ArcaMax

Dear Monty: If I sell my home at a loss, do I have to repay the mortgage company?

Monty's Answer: When selling a home for less than you owe on the mortgage (being "underwater"), you generally remain responsible for the entire mortgage amount. However, today's market offers several vital options and protections.

First, verify your home's true...Read more

Dear Monty: I am a widow. Our home is mortgaged in my deceased husband's name only. Can I sell the home? I have tried to get the mortgage in my name; I pay the mortgage every month. But I have had no success. I am told they are working on it, but I believe there have been enough time to provide a response. Do I have any legal obligations as I ...Read more

Reader Question: How much would a buyer's agent charge to make an offer on a property not listed with a broker? Given the recent changes in real estate rules, I'd like to understand the current fees.

Monty's Answer: The shifting landscape of real estate has created interesting new dynamics for buyers such as Tom Peterson, who recently ...Read more

Dear Monty: My real estate agent bullied me into three price drops in 10 months, citing her experience. She practices with a license but under a prior company that shows as permanently closed with zero listings. She is a member of MLS but not a member of the National Association of Realtors. She disappears for weeks at a time and brings in ...Read more

Dear Monty: I made an offer on a home subject to the sale of my home. The sellers accepted the offer in writing. Two days later, the seller's agent called me and told me that the seller received a better offer from a buyer with a house to sell. He also said that the second buyer is now first in line to buy the house, even if my home sells ...Read more

Reader Question: When searching for a new house, at what age should the buyer expect the interior to be freshly painted?

Monty's Answer: The age of interior paint isn't a straightforward "should be" number when searching for a house, as several factors influence the condition and necessity of fresh paint. Quality interior paint in well-...Read more

Dear Monty: We are going to sell our home, and we are confused about which improvements to make. The internet has conflicting information. What are the most cost-effective ways to prepare our home for sale?

Monty's Answer: When preparing a home for sale, focus on maximizing visual appeal and addressing fundamental maintenance issues. Many of ...Read more

Dear Monty: It is five days before closing. The seller notified us today that they are having problems with the city, and the three units we are buying are legally only two. We don't want to rent an illegal unit and can't rent that unit without having a legal permit. On top of it, a cousin of theirs living in this third illicit unit doesn't ...Read more

Dear Monty: If the contract states that the broker will disclose to the owners if any fees are to be paid by the owners, the agent writes "Withdrawal Fee of $575," and the owners decide they do not want to sell their property anymore, can the agent keep that $575 when she has done nothing but put the owners' private photos on the internet site...Read more

Dear Monty: I recently had my home inspection done on a house I am purchasing. A few issues that must be resolved were found, not immediately but soon. Is it acceptable to request assistance from the seller for these repairs or a reduction in the purchase price to accommodate the necessary repairs?

Monty's Answer: Many factors come into play....Read more

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

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

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