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Author: Monty

  • 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?…

  • Neighbor’s waterfall is destroying our fence

      Reader Question: We bought a home a year ago built in the 80s. A problem has surfaced with the back block fence. The neighbors have a water feature and waterfall that abuts their side of the wall. The neighbor’s waterfall is destroying our fence. The soil on our side of the wall is continually…

  • 15 tips to find a buried fuel oil tank

    Reader Question: We are considering a home in a rural area. Much of the housing stock consists of 1920-30’s homes. How can we determine if there is a buried fuel oil tank somewhere on the property? Monty’s Answer: According to the US Energy Information Administration (EIA), 5.7 million homes heat with fuel oil today in…

  • Pros and Cons of Buying from the Listing Agent

    Reader Question: I have found a home, and I want to make an offer. There are stories about why and why not it is a good idea to use the listing agent. What are the pros and cons of going directly to the listing agent to make an offer? Monty’s Answer: Some homebuyers never realize…

  • Home improvements can create an unintended consequence

    Reader Question: I blacktopped my driveway and turnaround area to my garage. My house was for sale, and several people objected to the gravel drive. The house went under contract as soon as the work was completed. It looked great, and the buyers loved it. No issues. A month after closing the new owners contacted…

  • Buyers unknowingly paid $20K more than the appraisal. Who should have warned them?

      Reader Question: They paid $20K more for the property than it was worth. My daughter and her husband purchased a home for $145,000 and found out a few weeks later, the appraisal was only $125,000. Neither their agent nor the lender advised them of it. Who should have? Monty’s Answer: There are several considerations…

  • You can’t fight city hall – or can you?

    Reader Question: Can we fight city hall? We live in a 75 lot development completed in the early nineties. We do not have an HOA. Our problem is we are on our own for upkeep and repair to communal areas. We have garage sales and take up collections and pitch in when the need arises.…

  • My real estate taxes doubled. Is this legal?

      Reader Question: My real estate taxes went up over 100% this year. Is it legal to raise taxes so high in one year? Monty’s Answer: For real estate taxes to double in one year would be extremely rare. One has to wonder if any community in the United States has ever experienced such a…