“At your foreclosure seminar you mentioned some special financing on Fannie Mae foreclosures. Can you give me that info again?” Answer: Happy to. On some FNMA-owned foreclosure properties, they’re offering very attractive financing: – 3% down to owner-occupants – 10% down to investors – No appraisal or appraisal cost – No mortgage insurance cost –

“I converted my garage without a permit. Will this be an issue when I sell?” Answer: Assuming your conversion was of good quality, you will face a few minor to moderate challenges when selling: First, most homebuyers prefer a garage to a garage conversion. And the “nicer” the neighborhood, the more people will want a

“You’ve recently talked about it being a good time to buy a home. How can you say that when the market is so bad?” Answer: That’s the paradox of a buyer’s market. The best time to buy a home is usually when things are bad and have been bad for awhile, not when they’re good.

“Hi Gary. I’d like to start investing in real estate and would rather use my retirement funds. Can I buy real estate using my IRA?” Answer: Yes, and I’ve done it myself a couple of times. You must have a self-directed retirement account with a company (aka “custodian”) that allows real estate IRAs. Some basics

“What costs do the buyer and seller usually pay?” Answer: Division of costs vary by geographic region. In San Diego, the buyer usually pays: Home inspection + any other inspections (except termite) ½ the escrow fee Lender’s policy of title insurance Notary & recording fees for loan documents All new loan charges (credit report, appraisal,

“Can I use my VA to buy an investment property?” Answer: Sorry. VA loans are only for owner-occupants. However, you can move out of the home at a later date and keep your VA loan. Verify with your lender or the VA, but I think you must intend to live there for at least a

“Some of us are on the brink of disaster; no equity, struggling to make payments. What’s best; short sale or foreclosure??? ” Answer: I’m very sorry to hear about your situation. Here’s my objective opinion of the pro’s and con’s of a Short Sale vs. Foreclosure PLUS one other possibility. Short Sale: – Arguably a

“Does the seller have to lower the price if the appraisal comes in low?” Answer: No. Remember, an appraisal is just one person’s opinion. Too many people consider an appraisal as “word from above” about the value of a home. But I’ve seen appraisals off by as much as 40%! Another question you might be

“I’d like to start real estate investing. Is it possible to get a positive cash flow if I buy a house or condo?” ***ANSWER: For my first 24 years in real estate, when you bought a rental in San Diego the question was always, “How much will my negative cashflow be?” Now, I can finally

“How long does it take to sell a home in this market? ” ***ANSWER: Great question. The market is NOT behaving like most people think. Based on all the gloomy headlines, most people who call me about selling a home anticipate that it will take many long months. That’s not necessarily true. In fact, we’re