Reader Question: I currently co-own a house with my two sisters. It was in our mother’s estate. One of the sisters wants to buy the two of us out which is fine with us, but we want to make sure the price she is offering is fair to us all. We had an appraisal […]

Reader Question: I showed a home to my client eight months ago. The price at that time was $1,200,000. The current price of the property is $624,900. The listing broker told me that because my client looked at the higher price, they still must pay the original price even though the price has dropped dramatically. […]

Reader Question: We are in the middle of an eminent domain offer. Our rental house is being taken for a new highway. We have 101,685 square foot property with a 1466 square foot 3 bedroom, two bath house. The Department of Transportation (DOT) offer came in at two hundred thousand dollars. Based on other sales […]

 Reader Question: I am going to list my home. I am hoping to start a home bidding war to maximize the number of offers I receive. I want my broker to stipulate that we will start accepting bids five days after the house goes on the market, in order to get multiple bids on my […]

Reader Question: I am going to look at my first house on Saturday. I am wondering whom the best person would be to take with me to visit. Is it better to go alone? Since you do not know my friends and family, both my dad and step-dad have done work on their own houses. […]

Reader Question: Monty, what market information do we need to help us determine the asking price when we first offer our home for sale? Doug P. Monty’s Answer: Hello Doug, and thanks for your question. The words “market information” infer the question asked is about external market data separate from the data about your home. Asking about […]

Reader Question: My husband and I own a small business on a commercially zoned street in a city with about 100,000 people. We are thinking of selling the business and property. Could you recommend an appraiser here? The building is very old and is “grandfathered.” We also own an adjoining parking lot. We would like […]

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 […]

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 […]

Reader Question: I have 39.75 acres off I-40. What is it worth? Mike Monty’s Answer:  Hello Mike. I cannot answer the question without walking the land. I-40 is a 2,559 miles long highway. It goes through 8 states; from large metro areas to very isolated rural places. The property values along the highway vary like […]

Reader Question: I will be selling a home I received after my Mothers passing. Build in 1952 and having no “upgrades” there are several things needed to bring it into the 21st century. (Kitchen & bathroom upgrades) I am planing to sell it “as is” rather than investing money to bring it up to today […]

Reader Question: We are thinking of selling our home. We ordered a home appraisal which we just received in the mail. We do not agree with the opinion of value they came up with but we do not know how to go about challenging them. What should we do?             […]

“A Pig in a Poke” We’ve all heard this phrase. It means to buy something that is worth less than you thought it was. Determining a home’s value is one of the biggest struggles for buyers of real estate. For sellers, the reverse, being underpaid, is true. Both buyer and seller wonder how they can protect […]