Dear Monty: I am a practicing real estate agent. The National Association of Realtors (NAR) just wrapped up the annual Realtor conference. It made some significant changes in multiple listing service (MLS) rules, which are controversial. The rule changes have divided agents in my own office. I am curious to learn your take on these changes and...Read more
Dear Monty: I have heard stories about people who have successfully bought a home without money and good credit. Are there ways to buy a home with no money down and poor credit?
Monty's Answer: We will assume you have a full-time job. For a person to buy property without money and good credit may be challenging to do. A significant factor ...Read more
Dear Monty: I have several questions about home inspections. I am speaking to a small group of people about home inspections. I have personal experience and work history in my background that exposed me to property inspections. My questions are should a buyer of new construction have the home inspected; if the home seller has already had the ...Read more
Dear Monty: My dad needs help with the tax map for his property. There is a term that no one can tell him what it means. The word is fisher. Someone told him he has that on his property. Could you help us with this question?
Monty's Answer: I have been unable the find the word "fisher" as a part of the real estate vernacular. Having a fisher ...Read more
Dear Monty: We just lost out on a house because the sellers needed time to move out after close for up to 30 days. We even offered to adjust the close date, but they were adamant. This practice is daffy. Do I sell you my washing machine but then get to use it for a month? Not having access to property that I own is not correct. Plus, will they...Read more
Dear Monty: Will technology replace real estate agents? I am an avid reader, and real estate is an area I have kept pace with for some time. I am not an agent. Do you think technology will replace real estate agents?
Monty's Answer: A recent article written by a former real estate agent reported that he believed nothing would ever replace ...Read more
Dear Monty: I rented out my house to a couple I thought were married. A year later, they decided to buy a home. The woman contacted me by phone with the news that they were not married, and the loan she applied for stated she had to be living alone. She then said they were splitting up once they moved. The form I received from the lender only ...Read more
Dear Monty: I will be selling my house within the next four to five years. The compressor on my A/C went out. Should I repair or replace the whole unit? The current unit is a little over 12 years old, and the compressor repair will be under warranty for one year. Prices: $2,000 to repair, $6,000-$7,000 to purchase a new unit.
Monty's Answer: ...Read more
Dear Monty: How do we conduct a FSBO open house? We are first-time home sellers. A friend of ours just sold their home FSBO and told us it was not at all complicated. We want to start the process with an open house, but we want to avoid mistakes without having done this before. Can you give us direction on how you would conduct an open house? ...Read more
Dear Monty: Should I have my brand-new home inspected? I am in the process of building a new house. My agent told me that, on completion, I should have an inspection. My builder informs me that it is inspected three times during the process and once after completion. They use an independent inspector to check the house. In your opinion, is it ...Read more
Dear Monty: What are the pros and cons of homebuyer love letters that many real estate agents suggest to homebuyers? We will soon be looking for a home, and we are in a market that remains overheated. People in our circle of influence have a variety of opinions about love letters. Do you have any ideas you can share?
Monty's Answer: Love ...Read more
Dear Monty: What is the best way to interact with the city assessor? Can you guide us on market value versus assessed value? More specifically, what factors dictate assessed value? When we purchased our house, the real estate agent went to great lengths informing us that the potential for the market value to rise is very high. He mentioned ...Read more
Dear Monty: Are oral statements binding in real estate transactions? The seller requested 30 days after close. She moved out before closing and has a new residence. At closing, she made a verbal agreement with everyone in the room. The title officer, both real estate agents and I heard her say she would be out in 14 days. When the time limit ...Read more