Washingtonpost.com: Live Online

In her live online discussions with the audience, Deane discusses the specifics of the market, from condos and investment properties to contracts and mortgages.

Deane has covered Real Estate for The Washington Post since 1999 and has worked as a reporter for more than 20 years.

The transcript follows.

Editor's Note: washingtonpost.com moderators retain editorial control over Live Online discussions and choose the most relevant questions for guests and hosts; guests and hosts can decline to answer questions.

Daniela Deane: Hello everyone! So good to be back here with you all. Remmeber, I hardly know what I'm talking about! (Just playing...) But...don't even dream of holding me to anything...This is all my opinion, although it is an opinion based on extensive reporting on real estate...Okay, that's enough..Let's go!

Reston VA: Regarding the current mortage rate condition, how do you play the game of "lock in now vs later"? Thanks for your always insightful thoughts.

Daniela Deane: Mortgages, mortgages, mortgages...That's what's on everyone's minds these days...If you lock in with a bank, the bank has committed to that rate...But it's not usually any sort of legal contract. You can walk away and go to another bank if you choose (read carefully whatever you've signed.) You can also pay for a float-down with that bank, i.e. they'll float you down to a lower rate if the rates drop. 30-year fixed rates averaged 5.45 percent this week, down from 5.62 last week. This is a historic 40-year record! Amazing...Unbelievable. But before we get too excited, it's because the general economy is suffering.

Wheaton: Dear Daniela,

I bought a condo in Wheaton about a year ago. Nice neighborhood, nice condo complex -- but certainly nothing extraordinary.

Now I see three different developments moving in within a 5 minute walk -- all advertizing "luxury townhomes from the upper $300's". Any experience on what this is likely to do to the value of my $150,000 condo?

Daniela Deane: Look out for my colleague, Sandra Fleishman's upcoming story on the development in Wheaton in the Real Estate section...I'm not going to tell you when! You gotta buy it, my friend...(It is soon, though.) Knowing Sandy, she'll uncover absolutely EVERYTHING about what's happening there, since she also lives near there. And the short answer is, yes, I believe it will bring surrounding values up. Hallelujah, huh!

Lanham, MD: If someone offered you a house at a 10% discount versus the comparable sales in the neighborhood, what questions are left to be asked before you would buy?

Daniela Deane: What's wrong with that house?? Why the discount? Is it a friend of yours? Get a home inspection, even if you don't make it a contingency on your contract. There must be SOME reason the seller wants to give you a discount, isn't there?...Neighbors from hell?

Arlington, Va.: Daniela --

My husband and I are looking to buy our first home. We are adamant that we will not waive a home inspection clause -- we're too risk adverse. It seems that waiving a home inspection is becoming a standard practice in the still-hot areas of Arlington. Any recommendations on steps we can take to make ourselves more competitive, without going over-the-top with our $$$ offers. I have thought about hiring a home inspector to come around to houses with us before we'd put a contract in, but this seems extreme. Thank you for your good advice.

Daniela Deane: You can get a home inspection even if you don't make it a contingency in your contract. Have a home inspector lined up so you can get him/her into the house before contract presentation. You can do it...

Sterling, Va.: Are real estate properties ever going to come back down to earth in this area, or I am going to continue feeling like I live in Japan?

Daniela Deane: Property values dropped dramatically in Japan!!! So, this is not Japan, my dear friend from Sterling. Most economists are predicting continued home price appreciation in this area, anywhere between 3-7 percent a year over the next few years. But did you see what the Fed said a couple weeks ago about the possibility of deflation, a dangerous condition (like what happened in Japan) where prices, assets values, etc. drop...If that happens, I really don't know. Should I get Greenspan on here as a guest?? (I'd love to...somehow I think he's kinda busy...)

Washington, D.C.: I am writing on behalf of my brother who bought a house in Washington, D.C. in 2000. The company for which he is working assigned him overseas for a temporary assignment (time undetermined). He intends to move back to this house at some point in the future (undetermined). In the interim, he has been renting this D.C. home and his company has now transferred him from Europe to Massachusetts -- again on temporary assignment. Due to the favorable rates and the property appreciation he would like to refinance his D.C. home and pull out some cash. In my communication with several D.C. mortgage providers I have received significantly different and conflicting information. One claimed that the home is a second home (because he is on assignment and his intent to move back) the other claims it is a rental property. Obviously the interest rates are significantly different. What would you advise financially and are their any D.C. area banks/mortgage companies that are more competitive and competent at handling these non-standard issues? Thanks in advance.

Daniela Deane: If you check my chat of a month back, we had a heated discussion about misrepresenting a property to a bank...The upshot is it's illegal and unethical, although, again, at the risk of starting another fight, mortgage brokers say people do it all the time. I am not condoning anything illegal, of course. There are banks that do cash-out refinances or home equity lines/loans on rental properties. Not all do, though. Consult a mortgage broker.

Gaithersburg, MD: I hope to buy my first home this year, but due to decades of family illness and twelve different job 'downsizings' over the last 22 years, I have no savings, and I mean NONE, unless I cash in a 401k worth 8k from a previous job. I know no-down-payment mortgages are available but it appears what will doom me is closing costs, which seem to run into many thousands. No, I cannot ask parents or friends to lend the $--they dont have it! Is there any hope? I should add that I have an excellent credit rating(790) I'm 52, recently started a new job that pays ok but not fabulous, and I still hold a p/t weekend job. My 4 year old car is paid for and I have about 4k in credit card debt.Many thanks in advance!

Daniela Deane: Gosh, I'm so sorry to hear about your travails in life, Gaithersburg. I'm not an expert in what you could qualify for. Please consult a mortgage broker or bank to talk about what you could do in your situation. And shop around a bit. Best of luck to you!

housing prices: Hi there. Exactly how do homes get priced for sale? I was reading Marc Fisher's column just now and someone complained to him about having to pay $450K for some townhouse in Wheaton near the metro station. Fisher believes that people will pay big bucks willingly in order to be near the metro. Well, I live in Woodbridge where there's no metro station within walking distance (neither is the train station), and the housing prices there are still outrageous. Shouldn't I be paying less because Woodbridge is farther away from the city?

Daniela Deane: Homes get priced for sale by the agent and the owner...But the owner/seller has the final say. Many are greedy these days, agents tell me, and really try to shoot for the moon. Some agents do too. The more realistic sellers base their prices on the sale prices of comparable properties in the area. That's how most agents come to a price. But we did a story once on one house in the Del Ray neighborhood of Alexandria and the varying prices agents and the seller put on it. The large spread was interesting. And hey, Woodbridge has been part of this housing boom, too.

Surlygirl: Daniela,
Do you have any advice for two people who would dearly love to buy a house inside the Beltway (preferably in Arlington) but who don't have a whole lot of $$? I realize that this is a pipe dream, but it really saddens me to see housing prices shooting up and up with no end in sight...I hate to leave Arlington, but I see no other way to afford anything!!!

Daniela Deane: How can I not answer a question with that great handle!! I'm not sure what you're talking about when you say a whole lot of money...($500,000? $200,000) There are some affordable houses out there still in Arlington, particularly in south Arlington. NO, I don't want to get into the north-south Arlington debate again! So don't go there, posters! But hardly anything is that affordable these days, is it? Many buyers complain that prices don't jive with what you're getting anymore. My advise is, though, buy something you can afford and start building equity sooner rather than later...

Arlington VA: Daniela,

I bought in Northern Arlington and just recently discovered that I could have gotten a house in MCLEAN for the same price! Better schools, and MCLEAN! I'm so angry!

Daniela Deane: Hmmm...I live in north Arlington and frankly, I'm very happy with the public high school my boys attend...Schools vary though everywhere, not just in north Arlington...If you have children of school age, you didn't check the schools out? By asking the agent or the county for a school report that lists class sizes, number of kids who went to college, standardized test scores, etc. etc...That's a shame...I advise anyone wiht school-age children to ask their agent or look on their county website for the school reports put out by the counties...They're very illuminating and a must for parents, I think...

For the Arlington House-Hunter:

Things we did: We included a statement outlining our finances (annual income and assets) in our bids. For one bid we wrote a heartfelt letter -- it nearly won us the house, but they decided to take the bid that was $15k more. Also, look at cosmetically ugly houses, the ones with garish paint and orange shag carpeting. Most buyers can't see beyond that and you might end up being the only bidder. (Hey, we were, and we did very well in the negotiations.)

Good luck!

Daniela Deane: Arlington,house-hunter, don't give up!!! Get that place with the orange shag in the bathroom...(gross.)

MD: it is VERY possible to buy a house with little or no money down - you just will have to deal with the $30-50 monthly PMI added to the mortgage cost. And you can get a LOAN against your 401(k) for housing purchase, but do NOT cash it in. After taxes and penalties you won't have but $5-6000 left.

also explore areas being redeveloped - and first time home buyer programs (DC has good ones)

Daniela Deane: Thanks, Maryland...

Washington, D.C.: In your opinion, is a very cute property with lots of great details (W/D, tiled bathroom, built-in shelves) but little natural light (ground floor) a worse investment than a sunny property that has no extras? Let's assume that the locations are equal.

I've been at this crossroads twice now in a search for a condo, and I'd like your opinion before I face it again.

Thanks!

Daniela Deane: For me, I'd rather have the place with lots of light..And I think a lot of buyers would agree with me actually. Light just makes you feel good, doesn't it?? You can always put in built-in shelves or re-tile the bathroom, can't you? But you can't do a lot about exposure...But then maybe you like the dark, like my teenaged son who loves being in the dark playing computer games...grrrrrrr.....

McLean VA: Regarding "neighbors from hell"--what could neighbors do (not including illegal activities, which the police could help you with) to lower your property values? Oh wait--let the grass get long, lawn get sloppy, and put a car up on blocks. What else?

Daniela Deane: Drive you nuts....which can be even MORE important than property values, if you can believe that!(Can anything be more important than property values? Let's see: health, love, just to name a couple...)

Washington, D.C.: In January, I bought a 1BR condo after only a few months of looking. I've been congratulating myself on getting into an insanely tight real estate market.

Now, just a few months later, I'm wondering if I shouldn't sell. Here's my reasoning.

My property has already increased in value -- a studio just sold in my building for a little less than what I paid for a 1BR. I could sell my place, make about $8K net (including all transaction costs) and then have a bit more to spend on my next place.

I know it sounds crazy to "trade up" so quickly. But with this crazy market, I'm afraid that I might never again be able to afford something larger if I don't act soon. My thinking is that I should view this condo as a short term investment and buy the next one as a longer term residence.

What do you think?

Daniela Deane: If it were me, I'd never sell that one-bedroom condo for a measly 8 grand...I made that mistake already in London...I'd just keep it forever if I could..But you're not me, are you? One thing you're not seeing about your situation: As everything else goes up, so will your condo...by buying, you're now into the equity-building game...I don't think there's a huge rush to buy something else, frankly...I got an idea: Why don't you enjoy what you've bought, be happy you're building equity, and stop obsessing! (Now I sound like Carolyn Hax...)

Derwood, MD: Woodbridge Prices: I think Woodbridge is expensive because it is convenient to Virginia Rail Express (VRE) service.

Daniela Deane: Okay, Derwood. Thanks for your comments..Woodbridge, you still there?

Derwood, MD: For Wheaton, who has a $150 condos near new $300 condos: Based on what I've seen in my neighborhood, new, nearby, higher-end homes bring up the prices of older homes.

In your neighborhood, there will be many new homes available for $300+, available to only those buyers who can afford that much. Meanwhile, since not all of the existing owners are going to sell at the same time, there will only be a few $150 condos available. Those few $150 condos are sought out by everyone who can afford $150 and up, but can't afford the $300+ ones.

So, it all comes down to supply & demand. To be blunt, the first resellers of the $300 condos are the ones that have to worry.

I hope this makes sense to you.

Daniela Deane: Yes, I agree. Higher-end homes bring up the prices of older homes....Thanks for you comments...another Derwood? Or the same Derwood?

MD: I think prices do make sense with what you get, but I also think MANY people have expectations which are WAYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY too high. First homes aren't dream homes. You might have to live with 50's decor in the bathroom for 4 years until your savings recoup and you can afford to remodel. You might have to accept that a rowhouse and a concrete backyard is all you get for now. You might have to deal with lack of parking, noisy neighbors, unusual neighborhoods - whatever. My first (and current) house is on a street people didn't want me to look at 5 years ago. Now I have $100,000 in equity due to appreciation and I get to save lots of $$$$$ due to the low mortgage and in another 2-3 years I will be able to upgrade to a MUCH nicer place with a yard, a picket fence, and all the stuff I couldn't get 5 years ago. This stuff takes money, but if you don't have it, it takes time.

Daniela Deane: I think you're absolutely right, Maryland...Start building equity, folks, and you'll see that that changes everything...But orange shag in the bathroom? Oh lordy...

Washington, DC: With all seriousness and due respect, don't you think the Washington Post real estate coverage is too biased in favor of owners? (e.g., rising home prices seen as a good thing; any mention of a bubble is scoffed at and feared) Thanks.

Daniela Deane: See, I don't shy away from questions that attack me...Actually, we've done so many stories about the possibilities of bubbles in our paper...The truth is, Washington, we write what we report. I write what experts tell me and I talk to loads of them for every story...Newspaper journalism is not about opinion, unless it's on the opinion pages or a column...I have reported what housing experts have told me...And here, I say what I firmly believe: Buying real estate is ultimately good for your bottom line. Maybe not in one year or two years. But over the long-haul, it has proven always to be...Please believe me. I have no agenda, whatsoever....

Arlington, VA: Better check those McLean vs. Arlington schools. I think you'll find scores in the Yorktown district are equal if not sometimes higher than McLean schools.

Daniela Deane: Thank you! That's my school. Yey! Yorktown High! (Can I get a job as a cheerleader...)

Leesburg: Hi! We refinanced about 8 months ago to 6.375%. Since 30-year rates are about 5.5%, my thinking is that if we can get a "no fee, no points" refinance at 5.875% or so, we would still come out ahead. The problem is, how can we find one? Our current lender isn't biting on the idea, and I don't know how to go about finding another reputable mortgage lender.

Daniela Deane: Shop around for lenders. Ask your friends for mortgage brokers. When you find one that gives you a good rate, ask them to do an analysis of how much you'll save..You have to work out how much a refinance will cost (about $2,000 or so often), how long you plan on staying in the property, how long it'll take you to recoup the money and then decide...Just to let you know: I'm going to re-finance my 5-1 ARM that I have at 5.75 to 4.5 for another 5-year ARM...And I'm paying an $8,000 pre-payment penalty..And it's still worth it! My broker ran all the numbers for me...Now the question is: Why the heck did I get a mortgage with a pre-payment penalty??

Arlington, VA: Arlington schools also don't close at the sight of one snowflake, unlike McLean schools...

Daniela Deane: ..And boy do my kids hate that...They always want to live in Loudoun when there's snow....

Washington, DC: Could you bring an economist (or two) to one of these chats? House prices, and projected prices, is THE most important topic we discuss here. It'd be nice to hear from an economist and ask some questions. Thanks.

Daniela Deane: Sure...I'll do that next. Thanks for the suggestion...all of you, feel free to suggest anyone...

"Starter Homes": The problem with owning a starter home and building equity is the extremely high price of making the round trip. When I bought my $120k townhouse, I calculated that to buy and sell would cost about $18k. If we could COUNT ON sufficient price appreciation, that would be OK; but at the time I bought, my sellers were losing about $5k against their purchase price, so it because REALLY expensive to own a home short-term.

Daniela Deane: Yes, real estate is a long-term hold...At least 4-7 years....The costs of getting in and out is exactly what makes it a long-term hold...I'm going to try the FSBO route when I sell, but that easily could not work either...

Northern Virginia: I've read a couple of articles about home appraisals, and how they don't always reflect the market. If I have to pay for one before I refinance, do I have to use the one my bank sends out? Can I force the bank to accept an appraisal from a licensed appraiser that I choose?

Daniela Deane: Not usually...Appraisers are working for banks, they're protecting the bank. So the bank usually picks them....Wouldn't you if it was about protecting you?

SF, CA: Daniela-I wanted to say I LOVE YOU! Your answers are always witty & right on. Besides the obvious fanhood, I want to say I really identify with the people who want to live in Arlington & can't afford to. I grew up in a 3 BR near Clarendon Metro when the area was a bunch of thrift shops & cheap Vietnamese resturants. Now it's super-trendy. I probably couldn't afford to live there now.
And now I live in San Francisco, where a 1 BR condo starts at $370K. For now, I'm renting & hoping housing prices slide here.

Daniela Deane: I love you too!!! And thanks so much...Clarendon is just mind-boggling, isn't it?? I was at the new Barnes & Noble there the other night and I just looked around and shook my head....It's truly unbelievable, but it took a LONG time...People have been predicting the revival of that area for so long, but it didn't happen until recently...I hear San Francisco prices are coming back and rising again, though..But I'm no expert, that's for sure...Did they fall that much???

Germantown, MD: I own a rental house in Germantown, MD. and it is almost paid off (four more yrs.). Is it a good idea to trade it off for a larger, better neighborhood (rental) house?
Thanks.

Daniela Deane: Hmm. I'm not sure...But that's the goal with rental properties, isn't it? Keep all the cash flow? ... I doubt I would sell, but consult a tax advisor on what you'll owe in tax if you have no mortgage...Gosh, I wish I could pay off one of my rentals....

MD: better check on that prepayment penalty (lenders call them prepayment "premiums") because in many jurisdictions it is illegal to charge them on consumer loans.

Daniela Deane: Yeah, well, mine's legal...It's HSBC..which by the way stands for Hong Kong Shanghai Bank...They've conveniently dropped that now as they've expanded globally, but I was in Hong Kong when it was known simply as Hong Kong Shanghai Bank!!! Wanna go there now and do a withdrawal??

North Arlington VA: Yorktown is good if you want your child's first language to be Spanish . . .

Daniela Deane: That's crap, if you excuse my Spanish!

MD: The June, 2003 Money Magazine has a huge section on Real Estate. The avg home prices in 2002 and prior 1,3, and 5 year appreciation for B'more and DC are:

B'more: 136000 (up from 103,000 in 1997) , and 13.1%, 32.0%, and 44.8% (considered low price volatility area)

DC: 285,000 (up from 171,000 in 1997), and 15.0%, 45.3%, and 63.8% (considered mid range price volatility area).

Daniela Deane: Interesting. I hadn't seen that article yet. Thanks for pointing it out. We have had appreciation like that, which I've reported...

Silver Spring: RE DC's appreciated 1 BR Condo.

First, the 8K net of transactions will be taxed since it was owned by them for under two years; so make that 5K and change.

Second, can this "found" 5K really make the difference between purchasing a 1 BR condo and something bigger? If so, I think the writer could have started w/something a little bigger in the first place. I can't see 5K making a huge difference.

Last, I'd agree with you. Don't sell if you can, and are willing to, rent it. Let someone else pay it off. Although it sounds like they'd use the equity to get the new place.

I'd say stay put for a couple years, at least till they can sell and not be taxed on the (then even higher) gains.

Daniela Deane: Oh gosh, Silver Spring, of course you're right. I had forgotten all about the tax implications on that profit...Thanks for picking up on that...I can't think of everything when I'm typing this fast...But the upshot is the same, isn't it? Don't sell!

CLifton, VA: You have to live in the property for 24 months before the capital gains exclusion applies. You will owe capital gains on your $8k.

Daniela Deane: Yes, yes, yes..Sorry I forgot that...

Derwood, MD: Same Derwood (I type fast :-)

Daniela Deane: Want to run this chat??

RE: Arlington wanting McLean: It sounds to me that the schools aren't the issue, it's the return address his/her friends and family will see when they get their next letter from them.

And why is it prounced mc-lane instead of the mcdonalds mc-leen?!?

Daniela Deane: Why? Is there something wrong with an Arlington address????? I'm proud of mine!!!

Lanham, MD: 10% Discount to avoid commission charges (FSBO) and the seller knowing us. The house price is above our budget, but worth it if interest rates stay stable which allows us to refinance based on the appraisal value. Your thoughts?

Daniela Deane: Sounds good, Lanham....Yes, work out what the sellers are saving even by giving you that discount...and then you'll see why they're offering it...Get a home inspection anyway....

Soon to be Upper Marlboro MD: I want to give all those out there at the bottom of the pay scale some inspiration. I make approx 50k/yr. I started looking for a condo in Upper Marlboro MD area in Feb. I found a 3br 2 bath condo in April and put a bid in before I walked out the first time I saw it. It went on the market on a Fri. and I saw it on Sat. As my agent and I were filling out the contract, people were coming in to view it as well! Two days later, my bid was accepted. I found out that there were a total of 4 bids placed. This was the 2nd time I had bid on a property and was devastated when I lost the first one. But I like this one much better. The harder part was finding a property. My financing was a piece of cake. Just a note of thanks to you, Daniela. I've been reading this chat for a year now and it was so helpful that I really can't put it into words. Keep up the good work. And for those who are looking, keep pressing forward. Something will come around.

Daniela Deane: I'll end on this positive note. Thank you Upper Marlboro..and wonderful! Folks who want to buy out there, don't give up!!! And oh my gosh, thanks for the lovely words...It scares me though that people are actually acting on what I say....

!!! Appraisals!!!: not only can't you force the lender to accept an appraisal you had done, it is illegal for them to do so. violation of federal law.

Daniela Deane: Hmmm...

Daniela Deane: Thanks so much for coming, as always...You don't know how much I enjoy typing with you...Come back in two weeks. Same time, same place. Cheerio!

Daniela Deane: Hi everyone! And welcome to Real Estate Live on this beautiful day....not a moment too soon, huh? I've got over a 100 hundred questions already so, i won't delay...

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Rockville: What's a way I can find out (without having to actually get a real estate agent or anything!) about what I could get for however much money? I'm thinking about buying my first place, but have no idea how much things run in various neighborhoods!

Daniela Deane: The best place to start is the weekend paper, in my opinion. Look at the ads, especially in our Sunday paper, and start looking at neighborhoods yourself...When you've narrowed down a neighborhood and a price range and gotten pre-approved for a loan, then you can start working with an agent...You can find out a lot on your own by going to open houses...

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Washington, DC: Do you happen to know whether most of today's sellers in this area are people who (a) are moving away to another part of the country (e.g., due to retirement, change in job, etc.) or (b) "upgrading" to another home within the DC area? Just wondering. Thanks!

Daniela Deane: I think it depends on the neighborhood and the price range you're looking in...an agent that works my north arlington neighborhood says most of the sellers are people moving into retirement homes or the heirs of a house where the owners have died. in lower-priced single family homes, or townhouses or condos, sellers can be trading up to a bigger property. I don't think that many people are moving away, although some are, of course. The job market here is one of the best in the country, so we're still attracting people rather than repelling them!

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Re Mortgages: This was a while ago, but my wife and I had the option of locking into a low rate as rates were fluctuating, and decided to wait for it to go even lower, but it ticked up instead. Different climate now, but food for thought.

Daniela Deane: It's so hard to guess the bottom in rates....almost impossible, i would say. we all have to keep in mind that these rates are incredibly low and not get too caught up in every minute decline....

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Springfield VA: I'm submitting this early...We are refinancing our house soon. I have 3 different companies giving me quotes. I will go with the lowest rate ARM and the smallest closing costs. My question is about the clsoing date itself. I have always heard that you should close as close to the end of the month as possible to save the interest money. If we were to close mid-month doesn't the interest even out? Please explain in simple terms (I have two college degrees but this is confusing!)

Daniela Deane: With re-financings, mortgage brokers say it's better to close as soon as possible and start saving the interest money as quickly as you can...

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Fairfax, Va.: We (four friends) want to buy a home as an investment. But we are not sure -- this may take away our first mortagage incentives.

If not, should we proceed further so that it does not effect anybody's credit?

And also please give me feedback on buying a townhouse in Herndon, Va., for $400k (new) or $320k for 5-year-old houses.

Daniela Deane: Contact a mortgage broker on your mortgage questions....if you can get one to answer the phone, of course!! And I don't understand the second part of your question....WHich one should you buy??...Buy what makes you happy.

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Silver Spring, MD: Daniela --

We've been in our house for 18 mos now and are looking forward to sell this Fall. While we love our house and neighborhood, it's the location of our house that we hate -- we bought on a high-traffic street (but didn't know to what extent at the time). Anyway, we're considering buying a house FSOB w/i the neighborhood that we know will be going on the market around Halloween, but are looking to get the best deal possible and not hire a buyer's agent. What are your thoughts on this? Should we consult w/ a real estate lawyer at the very least? (We're definately asking for a home inspection contingency.)

Daniela Deane: Talk to the owner beforehand and see if you can arrange a sale without any agents. The agent will be interested in saving all the commission fees (about 6 percent), since he pays them all. And may give you a break in the price to reflect that...And yes, you should have a real estate lawyer do the contract for you...Talk to the seller about this...You can hire one lawyer and split the fee (you should pay much much less -- the seller basically pays for all this ) and everyone (except the potential agent) comes out smelling rosey....

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Merrifield, VA: It is difficult to get out of "house hunting" mode after you buy. We purchased a newish townhome in Merrifield almost one year ago and I am just now ceasing to obsess over sale prices in my complex and just enjoying the place we have and not worrying about whether decor and changes WE want will be sufficiently appreciated by those ever-contemplated "future buyers". It really is true that if you treat your house like a home instead of an investment, you will feel much better living there.

Daniela Deane: Definitely, Merrifield!!! Do what you like, I beg you, and I bet you there will be a seller out there who agrees with you...And anyway, you may not sell for a long long time!

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Herndon,VA: We bought a house in 1997 for about $200,000, now my next door neighbor is selling theirs for $400,000. We're very attempted to sell our house to pocket the profit and move to a rental house for a year or two, then buy another house when the real estate market is cooler. How do you think about our idea?

Daniela Deane: Don't like it, frankly....Stop accumulating equity and then start paying rent? Hoping prices will drop, when most experts are predicting they won't? Of course, that's just me...But I wouldn't do that.

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