Category: Home Selling
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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…
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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…
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Hidden Property Value Found In Homes Large Lot
Reader Question: I will be selling a home I received after my Mothers passing. Build in 1952 and having no “upgrades” there are several things needed to bring it into the 21st century. (Kitchen & bathroom upgrades) I am planing to sell it “as is” rather than investing money to bring it up to today…
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Can A Home Be Too Clean?
Reader Question: Monty. 20 showings and no offers…5 interested people, two second showings. Comments have been very clean, but a lot of people do not like the lay out. We have 2300 square feet with a large kitchen, dining room, large family room, 3 full baths, 4 bedroom and an unfinished 5th room over the garage.…
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The Future In Realty Brokerage
Reader Question: Hi Monty. I recently read an article in the Wall Street Journal titled “Are Real Estate Agents Dinosaurs?” I am a real estate agent in Iowa. The article kind of scares me because I am fairly young and I didn’t realize the industry was in such tough shape. I am curious as to…