“I’m scheduled to close escrow in 3 weeks, but my mortgage is due next week. Should I pay it?” Answer: Yes. When you close, your lender may not have processed your last payment and may charge you for it. But banks have a surprisingly accurate and efficient record of refunding any overpayments. You’d think banks

“I’m considering buying a home. What’s going on with the real estate market right now?” Answer: As I mentioned above, homes under 500K in most San Diego County neighborhoods are selling like hot cakes. The market for homes 500-750K is okay, and 750K+ is soft. Does this mean if you find a home you like

“I called a mortgage broker the other day to get pre-qualified to buy a home. We talked for 10 minutes and 2 minutes later he faxed me a letter saying I was approved for a home up to $600,000. That was so fast I have my doubts that it’s for real. Can he approve me

“I just read an article in Time magazine about house swapping, where you trade your house for someone else’s. How doable is that?” Answer: Time magazine’s job is to sell magazines. And one way they do that is by writing interesting articles. In 25 years, I know of a small # of investment properties traded.

“What defects and problems should I watch out for when I buy a home?” Answer: Here’s a list of common things to look for in a home that a home inspector once told me: Watch out for: 1. Aluminum Branch Wiring (single strand) – used 1965 to 1978 2. Polybutylene Water Lines – 1982 to

“Since a buyer has 17 days to inspect a home and cancel, a friend told me when you sell you can accept two offers on your home and you have 17 days to cancel either one. That way it’s fair. So if one buyer cancels or asks for a lot of repairs, you still have

“Gary, My wife and I attended one of your recent, excellent seminars, but had to leave early. I never got the answer to how you get the banks to pay ALL the closing costs. Can you tell me how this is done? Thanks.” Answer: Nice to hear from you and thank you for the kind

“My credit score is 900…” Answer: Credit scoring models vary for different categories: real estate, cars, credit cards. (Why this is the case is beyond me.) So while you may have a credit score of 900, I’m guessing you recently tried to buy a car and had your credit run. Credits scores for real estate

“I just suffered through six months of having my home for sale, and it didn’t sell. I’m sure it’s because my agent over-priced my home. Why would an agent do that?” Answer: Could be one of many reasons: — 1. Honest Mistake — Agents are human. I’ve over-priced a few homes in my 25 years

“Whatever happened to that $7500 first time homebuyer credit?” Answer: The just-passed stimulus bill made some changes to the credit that are great news if you’re a first-time homebuyer. (FYI, their definition of “first time homebuyer” is that you haven’t owned a home the past 3 years.) The provision gives you a slightly increased tax