Category: Home Buying
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Developer track record important in housing projects
Reader Question: A year ago I bought a town home in a condo project. I asked about parking and told that each homeowner would have one additional space outside to park as well as in their garage. The garage is built into the home. Since I moved in, the municipality painted one side of the…
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Occupancy at closing is risky for home seller
Reader Question: my property is for sale. It has been my primary residence for 40+ years. My Realtor wants to know ‘If an offer were made would I be willing to vacate the premises upon the day of closing?” What if I move all my belongings into storage and the buyer backs out of the sale at the last…
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Mortgage loan approvals can be confusing
Reader Question: We sold a home in August. We received a pre-approval letter from the buyer’s lender in September. With the buyers pre-approval, we purchased a home and put a $5,000 deposit down. The “old” home sale did not close as agreed because the lender dragged their feet investigating their financial standing. The “new” home…
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A smart way to pick a neighborhood
Reader Question: Hi, We are ready to begin searching for a first home. We live north of a city with over 4 million people. My husband has a long commute to a close neighboring city. We cannot decide if we should move close to his job, stay where we are (what we are familiar with…
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To sue, or not to sue? A prickly decision
Reader Question: My wife and I had a contract to sell our home for cash. The buyer gave us 3 weeks to vacate. All contracts were signed, the house passed inspection and all disclosure were made and understood by the buyer. We had a moving sale, selling the bedroom set, some furniture, garden tractor, etc. We also purchased another home…
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How to handle occupancy after closing a home sale
Reader Question: I recently signed a contract to purchase a home under the agreement that I would allow the sellers 30 days to move out after the closing date. What should I do to protect myself financially against damage to the home in those 30 days? Also, can this be negotiated through the bank at…
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Home inspections go wrong in more ways than one
Reader Question: If a counter offer agreeing to the low purchase price, but also designating the property purchase is ‘AS IS’ has been signed and accepted by the buyer, why does the seller have to sign as declining to fix 3 small items on the inspection report? BJ T. Monty’s Answer: Hello BJ, and thanks for the…
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The best place to make a real estate investment
Reader Question: Hello Monty. I would like to know the investment advantages and disadvantages noted between the homes located in recreational areas of the ocean beaches of Maryland vs. Virginia. As an example; homes located in Ocean City, Maryland vs. Virginia Beach, Virginia. I am looking for long-term advantages, resale, rental streams, noted replacement or new…
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5 tips for singles buying first home
Reader Question: I am going to look at my first house on Saturday. I am wondering whom the best person would be to take with me to visit. Is it better to go alone? Since you do not know my friends and family, both my dad and step-dad have done work on their own houses.…
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Are your hands tied trying to close your real estate transaction?
Reader Question: It is 5 days before closing. Today, the seller notified us the 3 unit building we are buying is legally only a 2 unit building. I do not want to rent an illegal unit, and we need that income to carry the mortgage. On top of that, there is a relative living in…
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Buying a home? Avoid risking your earnest money deposit.
Reader Question: We sold a home in Feb 2013. We received a pre-approval letter from the buyer’s lender in March. Because of the buyers pre-approval, we went out and purchased a home and put a $5,000 deposit down. The “old” home sale did not close on the designated closing date because the lender dragged their…
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5 “pick a broker” tips for new agents.
Reader Question: I am considering getting my real estate license. Is it better taking a course by a real estate company in hopes of getting hired by them or take a course online? Do the companies hire as many people as they can (to bring in more commission) or are they selective? How does that work? Patricia…
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Beware of loan modification scams
Reader Question: What do you know about a company called “name omitted”? Can they really help? Are they a legitimate company? Monty’s Answer: Hello Ely, and thanks for the question. I do not recommend or rate businesses, but some comments and suggestions may be helpful. Background is important. Companies like the one being questioned specialize…
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Moving into your home day!
You have an accepted offer, and the closing completed. All of your determination, organization and hard work is finished, right? Wrong! Now, you must put the same preparation and research toward moving into your home. The moving process can be taken for granted. No matter how often you have moved, something may go wrong or…
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The risk of borrowing money from your parents.
Reader Question: Notice: This 2013 Article has been updated on December 4, 2023. There is a new alternative in real estate described in bold below. Hello Monty, I purchased my home in 2011 for $400,000. To help with my interest rate, my folks took out a home equity loan for $80,0000. I am now regretting…