Category: Gathering Information
-
Compare building a new home to buying a pre-owned home
Reader Question: I live in a city of about 300,000 people where real estate prices are high. There is a short supply of both low and mid-priced homes here. The situation is complicated further with a shortage of affordable rentals. However, there is an ample vacant land supply surrounding the area. Improved lots sell for anywhere from…
-
Sleuthing a real estate issue – your personal reality game
Reader Question: I purchased a home from a contractor. It was a carriage home that was a model for the developer. The home had an in-law suite over the garage. I obtained a standard mortgage to purchase the home, including an appraisal and title insurance. In 2011, I was going to refinance the home only to…
-
Solving a real estate “Cold Case”.
Reader Question: Hi, I’m trying to buy a piece of land from a private owner. Apparently he got the property at auction several years ago. My title company found an unsatisfied mortgage from 27 years ago. It seems that the company that held the loan had gone out of business. No information can be found…
-
Participating In The Foreclosure Market
Reader Question: Monty, I found a home I loved, but it was under contract. The market seems more competitive, but I have a decent real estate agent. Because the market seems tougher, I wonder how to get into the foreclosure market. If you have any advice here, I will appreciate your thoughts. Bridgette S. –…
-
Ten Best Homebuyer Tips
Reader Question: Monty, I read your 10 Myths article. Do you have a list of top 10 tips for homebuyers? Mason T. – Nashville, TN Monty’s Answer: Hello Mason, that is a good question. Here is a Top 10 list I created as a response. I have linked each tip to additional information for you.…
-
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…
-
The Rules Of The Real Estate Game
What You Do Not Know Can Hurt You Most of us coming into the real estate market today are searching for information. We tend to look for information about homes, neighborhoods and financing. Consumers do not always ask the right questions because they do not know which questions to ask. Conversely, agents do not realize…
-
Fair Housing Law
The Law Says.. Federal law requires that all people be treated equally and prohibits discrimination in the housing industry throughout the United States. The law also applies to mortgages, insurance and rental housing. The Federal Fair Housing Law makes discrimination illegal against individuals based on their sex, age, race, color, sexual orientation, religion, national origin,…