Sellers have little, if anything, to gain by waiting with two mortgages

Q. My wife and I are 79 years young, and we bought another home in a town 185 miles away from our first home. We are the original owners of our first home and have kept it in good condition. It is watched and we still pay for a security system. And the heat is kept at a safe temperature. It has been on the market for 18 months.Can we or should we try to get a reverse mortgage on it, so it will be easier to make payments on the new home while we wait for the real estate market to get better? My wife and I have questioned this for some time.A. A reverse mortgage is only available for a house you're living in, so you can forget that idea.Add up everything you've spent on that vacant house in taxes, insurance, maintenance, security and utilities over the past year and a half. You'd probably have been better off if you'd asked that much less in the first place, for a quick sale. Then you would already have the money to use toward your new home.Those bills will drain you until you drop your price far enough to attract buyers. It's expensive every month, waiting around for the market to get better.Bite the bullet, ask your agent about what asking price will move that house promptly, and get it over with.Q. Got a question in regards to the $6,500 tax credit for current homeowners. The rule isn't clear. I'm a longtime homeowner of 20 years, plus six rentals. In 2009, I got divorced and moved into one of my rentals. My ex-wife got the primary residence, plus two rentals. Am I eligible for the $6,500 tax credit if I buy before the deadlines?A. You owned and occupied your main residence for at least five of the past eight years, so you qualify as a repeat buyer.Q. I bought a house in 2000, lived in it for eight years and sold it in 2008. I moved into senior housing and just bought another home that closed on Jan. 20. Do I qualify for the rebate? A. Sounds as if you do, too.Q. I was just laid off from my job and feel like I need a career change. I thought of going into real estate and selling either in New York or Florida. I was wondering if this is a good idea at this time and what state has the better rate of success. Keep in mind that I only made $60K per year at my job, so I have nothing to lose, right?A. I suppose someone must have made that much in a first year doing real estate, but you won't. According to the National Association of Realtors, $8,600 was last year's average income for persons licensed fewer than two years. Members with at least 16 years' experience averaged $53,900. Individual earnings vary widely, of course, and many licensees have secondary interests like investment real estate, appraisal or property management.To become licensed as a salesperson, you must successfully complete specific courses and pass a state examination. You must start in a form of apprenticeship, with sponsorship, training and supervision under a licensed broker. Phone several real estate offices near your home and ask for an appointment with the managing broker. Go in, discuss the matter and see what they have to say. It's a good way to start finding out what's involved.Don't expect anyone to offer you a salary or benefits, by the way. In almost every real estate firm, salespersons act as independent contractors, receiving a share of whatever commissions they bring in.Q. I have made a couple of offers on short sales, and in all cases I never received a counteroffer, even after several weeks and multiple calls to the agent that had the listing. Is it normal to take weeks or months to receive a counteroffer for short sales?A. Judging from my mail, yes it is.But actually, there's no law that says you are entitled to a counteroffer at all. The situation is the same whether you're dealing directly with a home seller or if a bank is involved, as it is with a short sale. When sellers receive a written purchase offer, they can accept it, reject it, or just ignore it and let it expire.bull; Edith Lank will respond to questions sent to her at 240 Hemingway Drive, Rochester, N.Y. 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.2010, Creators Syndicate Inc.