Answer: You sound like a brand-new real estate investor. Better make your first purchase a modest venture. Buy something close to home, within easy driving distance so you can keep an eye on it. That way you'll begin to learn the business without taking on the risks of being an absentee landlord or trying to re-sell in an unfamiliar market.

Unloading The House

Ms. Lank: Two years ago my husband bought a house with his name on it, along with his son and daughter-in-law's names. Because his son has not lived up to the verbal agreements they made regarding payment, upkeep, etc., my husband now wants out of the deal and wants to unload the house. It was purchased through a private loan from the seller. Can we stop paying and force the seller to take it back? Can we force my stepson to move out? Can we sell the house even if he doesn't want to? Should we sign a quitclaim deed -- would that absolve our responsibility? -- G.

Answer: Even if your husband signed over his share of ownership, he'd still be personally responsible for the whole mortgage debt. Assuming the mortgage document was properly recorded, it shows up right now as his liability. If payments weren't made, his credit record would take a really bad hit.

As a co-owner, your husband has the right to force a sale. He can consult a lawyer about the possibility.

Buying From Bank

Dear Edith: What is an effective strategy when making an offer on a bank-foreclosed home? -- S.R.

Answer: Judging from my mail, what you need most of all is patience. You might look for an agent with experience in these purchases to act as your buyer's broker and guide you.