Category: Home Buying
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Home buyers question error in agent thinking
Reader Question: Monty, we want to make an offer on a house. Our agent wrote up a contract with a financing contingency that says “subject to buyer obtaining financing.” We are wondering if that wording is enough. We asked, and the answer was “you either get a loan or you don’t.” Is our agent…
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Tips for picking a good home inspector
Reader Question: We found a home we want to make an offer on and our agent wants us to use a home inspector that is on their “team.” The agent believes the “team inspector” is the only good inspector in town. We have heard differently. Being we did not have our first home inspected, we…
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Can seller counter a full-price offer?
Reader Question: If you make a full price offer on a property, can the seller come back with six thousand dollars more than the listing? Isn’t a listing a good faith agreement to sell for that price? Mike C. Monty’s Answer: The seller can counter-offer the list price with a higher price. It would be…
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13 “red flags” that affect home values
Reader Question: We just sold our home after struggling in the market. We never realized when we bought the house we had a built-in “objection” (food plant a couple of blocks away discharged an odor). We will buy another home and wondering if there are other “objections” to be alert for after missing it in…
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5 important tips when considering cooperative housing
Reader Question: Monty, we are considering the co-op style of living. What are you and other folks saying about the way that this works regarding the buy-in and the monthly costs? Monty’s Answer: Hello Mike, and thanks for your question. Here are some thoughts, not about any particular co-op. Instead, it is one person’s opinion based…
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Timing your retirement home purchase
Reader Question: Monty, our current home, valued at $700,000+ has no mortgage, and we plan to purchase a replacement home for $650,000 or less. Because we are retired and our income is only $72,000, we do not qualify for a mortgage. We have failed to find a source for a ‘bridge loan.’ We do have…
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Senior housing options offer challenges
Reader Question: My wife and I plan to move to a retirement community. The plan involves selling our present home, and buying a duplex with monthly costs for services. Can you advise on buying a home in a situation where the agent handles all the details of the transaction? We are on a waiting list (deposit of $1500) that entitles us…
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9 tactics not found on a due diligence list
Reader Question: Four long time friends want to make some real estate investments together. Our investment goals are similar; we are each high-income professionals, share similar risk tolerance and see real estate as a long-term investment opportunity. We have identified a 60-unit apartment building we are interested in pursuing. We wonder if there is some…
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Understanding the real estate “buyers agent” fee
Reader Question: Do buyers pay a fee when buying real estate? Sam D. Monty’s Answer: The answer is, in some cases “yes.” Real estate companies and agents utilize a variety of philosophies to establish the fees they charge for their services. There are flat fees regardless the selling price, limited service fees, percentage of the…
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Contractual error costly for real estate agent
Reader Question: My listing went under contract. The seller texted me and asked if I had remembered to exclude the exterior residential flagpole. I had forgotten. What can I do if the buyers insist on keeping the flagpole? This flagpole is the seller’s keepsake. Oh dear, please advise. Thanks. Arissa D. Monty’s Answer: Hello Arissa,…
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Passing time can change property usage
Reader Question: Monty, as an apartment developer, I fuel future development by regularly investing in raw land. I have owned a 40-acre parcel for 20 years. I am certain I cannot rezone it for apartments as the surrounding area has developed as single family. It is a beautiful parcel and has many natural attributes. I…
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Real estate rehab gone wild – the options?
Reader Question: My son was buying a home that the owner/contractor was to rehab. The deal started in June 2013 and due to issues he still has not completed the building. In December, the new septic did not pass inspection; therefore we ended the deal. I put a deposit down on the house, paid for hardwood…
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Multi-area home search requires work
Reader Question: Monty, I am pre-qualified by a lender for a mortgage loan for $200,000. I work in one of the country’s largest cities and commute to work. I have a good and secure job. I want to look at cost, safety, neighborhood amenities and convenience to public transportation, as they are different in every suburb.…
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Compare building a new home to buying a pre-owned home
Reader Question: I live in a city of about 300,000 people where real estate prices are high. There is a short supply of both low and mid-priced homes here. The situation is complicated further with a shortage of affordable rentals. However, there is an ample vacant land supply surrounding the area. Improved lots sell for anywhere from…
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Sleuthing a real estate issue – your personal reality game
Reader Question: I purchased a home from a contractor. It was a carriage home that was a model for the developer. The home had an in-law suite over the garage. I obtained a standard mortgage to purchase the home, including an appraisal and title insurance. In 2011, I was going to refinance the home only to…