Category: Home Buying
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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…
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Not Knowing Your Property Line When Buying a Home Can Be Expensive
Reader Question: I recently had my lot surveyed, and it turns out one neighbor’s fence is three feet over my property line, butted up against the back of my garage. The neighbor to the side has a fence that is about five feet inside their property line. I have someone cut my grass and don’t…
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All real estate referrals require due diligence
Reader Question: We sold our home and moved to a different state. Our old agent helped us find an agent in our new city. We have gotten to know this agent and become friends. He told us our former agent made the connection for a fee. He called it a referral fee. Our old agent…
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Buying Landlocked Property Carries Significant Risks
Reader Question: I found a great parcel of land I want to buy. It is landlocked, but the seller is an estate and willing to sell it way below market if I buy it as is. They want to settle the estate quickly. I am leaning towards taking a chance because the price is so…
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Is earnest money returned when real estate transactions fail?
Reader Question: If we paid our good faith money to the agent, and the deal doesn’t go through, do we still get that money back, or do we have to go to court? Monty’s Answer: This question is a potential landmine. Real estate law varies from state to state, contracts are often poorly drafted, so…
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Three Tips For A Potential Real Estate Investor
Reader Question: I am a young person who inherited money. I’ve been looking at different career options, and I have decided to invest in real estate, but I have little knowledge about it. Where do I find people with money who are looking for attractive real estate deals with a partner? Monty’s Answer: Real estate…
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Who pays the real estate commission?
Reader Question: We are preparing to place our home for sale in the spring market. As we interview real estate agents, they differ on who pays the real estate commission in the transaction. This difference is curious to us. How would you answer the question? Monty’s Answer: Who pays the real estate commission is an…
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Must a home be listed in the MLS to be “for sale?”
Reader Question: Must a home be listed in the MLS to be for sale? What, if any, legal issues would be caused by offering on a home that’s off the MLS but was on it recently? Should the seller’s agent re-list it before one makes an offer? Monty’s Answer: Any seller is free to sell…
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Our offer was accepted. How do we get out?
Reader Question: We have an accepted offer on a home. The home we really wanted has come down in price, and we would love to get it. Can we do this? Monty’s Answer: The first consideration is to accept that going down this road will involve a cost to you to determine if it…
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Three Ways to Buy a Home with No Down-Payment and Marginal Credit
Reader Question: Can I buy a home with no down payment and marginal credit? I have been working a good job for over two years. I had several years of a bad road earlier. Do you have any advice? Monty’s Answer: For any person to buy property without a down payment and good credit may…
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To Own Your Home, or Not
Reader Question: Should we own a home, or not? We have been married for six years. We have rented till now and have saved enough for a twenty-percent down payment with a tidy reserve. A variety of concerns make us wonder if we should buy a home. The economy appears to be doing well, but underfunded…
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Five tips when researching for a housing cooperative
Readers Question: What is a housing cooperative? Monty’s Answer: When researching for a housing cooperative here are five tips. A housing cooperative is a form of ownership that creates an interest in an abode through stock ownership in a company, as opposed to a deed to a parcel of real estate. It could also be…
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Retirement Home Search Requires Effort
Reader Question: My wife and I are getting closer to retirement, and we can go anywhere we want in the USA. We want to find the right lake or mountain home. I am looking for a single agent/source to help us find what we want anywhere in the USA. I am discovering that real estate…