Author: Monty
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Tips To Make Finishing Your Basement Pay
Reader Question: I have seen estimates and rules of thumb regarding the value added to a home by finishing the basement. They vary widely, from $20.00 to $90.00 per square foot. An online website values my home for $150 per square foot. At a $20.00 per square foot return, finishing the basement isn’t worth my…
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The Mystery Of The Defective Dryer Vent
Reader Question: I just sold a home that I have been living in since 1996. The home inspector informs me that whoever built this home installed 40 feet of PVC pipe for the dryer vent. He says it is not up to the code now, and never was. I now have to replace the venting,…
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Home Seller Not Obligated To Home Buyer Offer
Reader Question: If I make an offer, is it binding on the seller until I have a chance to make a higher offer? Can someone else make a higher offer before mine is accepted or rejected? Joe D. Monty’s Answer: Joe, no offer is binding on the seller. No offer is binding upon the buyer until such time as the seller…
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Reaffirming A Mortgage After Bankruptcy
Reader Question: My daughter and son-in-law (the kids) went through bankruptcy a couple of years ago, but did not include their home in bankruptcy. The judge approved their decision to do so. Now they are trying to refinance their home to get a better interest rate, but they were informed they did not do the paperwork…
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Strategies On Choosing A General Contractor
Reader Question: Monty, our company is expanding. We have an eye on a 10,000 square foot all-brick warehouse built in the 50’s. We want to gut it and turn it into an edgy-high tech office. We expect we can invest about 1.3M including 500T for improvements, based on the market rents in the neighborhood. What is the…
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The Respectable Outcome For Homeowners In The Real Estate Meltdown
Reader Question: I purchased my home 8 years ago expecting some appreciation in the value before I retire within the next year. However, now my home is worth 35-50 thousand less than I owe. What choices do I have, since at retirement I am not sure if I will any longer be able to afford…
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The Downside To Tough Negotiations
Reader Question: If a buyer has a contract on a house, home inspection was done and the buyers attorney filed a letter to the seller’s attorney that all work has to be done by the seller and have not received a response can the listing agent put this property listed on the market with a lower amount…
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A Remodel Can Create An Undesirable Floor Plan
Reader Question: We are about to remodel the upstairs bathroom, which is quite small (9 feet x 6 feet). We currently have a 30-inch shower stall, 30-inch by 19-inch vanity, toilet and a small linen closet. There is also an entry door in the hallway for all bedrooms to access the bathroom and a private entry door…
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New Home Buyer Frustrated With Sewer Problems
Reader Question: Monty, I am seeking a resource that might be able to help a client with a unique problem. They entered into a contract for the construction of a home near the local university. The initial contract was with a building contractor, who sold out to another building contractor that finished the home. They moved into the…
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Are Savings Possible Combining Adjoining Tax Parcels
Reader Question: Dear Monty, My wife and I recently purchased some lakefront property. The property contains two small, similar lots. We plan to keep both of them. One lot has a cabin, and the other is vacant. We currently pay property taxes of $800 (cabin parcel) and $550 (vacant parcel). At the time of purchase,…