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Author: Monty

  • The risk of borrowing money from your parents.

    Reader Question: Notice: This 2013 Article has been updated on December 4, 2023. There is a new alternative in real estate described in bold below.  Hello Monty, I purchased my home in 2011 for $400,000. To help with my interest rate, my folks took out a home equity loan for $80,0000. I am now regretting…

  • 5 best tips for newbie roommates renting

    Reader Question: Hello Monty, 3 of us are looking to rent a place. We want the total rent to be as close to $2,300.00 per month as possible. We want to start a lease in June, 2024. Can you find an agent for us? Robert. Tampa, FL Monty’s Answer: Hello Robert, Monty can only find an agent…

  • Making adjustments indispensable when valuating property.

    Reader Question: Is it proper in valuing residential real estate to adjust the comparable sales value by the “cost” of amenities not present in the comparison properties (i.e. an outbuilding-indoor riding arena)? Fran D. Monty’s Answer: Hello Fran, thanks for your question. The answer is “yes,” unless the building is about to fall over. Fee…

  • Todays three choices to find your real estate agent.

    Reader Question: I need to locate a reliable, and trustworthy real estate agent in my area qualified to submit a bid on a HUD home. What’s your suggestion? The property is in Roseville, CA. – N.A. Monty’s Answer: Notice:This 10 year old article has been updated on December 4, 2023, with a fourth option: Hello N.A…

  • 5 best home buying tips in a sellers market.

    Reader Question: Hi Monty, My daughter has been actively looking for a house through a Realtor. Every time she finds ‘the right house’ for her and her future husband, and bid on the house, someone has paid the full price for the house. Do you have any suggestions on what she can do? She is…

  • Expertise required in evaluating investment property.

    Reader Question: My parents have rental properties and are thinking of selling them off to fund retirement. How would you go about evaluating investment property? We know what the house appraised for, but do you somehow figure in the income the property makes? I guess what I am asking is ” Is the property worth more…

  • Get foreclosure facts before going ahead.

    Reader Question: Hi Monty, I have two homes and two mortgages. Home “A” is underwater, and I am unable to sell it for the remaining amount owing on its mortgage. Home “B” is fine, gaining in value and is my residence. Both “A” and “B” are within the same city. I fear home “A” will go…

  • Four tips to make informed price reductions

    Reader Question: My agent wants me to lower my price. The home has been on the market for less than a month for $349,900. She wants it to be $339,900. I cannot go any lower because I have a mortgage and a home equity loan of $260,000. What should I do? Monty’s Answer: Pricing a…

  • Buying commercial property for use as personal storage.

     Reader Question: I am buying a commercially zoned property for personal use. I will be storing personal items and not operating a business. The value of the property is $35,000 dollars. Will I be required to get a commercial mortgage? Also, would I be required to carry commercial property insurance or would regular property insurance be sufficient? Bob I. Monty’s Answer:…

  • Calculating the risk of owning two homes.

    Reader Question: My home is paid for and recently went up for sale (375k). I want to buy another home in the neighborhood (420k). How can I do this before my present home sells? I do not want to miss out on the other home. Thanks, Robyn. Monty’s Answer: Hello Robyn, thanks for your question.…

  • Evaluating an unsolicited proposal requires work.

    Reader Question: Hi Monty, My spouse and I live in a rental home that the current owners want to sell to us. They floated an idea in which they become the “lender”, sell us the home and we make payments to them. Is this a dumb idea? Is this possible with the real estate laws? If it can be done,…

  • Is your neighbor committing mortgage fraud?

    Reader Question: I am pretty sure my neighbor has committed mortgage fraud. She is a Realtor with a company in my state. She recently changed the title of her house from her and her mom’s name to only her mom. Then about two months after, did a short sale on the house, which she sold in five…

  • Challenging real estate tax assessment can be risky.

    Reader Question: I live in an over 55 community. We do not receive full services from the city. Example, in the winter no street plowing, no regular police patrols. Can I successfully challenge the real estate taxing rate from the city because of reduced services? John T. Monty’s Answer: Hello John, and thanks for your…

  • “For Sale” sign installed without permission.

    Reader Question: Can my neighbor put up a 4 x 12 “for sale” sign on my property without my permission? What do you suggest I do about it? Monte Monty’s Answer: Hello Monte, thanks for your question. No one can put a sign up on your property without permission. My advice is to see, call or…

  • Pay attention when planning concrete driveways

    Reader Question: Monty, I built my house back in 2001. I have a concrete driveway that is 250′ long. It started to lift (push up) in the center of the slabs within years 4-5. Over the last 3-4 years, it has drastically been lifting up. The base of the driveway is slag. The builder put…

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