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Category: Home Buying

  • 5 Renovating Tips In Rundown Neighborhoods

    Reader Question: Are there any strategies or tips for renovating houses in run-down areas? A friend and myself want to purchase and renovate a property, but the budget is limiting the types of properties available to us. We have found plenty of houses within the budget that require renovating at a price we believe we…

  • 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. –…

  • What To Expect From Your Agent As A Buyer

    Reader Question: Monty, we are thinking of “buying up” to a larger home. We have a suggestion about the article titled “What To Expect From Your Real Estate Agent”. While it is helpful, and we see the value in understanding the agent’s job (it was a rocky road with our present house), it seemed to…

  • Home Buyer’s Offer Always Beaten

    Reader Question: Monty, we have put offers on five houses and have had no luck. Our agent says that people are buying them for cash and more money than we offered, yet she says she cannot tell us what to do or what to offer. All she does is show us the houses and fills…

  • 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.…

  • Parties In Realty Contract Dispute

    Reader Question: Monty, is there a difference in an offer that reads: Sellers is to pay 3% closing costs for buyer’s allowable non allowable closing costs. And one that reads: Seller is to pay up to 3% of the purchase price for buyer’s allowable and non-allowable closing costs. Also, if a seller agree to pay up…

  • Terminate a listing agreement

    Reader Question: To terminate a listing agreement may not be easy. We just listed our home with a company 3 weeks ago and we have some concerns on the Realtors marketing of our home. I emailed him ( so as to document it) and voiced my concerns in the method being used, MLS only. There are…

  • 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…

  • 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…