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Author: Monty

  • Presto! Change a one family home into a two family home

    Reader Question: We have been remodeling a single-family country home and right now we are at a point where we have to decide on either a 1 bedroom apartment or extra family room/office. We are looking for the best resell options. We could have a 1 bedroom-1 bath apartment along with a huge 3 bedroom 1 1/2…

  • A perfect storm – How to create poor real estate decisions

    Reader Question: My mother wants to have a home built. She has been advised that she should not sign the purchase agreement before she sells her home to avoid a large tax. She is 85 years old. She was also told to keep all utilities on at old home until sold. Are these points valid? Thank you,…

  • A home seller’s checklist

    Reader Question: Monty, we are going to be selling our home soon. The word has gotten out in the neighborhood, and conflicting advice is pouring in about which agent to use and how to go about selling the house. How do we sort this out without upsetting the neighbors?  Randy and Susan P. Monty’s Answer: Hello Randy and Susan,…

  • Who should own rental property?

    Reader Question: A real estate agent did not screen a tenant for rental and collected 6% of one years rent payments. The tenant only paid one month and a partial security deposit. Is the real estate agent entitled to keep the 6% that was pre-paid to her for the whole year? This agent said she…

  • Mortgage loan approvals can be confusing

    Reader Question: We sold a home in August. We received a pre-approval letter from the buyer’s lender in September. With the buyers pre-approval, we purchased a home and put a $5,000 deposit down. The “old” home sale did not close as agreed because the lender dragged their feet investigating their financial standing. The “new” home…

  • Dealing with “condition issues” when selling your home

    Reader Question: My garage floods due to driveway runoff during heavy rains. I am getting ready to put the house on the market as I am relocating to a different state. Do I need to disclose this as a drainage issue on my seller’s disclosure? Thanks. Brad W. Monty’s Answer: Hello Brad, and thanks for…

  • Considerations in remodeling an old farm house

    Readers Question: Hello Monty, I am interested in an eight acre farmette. The owner asked us to make an offer on it. They know that it will be worth more someday when they split it into three or four parcels, but right now, they will only sell the entire parcel. The house is in rough…

  • A smart way to pick a neighborhood

    Reader Question: Hi, We are ready to begin searching for a first home. We live north of a city with over 4 million people. My husband has a long commute to a close neighboring city. We cannot decide if we should move close to his job, stay where we are (what we are familiar with…

  • How to deal with a dirt basement floor

    Reader Question: I am considering buying a home built in 1908. The basement has a dirt floor. Is there any financial advantage in have the floor finished with concrete? Monty’s Answer: Hello Michael, and thanks for your question. Homes with dirt floors in the basement are more common than we realize. Let us assume there is…

  • To sue, or not to sue? A prickly decision

    Reader Question: My wife and I had a contract to sell our home for cash. The buyer gave us 3 weeks to vacate. All contracts were signed, the house passed inspection and all disclosure were made and understood by the buyer. We had a moving sale, selling the bedroom set, some furniture, garden tractor, etc. We also purchased another home…

  • How to protect your home equity in a divorce

      Reader Question: I am separated from my husband. Instead of selling the house he wants to buy me out. He is a Realtor and wants me to pay 3% commission to him for this transaction. Is this legal? Rachel D. Monty’s Answer: Hello Rachel, and thanks for your question. The simple answer is that it is legal…

  • How to handle occupancy after closing a home sale

    Reader Question: I recently signed a contract to purchase a home under the agreement that I would allow the sellers 30 days to move out after the closing date. What should I do to protect myself financially against damage to the home in those 30 days? Also, can this be negotiated through the bank at…

  • Home inspections go wrong in more ways than one

    Reader Question: If a counter offer agreeing to the low purchase price, but also designating the property purchase is ‘AS IS’ has been signed and accepted by the buyer, why does the seller have to sign as declining to fix 3 small items on the inspection report? BJ T. Monty’s Answer: Hello BJ, and thanks for the…

  • How to determine which items to leave when selling a home

    Reader Question: I am selling my deceased parents home. Should I dispose of items such as the refrigerator, chest freezer and professionally installed gas heating stove before showing the home? Is it better if they would be included in the sale? Mike T. Monty’s Answer: Hello Mike, and thanks for your question. The information provided is not…

  • Overcoming a real estate inspection defect

    Reader Question: Monty, I recently had a home inspection, and it is noted that my potential property had a crack in the brick due to beam shifting. If the seller does not want to repair the items because he has backup offers, what can I use as negotiating power? Thanks. Josh D. Monty’s Answer: Hello Josh, and…

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