Category: Home Buying
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Repercussions of the real estate meltdown still with us
Reader Question: We recently submitted an offer on a home. The seller’s agent wanted a forty-eight-hour extension to allow the seller’s agent time to discuss our loan with our loan officer before extending a counter offer. Even though we have our pre-qualification letter for the specified amount. Is this common? Our agent assures us…
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Is shadow inventory a problem for investors?
Reader Question: Where is one to invest in this market inclusive of the banks shadow inventory. A good example is Clarksville Tn. which appears to be an excellent opportunity, however if you consider Housing and Urban Development (HUD) unoccupied housing information, it paints a very different picture. Monty’s Answer: Unoccupied housing is a serious problem…
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Novice homebuyer first attempt disappointing
Reader Question: We are a novice homebuyer. We are also young and uninformed. Our agent is my aunt who was pregnant and due at any time. I found a house I really liked, but she couldn’t show it because of her condition. I had the agent from the office that had the house listed show…
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Ten tips for checking out a septic system
Reader Question: We are interested in a foreclosed country home with a septic tank. Our agent wants us to do the research “on our own” as she knows little about septic systems. There is no seller we can ask about the septic tank. We want to make an offer, but this concerns us because we…
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Home seller questions agent ethics
Reader Question: This is an agent ethics question. An agent of a real estate firm gave us an estimated price they can get for our home, and we signed on with them on that basis. Now, another agent of the same firm brought a prospect through and told them our house is priced too high. Is…
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Hot market changes agent behavior
Reader Question: Our work took us to a new city. We chose to wait to buy again until we were familiar with the neighborhoods. We know now where we want to live, but have yet to find an agent who is proactive. We don’t understand why we are not getting their attention, as we are…
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Pros and cons with different housing lifestyles
Reader Question: We are thinking of buying a home and starting a family. We are in our early thirties with good jobs and in for the long haul. We are a bit “out of the box” with many interests and don’t want a cookie-cutter in suburbia. Do you have any ideas for us? Zach and…
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Best start for first-time homebuyers
Reader Question: We are first-time homebuyers. There is a ton of information available, but it feels conflicting and confusing. We want this to be a fun and exciting time in our lives, but we need some advice. Can you share your thoughts about how we should go about buying our first home? John and Terrie…
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How to pick the right custom home builder
Reader Question: We have been looking for a new home for months. Now we are thinking of custom building. We have heard many horror stories about missed deadlines, poor quality and construction flaws. How do we pick the right custom home builder? Shaun and Alyssa D. Monty’s Answer: You have already identified a number…
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Ten tips toward a quality offer on a home
Reader Question: While attending an open house, the agent had a contract form displayed on the kitchen counter. They explained it as “what we sign if we want to buy the house.” We thought it was high pressure or presumptive because we showed no interest in the house. We are curious to why they displayed…
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Agency concept in law. Is your real estate agent a secret agent?
Reader Question: We have been looking at homes with a real estate agent friend. We saw one we like and asked her what is it worth. She told us she couldn’t offer an opinion on anything but the listed price. She explained agency, but it did not make sense to us. What can you tell…
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7 reasons loan pre-approval is smart strategy
Reader Question: I want to start looking for a home, but several people suggested agents won’t take me seriously without a pre-approval letter. I understand the pre-approval must be updated every 30 days, and a credit check hurts my credit score. How do I avoid being punished for planning ahead and beginning my search far…
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Ten great tips to start your home search
Reader Question: We are outgrowing our apartment and going to investigate buying a home. We want to do this without the help of our parents and friends, but we have no idea where to start. We want to do it right. How should we get started? Michael and Anna L. Monty’s Answer: Home seekers that…
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7 critical home condition items
Reader Question: We looked at a home that we are considering making an offer for. When our friends at dinner asked us about the house, there were questions that came up we couldn’t answer. We then realized that we were focused on the floor plan and how our furniture and decorating accessories could fit, and…
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Knowing how real estate works
Reader Question: Monty, we have good jobs and our employment appears solid, so we want to buy a home. This may seem like a silly question to you, but here it is: How does real estate work? We have read a number of articles, but this appears to be an elusive subject. What can you…