 2002, we financed our mortgage with Bank A. Two years later, we refinanced with Bank B. The title insurance submitted for recording in our town read as follows: "Mortgage made by us to Bank A in the amount of $120,000, dated May 1, 2002, and recorded June 3, 2002, … has been assigned to Bank B … which said mortgage has been reduced to $105,000 and a new mortgage made by us to Bank B in the amount of $45,000 dated March 10, 2004, and being duly recorded … which said mortgages are consolidated, extended and modified by agreement dated March 10, 2004, and being duly recorded … to form a single lien …"
Then, Bank B was bought by Bank C. We fully paid off Bank C and got a satisfaction letter from it. However, when we checked with our county, Bank A still shows as having a lien on the property. We did not receive a satisfaction letter from Bank A, but we do have a copy of a check made out to Bank A by the lawyer of Bank B.
In this kind of a situation, how can we get a satisfaction letter from Bank A? To our knowledge, Bank A is no longer in business. During that time, we were relying on the bank lawyer and title insurance company to satisfy the requirements of the county.
A. The county requirements don't constitute proof of ownership. They simply provide a public repository for legal documents. In the future, if there were a problem, it would be with prospective buyers of your property. They wouldn't want to buy if Bank A's mortgage still shows as a financial claim against the property.
I'm not sure you have a problem, but I'm not qualified to judge. Why not ask your own lawyer to see if anything needs straightening out - and if it does, to please take care of it?
• Contact Edith Lank on www.askedith.com, or 240 Hemingway Drive, Rochester NY 14620.
© 2018, Creators Syndicate