Category: Home Buying
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The home seller wants out; the buyer says, “NO!”
The seller now wants to back out of the contract. Can they force us to release them from the contract?
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Who pays the real estate commission?
Reader Question: We are starting to explore buying our first home. We have attended several open houses and spoken to several real estate agents. One of the questions we have asked is who pays the real estate commission. It is a question to which we have received different answers. In discussion with family members and…
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Six options to consider when the house appraised low
The seller canceled escrow when the house appraised low. Am I stuck with the appraisal fees? You are responsible for the appraisal cost. Try to look past this bump in the road. Appraisals disrupting sales are frequent.
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Mom stiffs son-in-law in real estate deal
Families are the main sources of oral real estate transactions. Mom stiffs son-in-law is not uncommon. Brothers, sisters, cousins, grandpa; no one is immune. The advice to “get it in writing” is as or more important in families.
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Eight extra due diligence tips when buying condominium units
Buying a condominium unit is different than buying a single family home. It is a complicated process in comparison.
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Pros and cons of owning a second home
Reader Question: What are the pros and cons of owning a second home? My wife and I have the opportunity to purchase a second home. I’ve spoken with the homeowner, who is a friend of mine. He stated that he would like to get about $200,000 out of the sale. We are thinking of…
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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…
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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.…
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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…
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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…
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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…
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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…
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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…
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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…
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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…