Out-of-Whack Appraisals Lead to a Dispute Over the Deposit

Because the second appraisal came just before the deal closed, you probably were beyond your contingency period. Your contract probably did not give you the right to terminate the deal that late in the game without forfeiting your earnest money.

You say that you decided not to terminate the deal but rather tried to have the seller reduce his selling price. Many appraisal contingencies would not force the seller to reduce the sales price. If your contract was such that you had the right to terminate, you would have to do that, rather than try to reduce the price.

Consider reviewing your contract and your transaction details with a real estate lawyer to determine whether you can get your earnest money back.

My friend wants to leave his apartment to me in his will with the lowest tax liabilities possible if I decide to sell it. What is the best way to do it? My husband and I are not planning to live in it.

If you inherit the property, you will probably be able to sell it immediately without paying any taxes. That's because you will inherit the property at the market value on the day of your friend's death.

If you sell it quickly, you will be selling it for what is considered the new cost basis for the property, and so you would not owe any federal income tax on the sale.

If your friend's estate is larger than he can pass down tax-free, the estate, not you, would pay any taxes owed.

I'm saving for a down payment on a new house. My goal is to save $24,000 within the next two years. Where is the best place to keep that money? Traditional savings accounts are paying only about 1 percent interest. Because I am contributing twice monthly, it doesn't make sense to put the money in my account at the investment company. It will cost me $300 in trading fees over two years.

There is no great place for short-term cash at the moment. If you shop around, you can find some Internet banks offering savings rates of 2 to 4 percent in money market accounts. To search for these, check out Bankrate.com. Be sure to read the fine print. Some of these banks require minimums to get their advertised rates, and there may be other sticking points.

Some mutual fund companies allow you to set up accounts in which you can make a deposit without paying brokerage or trading fees.

I signed a contract to buy a condominium in New York in "as-is" condition. The old floor plan provided to me indicates that it is a one-bedroom unit, but when I looked at the unit, there was a partition dividing the living room. That essentially added a room to the unit.

This additional room is the main reason I signed the contract to buy this unit. However, the closing is now being delayed because the condo board will not approve the sale unless the seller tears down the partition.