Question: Shortly before the closing date for the purchase of a home, my wife and I decided we would rather try to buy another house. But our real-estate agent warned us of the possibility that the sellers of the first house might sue. Can we back out of this and go for our dream house, or are we really stuck with something we don't want?

-- Albert, Bay City, Mich.

Question: Many people I've spoken to predict that home prices in Irvine, Calif., will keep increasing, though maybe at a slower rate, even if there's a drop in real-estate prices in other parts of the nation. We are in the process of buying a two-bedroom condominium in that area right now. Do you think we should go ahead with it?

-- Shweta, Orange County, California

Question: My parents have a 40-acre parcel of land along the coastline. They owe $150,000 on their loan. Of their six children, three may be interested in purchasing, as a partnership, the property for the amount our parents owe. Our parents would continue to live in their home. They are in their 70s and living on a fixed income, and it would cost between $250,000 and $300,000 for them to buy a new home in the community in which they live. When our parents are gone or can no longer live in their home, we would sell the property. Do you have any suggestions on how to set up a partnership? What are the pitfalls or advantages of such a partnership?

-- Delene, Colorado Springs, Colo.

Question: I've recently begun shopping for a second home in my neighborhood as an investment. The plan is to buy, fix and sell the property in a short period of time. The house I'm eyeing is just down the street from my home and could hold $20,000 to $30,000 in profits after repairs and improvements.

The problem is, I can't figure out how to pay for this property. I just closed on my existing house (my first home purchase) in May. I've renovated it and added roughly $20K to the value, but because I've owned the home for only three months, no lenders are willing to give me a loan based on that equity. I was planning on using this equity for repair costs on the investment home.

I currently have one renter living with me, but he doesn't pay enough to help me qualify for the $180K I need. Are there any creative financing options available to me? I've heard a bit about seller financing and private mortgage companies, but I know little about them. I have about $5,000 in cash.

-- Rich, location not provided