Category: Home Selling
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Three home inspection practices to scrutinize
Reader Question: I am a seller. My agent got me an offer that required a home inspection. When the investigation took place, they determined the electrical breaker box needed replacement. This discovery caused the buyer to back out. Now, can I sell my house without this upgrade and negotiate the price accordingly, or must…
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Do real estate agents negotiate fees on dual transactions?
Reader Question: Do real estate agents negotiate fees on dual transactions? My wife and I are in the process of downsizing. We have shopped neighborhoods and have chosen where we would like to land. In this process, we have had one particular agent show us 5 or 6 homes. Now it is time to list…
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Is a Verbal Offer binding?
Reader Question: I am going through a Realtor, and I verbally agreed to a price from a guy who low-balled by over half the asking price. The buyer is still knit-picking everything and taking forever, so we have signed no papers. Now I have another offer with a personal friend. I want to know if I…
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Is your real estate transaction failing?
Reader Question: Is our transaction failing? How many days before the scheduled closing, does the buyer’s agent have to present us with the final “letter of commitment?” We want to firm up our plans. Monty’s Answer: The first place to look for your answer is the contract. Each state has its laws and forms, so…
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What is value range pricing?
Reader Question: I want to confirm an explanation an agent gave me. What is value range pricing? Monty’s Answer: Value range pricing is a strategy employed by home sellers to increase the number of home showings. Hypothetically, the more shows, the higher the chance of a sale and a purchase at a higher price. The…
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Can an agent add extra commission in an offer?
Reader Question: A home buyer offered us an amount that we liked. But there was an addendum by the buyer’s agent for extra commission. We did not accept that and counter-offered. However, our agent told us the deal would not go through if we did not accept the request by the buyer’s agent. Can…
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Fixing a leaky basement can be tricky
Reader Question: We own a 45-year old home in a development. The house is well-built, with a full basement and sits on more than a half-acre of land. We have made some significant renovations, and the house is in great shape. The major problem we have is a leaky basement when it rains very hard,…
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Can a Seller Contact a Prospective Buyer Directly?
Reader Question: Can a Seller Contact a Prospective Buyer Directly? Is it OK to reach out to the prospective buyer and see if they have any questions about my house? They came and looked and appeared interested. My real estate agent will not communicate with us, so we do not know the status. Monty’s Answer:…
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Trust Our Real Estate Agent?
Reader Question: We wanted to trust our real estate agent. We accepted a purchase offer which allowed us to stay for 21 days after closing with no cost and an additional 45 days at a nominal daily rate. We were out of town during the entire transaction, and our agent sent us the electronic document and…
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We have an offer for a million dollars over appraisal
Reader Question: We have an offer for a million dollars over appraisal for our building and parking lot from a developer. They offered 2.2 million dollars with a one-year requirement for us to vacate. We have a separate independent appraisal valuing the two parcels at about $1.2 million. The plan is to demolish the building and…
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My partners won’t buy my share. What can I do?
Reader Question: I inherited a large commercial rental property along with my three siblings. I would like it to be sold, even at a much lower price, and they do not. Is there any way for me to get out of this partnership and receive money, according to what my share is worth now? Monty’s…
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Deciding If A Home Improvement Is Worthwhile
Reader Question: I have a condo unit facing an empty residential lot which has a stockade fence bolted on top of an eight-foot-high concrete wall. My second-floor unit is level with the top of the wall and all of the fence. I believe the terrible condition of the fence and the fact that my deck…