Paying the broker brings more than potential buyers

Q. Someone contacted me and is interested in buying my house. It's not listed, but I have been thinking about selling. It is in a desirable area where houses sell relatively quickly.

I do not need the services of a broker to list my home and find a buyer. But a broker could help me establish a fair price and handle the closing. Can an agent enter into a nonstandard agreement with me, for a flat fee, for example, instead of the standard percentage?

A. Real estate brokers are free to negotiate any payment arrangement with clients. There is no standard fee schedule, although - like the price of a quart of milk - commission rates in any given community do tend to end up much the same. You can certainly look for an agent who agrees to work for a specific amount or an hourly fee.

You're right in thinking that brokers perform many more services than simply finding a buyer. You can use help with estimating your home's market value, analyzing the would-be buyer's ability to go through with the purchase, and arriving at a written sales contract. Your agent can hold earnest money in escrow, guide the buyer in obtaining financing, arrange any necessary inspections or repairs, and smooth the way to final closing.

Q. My husband and I are in our early 60s. I know it is foolish, but we do not have the $1,000 or so to do a will right now. His name is on the mortgage, but both our names are on the title. If he were to pass away without a will, what would happen? I had a friend in the same situation, and she was left with nothing. Can the bank foreclose even if I keep up on the payments?

A. If you cannot afford to make wills, take a look at the website www.nolo.com, where you can purchase inexpensive do-it-yourself instructions and forms that are valid in 41 states. Make sure you choose the right one.

Next, it wouldn't matter whose name was on the loan. Mortgage lenders do not call in the debt when property is inherited. The mortgage continues as long as payments are kept current.

But as for "both our names are on the title," I don't know exactly how your names are listed there, if your husband has children from a previous marriage, or if you're in a state with homestead rights. If your husband died without a will (intestate), things like that could make a difference.

Which brings us back to the first advice: get your wills on record.

Q. I reside in a neighborhood that has a homeowners association. Being on the board of directors has provided me with firsthand knowledge that not all agents - or even homeowners for that matter - know what the bylaws are.

On more than one occasion, new homeowners have been under the impression that such things as fences or sheds are permitted. When they approach the board for approval, they are disappointed to learn they cannot proceed. I'm wondering if you have covered this topic before, or have any suggestions as to how to educate both brokers and perspective homeowners?

A. Yes, buyers should be alerted that they'll take on bylaws, rules and regulations when they buy into an association. Is it the sellers' obligation? Should brokers educate the buyer? Does the closing agent have an obligation to see that the documents are read? Should the board of directors pay more attention to educating new owners?

At any rate, when this appears in the paper, you and I will have done our bit.

Reader comments:

• Q. Still debating: shower or tub?

Both have virtues - there's the rub.

We don't invite extra gents or wenches,

But I still like the built-in benches.

And now that one arm is in a sling,

A place to rest is just the thing.

So just as soon as I'm toweled off,

My shower cap to you I'll doff.

A. I thought we were done with the tub/shower question, but this poem just needs to be shared.

• If you can stand one more comment, today's paper had a question from P. H. asking why anyone would want a large walk-in shower with a seat. Obviously, this is a young person. When our knees and hips get bad, we need to walk in and sit down. In a worst-case scenario we can even put our wheelchair in there. Give P.H. a few more years and he or she will understand.

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

© 2015, Creators Syndicate