“I love your newsletter, thanks for sending it. A CNNMoney.com article said the smart way to buy foreclosures is to contact banks and get to know asset managers. I’ve tried without any luck. Am I wasting my time?” Answer: Yes. Except for tiny community banks, 99% of banks are huge institutions with set processes for

“My bank has contacted me about doing a loan modification. My home is worth about $350,000, but my loan is over $500,000. Do you think I should do it or just let the house go?” Answer: This is a tough call. The moral argument is that you agreed to the mortgage, so you should keep

“Hi Gary. We’re selling our home and my wife wants to use her friend, who just got her license and only works part-time as an agent. The friend even said she’d give us a break on the fee, but I know there’s way too much involved to use a rookie and I want to use

“Hello Gary. My wife and I see your name everywhere. Question- We’re looking for a home for our daughter. Do you recommend buying a home at a probate sale?” Answer: First, some info… A probate sale occurs when someone passes away without a living trust naming a willing, ready, and able party to handle the

“I’d like to buy a home, but have some credit issues. Do you know where I can find out how to improve my credit?” Answer: Here’s a tip from San Diego credit repair expert Derrick Evens of Perfect Credentials (858-571-0271, derrickevens@yahoo.com): Credit repair/improvement tip: PAY YOUR PARKING TICKETS Pay your Parking Tickets: The City of

“I’m behind on my payments and considering just letting my home go. Can you tell me why I should do a short sale?” Answer: There are several reasons a short sale is better for you than a foreclosure: 1. You often can stay in the home payment-free as long or longer 2. Significantly less credit

“I’m buying a short sale and was told I won’t have an answer from the bank for about 2 months. Do you recommend that I inspect the home now, knowing I’ll be out the money if the short sale isn’t approved?” Answer: Great question. There are two schools of thought on this: A) Don’t spend

“I’d like to buy a home, but have some credit issues. Do you know where I can find out how to improve my credit?” Answer: Here’s a tip from San Diego credit repair expert Derrick Evens of “Perfect Credentials” (858-571-0271, derrickevens@yahoo.com): Credit repair/improvement tip: CHECK YOUR CREDIT LIMITS… “One of the most commonly misreported items

“If my inspection shows that a house has problems and I decide not to buy it, do I get my deposit back?” Answer: The standard California contract has an “Inspections and Investigations” contingency giving you a certain number of calendar days (usually 7 to 17) to inspect the home and cancel or ask for repairs.

“I’m talking to agents about selling my home and one said I don’t need a lockbox for agents to see my home. Won’t it be harder to sell my home without one?” Answer: You’re right. And any agent who (except for special cases or very high-end luxury homes) tells a homeseller not to use a