ArcaMax

Dear Monty: My wife and I are discouraged by mainstream media's continuing reports on record-high home prices. We have saved a 20% down payment by living frugally. Still, we are afraid the houses we can afford are shrinking in size and amenities. We are also concerned that we are in a housing bubble. Is this a good time to buy a home?

Monty's...Read more

Dear Monty: We have an accepted offer on a home. But the home we wanted has come down in price, and we would love to get it instead. Can we get out of our current contract?

Monty's Answer: So, you're in a tricky situation. You've already signed on the dotted line for one home, but now the house you wanted has dropped in price. I completely ...Read more

Dear Monty: We have had a lot of difficulty getting contracts back from the seller through email. We have our inspection this week, and by word of mouth, the seller said he would walk his dog while we were there. We prefer that he not be there. We must rent this house back to the seller for four days. We required a $2,000 deposit for renters' ...Read more

Dear Monty: I sold my condo at 127 Wildberry Drive in Atlanta[ML1] to someone named Sherry Smith several years ago and misplaced my old paperwork. I want to find the paperwork for the closing statement. How should I go about this?

Monty's Answer: If you've misplaced the closing paperwork from your condo sale, you can take several practical ...Read more

Dear Monty: We just bought a new house. Just before the sale, a heavy rainstorm ruined the yard with deep gouges and washed away the new grass and topsoil. We will need to redo the yard with new topsoil and grass. Should it be the builder's responsibility to bring the yard back?

Monty's Answer: When purchasing a new construction home, buyers ...Read more

Dear Monty: My wife and I live in our motor home while traveling the country. Though we enjoy this lifestyle, the constant setup and takedown at RV parks is becoming challenging. We're considering buying a home in a 55-plus Florida community where friends we met during our travels purchased recently. We own a rental property in Minnesota, ...Read more

Dear Monty: Is it legal to double your taxes on a mobile home where you don't own the land? Doesn't the park pay taxes on the land? The assessor values my mobile home at $69,700, but I only paid $9,500 for it!

Monty's Answer: Property tax assessments on mobile homes can increase like a standard frame home with a full basement, even when you don...Read more

Dear Monty: We're under contract on the house, and it's been a NIGHTMARE. Our inspection revealed illegal and dangerous gas venting in the basement, but we didn't get the report for two weeks. The delay puts us close to the end of our due diligence. We put down $3,000 in earnest money plus $5,000 in contingency money. The seller doesn't return...Read more

Dear Monty: My wife and I own two homes: one in Florida in her name and my house in Indiana in my name. We are residents of Florida. We live in Florida for six months and a couple of weeks each year and live in my Indiana house at other times. I do not rent my Indiana house at any time. It is my/our principal residence when we are not in ...Read more

Dear Monty: I read your recent column regarding capital gains exemptions. I'm aware that there is a bill in Congress to raise the exemption to $1 million (for joint): H.R. 1321 -- "More Homes on the Market Act." I've asked my congressman for a status update but have received no reply. Do you have any insight? It will affect my timing on ...Read more

Dear Monty: We have an issue with a home seller on a home we recently purchased and have been researching three different methods to engage. Please describe each method and then share its advantages and disadvantages. The methods are litigation, arbitration and mediation.

Monty's Answer: When we are at the point of moving forward in the process...Read more

Dear Monty: We own some vacant land a nonprofit wants to purchase. Their agent has told us that he can structure the contract to survey the land and divide it in half. They would pay us double the fair market value (FMV) for one half, and we would then donate the other half for $1. He called it a "bargain sale." We would then have a tax ...Read more