“I own a condo and am thinking of selling it versus holding it for awhile. It’s worth about $300,000 and I owe $314,000. Do you see a turn around in the market anytime in the future?” Answer: My crystal ball is cloudy today. With all the government involvement, the market is not following normal cycles

“My fiancé and I have been looking for our first home for 4 months. We finally found a house in our budget we both agree on. The bad news is it’s on a busy street, which makes us hesitant about buying it. What do you advise?” Answer: Buying a home on a busy street, or

“I saw a house that rents for $1700/month. With 20% down, my mortgage payment should only be $1027/month. What other expenses would I have to pay?” Answer: Great question. Many people make the mistake of only comparing their rent to their mortgage payment and thinking the rest is positive cashflow. They’re pretty excited, until they

“We need to do a short sale. Before we go any further and put our home on the market, we want to call our bank first and get an idea if they will even review a short sale for us or not. Do you think they would speak with us? Thanks again for your help!”

“I saw a home I loved, but there was a crack in the slab. Should I avoid buying a home with a cracked slab?” Answer: Some cracks are very serious and cost thousands, tens of thousands, or even hundreds of thousands to fix correctly. Other cracks are more “cosmetic”, don’t reflect structural problems, and just

“We’re beginners in the homebuying game. Can you give us some tips on deciding how much to spend on our monthly mortgage payment?” Answer: I want you to come up with 2 monthly payment figures. They should include loan payment, taxes, insurance, and possible HOA fees, Mello-Roos fees, or mortgage insurance. Be sure to factor

“I want to buy a duplex or triplex as investment. Is there any place I can go to see how much rents should be?” Answer: I suggest getting a feel for rents by looking at info on lots of properties for sale in the areas you’re interested in. You also should try: – http://www.zilpy.com/ –

“I made an offer to buy a condo in La Jolla and lost out because I found out the seller’s agent told someone how much I offered. My agent said it’s called ‘shopping my offer’ and that it’s illegal. What can I do about this?” Answer: Nothing. Your agent is wrong. The seller’s agent owes

“I’m ready to start looking for a home. I’ve read in your newsletter that one of the first things I should do is get pre-approved by a lender and find out my price range. What advice do you have as to how to choose a lender?” Answer: First of all, NEVER choose a lender based

“I’m moving out of state and talked to moving companies and it’s going to cost a bundle to ship all my furniture. It’s pretty good quality and only 2 years old. Can you give me a rule of thumb for how much extra should I be able to get for my condo if I sell