Motor home, furnishings should be sold separately, not packaged

Q: We are an elderly couple wanting to break up housekeeping and relocate. We want to sell our land, home, outbuildings and a motor home as a complete package, including contents. Is this a good sales approach? -- L.R.

A: Not really. You'd be discouraging people who already own their own furniture or who don't want a motor home. Only a small part of the buying public might be interested, and that's no way to get a prompt sale or the top price.

The outbuildings are part of the real estate and go with your property. For the rest: Put the motor home on the market separately, and call an estate-sale company to handle the contents of your home.

Landlord has final

say over free speech

Q: Regarding the question in your column about a tenant's right to place a political sign on the lawn of a rented property, a friend of mine had the same situation, and I contacted the local American Civil Liberties Union on his behalf. I was informed that a landlord's right over his property overrules the tenant's right to free speech. This would apply equally to flowerpots, plastic flamingos, used tires or anything the landlord did not wish to see. The tenant, however, has a right to post signs on personal property such as a car. The landlord cannot, for instance, object to a tenant's political bumper stickers. -- B

A: Thanks for the information. Today's mail brought several responses to recent items. This next one, for instance, is quite opinionated:

Living on son's property

may not lead to happy family

Q: Please tell D and J.P. not to sell their home and use the money to build on their son's house and live with him. As a voice of experience, just staying short periods of time with a son and his wife, it just isn't like your own place. The daughter-in-law is not quite like your own daughter. Forget it! Plus, once they get the money, you'll never get it back again. -- via e-mail

A: Well, on that last bit, their question was about how to safeguard their investment, and I did suggest several possibilities.

Retirement plan need

not include 'move ups'

Q: We have owned our home for seven years and we refinanced five years ago to a 4.75 percent fixed-rate 15-year loan. Our thought is planning for retirement, as we will have the home paid off by age 50.

Friends say real estate agents have advised them that you never should stay in your home more than seven to 10 years because you begin to lose value and the tax break from the interest as it whittles down. Their advice was to continue to take the equity and "move up" as you look to retirement so that your return is greater when you do sell your home at retirement age and "downsize." Is this a good idea? -- via e-mail

A: It's one of the silliest things I've heard in a long time.

First of all, congratulations on a real treasure of a mortgage. You have a winner there and you'd have to be nuts to give it up.

Your retirement planning sounds just fine. I don't agree at all with your friends or their real estate agents. Perhaps they got that ridiculous risky "rule" from hearing about investment strategy in certain commercial property situations.

My husband and I have been in our home for more years than I care to say in public, and we have no intention of moving.

Dry closing involves all

parites at round table

Q: Can you tell me what a dry closing is? -- via e-mail

A: In states that use "round-table" closings, all the parties involved -- buyer, seller, lender, attorneys, paralegals, whoever -- sit around a table at the same time, signing documents and handing stuff around, a process known in New England as passing papers. Once in a while, though, a last-minute document, check or legal procedure might be missing. Rather than have everyone start all over another day, the person conducting the closing might go ahead anyhow, finishing the settlement process in a dry closing.

The seller, however, would not receive the proceeds immediately. The money would be held until later, when that last missing requirement is met.

Proceedure for purchasing

home in foreclosure varies

Q: The house I'm renting is going on foreclosure sale. How can I buy it, or to whom should I talk? -- via e-mail

A: That depends on how far the foreclosure has proceeded, whether the lender is willing to deal at this point and whether you are qualified financially for a mortgage loan. Hire your own real estate broker or, even better, a real estate lawyer to investigate. Act promptly, in case there's still time to halt the legal process. If it goes to an actual foreclosure auction, you'll have to buy for all cash.

Edith Lank will respond personally to any questions sent to her at 240 Hemingway Drive, Rochester, NY 14620 (please include a stamped return envelope), or readers may e-mail her at ehlank@aol.com.