“I just looked at a house with a cracked slab. My friend tells me not to buy it, but it’s a beautiful home and priced right. What do you think?” Answer: There are two kinds of cracked slabs. First, there are those that are a problem and damage a home. Minor fixes can run in

“Hi Gary. I’m refinancing and the bank’s appraiser used a trustee sale as a comp. Is that normal?” Answer: Absolutely not. I’m no appraiser and don’t know official appraisal rules and guidelines. But in my opinion, that appraiser should lose his license! Why? Market value is defined as the price a willing buyer and willing

“Hi Gary. I inherited a property from my father in March 2008. I’d like to sell now. But to get the tax break, I can’t sell until next March so that I’ll have lived here two years…” Answer: Let me stop you right there… You’re referring to the homeseller exclusion. If you’ve owned and lived

“My friend bought a home and the owner left it filthy, with junk everywhere. His agent told him the owner has to leave the home clean and free of any junk. What can he do now?” Answer: Unless otherwise agreed, the standard contract requires the seller to remove all debris. Contrary to what the agent

“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