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Neighbor's Tree Fell in My Yard. I Have No Property Insurance

Home & Leisure / Dear Monty /

Dear Monty: My neighbor behind me has a dead tree that fell into our yard. There is another part of the tree that looks dead and can potentially fall into our yard. My house is paid off, and it doesn't look like there is damage. Just need the tree removed. Are they liable for removing the tree if I don't have property insurance?

Monty's Answer:...Read more

HOA Searches for New Manager

Home & Leisure / Dear Monty /

Dear Monty: I am the president of our homeowners association. We hired an outside company to act as a liaison between our board of directors and the general membership population. We don't want to argue with our neighbors or enforce the rules when a member violates the rules. Our current outside company is local. What options do we have if we ...Read more

Procuring Cause Is Still a Factor

Home & Leisure / Dear Monty /

Dear Monty: If a real estate broker has given a prospective buyer information on paper only about a property for sale, and the prospective buyer has not stepped into the property, can the buyer go to a different agent if the buyer does not like the original broker?

Monty's Answer: It is unclear if you are the buyer, an agent or an adviser ...Read more

Subdividing Family Property Requires Careful Planning

Home & Leisure / Dear Monty /

Dear Monty: If a 300-foot lakefront property is divided into two parcels -- a 200-foot lot with a year-round home and a 100-foot lot with a rustic 12-by-24 cabin with its well/septic -- will overall property taxes increase? We figure it will be easier to divide the properties now when our parents are living in the home. We fear that the rustic...Read more

Is Ditching the Listing Agent Risky?

Home & Leisure / Dear Monty /

Dear Monty: My home is for sale through an agent. It has been over 12 weeks with no offers and few showings. A buyer with no agent has contacted me about selling directly to them. Can I do a private sale?

Monty's Answer: Yes, you can, but there are considerations about how to proceed.

No. 1: The most crucial consideration is the term of your...Read more

How To Buy a Small Parcel From Your Neighbor

Home & Leisure / Dear Monty /

Dear Monty: We intend to negotiate a lot line adjustment with a neighbor. The size of the parcel is about 600 square feet and has been surveyed. Our neighbor is amenable to selling, but the price has yet to be determined. Our home is free and clear, but we think the neighbor has a mortgage. We live in a tiny town near a large metro area. There...Read more

Joint Ownership With Family Members: A Blessing or a Curse

Home & Leisure / Dear Monty /

Dear Monty: Three siblings would like to purchase a home together. Two siblings make $30K each, and one makes $80K. Can one of the siblings qualify for government loans and the others still be on the loan? Please advise.

Monty's Answer: The short answer is yes, it's possible, depending on the specific lender and their underwriting guidelines....Read more

Measuring a Home by Square Feet Is Misleading

Home & Leisure / Dear Monty /

Dear Monty: Why is it that so many people rely on price per square foot? Simply put: A home with 12 foot ceilings instead of 8 foot ceilings will typically cost more in materials (e.g., drywall, paint). Construction quality and "newness" can also play a role. I think it's highly misleading that the MLS, Zillow, etc., list the square foot price...Read more

Adverse Possession: A Term Every Homeowner Should Know

Home & Leisure / Dear Monty /

Dear Monty: Our neighbor's house, which was moved here, has been proven by a survey to sit on our property. We told her that, but she ignored us. She later remodeled and mortgaged her house, giving the bank a description of a lot owned by her nearby. The title cleared on the ownership of her lot, but the house, of course, wasn't on that lot. ...Read more

Advertising a Home for Sale -- When It's Not

Home & Leisure / Dear Monty /

Dear Monty: How can real estate agents use my mom's house, which isn't even for sale, as an advertisement for their business? The ad has a big "contact agent" button on her home info page. That seems like it should be against the law; she has permitted no one to use her property as a come-on so they can sell other properties. Something needs ...Read more

Recruiting New Agents Is Critical for Real Estate Companies

Home & Leisure / Dear Monty /

Dear Monty: I have bought and sold several homes as a relocating employee. I have always been curious about how real estate companies establish commissions for their agents. My experiences have ranged from poor to good. Can you explain the system?

Monty's Answer: The majority of real estate companies that rank high in their local markets use ...Read more

Family Home Transfers: Avoiding Pitfalls in Generational Property Handovers

Home & Leisure / Dear Monty /

Dear Monty: My daughter's future in-laws are long-term homeowners in one of the top California markets. They have sizable equity in their home but still have a mortgage. They have offered to their son to take over the mortgage payments. Neither they nor my daughter are sophisticated about such things (though I am a long-time real estate broker...Read more

Is Price History Vanishing From Real Estate Listings?

Home & Leisure / Dear Monty /

Dear Monty: For the past few years, I have seen price history on real estate sites such as Zillow. I recently noticed that the price history is no longer available, thus hiding it from potential purchasers. Are they purposefully trying to hide this info so market trends aren't readily seen, and are they also hiding the profit margins (i.e., ...Read more

 

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