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Author: Monty

  • Four ways to attain relief from Private Mortgage Insurance (PMI)

      Reader Question: We want to pay down our mortgage loan to eliminate Private Mortgage Insurance. We have the funds to get under the 80% threshold. We have heard some lenders are very uncooperative. Is the lender required to remove it under these circumstances? Chris and Kate D. Monty’s Answer: There is confusion in the…

  • Six essential elements to look for inside a house

    Reader Question: I am a single young person who is going to buy a house. I liked the article on your website titled “ What should I look for when viewing a home,” but what, exactly, should I be looking at, or for, inside a house? Sarah Y. Monty’s Answer: Every homebuyer’s past home living…

  • Five tips to spot harmful sales tactics

    Reader Question: An agent told us at the time we looked at a house that another party was buying the house later that day, so we had to act quickly. We did not like the house that much at the time. That was over two months ago, and the house is still on the market.…

  • Cash kickback on a home sale. Is it legal?

    Reader Question: A seller and I agree on two-hundred thousand dollars for a home. I want to install a thirty-five hundred dollar heat pump. Is a cash kickback legal? We agree to raise the price a like amount and the seller brings thirty-five hundred dollars to closing? Another option would be the seller installs the…

  • Five common neighborhood characteristics

    Reader Question: We are looking for a home. We are seeking information about the term “neighborhood” as we have heard several different descriptions. What is a neighborhood? Monty’s Answer: The word neighborhood is a word that means different things to different people. To some degree, opinions about what constitutes a neighborhood are related to a…

  • Five cost cutting tips for relocation companies

    Reader Question: Historically, rising costs have been the biggest challenge in the relocation industry. We work to control and reduce costs with little tangible results. As a senior executive with one of the leading relocation providers in the industry, what is your take on the relocation industry’s ability to reduce relocation costs? Anonymous    Monty’s…

  • Home seller should decide list price

    Reader Question: Is it wise to have your house professionally appraised, before you talk to an agent about listing? I asked my banker for an appraiser’s name as a referral, and they suggested an appraiser they use for loan purposes. I was wondering if I could get closer to an asking price, rather than taking…

  • Seven helpful tips for home improvements

      Reader Question: I am worried that my home improvements are not going to pay off at all when I sell my house. Do all home improvements make financial sense? Jason C. Monty’s Answer: Not all home improvements make financial sense. Some homeowners make improvements because they want a particular feature or “feel, ” without…

  • Four advantages of a pre-offer inspection

    Reader Question: We are looking at a 60-year-old home. It seems to have good bones, but I see several red flags. Is there any advantage to having a pre-offer inspection completed before we make an offer? Jerry and Judi T. Monty’s Answer: A home inspection is a necessary component in the purchase of any home.…

  • Fair Housing Act and the non-payment of rent

    Reader Question: I have a minority tenant living in my duplex who is behind over two months rent. I had given them extra time when they first missed the payment because I fear being sued or reported and because they take good care of the apartment. They have twice since broken a promise to pay.…

  • Four simple tax considerations for new homeowners

      Reader Question: Having bought our first home last year we are getting all our home documents in order. What are the home ownership tax considerations we should know? Jared and Annie C. Monty’s Answer: One of the most appealing advantages of being a homeowner is the tax incentive offered by the tax code. Here…

  • Six essential qualities of a real estate agent

      Reader Question: We will be looking for our first home in the next year. We are novices and want to know the essential qualities of a real estate agent to look for and also how to identify agents with these qualities. Can you help us? Monty’s Answer: When seeking real estate agents, experts agree…

  • Listing agent flip-flops on price

      Reader Question: Our agent flip-flops on price. We listed our home two weeks ago for three hundred fifty-nine thousand nine hundred dollars. Our agent recommended this price and showed comparable sales that supported the recommendation. Yesterday they presented an offer for three hundred five thousand dollars and suggested we accept it. We are stunned and…

  • Six essential prescriptions for a healthy real estate transaction

    Reader Question: We are first-time homebuyers. We are excited about buying a home. In gathering information about what we should (and should not) do, contradictory information abounds from people we know, what we read, and real estate agents. This discovery is causing us concern. We don’t want to make any mistakes. We want a healthy…

  • Six huge real estate transaction errors. Can you spot them?

    Reader Question: We purchased and updated an “ as-is ” home in the late nineties. The seller tried to renege at the closing, but our agent prevailed. Her help created a bond, and we remained friends for years. We spoke highly of her, sent her clients and potential employees. We decided to move and listed…