“I’m putting down 10% to buy a home and my loan person said I have to pay mortgage insurance, but didn’t explain what that is. What exactly is mortgage insurance?” Answer: It’s insurance covering your lender against future losses from a foreclosure. Often called PMI or Private Mortgage Insurance, it is typically required on loans

“Hi Gary, We would like to find something before we sell, so we are not left with nothing. I don’t believe what we want exists in our price range, but perhaps you can tell us. Our requirements are…” Answer: To be realistic, you face some big challenges: 1. Few sellers (and no bank selling a

“I’m looking at a home that needs lots of work. Is it possible to get a carpet allowance so I have some of the money to take care of the work?” Answer: Great question. It amazes me that every few weeks a supposedly professional real estate agent will send me an offer asking for a

“Can I just sell my home As Is and not have to make any repairs?” Answer: Try this fun game: Ask your significant other, “Do you promise you won’t get mad if I tell you something?” If they agree, then say, “Those pants make you look really f—a—t.” After the yelling subsides and you’ve slept

“I’ve made seven offers on foreclosed homes and lost every one. I’m getting an FHA loan. Do you think that’s the problem?” Answer: Yes. FHA loans are an issue for 2 reasons: First, we’re seeing more and more FHA appraisers call for repairs to be done to make the loan. This causes either A) unplanned

“Gary, with all the homes you sell, are you too busy to give me good service?” Answer: There’s an old saying: “When you want something done, ask a busy person.” My success selling homes show that I’ll probably be successful when you hire me to sell your home. Further, it gives me the resources to

“I have a million-dollar rental house that’s leased through next May. If I sell, it would have to be ‘show with offer’. What do you think?” Answer: Selling subject to a lease and “show with offer” will limit the market dramatically. So you’d either want to work with the tenant to change that situation (if

“We’ll be selling our home this summer and we’d like to have you handle it. One question: with all the turmoil with banks and the mortgage market, how will we know for sure when we have a buyer who can get a loan?” Answer: When escrow closes. Sorry to say, but that’s really the only

“How important are FICO scores when you get a loan?” Answer: Vital. They can be the difference between getting a loan or not, how much you need to put down, and the rate and points you pay. My longtime lender recently priced an owner-occupied conventional loan for someone with 20% down. Based on the FICO

“Hi Gary, I guess I am what you might call…‘a fan?’ I’m about to retire out of the military, and move on. I am destined for the Detroit suburb area. While the housing market is already, and forecasted to be low, I do intend on buying once in the area. Do you handle Eastern United