I'd like to relocate to be closer to family but my house is not worth what I owe. Can I just call the bank and do a short sale?

Short sales aren't easy or a sure thing. On one of the short sales we have, the bank took almost six weeks to reply and the two lenders still couldn't come to terms with what they would accept. They were still bickering by the time the buyer found another house. In the meantime we see every other non-short-sale-listing go into contract, usually within 30 days of listing.

Banks also aren't the most communicative people to work with. Many buyers and agents avoid them for this reason. If you can call your bank and have them agree to a short sale just like that, it's a good sign. Far more likely you will call and call and be redirected and call and redirected and….you get the picture. So if you think this is the best solution, start communication with the bank now and see if you can get in touch with someone who can really respond. You need a point of contact first and foremost. If you don't have contact with a decision-maker you can not sell the house for less than the payoff amount. If you have a first and a second mortgage it becomes doubly difficult.

Consider renting your house out if that is a financial option. If you can get 80% of your mortgage covered by rent it is better than paying it all while you're not living there and the credit issues that may arise to position yourself for a short sale. Or, postpone your relocation if possible, especially if you have the finances to keep your mortgage current.

Statistically during the spring/summer season is the best time to list your house. Buyers tend to avoid bad weather and tax blues. After April 15 the market tends to pick up. Spring colors and landscaping also brightens to make homes more colorful and attractive. Many people wait until the school end is near or over before making plans to move, so they don't start shopping until May or June. March through August are generally the best times to see the highest percentage of buyers, though often there is more competition with other sellers as well.

Subleasing can consist of bringing in a roommate or moving out and finding someone to take over your lease. This is a good economical option for many, but there are some potential potholes in this road to success.

Many leases prohibit sub-leasing, so read your lease terms. You probably need to get your landlord's stamp of approval if you add an occupant or want someone to take over your lease. If you simply find someone to move in and take over the rent, this could be a violation of the lease and the landlord could evict you. Yes, I said YOU.

Most leases limit the number of occupants and may add an additional monthly fee to the rent if there is a change in occupancy. Usually it's a minor amount and the benfit of splitting the rent will outweigh the fee. But, if your roommate is not on the lease and decides to stop paying you rent, your landlord has no obligation to help you. So pick your roommates wisely and make sure they are added to the lease so they have some incentive with the financial responsibility.

Also, if you sublease and move out, you would still be liable for the rent, plus the new renter and whatever the new renter does to the unit as the lease still has your name on it. So, rather than having help in a difficult situation, you may end up paying rent in your new location and paying rent while your subleasee enjoys the benefits of worry-free housing. It becomes a snowball effect like co-signing for a relative's car or house. If they stop paying, it becomes your responsibility to step in and make the payments on something you don't tangibly own and can't sell.

I own a home business and need to ensure I can get DSL or high-speed internet and three to four phone lines before I commit to purchasing a home. Obviously I can't operate the business in a place that has no high-speed internet or limitations on phone lines. What do you recommend?

The seller should be able to give you some guidance on what services may be available, but if this is a do-or-die matter, write it into your purchase agreement as a contingency. Once you are under contract you can investigate options with local companies to your satisfaction. With the seller's permission you may even go so far as to start the services if that is necessary to ensure they are available. If the house currently has only one phone line set up, you will have some expense to have a new box or secondary box installed and the lines brought to the house. So when you write the contingency into the offer, make sure you allocate who is paying for the products if you plan to install them before removing the contingency.

Just listed today, a beautiful property on 1/4 acre with main house circa 1907-1910. Guest house built in 2004. This is a very unique estate property just a few blocks away from award-winning Cupertino schools. Check out the virtual tour:

http://www.tourfactory.com/427753

Main house is 2/1 (1137 SF) and guest house is 2/1 (1030 SF). Both are in immaculate condition with stunning craftmanship throughout. Landscaped, gated property with park-like grounds keeping in style with the California Craftsman design. A must see!

Mark your calendar and come by the open house this weekend:

10341 N. Portal Avenue
Cupertino

I will hold it open from 1-4pm on Saturday 6/21 and Sunday 6/22.