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Show REVIEW. B4 Jung 9, 966 WATS MIR PROBLEM Watch Second Mortage Gyps by Bernard C. Meltzer Often an owner la asked to take beck a second martgage GARAGEIDOORS Moat ik opinion. Almost Ignorant Answer: There are times when an owner is Justified In taking part of his consideration in the form of a second mortgage In this case be Is for tho monoy for tho sorvico Trcubto-frat-, Mty MMtar Mat Mt 9000 V0 KJr09 0v 01 90109 Push-butt- o anilaW ' M hartfwm rwittnn 364-84- not. iMrii (tfvnin not 44 Installing Agents M Lk The use of a second mortIs justified if one receives a price higher than fair market value. The second mortgage decreases the down payment required, and the owner is compensated for the additional risk by the higher price he receives. It also is justified when one Is trying to sell a property in either poor condition or in a poor neigbborhooL By making the down payment small gage ALDER'S S. Mo hi as part of the selling price. The reply to our correspondent gives general guide lines on which a decision can be based. Dear Mr. Meltzer. I agreed to sell my house for $20,000. Today, two weeks before settlement, the broker tells me that 1 will have to take back a second mortgage of $3,000 In order to complete the transaction. The credit standing of the buyer Is apparently not of the best and the bank reduced the amount of Its mortgage, know very little about real estate and I have told myi broker I would give him an answer after I received your Cky or a difficult' property becomes salable. . However, It Is not justified If one Is selling a good house at- - a fair price, or because the amount of the first mortgage Is decreased due to the poor credit of the buyer. Second mortgages represent high risk. Indicative of this is that in the current market they are selling at 60$ to 70$ on the dollar. nt, Dear Mr. Meltzer: I thought I had an excellent idea for a store to sell childrens books and records. It didnt wort: wout and I am now back in my job as a librarian. lease I signed a three-ye- ar for $150 per month. After losing money for four mouths, I closed the store. Almost immediately the property was for $100 per month. Now I am being asked to pay $1,000 or the difference of $50 per month for the twenty months remaining on the lease. Why should I pay because the landlord made a poor bargain with the second tenant? Now Win Remain a Librarian re-ren- ted addition, because of his activ- maining period and the landlord is now collecting $50 less, he Is asking you to make good the difference. You are fortunate that the nth ities, the broker knows which banks are offering the most favorable terms at the moment -- store was ted, other- Dear Mr. Meltzer. Youll have to agree that wood siding painted a bright red doesnt fit into a neighborhood of fine colonial houses. Thats just what my neighbor dldl I get nauseous every time I look at his house. I offered to pay for a new paint job but he got insulted. I presented him with a petition and he tore it up. I asked the real estate assessor to raise his taxes but he wouldnt. Im sure you must have some suggestions to help me. The red color is making me neurotic. Going Batty wise you would be obligated for $150 per month. If you had had the foresight to request that your attorney Insert an 'escape clause In the lease, you would not now be In trouble. Dear Mr. Meltzer: Several weeks ago, you said a real estate broker selling a house can usually obtain a better mortgage than home-own- er making his own sale. I asked a banker in our town and he said it was not true. He told me that, the mortgage depends on the property, its location and the credit standing of the borrower. I would be interested In your comments. Hoping to Sell Answer: By painting hip house red, your neighbor has done nothing Illegal, Immoral or compromised the public If the safety or welfare. color annoys you as much as you sav, then I suggest that you will have to remove yourself its Obvious your neighbor Is staying put. Why not try the novel approach of kindness and humility instead of harassment? Its been known to accomplish miracles even such unusual actions as changing the color of a house. 1 Answer: The banker gave answer. you the 'text-boo- k It Is correct In theory but not in practice. An individual is In the mortgage market once or twice in his lifetime the ay broker on a basis. Real estate brokers are the major source of mortgage business. Therefore, a broker has great bargaining power and can usually command a day-to-d- Answer: A lease is a binding obligation and cannot be cancelled at ones convenience or because things dont work out. Since you agreed to pay $150 per month, for the re f I 4 J f 4 L. -- WIDOW MUST SELL THIS IMMACULATE 3 BEDROOM, 24 BATH LAND LOVERS Si OWNER TRANSFERRED AND MUST LEAVE THIS 4 BEDROOM, 2 BATH RAMBLER BEAUTY. CARPETING, FIREPLACE, BRICK BEitUTY. CARPETING, FIREPLACE UP DRAPES, GARAGE, STOVE AND REFRIG., ALL AND DOWN, DRAPES, AMUSEMENT ROOM AND FOR THE LOW PRICE OF $ 19,000. CALL BEAUTIFUL VIEW OF THE VALLEY. ONLY MR. GARDNER $ 25,900. CALL MR. REYNOLDS IN HERE IS A PIECE OF GROUND APPROXIMATELY 113 x 305 WITH A BEAUTIFUL 10 ROOM BRICK 2 LEVEL HOME. 4 BEDROOMS, 2 BATH, AIR CONDITIONED, PRECIPITRON 2 SHARES OF WATER AND TOO MANY EXTRAS TO ENUMERATE. THE PRICE WILL SURPRISE 277-96- 95. YOU. CALL MR. PEW 484-981- 2. CONTEMPORARY LOVERS THIS HOME IS NOW READY FOR IMMEDIATE OCCUPANCY. 3 LARGE BEDROOMS, 2 BATHS, AMUSEMENT ROOM, AND FIREPLACE ROUGHED IN, IN NICE FULL LOWER LEVEL TOGETHER WITH BUILT-I- NS & tyv wvw. itAAaWs- AND 2 CAR PORT. PRICED AT CNLY $ 21,950. CALL MR. BROWN 277-96- A FAMILY HOME THAT'S TOO GOOD TO MISS. 3 BEDROOMS, 2 BATHS, CARPETING, DRAPER 2 FIREPLACES, AMUSEMENT ROOM, TOGETHER WITH AN EXCELLENT SOUTHEAST LOCATION. ONLY $ 25,950. CALL MR. BARNES IN OR MR. HULTQUIST 363-99- 95. 2901 E. 33rd South HU4-880- 8 $ i jr .u iiWiTWniWTre a mrni yrym tYt- e ra 1 a ( fVirwtfSJ i k V &? i ,? 14. |