Can a Homeseller Make Me Use a Certain Lender?
Wednesday, 05 February 2014
Question: “Can a homeseller make me use a certain lender? I’m looking at a home and the listing agent says I have to use their lender. Isn’t that illegal?” Answer: I just listened to a real estate legal seminar and they discussed that very topic. It is 100% legal for the seller to require you
- Published in Q&A - Home Financing Questions, Real Estate Tips
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Agents Can Sell You or Advise You
Tuesday, 04 February 2014
Question: “Hi Gary. Thank you for coming by my condo, but I’m going to hire Joyce from ABC Realty [names changed]. You said I could only get $475,000, but I’d like to get $550,000. Joyce seemed really positive that she could get me the $550,000.” Answer: When an agent walks in your door, they can
- Published in Q&A - Home Selling Questions, Real Estate Tips
Pest Control Clearance Approval
Wednesday, 29 January 2014
Question: “I’m selling a townhouse. My agent is a friend, but he’s new and inexperienced, so I’d like your opinion. We accepted an offer and the buyer’s lender insists that it be tented. The homeowner’s association pays for that, but it’s taking a long time to get their approval, let alone get it scheduled and
- Published in Q&A - Home Investing Questions, Real Estate Tips
Don’t Use Open Houses to Find Your Home Value
Tuesday, 28 January 2014
Question: “Hi Gary. I’m not ready to sell yet, but what do you think about going to open houses to get an idea of what my home is worth?” Answer: Let me tell you a story… There’s a Bay Park home that had been on and off the market for years, usually listed 20-50% over
- Published in Q&A - Home Selling Questions, San Diego
Getting a Reverse Mortgage
Wednesday, 22 January 2014
Question: “My wife and I are almost 70. We don’t want to move for 1-2 years, but we saw a one-story home in Oregon that we’d like to buy now and move to later. What do you think of getting a reverse mortgage to get the cash to buy that home?” Answer: Reverse mortgages can
- Published in FAQs, Q&A - Home Financing Questions
Don’t Use Others’ List Price to Get Your Home Value
Tuesday, 21 January 2014
Question: “Can you compare this listing at [address removed] to our house? It has no garage and is not remodeled like ours, but it’s listed at $725,000. Based on this, don’t you think our home is worth more than $800,000?” Answer: I’d say your house is worth more than the one you referenced. However, as
- Published in FAQs, Q&A - Home Selling Questions, San Diego
Limits on 1031 Exchange
Wednesday, 15 January 2014
Question: “We just bought a house to fix and flip and will do a 1031 exchange so we don’t have to pay taxes. So our question is…” Answer: Sorry, but I’ve got to interrupt. I’m about to make you very sad right now, but you’ll avoid much greater sadness later. Per IRS rules, you cannot
- Published in Q&A - Home Investing Questions, Real Estate Tips