Category: Home Selling
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Why the “Home Lookers List” is hard to obtain.
Reader Question: Can I ask my real estate agent for a list of the people who have inspected my home? Nan D. Monty’s Answer: Hello Nan, and thanks for your question. The answer is that you can ask your agent for a list of people that have looked at your home. That being said, not…
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The best method to value small business property.
Reader Question: My husband and I own a small business on a commercially zoned street in a city with about 100,000 people. We are thinking of selling the business and property. Could you recommend an appraiser here? The building is very old and is “grandfathered.” We also own an adjoining parking lot. We would like…
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Selling church property requires expertise.
Monty’s Answer: Hello John, and thanks for the questions. A “bill of sale” is not the correct instrument. A deed that describes the property to be conveyed is the correct document. The survey the neighbor ordered will contain the necessary legal description of the land. The deed will be recorded with the governmental unit responsible for maintaining…
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Making adjustments indispensable when valuating property.
Reader Question: Is it proper in valuing residential real estate to adjust the comparable sales value by the “cost” of amenities not present in the comparison properties (i.e. an outbuilding-indoor riding arena)? Fran D. Monty’s Answer: Hello Fran, thanks for your question. The answer is “yes,” unless the building is about to fall over. Fee…
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Expertise required in evaluating investment property.
Reader Question: My parents have rental properties and are thinking of selling them off to fund retirement. How would you go about evaluating investment property? We know what the house appraised for, but do you somehow figure in the income the property makes? I guess what I am asking is ” Is the property worth more…
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Four tips to make informed price reductions
Reader Question: My agent wants me to lower my price. The home has been on the market for less than a month for $349,900. She wants it to be $339,900. I cannot go any lower because I have a mortgage and a home equity loan of $260,000. What should I do? Monty’s Answer: Pricing a…
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Home Seller Not Obligated To Home Buyer Offer
Reader Question: If I make an offer, is it binding on the seller until I have a chance to make a higher offer? Can someone else make a higher offer before mine is accepted or rejected? Joe D. Monty’s Answer: Joe, no offer is binding on the seller. No offer is binding upon the buyer until such time as the seller…
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The Downside To Tough Negotiations
Reader Question: If a buyer has a contract on a house, home inspection was done and the buyers attorney filed a letter to the seller’s attorney that all work has to be done by the seller and have not received a response can the listing agent put this property listed on the market with a lower amount…
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A Remodel Can Create An Undesirable Floor Plan
Reader Question: We are about to remodel the upstairs bathroom, which is quite small (9 feet x 6 feet). We currently have a 30-inch shower stall, 30-inch by 19-inch vanity, toilet and a small linen closet. There is also an entry door in the hallway for all bedrooms to access the bathroom and a private entry door…
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Five Secrets To Improve Results Before You List Your Home
Reader Question: What are the top 5 points people overlook when thinking of selling their home soon? – Liam A. Monty’s Answer: Liam, this is a thoughtful question. There are several issues often overlooked when putting a home up for sale. Here, are a few of the reasons why this happens: Human nature often seeks…
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Ten Best Tips For Home Sellers
Reader question: Monty, I cannot find that you have done “10 Tips” for home sellers. Do you have a “Top 10” list for someone thinking of selling? Rich M. – Rockford, IL Monty’s answer: Rich, I have created a “Top 10” list for home sellers to answer your question. If I were selling my home,…
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Appraising Your Home’s Offer
Reader Question: Monty, my home in Rochester, MN is up for sale by owner with a listing price of $178,900. It is an all brick, 3 bedroom, 2bath, 1600 square foot home with a full basement and a 2.5 car attached garage. Lot size is 120×188. We paid $144,000 in 2006 and have invested approximately $16,000 since then. We have…
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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…