Must You Stay in San Diego to Keep Your Low Tax Base?

Question: “I heard that if you’re over 55 and sell your home, you can keep your low Proposition 13 tax base.  Do you have to stay in San Diego County to do that?” Answer: (I’ve addressed this before, but so many seniors are unfamiliar with it, I’m happy to go over it again…) Many seniors
Read more
No Comments

Pest Control Clearance Covers More Than Termites

Question: “I just looked at a house that’s overrun with fleas.  Does pest control clearance cover termites only or all bugs and pests?” Answer: A “pest control clearance” is often called a “termite clearance.”  Both are misnomers. “Pest control…” implies all kinds of bugs, rodents, and other pests will be eradicated. “Termite…” sure sounds like
Read more
No Comments

Refinance and Still Pay Off Your Loan

Question: “I’d like to refinance, but I’ve had my loan 18 years and have got myself in a position where I only have 12 years to pay it off.  I don’t want to blow that and start over with a 30 year loan.” Answer: I hear this a lot! And with some math or going
Read more
No Comments

What Should a Rookie Investor Buy?

Question: “I’d like to start investing in real estate.  What do you suggest for a rookie investor like me to buy?” Answer: I’d suggest keeping it simple and buying a small condo.  As a matter of fact, the first property my son bought was a condo that he rented out.  It’s worked out quite well
Read more
No Comments

Can Seniors Sell & Keep Their Low Property Tax Base?

Question: “Dear Gary, I’ve been told that the San Diego Tax Assessor will allow a senior citizen to sell their existing house in another county (ie. Orange County), allow you to retain your existing property tax base, purchase a home in San Diego county and forward your original property tax base to the new home
Read more
No Comments

How to Sell & Avoid Paying Taxes on Your Gain

Question: “Hi Gary.  My wife and I plan to sell our home and we’re pretty sure we’re exempt from paying taxes on our gain.  How does that work?” Answer: In 1997, Congress gave you and me a particularly generous tax break.  IRS Code Section 121 lets you sell your principal residence and exclude all your
Read more
No Comments

Beware of Home Valuation Sites

Question: “I saw a house listed for 1.2 million, but Zillow shows it’s only worth 781K. Do you think they’d accept an offer in that range?” Answer: You must be new to my Q&A! Otherwise you’d have heard my rants about how grossly inaccurate ALL the home pricing websites are. It’s not uncommon for them
Read more
No Comments

Frequent Short Sale Mistakes

Question: “Hi Gary. We’re in default on our home and need to do a short sale. There’s a lot of investors calling to buy our home, so we’re not worried about getting it sold. We don’t really need an agent because the buyer’s agent can handle the short sale. We all have a common goal,
Read more
No Comments

Why People Sell Their San Diego Homes Without Signs

Question: “The house next door to me is for sale, but I didn’t even know because there’s no sign. Why would someone sell without a For Sale sign?” Answer: Unless you live in La Jolla, where no signs are allowed, there’s no good reason to sell without a sign. The main reason I’ve heard is
Read more
No Comments

Common Mistakes When Buying a San Diego Home

Question: “What are some mistakes that people make when they buy their first home?” Answer: Oh my. There are so many. Here are some that come to mind: Choosing the wrong agent, especially choosing on personality instead of experience and skill Choosing the wrong lender Not changing criteria if unable to find a home after
Read more
No Comments