Consult FEMA maps online for flood prone areas
Q:Q I’m purchasing an expensive home in the Houston area. The MLS data said it was not in the flood prone area. The survey says it is. How do I know which is correct?
A: FEMA maps are available online. As we understand it, if any portion of the property is in the Flood Prone Area, the surveyor is supposed to report that it is flood prone, and the lender will require flood insurance.
FEMA changes these maps periodically, so it may have changed on this tract and the broker or owner may not have known it. You always can object to the survey as a contingency in the TREC contract, and then have the right to look for another property.
Q: I am selling a piece of commercial property I’ve had for a long time. We finally got an offer at about 80 percent of my asking price. The broker is really pressuring me to take this offer, but I think it’s too low. I think he’s representing the buyer better than me. Should I terminate his employment?
A: Well, we assume you hired this broker for a reason — good reputation, experienced, and the like. If you disagree with him, sit down and talk about it. Don’t get mad, just hash out the facts and get some good comparable data for similar properties. Ask a lot of questions until you’re satisfied with the answers. If you’re not, talk about termination. Another broker may be just what you need.
Q: Our mortgage loan from a credit union was sold to Fannie Mae. The credit union continued to act as servicing agent, receiving the monthly payments, paying taxes, etc. The first part of last December, we paid off the mortgage, and the credit union disavows any responsibility for getting our release of lien to us. What can we do to get this document from Fannie Mae?
A: Did they send you your promissory note back, marked “paid”? That may be of some help, but you’ll have to search the real property records to see to whom it was assigned. You may want to call FNMA to see if they can help. There is a company called MERS that may have a record of who holds it. Google everybody. This problem will not go away by itself. Someone needs to release this lien. You also may want to contact the Consumer Finance Protection Bureau, which is supposed to follow complaints on lenders.
Q: My aunt died owning two-thirds of a condo. I own the other third and need to transfer her part to her heirs. She died without a will, and my uncle (her brother) won’t hand over her documents or initiate probate. What do I need to do? I have two affiliates of heirship.
A: Call a probate lawyer. Your 1⁄ 3 ownership is still yours. The vesting documents are of record, so you can get them from the county clerk’s office, and the court needs to appoint an administrator to move things along. An experienced probate lawyer can guide you along these issues. The laws of intestacy (death without a will) will control who gets title. It is well worth the money.
To send us a question visit www.AskGeorge.net and select the “Ask A Question” button. Our answers to questions do not contain legal advice. If you wish to obtain legal advice, you should consult your own attorney. George Stephens is the broker of Stephens Properties. Charles J. Jacobus, J.D. is Board Certified by the Texas Board of Legal Specialization in Residential and Commercial Real Estate Law.