“I’ve been looking at foreclosures to buy and my agent told me the listing agent doesn’t have to tell you if they know something is wrong with the home. Is that correct?” Answer: Nope. There’s a lot of misinformation out there about foreclosures. Both the buyer’s agent and the seller’s agent have the same disclosure

“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: (Part 1 of a multi-part 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: COLLECTIONS… “Don’t ever pay a

“Hi Gary. After I sell my home, how long do I have to buy another one to avoid paying taxes?” Answer: You’re either thinking of the old I.R.S. Code Sec.121 rules for a principal residence, or the Sec.1031 rules for investment property. Old Section 121 rules gave you 18 months to sell your home and

“How much do property taxes run when you buy a home?” Answer: In San Diego, your property taxes are about 1.1% of your assessed value. And in the year you buy your home, your assessed value is almost always what you paid for the home. That makes for a simple formula: monthly taxes are just

“I’ve heard that some banks prefer to sell to owner-occupants instead of investors. Is that true? And it sounds like discrimination. Is it legal?” Answer: You’re correct. Some banks do prefer to sell to owner-occupants. For most banks, it’s strictly practical: all other things being equal (down payment, etc.), an owner-occupant has an easier time

“How do I know if I qualify for a short sale?” Answer: The only way to know 100% is to go through the process and see if your lender(s) approves you. Of course, it would be nice to know in advance if you’re likely to be approved, so you don’t waste a lot of time

“How much should my deposit be when I buy a home? I’ve heard you should make it as small as possible so you don’t lose much if you back out.” Answer: Small deposits do pose less risk to you as a buyer. But your deposit money is only at risk if you back out, and

“I want to buy a home next year. I know my credit has problems from a few years ago, but I’ve paid all my bills on time or early for awhile. How do I find out what my credit score is now?” Answer: Residents of California (and 12 other western states) can get a FREE

“Hi Gary, we’re going to be calling you shortly to sell our home soon. Right now my wife and I have a question. If we sell and the buyer backs out, do we get to keep the deposit? I say yes, but my wife says it depends.” Answer: Listen to your wife! The standard purchase

“I saw one of your properties in your newsletter that might be perfect for a friend of mine looking to buy. How much down payment would he need to buy the XXXX property?” Answer: Great question. The answer is, it depends on your friend’s credit rating and income. It could literally be zero down. Have