Sunday, September 06, 2009
Edith Lank :: Townhall.com Columnist
House Calls - September 6, 2009
by Edith Lank
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How Long with Agent

Ms. Lank: How long must I leave my house for sale with one real estate person? I have had it listed for three months and haven't had one person look at it. I would like to change to someone who would actively market my house. -- R. S.

Answer: If your house has been entered in the local multiple listing system, and if there's been advertising in newspapers and on the Internet, then it has been marketed. If no one is interested after three months, my guess is that you've priced so high that buyers simply choose to look at other houses.

To answer your question: The listing contract you signed will tell how long you promised to stay with that brokerage. You always have the right to withdraw an agency, though that may involve some obligations. At any rate, you actually hired the company, not the individual agent. By all means, call the office and discuss your concerns with the managing broker.

OWNING TWO HOUSES

Dear Edith: I bought a house in 2006, and this year I found a job in another city. So I relocated and bought a duplex, since it's cheaper than renting. But now I have to pay two mortgages.

Should I sell my first house? Hold on to it by leasing, or keep it as sort of an investment? Is it a stupid idea to keep my first home even if nobody's living in it? --e-mail

Answer: Yes.

Being an absentee landlord is asking for trouble. Paying the expenses on a vacant house makes no sense at all, and again, you're laying yourself open to all sorts of problems.

Sell the first house. Put it in the hands of an agent who's active in that neighborhood, as promptly as possible, at a sensible price for a quick deal.

BUILD ON IT OR SELL Continued...

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Edith Lank is an authority on housing issues.

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