It is standard practice to interview several Realtors before listing

Q. My daughter is planning to sell her house and has met with her Realtor to discuss the asking price. Although she has not yet signed a contract, she plans to stay with this Realtor. However, she would like to get a second opinion from another Realtor. She wonders whether it is ethical to do so. Is this accepted practice?

A. Certainly.

It's common for a homeowner to interview several different brokers before a house is listed. I would suggest three different agencies at a minimum. There's nothing unethical about it.

Until she has signed a listing contract, your daughter is under no obligation to anyone. If it makes her feel better, she can inform other agencies upfront that she's already consulted one broker she likes. My guess is that they'll still be happy to send someone over to talk with her.

Even if your daughter eventually lists with the first broker, the additional interviews will be useful. She'll learn a lot by listening to them. Several agents will already be familiar with her property, which may end up a plus for her and for them.

Q. I'm underwater in my mortgage but still want to sell and get into a nicer home. I've considered trying to do a lot of enhancements to our house but it's generally just an average house. I don't know that all the fix ups will pay off.

A. In most cases, it's not wise to invest much money in "a lot of enhancements" for a house you're going to sell. Situations differ, and you can always ask the advice of local real estate brokers who knows your neighborhood - and your house - better than I do. Even in a normal market, though, you're not often likely to recoup your outlay. Instead, just clean your house, get rid of clutter and personal items, polish till it shines. Give the place the doll-up you'd give a used car.

Perhaps this just isn't the right time to move. You may want to give some thought to just remaining where you are for a while.

Q. I'd like to purchase a home but cannot close for about five months yet. Can I put an offer in and ask for a closing date in five months? What is the typical offer-to-close length?

A. There is no typical time period because, as always, every situation is different. Sometimes the owner of a vacant house is in a hurry to close. Often the buyer needs a few months to arrange financing. Now and then a legal problem turns up and must be solved before the sale can close. Each individual contract is negotiated to meet the parties' particular needs as fairly as possible.

Many homeowners, as it happens, prefer to move with the school year, so you shouldn't have any trouble finding a seller who would be happy to wrap things up with a summer closing.

Q. I have an opportunity to purchase a large home divided into two complete living areas. The home is within one block of the university my daughter is attending. The home value in the market has held steady even in the current slump.

The question is from a tax and finance side. What is the best way to provide the down payment for the property? Should I loan my daughter the money and allow her to purchase under the FHA "Kiddie Condo" program or should I make the investment myself? The house would provide the room for her to pay the note and associated monthly fees as well as enough income to pay her tuition.

A. You're not asking whether it's a good idea to buy, but I'll start by cautioning you that it's not easy being a landlord, particularly in a college situation. It takes skill and hard work to manage students property without getting into trouble. And you might be stuck as an absentee landlord after your daughter graduates.

If you do intend to become an investor, I'd advise lining up your own real estate attorney and CPA ahead of time. And read some books on property management.

Then, if you do decide to go ahead, the FHA's "Kiddie Condo" program, in which you and your daughter become co-owners, is an excellent opportunity. It requires a much smaller down payment, and carries a lower interest rate than you'd find if you applied for an FHA mortgage on your own as an investor. And, of course, it isn't limited to condos.

• Edith Lank will respond to questions sent to 240 Hemingway Drive, Rochester, N.Y. 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.

2009, Creators Syndicate Inc.