Q & A with Dottie Herman

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Q1 - The bank sold my mortgage loan to another financial institution without my permission. Can it do this?

A - Yes. Federal banking laws and regulations permit financial institutions to sell mortgages, and/or transfer the servicing rights, to other institutions. Consumer consent is not required

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Q2 - Can HUD-owned properties be purchased using the 203(k) loan?

A - Yes. However, the property must be advertised that it is eligible for financing with a 203(k) loan. If the HUD-owned property is purchased with other funds, a 203(k) loan can be made after the property is in the buyer's name. In this case, cash back will be allowed to the borrower for a period of six months from purchasing the HUD-owned property.

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Q3 - I have a friend who is a RE broker who doesn't work or live in my neighborhood. I am going to put my house on the market and I know she is going to want to list it- will that be a disadvantage to me since she is not familiar with my area?

A - Agents who have expertise in your neighborhood have less of a learning curve than someone who is not as familiar. In addition to their past sales, many live in proximity to the properties they represent and can be more readily available to show it. Your friend, who is a professional, should be understanding of your choice if you don't believe he or she is the correct agent for the property. It is always a good idea to interview a few agents to determine their relative knowledge of the market.
 

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Q4 - I own an apartment in Brooklyn- I want to rent it out; however, I have no idea how much I should ask. How do I come up with an appropriate asking rental price?

A - Before you list your apartment, check with your Managing Agent to familiarize yourself with your building's sub-let policies and procedures.  The Managing Agent can also provide you with the rents other similar units in the building are fetching. You can also go online to a variety of web sites, including ours, to get comparable current rental prices.

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If you have a real estate question for Dottie, please send it to; Reporters@WorldPropertyChannel.com