September ’20 About Your Home Issue

Dear Monty column: Is raising the price $5,000 for buyer closing cost illegal?

I recently sold a home, and the buyer didn’t have enough money for closing costs. They asked me to sign papers that raised the purchase price $5,000. I want to know because the buyer got $1,000 of my hard-earned money. On the day of the closing, I hadn’t cleaned everything, so I told his lawyer I needed another day to finish up. They agreed, but I thought it was midnight the next day, and it was noontime. I made a mistake, so legally, they can do that. I want to recoup my money the same way they took it from me.

Dear Monty column: Timing your real estate transaction

Our home has been on the market for one month. We started at $698,500 and reduced it to $685,000 after two weeks. The house is 3,564 square feet in a desirable older neighborhood. We’ve had two showings and much positive feedback. The only negative is that we have no backyard. Our agent now is recommending we lower the price again. We are not in a hurry to move as we have no other place in mind. Do we lower the price or take it off the market and relist it when we are ready?