“My friend is looking at a house that’s listed for $550,000, but was appraised for $575,000. He thinks it must be underpriced, but I’ve heard that appraisals aren’t always accurate. Do you agree?” Answer: Yup. The appraisers I know are hard-working, smart professionals and usually the figures they come up with are right on or

“Hi Gary. We’re shopping agents to sell our home. What fee do you charge?” Answer: Say I told you, “I’ve got a house you can buy for $250,000.” Would you buy it? Or would you need to know a little bit about it first? Would it make a difference to you if it’s a dilapidated

“How does it work if I’m buying a home but cancel because I find a problem with the home or my bank won’t give me the loan. Is that breaking the contract? And do I lose my deposit?” Answer: Most contracts have contingencies letting you cancel and get your deposit back under certain conditions. The

“I’m looking to buy a duplex, triplex or fourplex. All the foreclosure properties are vacant but several show projected rents. How accurate are they?” Answer: Beware of projected rents, my friend. Some are guesses, some are educated and honest projections, and some are gross exaggerations. Best that you independently verify by asking a property manager,

“Hi Gary, it’s XXXXX. As you know, I’ll be calling you to list my house this summer. I want to get your advice. I think the whole termite requirement is a racket. Every home has termites. But I’m a realist and I know I’ll need to clear the house to sell it. But I want

“I’ve owned apartments in San Diego for 40 years and I’m tired. I’m 71 and want out of being a property manager. My wife and I own a 7-unit complex of Normal Heights apartments. Any ideas on how to sell it without paying a lot of tax?” Answer: Here are six ideas for you: 1.

Asked at my “How To Buy A Foreclosure Or Short Sale” seminar, after I mentioned that I buy investment real estate: “If real estate agents buy all the best deals before they hit the market, how can I get one?” Answer: I wouldn’t be concerned. The way the market has been recently, unfortunately many real

“I’ve heard of Home Path loans. What are they?” Answer: HomePath loans are only offered on FNMA foreclosures of condos, houses, and 2-4 unit properties. Here are some bullet points: Low down. 3% down for owner-occupied; 10% for investors No appraisal (saving you about $400) No mortgage insurance No condo complex approval needed If you’re

“We owe $550,000 on our house, but it’s worth $425,000. It’s going to be many years before we ever have a cent in equity. We can pay the mortgage, but it’s a huge drain and we’re considering getting out from under this problem and letting the home go. Does this make us bad people?” Answer:

“In the past you’ve said to avoid buying a short sale. Now I see you have several short sales for sale. Do you still advise clients to avoid buying short sales?” Answer: Great question. Given the choice between buying a home that’s a short sale and one that isn’t, I still recommend the latter due