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Author: Monty

  • Are your hands tied trying to close your real estate transaction?

    Reader Question: It is 5 days before closing. Today, the seller notified us the 3 unit building we are buying is legally only a 2 unit building. I do not want to rent an illegal unit, and we need that income to carry the mortgage. On top of that, there is a relative living in…

  • 6 good tips to prepare for an offer on your home

    Reader Question: Monty, we listed our home for sale about a month ago. Our agent just called to say she is expecting an offer later today. We have no idea how to handle this, but we want to be smart about it. Anything we should do to prepare? Thank you.  Carl and Megan H. Monty’s…

  • Selling your home? Be certain to check out the competition.

    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…

  • Real estate agent puts commission at risk

    Reader Question: I own a business and the property. I recently decided to close my doors and retire. I put a sign in the front window closing business. A Realtor came in and asked is the property for lease and could she bring a client down to look at it. After looking at it, the…

  • Buying a home? Avoid risking your earnest money deposit.

    Reader Question: We sold a home in Feb 2013. We received a pre-approval letter from the buyer’s lender in March. Because of the buyers pre-approval, we went out and purchased a home and put a $5,000 deposit down. The “old” home sale did not close on the designated closing date because the lender dragged their…

  • 5 “pick a broker” tips for new agents.

    Reader Question: I am considering getting my real estate license. Is it better taking a course by a real estate company in hopes of getting hired by them or take a course online? Do the companies hire as many people as they can (to bring in more commission) or are they selective? How does that work?  Patricia…

  • Beware of loan modification scams

    Reader Question: What do you know about a company called “name omitted”? Can they really help? Are they a legitimate company? Monty’s Answer: Hello Ely, and thanks for the question. I do not recommend or rate businesses, but some comments and suggestions may be helpful. Background is important. Companies like the one being questioned specialize…

  • Why the “Home Lookers List” is hard to obtain.

    Reader Question: Can I ask my real estate agent for a list of the people who have inspected my home?  Nan D. Monty’s Answer: Hello Nan, and thanks for your question. The answer is that you can ask your agent for a list of people that have looked at your home. That being said, not…

  • The best method to value small business property.

    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…

  • Why some commercial real estate ends up like this?

    Reader Question: I currently own a commercial building. The mortgage was paid off when I inherited it. I am looking for a profitable long-term investment. I would like to leverage my building to buy another one. How do I find a great deal? How do I calculate return? What formulas are important to find an appropriate cost? Simon…

  • Selling church property requires expertise.

    Monty’s Answer: Hello John, and thanks for the questions. A “bill of sale” is not the correct instrument. A deed that describes the property to be conveyed is the correct document. The survey the neighbor ordered will contain the necessary legal description of the land. The deed will be recorded with the governmental unit responsible for maintaining…

  • Moving into your home day!

    You have an accepted offer, and the closing completed. All of your determination, organization and hard work is finished, right? Wrong! Now, you must put the same preparation and research toward moving into your home. The moving process can be taken for granted. No matter how often you have moved, something may go wrong or…

  • The risk of borrowing money from your parents.

    Reader Question: Notice: This 2013 Article has been updated on December 4, 2023. There is a new alternative in real estate described in bold below.  Hello Monty, I purchased my home in 2011 for $400,000. To help with my interest rate, my folks took out a home equity loan for $80,0000. I am now regretting…

  • 5 best tips for newbie roommates renting

    Reader Question: Hello Monty, 3 of us are looking to rent a place. We want the total rent to be as close to $2,300.00 per month as possible. We want to start a lease in June, 2024. Can you find an agent for us? Robert. Tampa, FL Monty’s Answer: Hello Robert, Monty can only find an agent…

  • Making adjustments indispensable when valuating property.

    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…