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Author: Monty

  • Can I use real estate equity to fund a startup?

        Reader Question: I am pursuing a business startup that compliments my family’s existing construction business. I have a little funding myself and some customers. I need to raise additional capital to grow and deliver the best service possible. My family business has shown interest in investing/loaning me some funds for developing this startup.…

  • Seven tips to identify a flipped home

    Reader Question: We bought our current home a year ago. We realize houses and their systems are always wearing out, but in this house, it feels like the repairs and replacements are inordinate. The latest example is electrical. The electrical panel box was new, but we have had several electrical issues. The home inspector said…

  • 10 facts to find the best mortgage loan

    Reader Question: How can I find the best mortgage loan? Monty’s Answer: I answered this question several years ago, but it bears repeating. Comparing the cost of mortgage loans is a challenge for most mortgage shoppers. Do this before you look for your home. The most helpful lender may also have the best pre-approval letter.…

  • Five Tips Avoiding a Bidding War

    Reader Question: We tried to buy four homes in 2019. We missed on all of them. We live in one of the cities that always makes the news about multiple offers and a hot market. We were not happy with our agent, but it may just be a case of us looking for someone to…

  • How to gain real estate investing experience

    Reader Question: I have been inspired to go into real estate investing since I have recently lost my job. I don’t have any real estate experience. I don’t have a practical knowledge on how to leverage with OPM (other people’s money). Please recommend what I can do to help me gain experience? Monty’s Answer: There…

  • 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…

  • Eleven reasons to interview real estate agents when buying a home

    Many home buyers pick an agent because they are relatives, co-workers, referred by a friend, or met at an open house. While they are likely all nice people, none of these connections by themselves is a good reason to pick a real estate agent. There are good real estate agents, but they are not easy…

  • 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…

  • When you engage an incompetent real estate agent

    Reader Question: We used an incompetent real estate agent. We bought a home subject to obtaining a mortgage. Our Realtor drafted the contract with a twenty-day drop-dead date on the inspection and the appraisal. She pointed out we could jeopardize our ten-thousand dollar deposit if we missed these dates. Then she delivered the documents to…

  • 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…

  • 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…

  • 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…

  • Get outside help when dealing direct in real estate

      Reader Question: We are buying a house direct from the owner. The property also contains a partially burned-out mobile home relatively close to the house. It appears to be a total loss. The house was not damaged. Our question is, does the seller have the right to request we replace the mobile home? We…

  • Will a geothermal system increase the value of my home?

    Reader Question: Would a geothermal system installed at my home increase the value? I don’t want to sell, but before I have this expense, what it will do to the value of my house? Monty’s Answer: There is a considerable amount of information that is required to assess individual property accurately. As with any high-cost…

  • Real estate owners die with no will

      Reader Question: My grandparents chose to die with no will. All their children passed except three sisters. My mother and several siblings passed. One of the grandchildren has been paying taxes for years, and another has been paying electricity. Do these three sisters have the right to sell timber and leave the grandchildren out?…