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Author: Monty

  • Renting Rooms To Friends: Pros and Cons

    Reader Question: Monty, I live in an apartment with several friends. I have a terrific job. I am the only one with a steady income. I am considering purchasing a home to get the tax breaks and renting rooms to them. I would not charge them full rent, and, everyone could share common expenses as…

  • Value Of Property In Foreclosure

    Reader Question: In general, what kind of pricing schedule do banks use for foreclosure properties (as far as a discount rate per every 15, 30, 60, 90 days etc…? I know that the bank is willing to take less for a property the longer a foreclosure sits on the market, however, in general what is…

  • The Future In Realty Brokerage

    Reader Question: Hi Monty. I recently read an article in the Wall Street Journal titled “Are Real Estate Agents Dinosaurs?” I am a real estate agent in Iowa. The article kind of scares me because I am fairly young and I didn’t realize the industry was in such tough shape. I am curious as to…

  • How To Challenge Home Appraisers

    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?            …

  • Real Estate Agent Refuses To Cooperate

    Reader Question: Our real estate agent has told us the listing agent on a home we like is difficult to deal with and has made it clear they would prefer not to deal that person. Is this a red flag if we decide this is the home we want to pursue? Amber and Josh H.…

  • Real Estate Short Sales Can Be Confusing

    Reader Question: Monty, there is a short sale house I am interested in. They are not accepting bids until April 6. Why? And is there any way to circumvent the process to get your offer considered ahead of time?  – Annette M.  Glendale, AZ Monty’s Answer: Hello Annette. There is a multitude of potential reasons they may…

  • Our Home Is Underwater – What Should We Do?

    Reader Question: Monty, we have a family member whose home is underwater. They owe $114,000 on the mortgage with a monthly PITI payment of $890.00. They paid $119,000 for it. Here, is the problem. They are divorcing, and his wife has moved out of the house. A local agent has estimated the home will sell today for between $75,000 and $90,000. Our…

  • Is Buying A Foreclosure Risky?

    Reader Question: Does the possibility of a lower price of a trustee sale out weigh the risks of a unusually quick decision without the normal due diligence process? – Rich V. Phoenix, AZ Monty’s Answer: Hello Rich, thanks for asking the question. There is no cut and dried answer, but I will do my best.…

  • Top 10 Real Estate Myths

    Reader Question: Dear Monty, you write a lot about the myths and misinformation in real estate. Do you have a “Top 10 real estate myths” kind of thing for that stuff? – Jason S. Chicago, ILL Monty’s Answer: Hello Jason, Thanks for asking. It is an insightful question. Here is a list of the “Top…

  • How Real Estate Works

    Knowing how real estate works Real estate defined in law is an “immovable object” with a legal description that defines its space and place in our geography. A Registered Land Surveyor is a person with specialized knowledge on measuring and documenting land parcels according to the law.  As the United States has grown, most every…

  • How To manage buying or selling a home

    The goal of this website is educating you about how to manage buying or selling a home. As a buyer, you might say to yourself, “What is the big deal? Let us jump in the car and start looking. It is pretty easy”. If you are a seller, you may say, ” I will call…

  • Should I Own A Home?

    Should I own a home? We are fortunate because the dream of someday owning a home is a reality in our country. Home owner­ship is a solid symbol of our free enterprise system and is one of our greatest rights as U.S. citizens. It offers some income tax advantages and is often viewed as a…

  • Timing Your Real Estate Move

    If you have influence over timing your real estate move, the following suggestions can help you make the most of it. Timing can impact you both positively and negatively. There are many variables that will affect the timing of your purchase or sale. Place each of your considerations into one of the two categories: market…

  • Real estate agency – What is it?

    Real estate agency is a concept in the law It is the relationship between a principal and an agent. In real estate, a transaction begins between a real estate broker(the agent) and a principal (the seller or buyer). A principal can be a buyer or a seller, but most transactions begin with a home seller…

  • Evaluating the risk of owning two homes

    What Comes First? Evaluating the risk of owning two homes,  buy, or sell first, is a common dilemma that homeowners face today. In fact, about seventy percent of home buyers are also home sellers. People caught in this “time trap” are often faced with difficult questions and weighty decisions to make. The first and most…