“Is anyone still packaging 80/20 loans to avoid PMI?” Answer: (An 80/20 loan is financing with an 80% first loan, a 20% second loan, and zero down. PMI or Private Mortgage Insurance insures banks against loss on loans with under 20% down.) Too much risk. 80/20s are a thing of the past. PMI firms are

“I see the market has improved and want to sell my home. How long will it take to sell?” Answer: It depends primarily on: 1. Your price range 2. Your pricing 3. Your agent Let me expand on that for you: – Your Price Range – Homes under $500,000 are selling extremely fast, often in

“Hi Gary. We currently own a condo and are upside down. Lenders have told us we do not qualify for two mortgages. How do you feel about lease-to-own as an option? And are the only legitimate lease-to-owns found in the MLS? Thank you so much!” Answer: If you can find one, lease-to-own (lease-option) can be

“I can’t make my payments, but I’ve had problems dealing with my lender. I’d like to get a loan modification. Can I get it from another lender?” Answer: By definition, a loan modification is when your existing lender changes the terms of your loan. If you go to another lender, that would be a refinance.

“I’ve heard that when your home is for sale, you should leave when buyers see it. But I want to be there so I know what people think and make sure the agent tells them what they should know about my home. What do you think?” Answer: You sound like what agents call “the helpful

“My wife and I are getting very frustrated trying to buy a home right now. We’re getting an FHA loan. We’re making offers, but are constantly losing out to people paying cash or getting conventional financing. Any suggestions?” Answer: Some of our clients are getting their FHA accepted, but indeed it’s an uphill battle. We’re

“Gary, my wife has been following your informational emails for months and believes you are an excellent source of information on today’s market. We own a home in the desert near L.A. that I currently rent to a friend for much less than the mortgage. I want to consider a short sale and need to

“I’ve been looking for a home and have been outbid four times. Do you recommend offering over list price?” Answer: By your question, I’m sure you’re trying to buy a home under $400,000 in San Diego County. Should you offer over list? Definitely, if you feel the value is there or close. We’re probably approaching

“We’re thinking of selling, but the market has been so bad. What’s the market like right now? How long would it take to sell?” Answer: Good news. We are seeing some improvement in the market. How long it takes to sell depends on the price range of your home… If your home is valued under

“What do you think of buying a home at a foreclosure sale down at the courthouse?” Answer: For sophisticated investors, it can pay off well. However, there are many very real risks and downsides to buying at a trustee sale: 1. All sales are 100% final the moment your bid is accepted. 2. Sales are